Intercontinental Exchange (ICE) Financials

$153.09 +0.12 (+0.08%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$152.50 -0.59 (-0.38%)

As of 05/22/2026 07:01 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	1,274	1,430	2,526	1,988	1,933	2,089	4,058	1,446	2,368	2,754	3,315
Consolidated Net Income / (Loss)	1,295	1,457	2,554	2,020	1,960	2,108	4,069	1,498	2,438	2,802	3,370
Net Income / (Loss) Continuing Operations	1,295	1,457	2,554	2,020	1,960	2,108	4,069	1,498	2,438	2,802	3,370
Total Pre-Tax Income	1,653	2,043	2,526	2,520	2,481	2,766	5,698	1,808	2,894	3,628	4,346
Total Operating Income	1,750	2,172	2,379	2,583	2,673	3,033	3,449	3,638	3,694	4,309	4,929
Total Gross Profit	3,338	4,512	4,638	4,979	5,202	6,036	7,146	7,292	7,988	9,279	9,931
Total Revenue	3,338	4,512	4,638	4,979	5,202	6,036	7,146	7,292	7,988	9,279	9,931
Operating Revenue	3,338	4,512	4,638	4,979	5,202	6,036	7,146	7,292	7,988	9,279	9,931
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	1,588	2,340	2,259	2,396	2,529	3,003	3,697	3,654	4,294	4,970	5,002
Selling, General & Admin Expense	866	1,580	1,619	1,708	1,797	2,066	2,502	2,447	2,718	3,218	3,284
Depreciation Expense	374	610	535	586	662	751	1,009	1,031	1,215	1,537	1,560
Other Operating Expenses / (Income)	260	70	69	68	68	81	84	83	92	111	88
Restructuring Charge	88	80	36	34	2.00	105	102	93	269	104	70
Total Other Income / (Expense), net	-97	-129	147	-63	-192	-267	2,249	-1,830	-800	-681	-583
Interest Expense	97	178	187	244	285	357	423	616	808	910	803
Interest & Investment Income	-	3.00	8.00	22	35	10	1.00	108	319	141	119
Other Income / (Expense), net	0.00	46	326	159	58	80	2,671	-1,322	-311	88	101
Income Tax Expense	358	586	-28	500	521	658	1,629	310	456	826	976
Net Income / (Loss) Attributable to Noncontrolling Interest	21	27	28	32	27	19	11	52	70	48	55
Basic Earnings per Share	$2.29	$2.40	$4.29	$3.46	$3.44	$3.79	$7.22	$2.59	$4.20	$4.80	$5.79
Weighted Average Basic Shares Outstanding	556M	595M	589M	575M	561M	552M	562M	559M	564M	573M	572M
Diluted Earnings per Share	$2.28	$2.39	$4.25	$3.43	$3.42	$3.77	$7.18	$2.58	$4.19	$4.78	$5.77
Weighted Average Diluted Shares Outstanding	559M	599M	594M	579M	565M	555M	565M	561M	565M	576M	575M
Weighted Average Basic & Diluted Shares Outstanding	556M	595M	589M	568.50M	553.45M	561.71M	561.85M	558.85M	572.62M	574.56M	567.90M
Cash Dividends to Common per Share	$0.58	$0.68	$0.80	$0.96	$1.10	$1.20	$1.32	$1.52	$1.68	$1.80	$1.92

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	541	373	767	632	657	698	797	851	816	851	1,413
Consolidated Net Income / (Loss)	559	390	783	639	671	709	812	865	831	862	1,432
Net Income / (Loss) Continuing Operations	559	390	783	639	671	709	812	865	831	862	1,432
Total Pre-Tax Income	682	516	964	861	898	905	1,067	1,132	1,081	1,066	1,897
Total Operating Income	845	925	1,063	1,066	1,103	1,077	1,221	1,297	1,174	1,237	1,665
Total Gross Profit	1,603	2,601	2,290	2,317	2,349	2,810	2,473	2,543	2,411	2,504	2,977
Total Revenue	2,003	2,201	2,290	2,317	2,349	2,323	2,473	2,543	2,411	2,504	2,977
Operating Revenue	2,003	2,201	2,290	2,317	2,349	2,323	2,473	2,543	2,411	2,504	2,977
Total Cost of Revenue	400	-400	0.00	0.00	0.00	-487	0.00	0.00	0.00	-	0.00
Total Operating Expenses	758	1,676	1,227	1,251	1,246	1,733	1,252	1,246	1,237	1,267	1,312
Selling, General & Admin Expense	274	1,202	781	825	793	1,306	810	821	818	835	863
Depreciation Expense	309	379	381	381	386	389	389	395	387	389	384
Other Operating Expenses / (Income)	20	27	29	30	30	22	21	20	23	24	24
Restructuring Charge	155	68	36	15	37	16	32	10	9.00	19	41
Total Other Income / (Expense), net	-163	-409	-99	-205	-205	-172	-154	-165	-93	-171	232
Interest Expense	206	251	241	233	223	213	206	201	192	204	203
Interest & Investment Income	94	32	30	36	39	36	33	31	28	27	24
Other Income / (Expense), net	-51	-190	112	-8.00	-21	5.00	19	5.00	71	6.00	411
Income Tax Expense	123	126	181	222	227	196	255	267	250	204	465
Net Income / (Loss) Attributable to Noncontrolling Interest	18	17	16	7.00	14	11	15	14	15	11	19
