Intercontinental Exchange, Inc. (ICE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.84	$1.9	+3.3%	—	$3.6B	—
Q1 26	$2.26	$2.35	+4.0%	—	$3.7B	—
Q4 25	$1.67	$1.71	+2.4%	—	$3.1B	—
Q3 25	$1.61	$1.71	+6.2%	—	$3B	—
Q2 25	$1.77	$1.81	+2.3%	—	$3.3B	—
Q1 25	$1.7	$1.72	+1.2%	—	$3.2B	—
Q4 24	$1.49	$1.52	+2.0%	—	$3B	—
Q3 24	$1.55	$1.55	0.0%	—	$3B	—
Q2 24	$1.49	$1.52	+2.0%	—	$2.9B	—
Q1 24	$1.49	$1.48	-0.7%	—	$2.8B	—
Q4 23	$1.29	$1.33	+3.1%	—	$2.7B	—
Q3 23	$1.39	$1.46	+5.0%	—	$2.4B	—
Q2 23	$1.37	$1.43	+4.4%	—	$2.3B	—
Q1 23	$1.4	$1.41	+0.7%	—	$2.5B	—
Q4 22	$1.26	$1.25	-0.8%	—	$2.4B	—
Q3 22	$1.27	$1.31	+3.1%	—	$2.4B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.79	—	—	$12.6B	—
FY24	—	$4.8	—	—	$11.8B	—
FY23	—	$4.2	—	—	$9.9B	—
FY22	—	$2.59	—	—	$9.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$6B	$5.8B	$6.3B	$6.5B	$8.2B	$9.2B	$9.6B	$9.9B	$11.8B	$12.6B
YoY change	+27.5%	-2.14%	+7.41%	+4.32%	+25.9%	+11.2%	+5.1%	+2.77%	+18.8%	+7.47%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	6B	5.8B	6.3B	6.5B	8.2B	9.2B	9.6B	9.9B	11.8B	12.6B
Cost of revenue	2.8B	2.5B	2.7B	2.9B	3.9B	4.2B	4.4B	4.2B	5.2B	5.5B
Gross profit	3.2B	3.3B	3.6B	3.7B	4.3B	5B	5.2B	5.7B	6.5B	7.1B
Gross margin	53.3%	56.4%	56.6%	56.4%	52.1%	54.7%	54%	57.1%	55.5%	56.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	323M	345M	350M	354M	410M	458M	440M	481M	572M	539M
Operating expenses	323M	345M	350M	354M	410M	458M	440M	481M	572M	539M
Operating income	2.3B	2.4B	2.6B	2.7B	3.1B	3.6B	3.7B	4B	4.4B	5B
Operating margin	37.7%	41.3%	41.7%	40.9%	38.1%	38.7%	38.7%	40%	37.5%	39.5%
Non-operating income, net	-34M	290M	125M	56M	-25M	2.6B	-1.4B	-580M	-16M	31M
Pretax income	2B	2.5B	2.5B	2.5B	2.8B	5.7B	1.8B	2.9B	3.6B	4.3B
Income tax	586M	-28M	500M	521M	658M	1.6B	310M	456M	826M	976M
Net income	1.5B	2.6B	2B	2B	2.1B	4.1B	1.5B	2.4B	2.8B	3.4B
Net margin	24.4%	43.7%	32.2%	29.9%	25.6%	44.4%	15.5%	24.6%	23.8%	26.7%
EBITDA	2.9B	3.3B	3.4B	3.4B	4B	7.2B	3.5B	5.2B	6.2B	6.8B
EPS	2.39	4.27	3.46	3.44	3.79	7.22	2.59	4.2	4.8	5.79
Diluted EPS	2.37	4.23	3.43	3.42	3.77	7.18	2.58	4.19	4.78	5.77

