Intercontinental Exchange (ICE) Financials

$186.53 -1.49 (-0.79%)

Closing price 08/8/2025 03:59 PM Eastern

Extended Trading

$186.25 -0.28 (-0.15%)

As of 08/8/2025 07:25 PM Eastern

Annual Income Statements for Intercontinental Exchange

This table shows Intercontinental Exchange's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	981	1,274	1,430	2,526	1,988	1,933	2,089	4,058	1,446	2,368	2,754
Consolidated Net Income / (Loss)	1,016	1,295	1,457	2,554	2,020	1,960	2,108	4,069	1,498	2,438	2,802
Net Income / (Loss) Continuing Operations	1,005	1,295	1,457	2,554	2,020	1,960	2,108	4,069	1,498	2,438	2,802
Total Pre-Tax Income	1,407	1,653	2,043	2,526	2,520	2,481	2,766	5,698	1,808	2,894	3,628
Total Operating Income	1,448	1,750	2,172	2,379	2,583	2,673	3,033	3,449	3,638	3,694	4,309
Total Gross Profit	3,092	3,338	4,512	4,638	4,979	5,202	6,036	7,146	7,292	7,988	9,279
Total Revenue	3,092	3,338	4,512	4,638	4,979	5,202	6,036	7,146	7,292	7,988	9,279
Operating Revenue	3,092	3,338	4,512	4,638	4,979	5,202	6,036	7,146	7,292	7,988	9,279
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	1,644	1,588	2,340	2,259	2,396	2,529	3,003	3,697	3,654	4,294	4,970
Selling, General & Admin Expense	916	866	1,580	1,619	1,708	1,797	2,066	2,502	2,447	2,718	3,218
Depreciation Expense	333	374	610	535	586	662	751	1,009	1,031	1,215	1,537
Other Operating Expenses / (Income)	266	260	70	69	68	68	81	84	83	92	111
Restructuring Charge	129	88	80	36	34	2.00	105	102	93	269	104
Total Other Income / (Expense), net	-41	-97	-129	147	-63	-192	-267	2,249	-1,830	-800	-681
Interest Expense	96	97	178	187	244	285	357	423	616	808	910
Interest & Investment Income	-	-	3.00	8.00	22	35	10	1.00	108	319	141
Other Income / (Expense), net	55	0.00	46	326	159	58	80	2,671	-1,322	-311	88
Income Tax Expense	402	358	586	-28	500	521	658	1,629	310	456	826
Net Income / (Loss) Attributable to Noncontrolling Interest	35	21	27	28	32	27	19	11	52	70	48
Basic Earnings per Share	$1.72	$2.29	$2.40	$4.29	$3.46	$3.44	$3.79	$7.22	$2.59	$4.20	$4.80
Weighted Average Basic Shares Outstanding	570M	556M	595M	589M	575M	561M	552M	562M	559M	564M	573M
Diluted Earnings per Share	$1.71	$2.28	$2.39	$4.25	$3.43	$3.42	$3.77	$7.18	$2.58	$4.19	$4.78
Weighted Average Diluted Shares Outstanding	573M	559M	599M	594M	579M	565M	555M	565M	561M	565M	576M
Weighted Average Basic & Diluted Shares Outstanding	112.01M	556M	595M	589M	568.50M	553.45M	561.71M	561.85M	558.85M	572.62M	574.56M
Cash Dividends to Common per Share	$0.52	$0.58	$0.68	$0.80	$0.96	$1.10	$1.20	$1.32	$1.52	$1.68	$1.80

This table shows Intercontinental Exchange's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	425	655	799	541	373	767	632	657	698	797	851
Consolidated Net Income / (Loss)	440	674	815	559	390	783	639	671	709	812	865
Net Income / (Loss) Continuing Operations	440	674	815	559	390	783	639	671	709	812	865
Total Pre-Tax Income	564	849	847	682	516	964	861	898	905	1,067	1,132
Total Operating Income	864	969	955	845	925	1,063	1,066	1,103	1,077	1,221	1,297
Total Gross Profit	2,127	1,896	1,888	1,603	2,601	2,290	2,317	1,862	2,810	2,473	2,543
Total Revenue	1,768	1,896	1,888	2,003	2,201	2,290	2,317	2,349	2,323	2,473	2,543
Operating Revenue	1,768	1,896	1,888	2,003	2,201	2,290	2,317	2,349	2,323	2,473	2,543
Total Cost of Revenue	-359	0.00	0.00	400	-400	0.00	0.00	487	-487	0.00	0.00
Total Operating Expenses	1,263	927	933	758	1,676	1,227	1,251	759	1,733	1,252	1,246
Selling, General & Admin Expense	968	626	616	274	1,202	781	825	306	1,306	810	821
Depreciation Expense	263	260	267	309	379	381	381	386	389	389	395
Other Operating Expenses / (Income)	20	20	25	20	27	29	30	30	22	21	20
Restructuring Charge	12	21	25	155	68	36	15	37	16	32	10
Total Other Income / (Expense), net	-300	-120	-108	-163	-409	-99	-205	-205	-172	-154	-165
Interest Expense	176	176	175	206	251	241	233	223	213	206	201
Interest & Investment Income	66	91	102	94	32	30	36	39	36	33	31
Other Income / (Expense), net	-190	-35	-35	-51	-190	112	-8.00	-21	5.00	19	5.00
Income Tax Expense	124	175	32	123	126	181	222	227	196	255	267
Net Income / (Loss) Attributable to Noncontrolling Interest	15	19	16	18	17	16	7.00	14	11	15	14
Basic Earnings per Share	$0.77	$1.17	$1.43	$0.96	$0.64	$1.34	$1.10	$1.15	$1.21	$1.39	$1.49
Weighted Average Basic Shares Outstanding	559M	559M	560M	563M	564M	573M	573M	574M	573M	574M	573M
Diluted Earnings per Share	$0.77	$1.17	$1.42	$0.96	$0.64	$1.33	$1.10	$1.14	$1.21	$1.38	$1.48
Weighted Average Diluted Shares Outstanding	561M	561M	561M	565M	565M	575M	575M	577M	576M	577M	575M
Weighted Average Basic & Diluted Shares Outstanding	558.85M	559.87M	560.30M	572.36M	572.62M	573.58M	574.14M	574.18M	574.56M	573.63M	572.42M
Cash Dividends to Common per Share	-	$0.42	$0.42	$0.42	-	$0.45	$0.45	$0.45	-	-	$0.48