Basic Earnings per Share	$0.96	$0.64	$1.34	$1.10	$1.15	$1.21	$1.39	$1.49	$1.43	$1.48	$2.49
Weighted Average Basic Shares Outstanding	563M	564M	573M	573M	574M	573M	574M	573M	572M	572M	567M
Diluted Earnings per Share	$0.96	$0.64	$1.33	$1.10	$1.14	$1.21	$1.38	$1.48	$1.42	$1.49	$2.48
Weighted Average Diluted Shares Outstanding	565M	565M	575M	575M	577M	576M	577M	575M	574M	575M	570M
Weighted Average Basic & Diluted Shares Outstanding	572.36M	572.62M	573.58M	574.14M	574.18M	574.56M	573.63M	572.42M	570.18M	567.90M	565.51M
Cash Dividends to Common per Share	$0.42	-	$0.45	$0.45	-	-	$0.48	$0.48	-	-	$0.52

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	269	-197	218	304	499	18,528	64,357	2,367	-69,593	3,753	-5,889
Net Cash From Operating Activities	1,311	2,149	-2,085	2,533	2,659	2,881	3,123	3,554	3,542	4,609	4,662
Net Cash From Continuing Operating Activities	1,311	2,149	2,085	2,533	2,659	2,881	3,123	3,554	3,542	4,609	4,662
Net Income / (Loss) Continuing Operations	1,295	1,457	2,554	2,020	1,960	2,108	4,069	1,498	2,438	2,802	3,370
Consolidated Net Income / (Loss)	1,295	1,457	2,554	2,020	1,960	2,108	4,069	1,498	2,438	2,802	3,370
Depreciation Expense	374	610	535	586	662	751	1,009	1,031	1,215	1,537	1,560
Non-Cash Adjustments To Reconcile Net Income	-14	238	-651	23	66	151	-2,555	1,661	462	207	-162
Changes in Operating Assets and Liabilities, net	-321	-156	-239	-96	-29	-129	600	-636	-573	63	-106
Net Cash From Investing Activities	-3,004	-860	92	-1,755	-1,740	-10,361	-786	677	-8,797	-921	-4,249
Net Cash From Continuing Investing Activities	-3,004	-860	92	-1,755	-1,740	-10,361	-786	677	-8,797	-921	-4,249
Purchase of Property, Plant & Equipment	-277	-365	-357	-280	-305	-410	-452	-482	-489	-752	-791
Acquisitions	-3,751	-425	-423	-1,246	-352	-9,446	-183	-132	-10,206	-67	-1,048
Purchase of Investments	-60	-70	-327	-306	-	-	0.00	0.00	-1,316	-752	-1,455
Divestitures	0.00	0.00	1,199	-	0.00	0.00	1,237	741	187	0.00	0.00
Sale and/or Maturity of Investments	1,089	0.00	0.00	77	69	4.00	1.00	2.00	641	855	1,286
Other Investing Activities, net	-5.00	-	0.00	0.00	-1,152	-509	-1,389	548	2,386	-205	-2,241
Net Cash From Financing Activities	1,976	-1,462	-1,971	-463	-424	26,000	62,026	-1,841	-64,345	79	-6,334
Net Cash From Continuing Financing Activities	1,976	-1,462	-1,971	-463	-424	26,000	62,026	-1,841	-64,345	79	-6,334
Repayment of Debt	668	0.00	-859	-879	383	-872	-2,604	-2,669	-2,270	-1,579	-2,466
Repurchase of Common Equity	-660	-50	-949	-1,198	-1,460	-1,247	-250	-632	0.00	0.00	-1,294
Payment of Dividends	-331	-409	-650	-590	-621	-669	-747	-853	-955	-1,039	-1,105
Issuance of Debt	2,472	-949	575	2,213	10	9,606	0.00	6,879	4,354	-685	1,740
Other Financing Activities, net	-173	-54	-88	-9.00	1,264	19,182	65,627	-4,566	-65,474	3,382	-3,209
Effect of Exchange Rate Changes	-14	-	-	-11	4.00	8.00	-6.00	-23	7.00	-14	32
Cash Interest Paid	123	170	171	202	280	298	406	550	727	870	764
Cash Income Taxes Paid	542	460	594	-533	557	642	1,057	882	909	957	1,068

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-14,617	-45	-4,259	6,145	-1,494	3,361	1,106	3,171	-2,959	-7,207	40,816
Net Cash From Operating Activities	768	969	1,009	1,196	898	1,506	966	1,506	915	1,275	1,326
Net Cash From Continuing Operating Activities	768	969	1,009	1,196	898	1,506	966	1,506	915	1,275	1,326
Net Income / (Loss) Continuing Operations	559	390	783	639	671	709	812	865	831	862	1,432
Consolidated Net Income / (Loss)	559	390	783	639	671	709	812	865	831	862	1,432
Depreciation Expense	309	379	381	381	386	389	389	395	387	389	384
Non-Cash Adjustments To Reconcile Net Income	-14	350	103	214	-38	307	-14	212	-414	54	-325
Changes in Operating Assets and Liabilities, net	-86	-150	-258	-38	-121	101	-221	34	111	-30	-165
Net Cash From Investing Activities	-10,547	606	259	-187	-73	-920	-2,153	1,068	-82	-3,082	-1,420
Net Cash From Continuing Investing Activities	-10,547	606	259	-187	-73	-920	-2,153	1,068	-82	-3,082	-1,420