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.4B	2.7B	2.8B	2.9B	3B	3B	3.2B	3.3B	3B	3.1B	3.7B	3.6B
Cost of revenue	1B	1.2B	1.2B	1.3B	1.4B	1.4B	1.4B	1.4B	1.3B	1.4B	1.4B	1.7B
Gross profit	1.4B	1.5B	1.6B	1.6B	1.6B	1.6B	1.8B	1.8B	1.7B	1.8B	2.2B	1.9B
Gross margin	58.4%	56.4%	57.9%	56.3%	54.4%	53.4%	55.1%	56.1%	56.8%	56.7%	60.9%	53%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	110M	132M	143M	168M	124M	137M	137M	127M	139M	136M	144M	123M
Operating expenses	110M	132M	143M	168M	124M	137M	137M	127M	139M	136M	144M	123M
Operating income	1B	993M	1.1B	1.1B	1.1B	1.1B	1.3B	1.3B	1.2B	1.3B	1.7B	1.4B
Operating margin	41.2%	37.2%	39.2%	37.3%	37.6%	36.1%	38.8%	40.1%	39.3%	40%	46.5%	38.9%
Non-operating income, net	-206M	-258M	76M	-23M	-58M	-11M	-13M	-5M	62M	-13M	370M	62M
Pretax income	682M	516M	964M	861M	898M	905M	1.1B	1.1B	1.1B	1.1B	1.9B	1.3B
Income tax	123M	126M	181M	222M	227M	196M	255M	267M	250M	204M	465M	312M
Net income	559M	390M	783M	639M	671M	709M	812M	865M	831M	862M	1.4B	975M
Net margin	23%	14.6%	28%	22.1%	22.1%	23.4%	25.1%	26.5%	27.6%	27.4%	39.1%	27%
EBITDA	1.4B	1.2B	1.6B	1.5B	1.5B	1.5B	1.7B	1.7B	1.7B	1.7B	2.5B	1.9B
EPS	0.96	—	1.34	1.1	1.15	1.22	1.39	1.49	1.43	1.5	2.49	1.7
Diluted EPS	0.96	—	1.33	1.1	1.14	1.21	1.38	1.48	1.42	1.49	2.48	1.69

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	33.6B	41.6B	43.3B	51.9B	63.6B	76.9B	57.3B	72.4B	85.4B	92.6B	85.8B
Enterprise value	39.5B	47.1B	50B	59.2B	79.9B	90.4B	71.3B	94.2B	104.7B	109.3B	106.2B
Shares outstanding	595M	589M	575M	561M	552M	562M	559M	564M	573M	572M	572M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	23	16.3	21.4	26.5	30.2	18.9	38.3	29.7	30.5	27.5	21.8
P/S	5.62	7.11	6.9	7.93	7.72	8.38	5.95	7.31	7.26	7.33	8.21
P/B	2.13	2.45	2.5	2.99	3.24	3.38	2.52	2.81	3.08	3.2	2.93
EV/EBITDA	13.6	14.3	14.8	17.3	20.1	12.5	20.1	18.2	16.9	16.1	15.8
EV/Sales	6.62	8.06	7.97	9.04	9.69	9.86	7.4	9.51	8.9	8.65	10.1
Earnings yield	4.34%	6.15%	4.66%	3.77%	3.31%	5.29%	2.61%	3.37%	3.28%	3.64%	4.59%
FCF yield	5.31%	4.16%	5.2%	4.53%	3.88%	3.47%	5.36%	4.21%	4.52%	4.18%	4.23%
PEG	—	—	—	—	—	—	—	—	—	—	1.55

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	53.3%	56.4%	56.6%	56.4%	52.1%	54.7%	54%	57.1%	55.5%	56.2%	53%
Operating margin	37.7%	41.3%	41.7%	40.9%	38.1%	38.7%	38.7%	40%	37.5%	39.5%	52.6%
Net margin	24.4%	43.7%	32.2%	29.9%	25.6%	44.4%	15.5%	24.6%	23.8%	26.7%	38.2%
ROE	9.23%	15%	11.7%	11.3%	10.7%	17.9%	6.58%	9.45%	10.1%	11.6%	14.1%
ROA	1.78%	3.26%	2.18%	2.07%	1.67%	2.1%	0.77%	1.79%	2.01%	2.46%	2.17%
ROIC	7.39%	10.7%	8.73%	8.58%	6.66%	6.98%	8.42%	7.02%	7.24%	8.49%	8.97%
Return on tangible assets	3.98%	7.67%	4.42%	4.14%	3.85%	3.29%	1.19%	6.04%	6.14%	7.51%	4.93%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.97	0.99	1.01	0.99	0.99	1.01	1.05	1	0.99	1.02	1.01
Quick ratio	0.97	0.99	1.01	0.99	0.99	1.01	1.05	1	0.99	1.02	1.01
Debt / equity	0.4	0.36	0.43	0.47	0.86	0.62	0.81	0.89	0.75	0.7	0.69
Debt / assets	0.08	0.08	0.08	0.09	0.13	0.07	0.09	0.17	0.15	0.15	0.12
Net debt / EBITDA	2.04	1.69	1.98	2.12	4.09	1.88	3.93	4.2	3.13	2.46	2.31
Interest coverage	12.5	14.5	11.3	9.71	8.75	14.5	3.94	4.58	4.99	6.41	7.63
Effective tax rate	28.7%	0%	19.8%	21%	23.8%	28.6%	17.1%	15.8%	22.8%	22.5%	23.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	10	9.92	10.9	11.7	14.9	16.3	17.2	17.6	20.5	22.1	18.6
EPS (basic)	2.39	4.27	3.46	3.44	3.79	7.22	2.59	4.2	4.8	5.79	5.79
EPS (diluted)	2.37	4.23	3.43	3.42	3.77	7.18	2.58	4.19	4.78	5.77	7.08
Book value per share	26.5	28.8	30.1	31	35.6	40.5	40.7	45.7	48.4	50.7	52.7
FCF per share	3	2.93	3.92	4.2	4.48	4.75	5.5	5.41	6.73	6.77	8.2
Cash per share	0.72	0.94	1.26	1.5	1.06	1.08	7.9	2	2.39	6.32	1.9
Capex per share	—	—	—	—	—	—	—	—	—	1.38	1.54