This table details how cash moves in and out of Intercontinental Exchange's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-309	269	-197	218	304	499	18,528	64,357	2,367	-69,593	3,753
Net Cash From Operating Activities	1,514	1,311	2,149	-2,085	2,533	2,659	2,881	3,123	3,554	3,542	4,609
Net Cash From Continuing Operating Activities	-1,463	1,311	2,149	2,085	2,533	2,659	2,881	3,123	3,554	3,542	4,609
Net Income / (Loss) Continuing Operations	1,005	1,295	1,457	2,554	2,020	1,960	2,108	4,069	1,498	2,438	2,802
Consolidated Net Income / (Loss)	1,016	1,295	1,457	2,554	2,020	1,960	2,108	4,069	1,498	2,438	2,802
Depreciation Expense	333	374	610	535	586	662	751	1,009	1,031	1,215	1,537
Non-Cash Adjustments To Reconcile Net Income	124	-14	238	-651	23	66	151	-2,555	1,661	462	586
Changes in Operating Assets and Liabilities, net	56	-321	-156	-239	-96	-29	-129	600	-636	-573	-316
Net Cash From Investing Activities	-5,016	-3,004	-860	92	-1,755	-1,740	-10,361	-786	677	-8,797	-921
Net Cash From Continuing Investing Activities	36	-3,004	-860	92	-1,755	-1,740	-10,361	-786	677	-8,797	-921
Purchase of Property, Plant & Equipment	-250	-277	-365	-357	-280	-305	-410	-452	-482	-489	-752
Acquisitions	-577	-3,751	-425	-423	-1,246	-352	-9,446	-183	-132	-10,206	-67
Purchase of Investments	-3,578	-60	-70	-327	-306	-	-	0.00	0.00	-1,312	-752
Divestitures	-	0.00	0.00	1,199	-	0.00	0.00	1,237	741	187	0.00
Sale and/or Maturity of Investments	54	1,089	0.00	0.00	77	69	4.00	1.00	2.00	637	855
Other Investing Activities, net	-161	-5.00	-	0.00	0.00	-1,152	-509	-1,389	548	2,386	-205
Net Cash From Financing Activities	-1,334	1,976	-1,462	-1,971	-463	-424	26,000	62,026	-1,841	-64,345	79
Net Cash From Continuing Financing Activities	-1,673	1,976	-1,462	-1,971	-463	-424	26,000	62,026	-1,841	-64,345	79
Repayment of Debt	-555	668	0.00	-859	-879	383	-872	-2,604	-2,669	-2,270	-1,579
Repurchase of Common Equity	-645	-660	-50	-949	-1,198	-1,460	-1,247	-250	-632	0.00	0.00
Payment of Dividends	-299	-331	-409	-650	-590	-621	-669	-747	-853	-955	-1,039
Issuance of Debt	0.00	2,472	-949	575	2,213	10	9,606	0.00	6,879	4,354	-685
Other Financing Activities, net	-174	-173	-54	-88	-9.00	1,264	19,182	65,627	-4,566	-65,474	3,382
Effect of Exchange Rate Changes	-	-14	-	-	-11	4.00	8.00	-6.00	-23	7.00	-14
Cash Interest Paid	140	123	170	171	202	280	298	406	550	727	870
Cash Income Taxes Paid	338	542	460	594	-533	557	642	1,057	882	909	957

This table details how cash moves in and out of Intercontinental Exchange's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-14,066	-39,652	-15,279	-14,617	-45	-4,259	6,145	-1,494	3,361	1,106	3,171
Net Cash From Operating Activities	1,092	653	1,152	768	969	1,009	1,196	898	1,506	966	1,506
Net Cash From Continuing Operating Activities	1,092	653	1,152	768	969	1,009	1,196	898	1,506	966	1,506
Net Income / (Loss) Continuing Operations	440	674	815	559	390	783	639	671	709	812	865
Consolidated Net Income / (Loss)	440	674	815	559	390	783	639	671	709	812	865
Depreciation Expense	263	260	267	309	379	381	381	386	389	389	395
Non-Cash Adjustments To Reconcile Net Income	402	2.00	124	-14	350	103	214	-38	307	-14	212
Changes in Operating Assets and Liabilities, net	-13	-283	-54	-86	-150	-258	-38	-121	101	-221	34
Net Cash From Investing Activities	3,038	2,045	-901	-10,547	606	259	-187	-73	-920	-2,153	1,068
Net Cash From Continuing Investing Activities	3,038	2,045	-901	-10,547	606	259	-187	-73	-920	-2,153	1,068
Purchase of Property, Plant & Equipment	-157	-85	-118	-123	-163	-145	-165	-166	-276	-189	-167
Acquisitions	-75	-	-	-10,236	41	0.00	-	-6.00	-35	-11	-2.00
Purchase of Investments	-	0.00	-949	-7.00	-356	-64	-591	1.00	-98	-183	-145
Sale and/or Maturity of Investments	-	0.00	3,078	-3,078	637	702	154	-	-1.00	100	622
Other Investing Activities, net	3,199	2,130	-2,901	2,807	350	-234	441	98	-510	-1,870	760
Net Cash From Financing Activities	-18,214	-42,351	-15,535	-4,825	-1,634	-5,522	5,136	-2,331	2,796	2,283	572
Net Cash From Continuing Financing Activities	-18,214	-42,351	-15,535	-4,825	-1,634	-5,522	5,136	-2,331	2,796	2,283	572
Repayment of Debt	-7,895	-7.00	14	-1,889	-388	-604	-941	3.00	1.00	-6.00	-1,243
Repurchase of Common Equity	-	-	-	-	-	0.00	-	-	-	-241	-255
Payment of Dividends	-213	-236	-236	-241	-242	-258	-261	-261	-259	-278	-277
Issuance of Debt	7,891	0.00	-	4,657	-303	-38	-	-616	-841	-96	168
Other Financing Activities, net	-17,997	-42,108	-15,322	-7,352	-692	-4,622	5,566	-1,457	3,895	2,904	2,179
Effect of Exchange Rate Changes	-	1.00	5.00	-13	14	-5.00	-	12	-21	10	25
Cash Interest Paid	182	167	174	183	203	240	228	209	211	194	199
Cash Income Taxes Paid	172	149	387	122	251	142	374	260	181	166	524

This table presents Intercontinental Exchange's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	68,253	77,987	82,003	78,264	92,791	94,493	126,200	193,502	194,338	136,084	139,428
Total Current Assets	50,219	53,313	57,133	53,562	66,692	67,979	87,219	154,300	156,947	84,973	89,095
Cash & Equivalents	652	627	407	535	724	841	583	607	1,799	79,879	82,993
Restricted Cash	329	657	679	769	818	943	1,000	1,035	6,149	531	1,142
Accounts Receivable	445	700	777	903	953	988	1,230	1,208	1,169	1,366	1,490
Prepaid Expenses	135	131	97	133	242	220	323	1,021	458	703	713
Other Current Assets	47,458	51,169	55,150	51,222	63,955	64,987	84,083	150,429	147,372	1,814	2,163
Plant, Property, & Equipment, net	874	1,037	1,129	1,246	1,241	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	17,160	23,637	23,741	23,456	24,858	26,514	38,981	39,202	37,391	51,111	50,333
Long-Term Investments	379	299	432	-	-	-	-	-	-	-	0.00
Goodwill	8,535	12,079	12,291	12,216	13,085	13,342	21,291	21,123	21,111	30,553	30,595
Intangible Assets	7,780	10,758	10,420	10,269	10,462	10,258	14,408	13,736	13,090	17,317	16,306
Other Noncurrent Operating Assets	169	238	334	707	981	2,510	2,874	3,945	2,785	2,901	3,064
Other Noncurrent Nonoperating Assets	297	263	264	264	330	404	408	398	405	340	368
Total Liabilities & Shareholders' Equity	68,253	77,987	82,003	78,264	92,791	94,493	126,200	193,502	194,338	136,084	139,428
Total Liabilities	55,696	63,112	66,213	61,279	75,489	77,129	106,573	170,754	171,577	110,298	111,708
Total Current Liabilities	50,513	54,743	58,617	54,175	66,108	68,816	87,999	153,411	149,171	84,626	89,553
Short-Term Debt	2,042	2,591	2,493	1,833	951	2,569	2,411	1,521	4.00	1,954	3,027
Accounts Payable	311	398	388	462	521	505	639	703	866	1,003	1,051
Customer Deposits	47,458	51,169	55,150	51,222	63,955	64,987	81,628	145,936	141,990	78,980	82,149
Current Deferred Revenue	69	98	114	125	135	129	158	194	170	200	236
Current Employee Benefit Liabilities	205	215	230	227	280	291	346	354	352	459	438
Other Current Liabilities	428	272	242	306	266	335	2,817	4,703	5,789	2,030	2,652
Total Noncurrent Liabilities	5,183	8,369	7,596	7,104	9,381	8,313	18,574	17,343	22,406	25,672	22,155
Long-Term Debt	2,247	4,717	3,871	4,267	6,490	5,250	14,126	12,397	18,118	20,659	17,341
Noncurrent Deferred & Payable Income Tax Liabilities	1,938	2,837	2,958	2,298	2,337	2,314	3,563	4,100	3,493	4,080	3,904
Noncurrent Employee Benefit Liabilities	516	478	430	243	204	198	206	200	160	193	170
Other Noncurrent Operating Liabilities	482	337	337	296	350	551	679	646	635	740	740
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	165	35	36	0.00	71	78	93	-	-	0.00	22
Total Equity & Noncontrolling Interests	12,392	14,840	15,754	16,985	17,231	17,286	19,534	22,748	22,761	25,786	27,698
Total Preferred & Common Equity	12,360	14,808	15,717	16,957	17,201	17,255	19,498	22,709	22,706	25,717	27,647
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	12,360	14,808	15,717	16,957	17,201	17,255	19,498	22,709	22,706	25,717	27,647
Common Stock	9,939	12,296	11,312	11,398	11,553	11,748	13,851	14,075	14,319	15,959	16,299
Retained Earnings	3,210	4,148	4,789	6,858	8,317	9,629	11,039	14,350	14,943	16,356	18,071
Treasury Stock	-743	-1,448	-40	-1,076	-2,354	-3,879	-5,200	-5,520	-6,225	-6,304	-6,385
Accumulated Other Comprehensive Income / (Loss)	-46	-188	-344	-223	-315	-243	-192	-196	-331	-294	-338
Noncontrolling Interest	32	32	37	28	30	31	36	39	55	69	51