Purchase of Property, Plant & Equipment	-123	-163	-145	-165	-166	-276	-189	-167	-169	-266	-176
Acquisitions	-10,236	41	0.00	-	-6.00	-35	-11	-2.00	-6.00	-1,029	0.00
Purchase of Investments	-7.00	-356	-64	-591	1.00	-98	-183	-145	-380	-747	-1,550
Sale and/or Maturity of Investments	-3,078	637	702	154	-	-1.00	100	622	190	374	572
Other Investing Activities, net	2,807	350	-234	441	98	-510	-1,870	760	283	-1,414	-266
Net Cash From Financing Activities	-4,825	-1,634	-5,522	5,136	-2,331	2,796	2,283	572	-3,787	-5,402	40,918
Net Cash From Continuing Financing Activities	-4,825	-1,634	-5,522	5,136	-2,331	2,796	2,283	572	-3,787	-5,402	40,918
Repayment of Debt	-1,889	-388	-604	-941	3.00	1.00	-6.00	-1,243	-139	-1,078	24
Repurchase of Common Equity	-	-	0.00	-	-	-	-241	-255	-398	-400	-551
Payment of Dividends	-241	-242	-258	-261	-261	-259	-278	-277	-276	-274	-297
Issuance of Debt	4,657	-303	-38	-	-616	-841	-96	168	-72	1,740	716
Other Financing Activities, net	-7,352	-692	-4,622	5,566	-1,457	3,895	2,904	2,179	-2,902	-5,390	41,026
Effect of Exchange Rate Changes	-13	14	-5.00	-	12	-21	10	25	-5.00	2.00	-8.00
Cash Interest Paid	183	203	240	228	209	211	194	199	190	181	209
Cash Income Taxes Paid	122	251	142	374	260	181	166	524	179	199	66

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	77,987	82,003	78,264	92,791	94,493	126,200	193,502	194,338	136,084	139,428	136,887
Total Current Assets	53,313	57,133	53,562	66,692	67,979	87,219	154,300	156,947	84,973	89,095	85,778
Cash & Equivalents	627	407	535	724	841	583	607	1,799	79,879	82,993	77,626
Restricted Cash	657	679	769	818	943	1,000	1,035	6,149	531	1,142	748
Accounts Receivable	700	777	903	953	988	1,230	1,208	1,169	1,366	1,490	1,552
Prepaid Expenses	131	97	133	242	220	323	1,021	458	703	713	786
Other Current Assets	51,169	55,150	51,222	63,955	64,987	84,083	150,429	147,372	1,814	2,163	4,437
Plant, Property, & Equipment, net	1,037	1,129	1,246	1,241	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	23,637	23,741	23,456	24,858	26,514	38,981	39,202	37,391	51,111	50,333	51,109
Long-Term Investments	299	432	-	-	-	-	-	-	-	2.00	141
Goodwill	12,079	12,291	12,216	13,085	13,342	21,291	21,123	21,111	30,553	30,595	30,646
Intangible Assets	10,758	10,420	10,269	10,462	10,258	14,408	13,736	13,090	17,317	16,306	15,353
Other Noncurrent Operating Assets	238	334	707	981	2,510	2,874	3,945	2,785	2,901	3,062	4,729
Other Noncurrent Nonoperating Assets	263	264	264	330	404	408	398	405	340	368	240
Total Liabilities & Shareholders' Equity	77,987	82,003	78,264	92,791	94,493	126,200	193,502	194,338	136,084	139,428	136,887
Total Liabilities	63,112	66,213	61,279	75,489	77,129	106,573	170,754	171,577	110,298	111,708	107,896
Total Current Liabilities	54,743	58,617	54,175	66,108	68,816	87,999	153,411	149,171	84,626	89,553	84,116
Short-Term Debt	2,591	2,493	1,833	951	2,569	2,411	1,521	4.00	1,954	3,027	1,035
Accounts Payable	398	388	462	521	505	639	703	866	1,003	1,051	1,078
Customer Deposits	51,169	55,150	51,222	63,955	64,987	81,628	145,936	141,990	78,980	82,149	76,789
Current Deferred Revenue	98	114	125	135	129	158	194	170	200	236	204
Current Employee Benefit Liabilities	215	230	227	280	291	346	354	352	459	438	455
Other Current Liabilities	272	242	306	266	335	2,817	4,703	5,789	2,030	2,652	4,555
Total Noncurrent Liabilities	8,369	7,596	7,104	9,381	8,313	18,574	17,343	22,406	25,672	22,155	23,780
Long-Term Debt	4,717	3,871	4,267	6,490	5,250	14,126	12,397	18,118	20,659	17,341	18,609
Noncurrent Deferred & Payable Income Tax Liabilities	2,837	2,958	2,298	2,337	2,314	3,563	4,100	3,493	4,080	3,904	3,998
Noncurrent Employee Benefit Liabilities	478	430	243	204	198	206	200	160	193	170	174
Other Noncurrent Operating Liabilities	337	337	296	350	551	679	646	635	740	740	999
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	35	36	0.00	71	78	93	-	-	0.00	22	22
Total Equity & Noncontrolling Interests	14,840	15,754	16,985	17,231	17,286	19,534	22,748	22,761	25,786	27,698	28,969