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	6.26%	6.5%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	17%	15.8%
Payout ratio	28.1%	18.6%	27.5%	31.7%	31.7%	18.4%	56.9%	39.2%	37.1%	32.8%	28.2%
Dividend yield	1.22%	1.15%	1.28%	1.2%	1.05%	0.97%	1.49%	1.32%	1.22%	1.19%	1.36%

Yield

1.36%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.52

ex-dividend Sep 16, 2026

Payout ratio

28%

of earnings

Dividend growth

7 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 16, 2026	$0.52
Jun 15, 2026	$0.52
Mar 17, 2026	$0.52
Dec 16, 2025	$0.48
Sep 16, 2025

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.4B	$2.7B	$2.8B	$2.9B	$3B	$3B	$3.2B	$3.3B	$3B	$3.1B	$3.7B	$3.6B
YoY change	+1.76%	+12.2%	+13.3%	+24%	+24.9%	+13.7%	+15.3%	+12.6%	-0.86%	+3.7%	+13.5%	+10.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	430M	551M	724M	841M	583M	607M	4.4B	1.1B	1.4B	3.6B
Receivables	777M	903M	953M	988M	1.2B	1.2B	1.2B	1.4B	1.5B	1.6B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	57.1B	53.6B	66.7B	68B	87.2B	154.3B	156.9B	85B	89.1B	85.8B
Property, plant & equipment	1.1B	1.2B	1.2B	1.2B	1.4B	1.4B	1.4B	1.5B	1.7B	2.2B
Goodwill & intangibles	45.4B	45B	47.1B	47.2B	71.4B	69.7B	68.4B	95.7B	93.8B	92B
Total assets	82B	78.3B	92.8B	94.5B	126.2B	193.5B	194.3B	136.1B	139.4B	136.9B
Accounts payable	388M	462M	521M	505M	639M	703M	866M	1B	1.1B	1.1B
Short-term debt	2.5B	1.8B	951M	2.6B	2.4B	1.5B	4M	2B	3B	1B
Total current liabilities	58.6B	54.2B	66.1B	68.8B	88B	153.4B	149.2B	84.6B	89.6B	84.1B
Long-term debt	3.9B	4.3B	6.5B	5.5B	14.4B	12.6B	18.4B	21B	17.7B	19.2B
Total liabilities	66.2B	61.3B	75.5B	77.1B	106.6B	170.8B	171.6B	110.3B	111.7B	107.9B
Shareholders' equity	15.8B	17B	17.3B	17.4B	19.6B	22.7B	22.8B	25.8B	27.7B	29B
Total debt	6.4B	6.1B	7.4B	8.1B	16.9B	14.2B	18.4B	22.9B	20.7B	20.3B
Net debt	6B	5.6B	6.7B	7.3B	16.3B	13.6B	16.6B	22B	19.9B	19.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	837M	1.1B	863M	983M	755M	1.4B	3.2B	2.6B	2.2B	3.6B	3.9B	2.6B
Receivables	1.4B	1.4B	1.6B	1.5B	1.6B	1.5B	1.9B	1.7B	1.5B	1.6B	2.4B	1.9B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	85.4B	85B	80.5B	87B	84.7B	89.1B	92.6B	94B	90.8B	85.8B	127.1B	122.1B
Property, plant & equipment	—	1.5B	—	—	—	1.7B	—	—	—	2.2B	—	—
Goodwill & intangibles	96.1B	95.7B	95.2B	94.7B	94.3B	93.8B	93.4B	93B	92.5B	92B	91.5B	91B
Total assets	137B	136.1B	131.4B	137.7B	135.2B	139.4B	142.9B	144.2B	140.9B	136.9B	179.2B	174.2B
Accounts payable	964M	1B	967M	1B	1B	1.1B	1.1B	1.1B	1B	1.1B	1.3B	1.2B
Short-term debt	2.3B	2B	1.9B	3.2B	2.6B	3B	2.9B	1.9B	1.7B	1B	1.8B	1.2B