This table presents Intercontinental Exchange's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	194,338	151,550	136,283	137,022	136,084	131,397	137,682	135,201	139,428	142,870	144,175
Total Current Assets	156,947	114,336	99,222	85,397	84,973	80,542	86,991	84,695	89,095	92,644	93,969
Cash & Equivalents	1,799	2,069	2,877	837	79,879	863	885	79,529	82,993	84,069	87,224
Restricted Cash	6,149	6,145	5,413	471	531	1,227	1,252	1,743	1,142	1,235	1,252
Accounts Receivable	1,169	1,650	1,313	1,422	1,366	1,645	1,548	1,565	1,490	1,878	1,651
Prepaid Expenses	458	503	555	741	703	628	677	739	713	735	771
Other Current Assets	147,372	103,969	88,329	81,196	1,814	76,179	82,129	1,119	2,163	4,110	2,947
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	37,391	37,214	37,061	51,625	51,111	50,855	50,691	50,506	50,333	50,226	50,206
Long-Term Investments	-	-	199	199	-	62	-	-	-	66	66
Goodwill	21,111	21,120	21,134	30,463	30,553	30,549	30,553	30,598	30,595	30,617	30,652
Intangible Assets	13,090	12,946	12,814	17,595	17,317	17,056	16,805	16,573	16,306	16,067	15,845
Other Noncurrent Operating Assets	2,785	2,743	2,709	3,178	2,901	2,910	2,963	2,965	3,064	3,171	3,339
Other Noncurrent Nonoperating Assets	405	405	205	190	340	278	370	370	368	305	304
Total Liabilities & Shareholders' Equity	194,338	151,550	136,283	137,022	136,084	131,397	137,682	135,201	139,428	142,870	144,175
Total Liabilities	171,577	128,339	112,394	111,510	110,298	105,108	110,938	107,928	111,708	114,827	115,648
Total Current Liabilities	149,171	106,006	90,204	85,282	84,626	80,048	87,464	84,562	89,553	92,720	93,443
Short-Term Debt	4.00	0.00	0.00	2,257	1,954	1,916	3,234	2,619	3,027	2,932	1,850
Accounts Payable	866	949	919	964	1,003	967	1,008	1,045	1,051	1,056	1,067
Customer Deposits	141,990	102,072	86,917	79,297	78,980	74,123	80,129	78,774	82,149	83,286	86,221
Current Deferred Revenue	170	562	437	334	200	590	497	375	236	612	509
Current Employee Benefit Liabilities	352	146	226	377	459	180	263	353	438	152	267
Other Current Liabilities	5,789	2,277	1,705	2,053	2,030	2,272	2,333	1,396	2,652	4,682	3,529
Total Noncurrent Liabilities	22,406	22,333	22,190	26,228	25,672	25,060	23,474	23,366	22,155	22,107	22,205
Long-Term Debt	18,118	18,123	18,128	21,042	20,659	20,068	18,573	18,581	17,341	17,349	17,358
Noncurrent Deferred & Payable Income Tax Liabilities	3,493	3,409	3,256	4,210	4,080	4,030	3,950	3,855	3,904	3,848	3,805
Noncurrent Employee Benefit Liabilities	160	157	156	177	193	183	179	178	170	167	169
Other Noncurrent Operating Liabilities	635	644	650	799	740	779	772	752	740	743	873
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	0.00	-	-	-	22	22	22
Total Equity & Noncontrolling Interests	22,761	23,211	23,889	25,512	25,786	26,289	26,744	27,273	27,698	28,021	28,505
Total Preferred & Common Equity	22,706	23,167	23,820	25,459	25,717	26,239	26,687	27,233	27,647	27,974	28,444
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	22,706	23,167	23,820	25,459	25,717	26,239	26,687	27,233	27,647	27,974	28,444
Common Stock	14,319	14,394	14,455	15,843	15,959	16,054	16,137	16,233	16,299	16,408	16,479
Retained Earnings	14,943	15,362	15,925	16,225	16,356	16,865	17,236	17,632	18,071	18,590	19,164
Treasury Stock	-6,225	-6,274	-6,276	-6,278	-6,304	-6,375	-6,377	-6,381	-6,385	-6,721	-6,981
Accumulated Other Comprehensive Income / (Loss)	-331	-315	-284	-331	-294	-305	-309	-251	-338	-303	-218
Noncontrolling Interest	55	44	69	53	69	50	57	40	51	47	61