Total Preferred & Common Equity	14,808	15,717	16,957	17,201	17,255	19,498	22,709	22,706	25,717	27,647	28,915
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	14,808	15,717	16,957	17,201	17,255	19,498	22,709	22,706	25,717	27,647	28,915
Common Stock	12,296	11,312	11,398	11,553	11,748	13,851	14,075	14,319	15,959	16,299	16,650
Retained Earnings	4,148	4,789	6,858	8,317	9,629	11,039	14,350	14,943	16,356	18,071	20,281
Treasury Stock	-1,448	-40	-1,076	-2,354	-3,879	-5,200	-5,520	-6,225	-6,304	-6,385	-7,792
Accumulated Other Comprehensive Income / (Loss)	-188	-344	-223	-315	-243	-192	-196	-331	-294	-338	-224
Noncontrolling Interest	32	37	28	30	31	36	39	55	69	51	54

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	9/30/2025	3/31/2026
Total Assets	136,283	137,022	136,084	131,397	137,682	135,201	139,428	142,870	144,175	140,901	179,177
Total Current Assets	99,222	85,397	84,973	80,542	86,991	84,695	89,095	92,644	93,969	90,846	127,065
Cash & Equivalents	2,877	837	79,879	863	885	79,529	82,993	84,069	87,224	84,457	118,473
Restricted Cash	5,413	471	531	1,227	1,252	1,743	1,142	1,235	1,252	1,123	631
Accounts Receivable	1,313	1,422	1,366	1,645	1,548	1,565	1,490	1,878	1,651	1,543	2,382
Prepaid Expenses	555	741	703	628	677	739	713	735	771	840	679
Other Current Assets	88,329	81,196	1,814	76,179	82,129	1,119	2,163	4,110	2,947	2,636	4,016
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	37,061	51,625	51,111	50,855	50,691	50,506	50,333	50,226	50,206	50,055	52,112
Long-Term Investments	199	199	-	62	-	-	-	66	66	129	70
Goodwill	21,134	30,463	30,553	30,549	30,553	30,598	30,595	30,617	30,652	30,643	30,634
Intangible Assets	12,814	17,595	17,317	17,056	16,805	16,573	16,306	16,067	15,845	15,589	15,108
Other Noncurrent Operating Assets	2,709	3,178	2,901	2,910	2,963	2,965	3,064	3,171	3,339	3,453	5,974
Other Noncurrent Nonoperating Assets	205	190	340	278	370	370	368	305	304	241	326
Total Liabilities & Shareholders' Equity	136,283	137,022	136,084	131,397	137,682	135,201	139,428	142,870	144,175	140,901	179,177
Total Liabilities	112,394	111,510	110,298	105,108	110,938	107,928	111,708	114,827	115,648	112,192	149,615
Total Current Liabilities	90,204	85,282	84,626	80,048	87,464	84,562	89,553	92,720	93,443	89,780	125,689
Short-Term Debt	0.00	2,257	1,954	1,916	3,234	2,619	3,027	2,932	1,850	1,667	1,751
Accounts Payable	919	964	1,003	967	1,008	1,045	1,051	1,056	1,067	1,042	1,311
Customer Deposits	86,917	79,297	78,980	74,123	80,129	78,774	82,149	83,286	86,221	83,607	117,610
Current Deferred Revenue	437	334	200	590	497	375	236	612	509	361	640
Current Employee Benefit Liabilities	226	377	459	180	263	353	438	152	267	342	161
Other Current Liabilities	1,705	2,053	2,030	2,272	2,333	1,396	2,652	4,682	3,529	2,761	4,216
Total Noncurrent Liabilities	22,190	26,228	25,672	25,060	23,474	23,366	22,155	22,107	22,205	22,412	23,926
Long-Term Debt	18,128	21,042	20,659	20,068	18,573	18,581	17,341	17,349	17,358	17,366	18,619
Noncurrent Deferred & Payable Income Tax Liabilities	3,256	4,210	4,080	4,030	3,950	3,855	3,904	3,848	3,805	4,000	4,136
Noncurrent Employee Benefit Liabilities	156	177	193	183	179	178	170	167	169	167	173
Other Noncurrent Operating Liabilities	650	799	740	779	772	752	740	743	873	879	998
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	22	32
Total Equity & Noncontrolling Interests	23,889	25,512	25,786	26,289	26,744	27,273	27,698	28,021	28,505	28,687	29,530
Total Preferred & Common Equity	23,820	25,459	25,717	26,239	26,687	27,233	27,647	27,974	28,444	28,644	29,478
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	23,820	25,459	25,717	26,239	26,687	27,233	27,647	27,974	28,444	28,644	29,478
Common Stock	14,455	15,843	15,959	16,054	16,137	16,233	16,299	16,408	16,479	16,575	16,774
Retained Earnings	15,925	16,225	16,356	16,865	17,236	17,632	18,071	18,590	19,164	19,704	21,397
Treasury Stock	-6,276	-6,278	-6,304	-6,375	-6,377	-6,381	-6,385	-6,721	-6,981	-7,388	-8,442
Accumulated Other Comprehensive Income / (Loss)	-284	-331	-294	-305	-309	-251	-338	-303	-218	-247	-251