Total current liabilities	85.3B	84.6B	80B	87.5B	84.6B	89.6B	92.7B	93.4B	89.8B	84.1B	125.7B	120.6B
Long-term debt	21.3B	21B	20.4B	18.9B	18.9B	17.7B	17.7B	17.8B	17.8B	19.2B	19.2B	19.3B
Total liabilities	111.5B	110.3B	105.1B	110.9B	107.9B	111.7B	114.8B	115.6B	112.2B	107.9B	149.6B	144.6B
Shareholders' equity	25.5B	25.8B	26.3B	26.7B	27.3B	27.7B	28B	28.5B	28.7B	29B	29.6B	29.7B
Total debt	23.6B	22.9B	22.3B	22.1B	21.5B	20.7B	20.6B	19.7B	19.5B	20.3B	21B	20.5B
Net debt	22.8B	22B	21.4B	21.2B	20.8B	19.9B	19.8B	18.7B	18.7B	19.4B	20.1B	19.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.5B	2.6B	2B	2B	2.1B	4.1B	1.5B	2.4B	2.8B	3.4B
Depreciation & amortization	610M	535M	586M	662M	751M	1B	1B	1.2B	1.5B	1.6B
Stock-based compensation	124M	135M	130M	139M	139M	188M	155M	257M	231M	238M
Change in working capital	-156M	-239M	-96M	-29M	-129M	-87M	123M	-388M	63M	-504M
Operating cash flow	2.1B	2.3B	2.5B	2.7B	3B	5.8B	2.3B	3.4B	4.5B	4.7B
Capital expenditure	—	—	—	—	—	—	—	—	—	-791M
Investing cash flow	-603M	449M	-1.5B	-1.4B	-10B	-334M	1.2B	-8.3B	-169M	-4.2B
Dividends paid	-409M	-476M	-555M	-621M	-669M	-747M	-853M	-955M	-1B	-1.1B
Share repurchases	-104M	-1B	-1.3B	-1.5B	-1.3B	-320M	-705M	-78M	-81M	-1.4B
Financing cash flow	-2.4B	-2B	-463M	-414M	26B	62B	-1.8B	-64.3B	-1.3B	-6.3B
Net change in cash	-865M	787M	595M	872M	19.1B	67.5B	1.6B	-69.2B	3B	-5.9B
Free cash flow	1.8B	1.7B	2.3B	2.4B	2.5B	2.7B	3.1B	3.1B	3.9B	3.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	559M	390M	783M	639M	671M	709M	812M	865M	831M	862M	1.4B	975M
Depreciation & amortization	309M	379M	381M	381M	386M	389M	389M	395M	387M	389M	384M	389M
Stock-based compensation	79M	93M	57M	57M	57M	60M	57M	58M	54M	69M	78M	67M
Change in working capital	-233M	-7M	-208M	28M	-38M	44M	-161M	83M	-86M	-24M	-305M	360M
Operating cash flow	734M	942M	977M	1.1B	1B	1.3B	1.1B	1.4B	915M	1.3B	1.3B	2B
Capital expenditure	—	—	—	—	—	—	—	—	-169M	-266M	-176M	-262M
Investing cash flow	-10.4B	582M	404M	-22M	93M	-615M	-2B	1.2B	-67M	-3.1B	-1.4B	339M
Dividends paid	-241M	-242M	-258M	-261M	-261M	-259M	-278M	-277M	-276M	-274M	-297M	-294M
Share repurchases	-3M	-25M	-71M	-2M	-4M	-4M	-336M	-258M	-403M	-400M	-646M	-652M
Financing cash flow	-4.8B	-1.7B	-5.6B	4.4B	-2.3B	1.4B	2.2B	668M	-3.9B	-5.3B	40.9B	-6B
Net change in cash	-14.5B	-224M	-4.2B	5.5B	-1.2B	2B	1.3B	3.3B	-3.1B	-7.1B	40.8B	-3.7B
Free cash flow	645M	806M	864M	1B	732M	1.2B	777M	1.3B	746M	1B	1.1B	1.7B

Intercontinental Exchange, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history