This table displays calculated financial ratios and metrics derived from Intercontinental Exchange's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	93.49%	7.96%	35.17%	2.79%	7.35%	4.48%	16.03%	18.39%	2.04%	9.54%	16.16%
EBITDA Growth	148.74%	17.97%	34.60%	10.54%	6.46%	1.95%	13.88%	84.50%	-53.05%	37.38%	29.06%
EBIT Growth	168.39%	16.43%	26.74%	21.96%	1.37%	-0.40%	13.99%	96.59%	-62.16%	46.07%	29.97%
NOPAT Growth	106.20%	32.55%	12.98%	55.29%	-13.92%	1.99%	9.46%	6.55%	22.38%	3.24%	6.94%
Net Income Growth	276.30%	27.46%	12.51%	75.29%	-20.91%	-2.97%	7.55%	93.03%	-63.19%	62.75%	14.93%
EPS Growth	276.30%	27.46%	4.82%	77.82%	-19.29%	-0.29%	10.23%	90.45%	-64.07%	62.40%	14.08%
Operating Cash Flow Growth	112.04%	-13.41%	63.92%	-197.02%	221.49%	4.97%	8.35%	8.40%	13.80%	-0.34%	30.12%
Free Cash Flow Firm Growth	309.10%	-264.42%	130.48%	-17.95%	-42.10%	177.42%	-546.07%	122.67%	154.24%	1,243.83%	-89.36%
Invested Capital Growth	-12.37%	45.17%	0.20%	5.74%	6.29%	0.54%	48.61%	1.33%	-6.05%	-201.54%	-12.04%
Revenue Q/Q Growth	9.34%	-2.34%	10.56%	-0.11%	3.36%	-6.08%	13.12%	2.42%	-0.98%	5.73%	1.33%
EBITDA Q/Q Growth	37.32%	-0.10%	8.23%	3.96%	3.58%	-3.42%	5.54%	24.83%	-31.27%	4.00%	6.40%
EBIT Q/Q Growth	50.75%	-1.35%	8.46%	4.97%	3.35%	-5.27%	4.53%	30.35%	-39.88%	1.84%	8.57%
NOPAT Q/Q Growth	29.77%	8.97%	-1.28%	45.99%	-23.02%	-4.13%	5.95%	2.19%	6.92%	1.29%	4.43%
Net Income Q/Q Growth	84.06%	6.50%	-0.41%	51.84%	-23.48%	-7.81%	3.69%	32.63%	-42.10%	-2.01%	12.85%
EPS Q/Q Growth	84.06%	6.50%	21.94%	51.25%	-24.78%	-8.80%	4.14%	32.47%	-42.79%	-3.01%	13.54%
Operating Cash Flow Q/Q Growth	34.58%	-8.39%	11.40%	-201.66%	243.92%	-0.78%	11.15%	-2.28%	2.87%	-3.36%	13.19%
Free Cash Flow Firm Q/Q Growth	0.00%	-634.27%	136.00%	10.32%	66.05%	0.00%	3.54%	-66.88%	36.56%	760.85%	-91.17%
Invested Capital Q/Q Growth	-0.11%	41.66%	1.27%	4.35%	-0.03%	-0.42%	-0.85%	2.31%	-1.18%	-171.21%	-11.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	57.60%	62.94%	62.68%	67.40%	66.84%	65.22%	64.02%	99.76%	45.90%	57.56%	63.95%
Operating Margin	46.83%	52.43%	48.14%	51.29%	51.88%	51.38%	50.25%	48.26%	49.89%	46.24%	46.44%
EBIT Margin	48.61%	52.43%	49.16%	58.32%	55.07%	52.50%	51.57%	85.64%	31.76%	42.35%	47.39%
Profit (Net Income) Margin	32.86%	38.80%	32.29%	55.07%	40.57%	37.68%	34.92%	56.94%	20.54%	30.52%	30.20%
Tax Burden Percent	72.21%	78.34%	71.32%	101.11%	80.16%	79.00%	76.21%	71.41%	82.85%	84.24%	77.23%
Interest Burden Percent	93.61%	94.46%	92.11%	93.38%	91.90%	90.85%	88.85%	93.10%	78.07%	85.55%	82.51%
Effective Tax Rate	28.57%	21.66%	28.68%	-1.11%	19.84%	21.00%	23.79%	28.59%	17.15%	15.76%	22.77%
Return on Invested Capital (ROIC)	6.91%	7.99%	7.62%	11.49%	9.33%	9.21%	8.09%	7.16%	8.98%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	6.13%	5.78%	5.78%	14.76%	8.33%	6.50%	6.07%	19.32%	-5.03%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	1.14%	1.45%	1.88%	4.09%	2.45%	2.10%	3.31%	12.04%	-2.39%	0.00%	0.00%
Return on Equity (ROE)	8.04%	9.44%	9.50%	15.59%	11.78%	11.31%	11.40%	19.20%	6.58%	10.04%	10.47%
Cash Return on Invested Capital (CROIC)	20.09%	-28.85%	7.42%	5.91%	3.23%	8.67%	-31.02%	5.84%	15.22%	0.00%	0.00%
Operating Return on Assets (OROA)	2.27%	2.39%	2.77%	3.38%	3.21%	2.92%	2.82%	3.83%	1.19%	2.05%	3.19%
Return on Assets (ROA)	1.53%	1.77%	1.82%	3.19%	2.36%	2.09%	1.91%	2.55%	0.77%	1.48%	2.03%
Return on Common Equity (ROCE)	7.87%	9.35%	9.46%	15.54%	11.74%	11.24%	11.32%	19.13%	6.57%	10.02%	10.45%
Return on Equity Simple (ROE_SIMPLE)	8.22%	8.75%	9.27%	15.06%	11.74%	11.36%	10.81%	17.92%	6.60%	9.48%	10.13%
Net Operating Profit after Tax (NOPAT)	1,034	1,371	1,549	2,405	2,071	2,112	2,311	2,463	3,014	3,112	3,328
NOPAT Margin	33.45%	41.07%	34.33%	51.86%	41.58%	40.59%	38.30%	34.47%	41.34%	38.96%	35.87%
Net Nonoperating Expense Percent (NNEP)	0.78%	2.21%	1.84%	-3.27%	1.00%	2.71%	2.02%	-12.16%	14.01%	-2.75%	-0.85%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	7.37%	6.43%	6.92%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	29.62%	25.94%	35.02%	34.91%	34.30%	34.54%	34.23%	35.01%	33.56%	34.03%	34.68%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	53.17%	47.57%	51.86%	48.71%	48.12%	48.62%	49.75%	51.74%	50.11%	53.76%	53.56%
Earnings before Interest and Taxes (EBIT)	1,503	1,750	2,218	2,705	2,742	2,731	3,113	6,120	2,316	3,383	4,397
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,781	2,101	2,828	3,126	3,328	3,393	3,864	7,129	3,347	4,598	5,934
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.77	1.70	1.94	2.24	2.32	2.81	3.17	3.27	2.45	2.82	3.09
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	7.07	7.54	6.76	8.17	8.01	9.33	10.23	10.40	7.64	9.09	9.22
Price to Earnings (P/E)	22.29	19.77	21.32	15.00	20.07	25.11	29.55	18.31	38.55	30.66	31.07
Dividend Yield	1.34%	1.26%	1.33%	1.23%	1.37%	1.26%	1.09%	1.00%	1.52%	1.32%	1.21%
Earnings Yield	4.49%	5.06%	4.69%	6.66%	4.98%	3.98%	3.38%	5.46%	2.59%	3.26%	3.22%
Enterprise Value to Invested Capital (EV/IC)	1.70	1.52	1.74	1.99	2.01	2.38	2.25	2.50	2.03	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	7.69	9.27	7.84	9.21	9.22	10.51	12.73	12.12	9.05	1.86	2.36
Enterprise Value to EBITDA (EV/EBITDA)	13.36	14.73	12.51	13.67	13.79	16.12	19.88	12.15	19.71	3.24	3.68
Enterprise Value to EBIT (EV/EBIT)	15.83	17.68	15.95	15.80	16.74	20.03	24.67	14.16	28.48	4.40	4.97
Enterprise Value to NOPAT (EV/NOPAT)	23.00	22.57	22.84	17.76	22.17	25.90	33.23	35.17	21.89	4.78	6.57
Enterprise Value to Operating Cash Flow (EV/OCF)	15.71	23.61	16.46	0.00	18.12	20.57	26.66	27.74	18.56	4.20	4.74
Enterprise Value to Free Cash Flow (EV/FCFF)	7.91	0.00	23.46	34.53	64.05	27.51	0.00	43.10	12.91	0.22	2.99
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.34	0.49	0.40	0.36	0.43	0.45	0.84	0.61	0.80	0.88	0.73
Long-Term Debt to Equity	0.18	0.32	0.25	0.25	0.38	0.30	0.72	0.55	0.80	0.80	0.63
Financial Leverage	0.19	0.25	0.33	0.28	0.29	0.32	0.55	0.62	0.48	-1.01	-2.31
Leverage Ratio	5.25	5.33	5.22	4.89	4.99	5.40	5.97	7.54	8.52	6.81	5.15
Compound Leverage Factor	4.92	5.04	4.81	4.57	4.59	4.91	5.30	7.02	6.65	5.82	4.25