Noncontrolling Interest	69	53	69	50	57	40	51	47	61	43	52

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.96%	35.17%	2.79%	7.35%	4.48%	16.03%	18.39%	2.04%	9.54%	16.16%	7.03%
EBITDA Growth	17.97%	34.60%	10.54%	6.46%	1.95%	13.88%	84.50%	-53.05%	37.38%	29.06%	11.05%
EBIT Growth	16.43%	26.74%	21.96%	1.37%	-0.40%	13.99%	96.59%	-62.16%	46.07%	29.97%	14.40%
NOPAT Growth	32.55%	12.98%	55.29%	-13.92%	1.99%	9.46%	6.55%	22.38%	3.24%	6.94%	14.85%
Net Income Growth	27.46%	12.51%	75.29%	-20.91%	-2.97%	7.55%	93.03%	-63.19%	62.75%	14.93%	20.27%
EPS Growth	27.46%	4.82%	77.82%	-19.29%	-0.29%	10.23%	90.45%	-64.07%	62.40%	14.08%	20.71%
Operating Cash Flow Growth	-13.41%	63.92%	-197.02%	221.49%	4.97%	8.35%	8.40%	13.80%	-0.34%	30.12%	1.15%
Free Cash Flow Firm Growth	-264.42%	130.48%	-17.95%	-42.10%	177.42%	-546.07%	122.67%	154.24%	1,243.83%	-89.36%	-133.39%
Invested Capital Growth	45.17%	0.20%	5.74%	6.29%	0.54%	48.61%	1.33%	-6.05%	-201.54%	-12.04%	16.92%
Revenue Q/Q Growth	-2.34%	10.56%	-0.11%	3.36%	-6.08%	13.12%	2.42%	-0.98%	5.73%	1.33%	1.86%
EBITDA Q/Q Growth	-0.10%	8.23%	3.96%	3.58%	-3.42%	5.54%	24.83%	-31.27%	4.00%	6.40%	2.50%
EBIT Q/Q Growth	-1.35%	8.46%	4.97%	3.35%	-5.27%	4.53%	30.35%	-39.88%	1.84%	8.57%	3.31%
NOPAT Q/Q Growth	8.97%	-1.28%	45.99%	-23.02%	-4.13%	5.95%	2.19%	6.92%	1.29%	4.43%	4.26%
Net Income Q/Q Growth	6.50%	-0.41%	51.84%	-23.48%	-7.81%	3.69%	32.63%	-42.10%	-2.01%	12.85%	4.76%
EPS Q/Q Growth	6.50%	21.94%	51.25%	-24.78%	-8.80%	4.14%	32.47%	-42.79%	-3.01%	13.54%	5.10%
Operating Cash Flow Q/Q Growth	-8.39%	11.40%	-201.66%	243.92%	-0.78%	11.15%	-2.28%	2.87%	-3.36%	13.19%	-4.72%
Free Cash Flow Firm Q/Q Growth	-634.27%	136.00%	10.32%	66.05%	0.00%	3.54%	-66.88%	36.56%	760.85%	-91.17%	-127.26%
Invested Capital Q/Q Growth	41.66%	1.27%	4.35%	-0.03%	-0.42%	-0.85%	2.31%	-1.18%	-171.21%	-11.58%	20.04%
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	62.94%	62.68%	67.40%	66.84%	65.22%	64.02%	99.76%	45.90%	57.56%	63.95%	66.36%
Operating Margin	52.43%	48.14%	51.29%	51.88%	51.38%	50.25%	48.26%	49.89%	46.24%	46.44%	49.63%
EBIT Margin	52.43%	49.16%	58.32%	55.07%	52.50%	51.57%	85.64%	31.76%	42.35%	47.39%	50.65%
Profit (Net Income) Margin	38.80%	32.29%	55.07%	40.57%	37.68%	34.92%	56.94%	20.54%	30.52%	30.20%	33.93%
Tax Burden Percent	78.34%	71.32%	101.11%	80.16%	79.00%	76.21%	71.41%	82.85%	84.24%	77.23%	77.54%
Interest Burden Percent	94.46%	92.11%	93.38%	91.90%	90.85%	88.85%	93.10%	78.07%	85.55%	82.51%	86.40%
Effective Tax Rate	21.66%	28.68%	-1.11%	19.84%	21.00%	23.79%	28.59%	17.15%	15.76%	22.77%	22.46%
Return on Invested Capital (ROIC)	7.99%	7.62%	11.49%	9.33%	9.21%	8.09%	7.16%	8.98%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	5.78%	5.78%	14.76%	8.33%	6.50%	6.07%	19.32%	-5.03%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	1.45%	1.88%	4.09%	2.45%	2.10%	3.31%	12.04%	-2.39%	0.00%	0.00%	0.00%
Return on Equity (ROE)	9.44%	9.50%	15.59%	11.78%	11.31%	11.40%	19.20%	6.58%	10.04%	10.47%	11.88%
Cash Return on Invested Capital (CROIC)	-28.85%	7.42%	5.91%	3.23%	8.67%	-31.02%	5.84%	15.22%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	2.39%	2.77%	3.38%	3.21%	2.92%	2.82%	3.83%	1.19%	2.05%	3.19%	3.64%
Return on Assets (ROA)	1.77%	1.82%	3.19%	2.36%	2.09%	1.91%	2.55%	0.77%	1.48%	2.03%	2.44%
Return on Common Equity (ROCE)	9.35%	9.46%	15.54%	11.74%	11.24%	11.32%	19.13%	6.57%	10.02%	10.45%	11.85%
Return on Equity Simple (ROE_SIMPLE)	8.75%	9.27%	15.06%	11.74%	11.36%	10.81%	17.92%	6.60%	9.48%	10.13%	0.00%
Net Operating Profit after Tax (NOPAT)	1,371	1,549	2,405	2,071	2,112	2,311	2,463	3,014	3,112	3,328	3,822
NOPAT Margin	41.07%	34.33%	51.86%	41.58%	40.59%	38.30%	34.47%	41.34%	38.96%	35.87%	38.49%
Net Nonoperating Expense Percent (NNEP)	2.21%	1.84%	-3.27%	1.00%	2.71%	2.02%	-12.16%	14.01%	-2.75%	-0.85%	-0.73%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	7.37%	6.43%	6.92%	7.86%
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	25.94%	35.02%	34.91%	34.30%	34.54%	34.23%	35.01%	33.56%	34.03%	34.68%	33.07%