Debt to Total Capital	25.46%	32.94%	28.73%	26.42%	30.07%	31.05%	45.73%	37.96%	44.33%	46.72%	42.36%
Short-Term Debt to Total Capital	12.12%	11.68%	11.25%	7.94%	3.84%	10.20%	6.67%	4.15%	0.01%	4.04%	6.29%
Long-Term Debt to Total Capital	13.34%	21.26%	17.47%	18.48%	26.23%	20.85%	39.06%	33.81%	44.32%	42.68%	36.06%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.17%	0.30%	0.33%	0.12%	0.41%	0.43%	0.36%	0.11%	0.13%	0.14%	0.15%
Common Equity to Total Capital	73.37%	66.75%	70.94%	73.45%	69.52%	68.52%	53.92%	61.93%	55.54%	53.14%	57.49%
Debt to EBITDA	2.41	3.48	2.25	1.95	2.24	2.30	4.28	1.95	5.41	4.92	3.43
Net Debt to EBITDA	0.97	2.71	1.71	1.53	1.77	1.78	3.87	1.72	3.04	-12.57	-10.75
Long-Term Debt to EBITDA	1.26	2.25	1.37	1.37	1.95	1.55	3.66	1.74	5.41	4.49	2.92
Debt to NOPAT	4.15	5.33	4.11	2.54	3.59	3.70	7.15	5.65	6.01	7.27	6.12
Net Debt to NOPAT	1.67	4.15	3.11	1.99	2.85	2.86	6.47	4.98	3.38	-18.57	-19.16
Long-Term Debt to NOPAT	2.17	3.44	2.50	1.77	3.13	2.49	6.11	5.03	6.01	6.64	5.21
Altman Z-Score	0.41	0.41	0.48	0.66	0.60	0.66	0.59	0.51	0.43	0.71	0.81
Noncontrolling Interest Sharing Ratio	2.18%	0.96%	0.46%	0.31%	0.38%	0.61%	0.64%	0.40%	0.21%	0.26%	0.27%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.99	0.97	0.97	0.99	1.01	0.99	0.99	1.01	1.05	1.00	0.99
Quick Ratio	0.05	0.02	0.02	0.03	0.03	0.03	0.02	0.01	0.02	0.96	0.94
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,009	-4,948	1,508	1,237	717	1,988	-8,867	2,010	5,110	68,673	7,306
Operating Cash Flow to CapEx	605.60%	473.29%	588.77%	-584.03%	904.64%	871.80%	702.68%	690.93%	737.34%	724.34%	612.90%
Free Cash Flow to Firm to Interest Expense	31.35	-51.01	8.47	6.62	2.94	6.97	-24.84	4.75	8.30	84.99	8.03
Operating Cash Flow to Interest Expense	15.77	13.52	12.07	-11.15	10.38	9.33	8.07	7.38	5.77	4.38	5.06
Operating Cash Flow Less CapEx to Interest Expense	13.17	10.66	10.02	-13.06	9.23	8.26	6.92	6.31	4.99	3.78	4.24
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.05	0.05	0.06	0.06	0.06	0.06	0.05	0.04	0.04	0.05	0.07
Accounts Receivable Turnover	6.24	5.83	6.11	5.52	5.37	5.36	5.44	5.86	6.14	6.30	6.50
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	3.51	3.49	4.17	3.91	4.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	58.49	62.60	59.74	66.11	68.03	68.10	67.06	62.26	59.49	57.92	56.17
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	58.49	62.60	59.74	66.11	68.03	68.10	67.06	62.26	59.49	57.92	56.17
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	13,989	20,308	20,349	21,517	22,871	22,995	34,173	34,626	32,530	-33,031	-37,009
Invested Capital Turnover	0.21	0.19	0.22	0.22	0.22	0.23	0.21	0.21	0.22	-31.89	-0.27
Increase / (Decrease) in Invested Capital	-1,975	6,319	41	1,168	1,354	124	11,178	453	-2,096	-65,561	-3,978
Enterprise Value (EV)	23,791	30,947	35,378	42,726	45,894	54,690	76,812	86,633	65,969	14,883	21,864
Market Capitalization	21,865	25,184	30,482	37,902	39,894	48,546	61,729	74,318	55,740	72,611	85,558
Book Value per Share	$109.66	$134.93	$131.93	$28.99	$30.20	$30.99	$34.74	$40.31	$40.65	$44.93	$48.15
Tangible Book Value per Share	($35.09)	($73.16)	($58.71)	($9.45)	($11.14)	($11.39)	($28.86)	($21.57)	($20.58)	($38.70)	($33.53)
Total Capital	16,846	22,183	22,154	23,085	24,743	25,183	36,164	36,666	40,883	48,399	48,088
Total Debt	4,289	7,308	6,364	6,100	7,441	7,819	16,537	13,918	18,122	22,613	20,368
Total Long-Term Debt	2,247	4,717	3,871	4,267	6,490	5,250	14,126	12,397	18,118	20,659	17,341
Net Debt	1,729	5,696	4,823	4,796	5,899	6,035	14,954	12,276	10,174	-57,797	-63,767
Capital Expenditures (CapEx)	250	277	365	357	280	305	410	452	482	489	752
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-433	-152	-100	-84	-7.00	-52	48	768	-168	-78,109	-81,566
Debt-free Net Working Capital (DFNWC)	1,748	1,161	1,009	1,220	1,535	1,732	1,631	2,410	7,780	2,301	2,569
Net Working Capital (NWC)	-294	-1,430	-1,484	-613	584	-837	-780	889	7,776	347	-458
Net Nonoperating Expense (NNE)	18	76	92	-149	51	152	203	-1,606	1,516	674	526
Net Nonoperating Obligations (NNO)	1,432	5,433	4,559	4,532	5,569	5,631	14,546	11,878	9,769	-58,817	-64,729
Total Depreciation and Amortization (D&A)	278	351	610	421	586	662	751	1,009	1,031	1,215	1,537
Debt-free, Cash-free Net Working Capital to Revenue	-14.00%	-4.55%	-2.22%	-1.81%	-0.14%	-1.00%	0.80%	10.75%	-2.30%	-977.83%	-879.04%
Debt-free Net Working Capital to Revenue	56.53%	34.78%	22.36%	26.30%	30.83%	33.29%	27.02%	33.73%	106.69%	28.81%	27.69%
Net Working Capital to Revenue	-9.51%	-42.84%	-32.89%	-13.22%	11.73%	-16.09%	-12.92%	12.44%	106.64%	4.34%	-4.94%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.72	$0.00	$2.39	$4.27	$3.46	$3.44	$3.79	$7.22	$2.59	$4.20	$4.80
Adjusted Weighted Average Basic Shares Outstanding	570M	0.00	595M	589M	575M	561M	552M	562M	559M	564M	573M
Adjusted Diluted Earnings per Share	$1.71	$0.00	$2.37	$4.23	$3.43	$3.42	$3.77	$7.18	$2.58	$4.19	$4.78
Adjusted Weighted Average Diluted Shares Outstanding	575M	0.00	599M	594M	579M	565M	555M	565M	561M	565M	576M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	560.04M	0.00	595.34M	582.29M	568.50M	553.45M	561.71M	561.85M	558.85M	572.62M	574.56M
Normalized Net Operating Profit after Tax (NOPAT)	1,126	1,440	1,606	1,691	2,098	2,113	2,392	2,536	3,091	3,339	3,408
Normalized NOPAT Margin	36.43%	43.14%	35.60%	36.45%	42.13%	40.62%	39.62%	35.49%	42.39%	41.79%	36.73%
Pre Tax Income Margin	45.50%	49.52%	45.28%	54.46%	50.61%	47.69%	45.83%	79.74%	24.79%	36.23%	39.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.66	18.04	12.46	14.47	11.24	9.58	8.72	14.47	3.76	4.19	4.83
NOPAT to Interest Expense	10.77	14.13	8.70	12.86	8.49	7.41	6.47	5.82	4.89	3.85	3.66
EBIT Less CapEx to Interest Expense	13.05	15.19	10.41	12.56	10.09	8.51	7.57	13.40	2.98	3.58	4.01
NOPAT Less CapEx to Interest Expense	8.17	11.28	6.65	10.95	7.34	6.34	5.33	4.75	4.11	3.25	2.83
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	29.43%	25.56%	28.07%	25.45%	29.21%	31.68%	31.74%	18.36%	56.94%	39.17%	37.08%
Augmented Payout Ratio	92.91%	76.53%	31.50%	62.61%	88.51%	106.17%	90.89%	24.50%	99.13%	39.17%	37.08%