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	47.57%	51.86%	48.71%	48.12%	48.62%	49.75%	51.74%	50.11%	53.76%	53.56%	50.37%
Earnings before Interest and Taxes (EBIT)	1,750	2,218	2,705	2,742	2,731	3,113	6,120	2,316	3,383	4,397	5,030
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,101	2,828	3,126	3,328	3,393	3,864	7,129	3,347	4,598	5,934	6,590
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.70	1.94	2.24	2.32	2.81	3.17	3.27	2.45	2.82	3.09	3.19
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)	7.54	6.76	8.17	8.01	9.33	10.23	10.40	7.64	9.09	9.22	9.30
Price to Earnings (P/E)	19.77	21.32	15.00	20.07	25.11	29.55	18.31	38.55	30.66	31.07	27.86
Dividend Yield	1.26%	1.33%	1.23%	1.37%	1.26%	1.09%	1.00%	1.52%	1.32%	1.21%	1.19%
Earnings Yield	5.06%	4.69%	6.66%	4.98%	3.98%	3.38%	5.46%	2.59%	3.26%	3.22%	3.59%
Enterprise Value to Invested Capital (EV/IC)	1.52	1.74	1.99	2.01	2.38	2.25	2.50	2.03	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	9.27	7.84	9.21	9.22	10.51	12.73	12.12	9.05	1.86	2.36	3.38
Enterprise Value to EBITDA (EV/EBITDA)	14.73	12.51	13.67	13.79	16.12	19.88	12.15	19.71	3.24	3.68	5.09
Enterprise Value to EBIT (EV/EBIT)	17.68	15.95	15.80	16.74	20.03	24.67	14.16	28.48	4.40	4.97	6.67
Enterprise Value to NOPAT (EV/NOPAT)	22.57	22.84	17.76	22.17	25.90	33.23	35.17	21.89	4.78	6.57	8.78
Enterprise Value to Operating Cash Flow (EV/OCF)	23.61	16.46	0.00	18.12	20.57	26.66	27.74	18.56	4.20	4.74	7.20
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	23.46	34.53	64.05	27.51	0.00	43.10	12.91	0.22	2.99	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.49	0.40	0.36	0.43	0.45	0.84	0.61	0.80	0.88	0.73	0.68
Long-Term Debt to Equity	0.32	0.25	0.25	0.38	0.30	0.72	0.55	0.80	0.80	0.63	0.64
Financial Leverage	0.25	0.33	0.28	0.29	0.32	0.55	0.62	0.48	-1.01	-2.31	-2.19
Leverage Ratio	5.33	5.22	4.89	4.99	5.40	5.97	7.54	8.52	6.81	5.15	4.87
Compound Leverage Factor	5.04	4.81	4.57	4.59	4.91	5.30	7.02	6.65	5.82	4.25	4.21
Debt to Total Capital	32.94%	28.73%	26.42%	30.07%	31.05%	45.73%	37.96%	44.33%	46.72%	42.36%	40.39%
Short-Term Debt to Total Capital	11.68%	11.25%	7.94%	3.84%	10.20%	6.67%	4.15%	0.01%	4.04%	6.29%	2.13%
Long-Term Debt to Total Capital	21.26%	17.47%	18.48%	26.23%	20.85%	39.06%	33.81%	44.32%	42.68%	36.06%	38.26%
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	0.30%	0.33%	0.12%	0.41%	0.43%	0.36%	0.11%	0.13%	0.14%	0.15%	0.16%
Common Equity to Total Capital	66.75%	70.94%	73.45%	69.52%	68.52%	53.92%	61.93%	55.54%	53.14%	57.49%	59.45%
Debt to EBITDA	3.48	2.25	1.95	2.24	2.30	4.28	1.95	5.41	4.92	3.43	2.98
Net Debt to EBITDA	2.71	1.71	1.53	1.77	1.78	3.87	1.72	3.04	-12.57	-10.75	-8.93
Long-Term Debt to EBITDA	2.25	1.37	1.37	1.95	1.55	3.66	1.74	5.41	4.49	2.92	2.82
Debt to NOPAT	5.33	4.11	2.54	3.59	3.70	7.15	5.65	6.01	7.27	6.12	5.14
Net Debt to NOPAT	4.15	3.11	1.99	2.85	2.86	6.47	4.98	3.38	-18.57	-19.16	-15.40
Long-Term Debt to NOPAT	3.44	2.50	1.77	3.13	2.49	6.11	5.03	6.01	6.64	5.21	4.87
Altman Z-Score	0.41	0.48	0.66	0.60	0.66	0.59	0.51	0.43	0.71	0.81	0.93
Noncontrolling Interest Sharing Ratio	0.96%	0.46%	0.31%	0.38%	0.61%	0.64%	0.40%	0.21%	0.26%	0.27%	0.26%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.97	0.97	0.99	1.01	0.99	0.99	1.01	1.05	1.00	0.99	1.02
Quick Ratio	0.02	0.02	0.03	0.03	0.03	0.02	0.01	0.02	0.96	0.94	0.94
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4,948	1,508	1,237	717	1,988	-8,867	2,010	5,110	68,673	7,306	-2,440
Operating Cash Flow to CapEx	473.29%	588.77%	-584.03%	904.64%	871.80%	702.68%	690.93%	737.34%	724.34%	612.90%	589.38%
Free Cash Flow to Firm to Interest Expense	-51.01	8.47	6.62	2.94	6.97	-24.84	4.75	8.30	84.99	8.03	-3.04
Operating Cash Flow to Interest Expense	13.52	12.07	-11.15	10.38	9.33	8.07	7.38	5.77	4.38	5.06	5.81
Operating Cash Flow Less CapEx to Interest Expense	10.66	10.02	-13.06	9.23	8.26	6.92	6.31	4.99	3.78	4.24	4.82
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.05	0.06	0.06	0.06	0.06	0.05	0.04	0.04	0.05	0.07	0.07
Accounts Receivable Turnover	5.83	6.11	5.52	5.37	5.36	5.44	5.86	6.14	6.30	6.50	6.53
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	3.49	4.17	3.91	4.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	62.60	59.74	66.11	68.03	68.10	67.06	62.26	59.49	57.92	56.17	55.90
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)	62.60	59.74	66.11	68.03	68.10	67.06	62.26	59.49	57.92	56.17	55.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	20,308	20,349	21,517	22,871	22,995	34,173	34,626	32,530	-33,031	-37,009	-30,749
Invested Capital Turnover	0.19	0.22	0.22	0.22	0.23	0.21	0.21	0.22	-31.89	-0.27	-0.29
Increase / (Decrease) in Invested Capital	6,319	41	1,168	1,354	124	11,178	453	-2,096	-65,561	-3,978	6,262
Enterprise Value (EV)	30,947	35,378	42,726	45,894	54,690	76,812	86,633	65,969	14,883	21,864	33,551
Market Capitalization	25,184	30,482	37,902	39,894	48,546	61,729	74,318	55,740	72,611	85,558	92,346
Book Value per Share	$134.93	$131.93	$28.99	$30.20	$30.99	$34.74	$40.31	$40.65	$44.93	$48.15	$50.71
Tangible Book Value per Share	($73.16)	($58.71)	($9.45)	($11.14)	($11.39)	($28.86)	($21.57)	($20.58)	($38.70)	($33.53)	($29.96)
Total Capital	22,183	22,154	23,085	24,743	25,183	36,164	36,666	40,883	48,399	48,088	48,635
Total Debt	7,308	6,364	6,100	7,441	7,819	16,537	13,918	18,122	22,613	20,368	19,644
Total Long-Term Debt	4,717	3,871	4,267	6,490	5,250	14,126	12,397	18,118	20,659	17,341	18,609
Net Debt	5,696	4,823	4,796	5,899	6,035	14,954	12,276	10,174	-57,797	-63,767	-58,871
Capital Expenditures (CapEx)	277	365	357	280	305	410	452	482	489	752	791
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-152	-100	-84	-7.00	-52	48	768	-168	-78,109	-81,566	-75,677
Debt-free Net Working Capital (DFNWC)	1,161	1,009	1,220	1,535	1,732	1,631	2,410	7,780	2,301	2,569	2,697
Net Working Capital (NWC)	-1,430	-1,484	-613	584	-837	-780	889	7,776	347	-458	1,662
Net Nonoperating Expense (NNE)	76	92	-149	51	152	203	-1,606	1,516	674	526	452
Net Nonoperating Obligations (NNO)	5,433	4,559	4,532	5,569	5,631	14,546	11,878	9,769	-58,817	-64,729	-59,740
Total Depreciation and Amortization (D&A)	351	610	421	586	662	751	1,009	1,031	1,215	1,537	1,560
Debt-free, Cash-free Net Working Capital to Revenue	-4.55%	-2.22%	-1.81%	-0.14%	-1.00%	0.80%	10.75%	-2.30%	-977.83%	-879.04%	-762.03%
Debt-free Net Working Capital to Revenue	34.78%	22.36%	26.30%	30.83%	33.29%	27.02%	33.73%	106.69%	28.81%	27.69%	27.16%
Net Working Capital to Revenue	-42.84%	-32.89%	-13.22%	11.73%	-16.09%	-12.92%	12.44%	106.64%	4.34%	-4.94%	16.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$2.39	$4.27	$3.46	$3.44	$3.79	$7.22	$2.59	$4.20	$4.80	$5.79
Adjusted Weighted Average Basic Shares Outstanding	0.00	595M	589M	575M	561M	552M	562M	559M	564M	573M	572M
Adjusted Diluted Earnings per Share	$0.00	$2.37	$4.23	$3.43	$3.42	$3.77	$7.18	$2.58	$4.19	$4.78	$5.77
Adjusted Weighted Average Diluted Shares Outstanding	0.00	599M	594M	579M	565M	555M	565M	561M	565M	576M	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	0.00	595.34M	582.29M	568.50M	553.45M	561.71M	561.85M	558.85M	572.62M	574.56M	567.90M
Normalized Net Operating Profit after Tax (NOPAT)	1,440	1,606	1,691	2,098	2,113	2,392	2,536	3,091	3,339	3,408	3,876
Normalized NOPAT Margin	43.14%	35.60%	36.45%	42.13%	40.62%	39.62%	35.49%	42.39%	41.79%	36.73%	39.03%
Pre Tax Income Margin	49.52%	45.28%	54.46%	50.61%	47.69%	45.83%	79.74%	24.79%	36.23%	39.10%	43.76%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	18.04	12.46	14.47	11.24	9.58	8.72	14.47	3.76	4.19	4.83	6.26
NOPAT to Interest Expense	14.13	8.70	12.86	8.49	7.41	6.47	5.82	4.89	3.85	3.66	4.76
EBIT Less CapEx to Interest Expense	15.19	10.41	12.56	10.09	8.51	7.57	13.40	2.98	3.58	4.01	5.28
NOPAT Less CapEx to Interest Expense	11.28	6.65	10.95	7.34	6.34	5.33	4.75	4.11	3.25	2.83	3.77
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	25.56%	28.07%	25.45%	29.21%	31.68%	31.74%	18.36%	56.94%	39.17%	37.08%	32.79%