This table displays calculated financial ratios and metrics derived from Intercontinental Exchange's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.91%	-0.16%	4.08%	10.60%	24.49%	20.78%	22.72%	17.27%	5.54%	7.99%	9.75%
EBITDA Growth	-61.91%	0.51%	3.40%	1,390.54%	18.89%	30.32%	21.23%	33.09%	32.05%	4.69%	17.93%
EBIT Growth	-69.50%	0.00%	3.14%	531.52%	9.05%	25.80%	15.00%	36.27%	47.21%	5.53%	23.06%
NOPAT Growth	5.65%	-3.27%	38.07%	8.37%	3.72%	12.24%	-13.91%	19.00%	20.69%	7.62%	25.27%
Net Income Growth	-71.22%	1.05%	43.99%	419.43%	-11.36%	16.17%	-21.60%	20.04%	81.79%	3.70%	35.37%
EPS Growth	-71.48%	0.86%	43.43%	382.35%	-16.88%	13.68%	-22.54%	18.75%	89.06%	3.76%	34.55%
Operating Cash Flow Growth	9.97%	-13.62%	18.89%	4.21%	-11.26%	54.52%	3.82%	16.93%	55.42%	-4.26%	25.92%
Free Cash Flow Firm Growth	1,397.40%	779.78%	-94.08%	-917.58%	2,292.03%	-539.39%	-700.76%	729.35%	-92.72%	790.93%	821.51%
Invested Capital Growth	-6.05%	-5.82%	-3.28%	40.90%	-201.54%	40.13%	39.76%	-171.51%	-12.04%	-182.82%	-190.54%
Revenue Q/Q Growth	-2.37%	7.24%	-0.42%	6.09%	9.89%	4.04%	1.18%	1.38%	-1.11%	6.46%	2.83%
EBITDA Q/Q Growth	1,166.22%	27.43%	-0.59%	-7.08%	1.00%	39.68%	-7.52%	2.02%	0.20%	10.74%	4.17%
EBIT Q/Q Growth	466.30%	38.58%	-1.50%	-13.70%	-7.43%	59.86%	-9.96%	2.27%	0.00%	14.60%	5.00%
NOPAT Q/Q Growth	5.47%	14.13%	19.45%	-24.63%	0.94%	23.50%	-8.37%	4.18%	2.37%	10.13%	6.66%
Net Income Q/Q Growth	351.43%	53.18%	20.92%	-31.41%	-30.23%	100.77%	-18.39%	5.01%	5.66%	14.53%	6.53%
EPS Q/Q Growth	326.47%	51.95%	21.37%	-32.39%	-33.33%	107.81%	-17.29%	3.64%	6.14%	14.05%	7.25%
Operating Cash Flow Q/Q Growth	48.17%	-40.20%	76.42%	-33.33%	26.17%	4.13%	18.53%	-24.92%	67.71%	-35.86%	55.90%
Free Cash Flow Firm Q/Q Growth	77.33%	0.77%	-27.46%	-730.71%	618.82%	3.58%	0.81%	760.73%	-94.00%	1,657.46%	3.58%
Invested Capital Q/Q Growth	-1.18%	0.57%	-0.39%	42.33%	-171.21%	-0.23%	-0.65%	-172.83%	-11.58%	-2.59%	-8.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	120.31%	100.00%	100.00%	80.03%	118.17%	100.00%	100.00%	79.27%	120.96%	100.00%	100.00%
EBITDA Margin	53.00%	62.97%	62.87%	55.07%	50.61%	67.95%	62.11%	62.49%	63.32%	65.87%	66.73%
Operating Margin	48.87%	51.11%	50.58%	42.19%	42.03%	46.42%	46.01%	46.96%	46.36%	49.37%	51.00%
EBIT Margin	38.12%	49.26%	48.73%	39.64%	33.39%	51.31%	45.66%	46.06%	46.58%	50.14%	51.20%
Profit (Net Income) Margin	24.89%	35.55%	43.17%	27.91%	17.72%	34.19%	27.58%	28.57%	30.52%	32.83%	34.01%
Tax Burden Percent	78.01%	79.39%	96.22%	81.96%	75.58%	81.22%	74.22%	74.72%	78.34%	76.10%	76.41%
Interest Burden Percent	83.68%	90.90%	92.07%	85.89%	70.20%	82.04%	81.38%	82.99%	83.64%	86.05%	86.94%
Effective Tax Rate	21.99%	20.61%	3.78%	18.04%	24.42%	18.78%	25.78%	25.28%	21.66%	23.90%	23.59%
Return on Invested Capital (ROIC)	8.28%	8.77%	10.81%	6.59%	0.00%	8.05%	7.70%	48.62%	0.00%	90.29%	175.25%
ROIC Less NNEP Spread (ROIC-NNEP)	6.12%	7.88%	9.75%	5.74%	0.00%	7.49%	6.59%	49.40%	0.00%	90.80%	175.74%
Return on Net Nonoperating Assets (RNNOA)	2.91%	3.70%	4.07%	3.75%	0.00%	4.40%	3.58%	-37.03%	0.00%	-77.64%	-162.04%
Return on Equity (ROE)	11.19%	12.47%	14.89%	10.34%	10.04%	12.44%	11.28%	11.59%	10.47%	12.66%	13.21%
Cash Return on Invested Capital (CROIC)	15.22%	14.83%	13.47%	-26.21%	0.00%	-25.26%	-25.34%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	1.43%	1.99%	2.04%	1.72%	1.61%	3.04%	2.94%	3.10%	3.14%	3.46%	3.52%
Return on Assets (ROA)	0.94%	1.44%	1.81%	1.21%	0.86%	2.03%	1.77%	1.92%	2.06%	2.27%	2.34%
Return on Common Equity (ROCE)	11.17%	12.45%	14.85%	10.32%	10.02%	12.42%	11.25%	11.57%	10.45%	12.63%	13.17%
Return on Equity Simple (ROE_SIMPLE)	0.00%	6.50%	7.36%	9.77%	0.00%	9.71%	8.88%	9.12%	0.00%	10.12%	0.00%
Net Operating Profit after Tax (NOPAT)	674	769	919	693	699	863	791	824	844	929	991
NOPAT Margin	38.12%	40.57%	48.67%	34.58%	31.76%	37.70%	34.15%	35.09%	36.32%	37.57%	38.97%
Net Nonoperating Expense Percent (NNEP)	2.16%	0.88%	1.06%	0.85%	-1.26%	0.55%	1.11%	-0.77%	-0.22%	-0.50%	-0.49%
Return On Investment Capital (ROIC_SIMPLE)	1.65%	-	-	-	1.44%	-	-	-	1.76%	1.92%	2.08%
Cost of Revenue to Revenue	-20.31%	0.00%	0.00%	19.97%	-18.17%	0.00%	0.00%	20.73%	-20.96%	0.00%	0.00%
SG&A Expenses to Revenue	54.75%	33.02%	32.63%	13.68%	54.61%	34.10%	35.61%	13.03%	56.22%	32.75%	32.28%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	71.44%	48.89%	49.42%	37.84%	76.15%	53.58%	53.99%	32.31%	74.60%	50.63%	49.00%
Earnings before Interest and Taxes (EBIT)	674	934	920	794	735	1,175	1,058	1,082	1,082	1,240	1,302
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	937	1,194	1,187	1,103	1,114	1,556	1,439	1,468	1,471	1,629	1,697
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.45	0.00	2.62	2.39	2.82	0.00	2.94	3.39	3.09	3.54	3.70
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	7.64	0.00	8.48	8.05	9.09	0.00	8.91	10.07	9.22	10.47	10.86
Price to Earnings (P/E)	38.55	0.00	36.99	25.15	30.66	0.00	33.95	37.97	31.07	35.60	35.05
Dividend Yield	1.52%	1.52%	1.43%	1.51%	1.32%	1.25%	1.27%	1.10%	1.21%	1.06%	1.01%
Earnings Yield	2.59%	0.00%	2.70%	3.98%	3.26%	0.00%	2.95%	2.63%	3.22%	2.81%	2.85%
Enterprise Value to Invested Capital (EV/IC)	2.03	0.00	2.21	1.78	0.00	0.00	2.16	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	9.05	0.00	9.80	10.95	1.86	0.00	11.15	3.52	2.36	3.60	3.72
Enterprise Value to EBITDA (EV/EBITDA)	19.71	0.00	21.27	18.71	3.24	0.00	18.85	5.77	3.68	5.68	5.75
Enterprise Value to EBIT (EV/EBIT)	28.48	0.00	30.78	24.89	4.40	0.00	26.12	7.95	4.97	7.64	7.65
Enterprise Value to NOPAT (EV/NOPAT)	21.89	0.00	21.48	26.92	4.78	0.00	32.13	10.10	6.57	10.06	10.03
Enterprise Value to Operating Cash Flow (EV/OCF)	18.56	0.00	19.85	22.56	4.20	0.00	24.92	7.91	4.74	7.47	7.38
Enterprise Value to Free Cash Flow (EV/FCFF)	12.91	0.00	16.16	0.00	0.22	0.00	0.00	0.39	2.99	0.39	0.40
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.80	0.78	0.76	0.91	0.88	0.84	0.82	0.78	0.73	0.72	0.67
Long-Term Debt to Equity	0.80	0.78	0.76	0.82	0.80	0.76	0.69	0.68	0.63	0.62	0.61
Financial Leverage	0.48	0.47	0.42	0.65	-1.01	0.59	0.54	-0.75	-2.31	-0.86	-0.92
Leverage Ratio	8.52	7.84	7.52	7.27	6.81	5.72	5.41	5.16	5.15	5.05	5.10
Compound Leverage Factor	7.13	7.13	6.92	6.24	4.78	4.69	4.40	4.28	4.31	4.34	4.43
Debt to Total Capital	44.33%	43.85%	43.14%	47.73%	46.72%	45.54%	44.92%	43.74%	42.36%	41.97%	40.24%
Short-Term Debt to Total Capital	0.01%	0.00%	0.00%	4.62%	4.04%	3.97%	6.66%	5.40%	6.29%	6.07%	3.88%
Long-Term Debt to Total Capital	44.32%	43.85%	43.14%	43.11%	42.68%	41.57%	38.25%	38.33%	36.06%	35.90%	36.36%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.13%	0.11%	0.16%	0.11%	0.14%	0.10%	0.12%	0.08%	0.15%	0.14%	0.17%
Common Equity to Total Capital	55.54%	56.05%	56.69%	52.16%	53.14%	54.36%	54.97%	56.18%	57.49%	57.89%	59.59%
Debt to EBITDA	5.41	5.41	5.34	5.27	4.92	4.43	4.18	3.80	3.43	3.38	3.07
Net Debt to EBITDA	3.04	2.96	2.84	4.93	-12.57	4.00	3.77	-10.77	-10.75	-10.84	-11.07
Long-Term Debt to EBITDA	5.41	5.41	5.34	4.76	4.49	4.05	3.56	3.33	2.92	2.89	2.77
Debt to NOPAT	6.01	6.08	5.40	7.58	7.27	6.86	7.13	6.65	6.12	5.98	5.35
Net Debt to NOPAT	3.38	3.32	2.87	7.09	-18.57	6.19	6.43	-18.85	-19.16	-19.20	-19.32
Long-Term Debt to NOPAT	6.01	6.08	5.40	6.85	6.64	6.26	6.07	5.83	5.21	5.12	4.84
Altman Z-Score	0.40	0.00	0.65	0.57	0.64	0.00	0.69	0.79	0.73	0.79	0.83
Noncontrolling Interest Sharing Ratio	0.21%	0.17%	0.25%	0.20%	0.26%	0.19%	0.25%	0.18%	0.27%	0.22%	0.25%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.05	1.08	1.10	1.00	1.00	1.01	0.99	1.00	0.99	1.00	1.01
Quick Ratio	0.02	0.04	0.05	0.03	0.96	0.03	0.03	0.96	0.94	0.93	0.95
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,770	2,791	2,025	-12,771	66,260	-12,265	-12,165	80,377	4,822	84,740	87,770
Operating Cash Flow to CapEx	695.54%	768.24%	976.27%	624.39%	594.48%	695.86%	724.85%	540.96%	545.65%	511.11%	901.80%
Free Cash Flow to Firm to Interest Expense	15.74	15.86	11.57	-62.00	263.98	-50.89	-52.21	360.44	22.64	411.36	436.67
Operating Cash Flow to Interest Expense	6.20	3.71	6.58	3.73	3.86	4.19	5.13	4.03	7.07	4.69	7.49
Operating Cash Flow Less CapEx to Interest Expense	5.31	3.23	5.91	3.13	3.21	3.59	4.42	3.28	5.77	3.77	6.66
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.04	0.04	0.05	0.06	0.06	0.07	0.07	0.07	0.07
Accounts Receivable Turnover	6.14	4.36	5.49	5.66	6.30	5.09	6.16	6.13	6.50	5.37	6.06
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.05	0.00	0.00	0.00	0.09	0.00	0.00	0.00
Days Sales Outstanding (DSO)	59.49	83.78	66.53	64.50	57.92	71.74	59.26	59.53	56.17	67.95	60.26
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	7,798.54	0.00	0.00	0.00	4,214.28	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	59.49	83.78	66.53	-7,734.04	57.92	71.74	59.26	-4,154.75	56.17	67.95	60.26
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	32,530	32,715	32,588	46,384	-33,031	45,843	45,544	-33,169	-37,009	-37,968	-41,235
Invested Capital Turnover	0.22	0.22	0.22	0.19	-31.89	0.21	0.23	1.39	-0.27	2.40	4.50
Increase / (Decrease) in Invested Capital	-2,096	-2,022	-1,106	13,464	-65,561	13,128	12,956	-79,553	-3,978	-83,811	-86,779
Enterprise Value (EV)	65,969	0.00	72,152	82,696	14,883	0.00	98,245	32,198	21,864	34,092	35,992
Market Capitalization	55,740	0.00	62,444	60,851	72,611	0.00	78,518	92,230	85,558	99,112	105,243
Book Value per Share	$40.65	$41.44	$42.55	$45.44	$44.93	$45.79	$46.53	$47.43	$48.15	$48.74	$49.59
Tangible Book Value per Share	($20.58)	($19.50)	($18.09)	($40.33)	($38.70)	($37.29)	($36.04)	($34.73)	($33.53)	($32.60)	($31.47)
Total Capital	40,883	41,334	42,017	48,811	48,399	48,273	48,551	48,473	48,088	48,324	47,735
Total Debt	18,122	18,123	18,128	23,299	22,613	21,984	21,807	21,200	20,368	20,281	19,208
Total Long-Term Debt	18,118	18,123	18,128	21,042	20,659	20,068	18,573	18,581	17,341	17,349	17,358
Net Debt	10,174	9,909	9,639	21,792	-57,797	19,832	19,670	-60,072	-63,767	-65,089	-69,334
Capital Expenditures (CapEx)	157	85	118	123	163	145	165	166	276	189	167
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-168	116	728	1,064	-78,109	320	624	-78,520	-81,566	-82,448	-86,100
Debt-free Net Working Capital (DFNWC)	7,780	8,330	9,018	2,372	2,301	2,410	2,761	2,752	2,569	2,856	2,376
Net Working Capital (NWC)	7,776	8,330	9,018	115	347	494	-473	133	-458	-76	526
Net Nonoperating Expense (NNE)	234	95	104	134	309	80	152	153	135	117	126
Net Nonoperating Obligations (NNO)	9,769	9,504	8,699	20,872	-58,817	19,554	18,800	-60,442	-64,729	-66,011	-69,762
Total Depreciation and Amortization (D&A)	263	260	267	309	379	381	381	386	389	389	395
Debt-free, Cash-free Net Working Capital to Revenue	-2.30%	1.59%	9.89%	14.08%	-977.83%	3.82%	7.08%	-857.49%	-879.04%	-871.36%	-888.73%
Debt-free Net Working Capital to Revenue	106.69%	114.28%	122.48%	31.40%	28.81%	28.75%	31.34%	30.05%	27.69%	30.18%	24.53%
Net Working Capital to Revenue	106.64%	114.28%	122.48%	1.52%	4.34%	5.89%	-5.37%	1.45%	-4.94%	-0.80%	5.43%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.77	$1.17	$1.43	$0.96	$0.64	$1.34	$1.10	$1.15	$1.21	$1.39	$1.49
Adjusted Weighted Average Basic Shares Outstanding	559M	559M	560M	563M	564M	573M	573M	574M	573M	574M	573M
Adjusted Diluted Earnings per Share	$0.77	$1.17	$1.42	$0.96	$0.64	$1.33	$1.10	$1.14	$1.21	$1.38	$1.48
Adjusted Weighted Average Diluted Shares Outstanding	561M	561M	561M	565M	565M	575M	575M	577M	576M	577M	575M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	558.85M	559.87M	560.30M	572.36M	572.62M	573.58M	574.14M	574.18M	574.56M	573.63M	572.42M
Normalized Net Operating Profit after Tax (NOPAT)	683	786	943	820	751	893	802	852	856	954	999
Normalized NOPAT Margin	38.65%	41.45%	49.95%	40.92%	34.10%	38.98%	34.63%	36.26%	36.86%	38.56%	39.27%
Pre Tax Income Margin	31.90%	44.78%	44.86%	34.05%	23.44%	42.10%	37.16%	38.23%	38.96%	43.15%	44.51%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.83	5.31	5.26	3.85	2.93	4.88	4.54	4.85	5.08	6.02	6.48
NOPAT to Interest Expense	3.83	4.37	5.25	3.36	2.79	3.58	3.40	3.70	3.96	4.51	4.93
EBIT Less CapEx to Interest Expense	2.94	4.82	4.58	3.26	2.28	4.27	3.83	4.11	3.78	5.10	5.65
NOPAT Less CapEx to Interest Expense	2.94	3.89	4.58	2.77	2.14	2.98	2.69	2.95	2.67	3.59	4.10
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	56.94%	58.14%	51.20%	37.22%	39.17%	38.36%	42.26%	41.16%	37.08%	37.41%	35.17%
Augmented Payout Ratio	99.13%	58.14%	51.20%	37.22%	39.17%	38.36%	42.26%	41.16%	37.08%	45.92%	51.39%

Key Financial Trends

Intercontinental Exchange (NYSE: ICE) has shown steady financial performance over the past several years through Q2 2025, supported by consistent revenue growth, solid operating income, and positive cash flow generation.

Recent Quarterly Highlights (Q2 2025):

Operating revenue increased to approximately $2.54 billion in Q2 2025, up from $2.47 billion in Q1 2025, continuing a trend of gradual growth.
Net income attributable to common shareholders rose to $851 million in Q2 2025 from $797 million in Q1 2025, reflecting improving profitability.
Diluted earnings per share showed steady growth, reaching $1.48 in Q2 2025 versus $1.38 in Q1 2025, indicating better shareholder returns.
Cash flow from continuing operating activities increased significantly from $966 million in Q1 2025 to $1.51 billion in Q2 2025, highlighting strong cash generation capacity.
Cash and equivalents grew substantially to $87.22 billion as of Q2 2025, up from approximately $84.07 billion in Q1 2025, bolstering liquidity.
Total assets increased to $144.18 billion in Q2 2025 from $142.87 billion in Q1 2025, reflecting ongoing business expansion or asset acquisition.
Net cash from investing activities swung positive to $1.07 billion in Q2 2025 compared to significant outflows in Q1 2025, possibly due to investment sales or reduced purchases.
Long-term debt remained stable around $17.4 billion in recent quarters, indicating manageable leverage levels.
Selling, general and administrative expenses have been fairly stable around $800 million to $1 billion quarterly, signaling cost control consistency.
Interest expense remains elevated, around $200 million per quarter, somewhat constraining net income growth.

Trend Overview (Past Four Years):

Operating revenues have generally trended upward, rising from around $1.77 billion in Q4 2022 to over $2.54 billion in Q2 2025, indicating healthy top-line growth.
Net income has increased year-over-year, with Q2 2025 reporting $865 million compared to $440 million in Q4 2022, showing sustained profitability improvement.
Cash and cash equivalents have expanded dramatically from about $1.8 billion in Q4 2022 to $87.2 billion in Q2 2025, driven by operational cash flows and financing activities.
Effective management of restructuring and other operating expenses has helped maintain strong operating margins.
Other income/(expense) has been a volatile component, with significant negative swings in some quarters (e.g., -$1.24 billion in Q3 2022), adding uncertainty to overall earnings stability.
Large and fluctuating financing cash flows, including issuance and repayment of debt and equity repurchases, suggest active capital structure management but also potential risk.
Customer deposits, a major liability, have shown volatility but remain substantial, impacting company liquidity and risk profile.
Goodwill and intangible assets remain significant (~$46 billion combined), indicating exposure to acquisition risks and potential future impairment.
Restructuring charges fluctuate but have decreased from historical highs, indicating potential stabilization in operations.
Dividend payments have steadily increased from $0.38 per share in early 2023 to $0.48 in Q2 2025, showing commitment to returning capital to shareholders.

Overall, Intercontinental Exchange has demonstrated solid financial growth, disciplined expense management, and strong cash flow generation in recent years. While some income volatility and financing activities pose moderate risks, the company’s increasing revenues, improving net income, and substantial liquidity position support a positive outlook for shareholders.

08/09/25 05:00 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Intercontinental Exchange's Financials

When does Intercontinental Exchange's fiscal year end?

According to the most recent income statement we have on file, Intercontinental Exchange's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Intercontinental Exchange's net income changed over the last 10 years?

Intercontinental Exchange's net income appears to be on an upward trend, with a most recent value of $2.80 billion in 2024, rising from $1.02 billion in 2014. The previous period was $2.44 billion in 2023. View Intercontinental Exchange's forecast to see where analysts expect Intercontinental Exchange to go next.

What is Intercontinental Exchange's operating income?

Intercontinental Exchange's total operating income in 2024 was $4.31 billion, based on the following breakdown:

Total Gross Profit: $9.28 billion
Total Operating Expenses: $4.97 billion

How has Intercontinental Exchange's revenue changed over the last 10 years?

Over the last 10 years, Intercontinental Exchange's total revenue changed from $3.09 billion in 2014 to $9.28 billion in 2024, a change of 200.1%.

How much debt does Intercontinental Exchange have?

Intercontinental Exchange's total liabilities were at $111.71 billion at the end of 2024, a 1.3% increase from 2023, and a 100.6% increase since 2014.

How much cash does Intercontinental Exchange have?

In the past 10 years, Intercontinental Exchange's cash and equivalents has ranged from $407 million in 2016 to $82.99 billion in 2024, and is currently $82.99 billion as of their latest financial filing in 2024.

How has Intercontinental Exchange's book value per share changed over the last 10 years?

Over the last 10 years, Intercontinental Exchange's book value per share changed from 109.66 in 2014 to 48.15 in 2024, a change of -56.1%.

Related Companies

This page (NYSE:ICE) was last updated on 8/9/2025 by MarketBeat.com Staff

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Intercontinental Exchange (ICE) Financials

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