Augmented Payout Ratio	76.53%	31.50%	62.61%	88.51%	106.17%	90.89%	24.50%	99.13%	39.17%	37.08%	71.19%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	567,896,513.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	567,896,513.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.49
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.60%	24.49%	20.78%	22.72%	17.27%	5.54%	7.99%	9.75%	2.64%	7.79%	20.38%
EBITDA Growth	1,390.54%	18.89%	30.32%	21.23%	33.09%	32.05%	4.69%	17.93%	11.17%	10.94%	51.01%
EBIT Growth	531.52%	9.05%	25.80%	15.00%	36.27%	47.21%	5.53%	23.06%	15.06%	14.88%	67.42%
NOPAT Growth	8.37%	3.72%	12.24%	-13.91%	19.00%	20.69%	7.62%	25.27%	9.50%	18.55%	35.26%
Net Income Growth	419.43%	-11.36%	16.17%	-21.60%	20.04%	81.79%	3.70%	35.37%	23.85%	21.58%	76.35%
EPS Growth	382.35%	-16.88%	13.68%	-22.54%	18.75%	89.06%	3.76%	34.55%	24.56%	23.14%	79.71%
Operating Cash Flow Growth	4.21%	-11.26%	54.52%	3.82%	16.93%	55.42%	-4.26%	25.92%	1.89%	-15.34%	37.27%
Free Cash Flow Firm Growth	-917.58%	2,292.03%	-539.39%	-700.76%	729.35%	-92.72%	790.93%	821.51%	-92.30%	-209.08%	-60.18%
Invested Capital Growth	40.90%	-201.54%	40.13%	39.76%	-171.51%	-12.04%	-182.82%	-190.54%	-15.94%	16.92%	-85.56%
Revenue Q/Q Growth	6.09%	9.89%	4.04%	1.18%	1.38%	-1.11%	6.46%	2.83%	-5.19%	3.86%	18.89%
EBITDA Q/Q Growth	-7.08%	1.00%	39.68%	-7.52%	2.02%	0.20%	10.74%	4.17%	-3.83%	0.00%	50.74%
EBIT Q/Q Growth	-13.70%	-7.43%	59.86%	-9.96%	2.27%	0.00%	14.60%	5.00%	-4.38%	-0.16%	67.02%
NOPAT Q/Q Growth	-24.63%	0.94%	23.50%	-8.37%	4.18%	2.37%	10.13%	6.66%	-8.94%	10.83%	25.65%
Net Income Q/Q Growth	-31.41%	-30.23%	100.77%	-18.39%	5.01%	5.66%	14.53%	6.53%	-3.93%	3.73%	66.13%
EPS Q/Q Growth	-32.39%	-33.33%	107.81%	-17.29%	3.64%	6.14%	14.05%	7.25%	-4.05%	4.93%	66.44%
Operating Cash Flow Q/Q Growth	-33.33%	26.17%	4.13%	18.53%	-24.92%	67.71%	-35.86%	55.90%	-39.24%	39.34%	4.00%
Free Cash Flow Firm Q/Q Growth	-730.71%	618.82%	3.58%	0.81%	760.73%	-94.00%	1,657.46%	3.58%	-92.95%	-185.02%	741.25%
Invested Capital Q/Q Growth	42.33%	-171.21%	-0.23%	-0.65%	-172.83%	-11.58%	-2.59%	-8.60%	6.74%	20.04%	-129.12%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	80.03%	118.17%	100.00%	100.00%	79.27%	120.96%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	55.07%	50.61%	67.95%	62.11%	62.49%	63.32%	65.87%	66.73%	67.69%	65.18%	82.63%
Operating Margin	42.19%	42.03%	46.42%	46.01%	46.96%	46.36%	49.37%	51.00%	48.69%	49.40%	55.93%
EBIT Margin	39.64%	33.39%	51.31%	45.66%	46.06%	46.58%	50.14%	51.20%	51.64%	49.64%	69.73%
Profit (Net Income) Margin	27.91%	17.72%	34.19%	27.58%	28.57%	30.52%	32.83%	34.01%	34.47%	34.42%	48.10%
Tax Burden Percent	81.96%	75.58%	81.22%	74.22%	74.72%	78.34%	76.10%	76.41%	76.87%	80.86%	75.49%
Interest Burden Percent	85.89%	70.20%	82.04%	81.38%	82.99%	83.64%	86.05%	86.94%	86.83%	85.76%	91.38%
Effective Tax Rate	18.04%	24.42%	18.78%	25.78%	25.28%	21.66%	23.90%	23.59%	23.13%	19.14%	24.51%
Return on Invested Capital (ROIC)	6.59%	0.00%	8.05%	7.70%	48.62%	0.00%	90.29%	175.25%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	5.74%	0.00%	7.49%	6.59%	49.40%	0.00%	90.80%	175.74%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	3.75%	0.00%	4.40%	3.58%	-37.03%	0.00%	-77.64%	-162.04%	0.00%	0.00%	0.00%
Return on Equity (ROE)	10.34%	10.04%	12.44%	11.28%	11.59%	10.47%	12.66%	13.21%	11.49%	11.88%	13.85%
Cash Return on Invested Capital (CROIC)	-26.21%	0.00%	-25.26%	-25.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	1.72%	1.61%	3.04%	2.94%	3.10%	3.14%	3.46%	3.52%	3.65%	3.57%	4.52%
Return on Assets (ROA)	1.21%	0.86%	2.03%	1.77%	1.92%	2.06%	2.27%	2.34%	2.43%	2.47%	3.12%
Return on Common Equity (ROCE)	10.32%	10.02%	12.42%	11.25%	11.57%	10.45%	12.63%	13.17%	11.47%	11.85%	13.82%
Return on Equity Simple (ROE_SIMPLE)	9.77%	0.00%	9.71%	8.88%	9.12%	0.00%	10.12%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	693	699	863	791	824	844	929	991	902	1,000	1,257
NOPAT Margin	34.58%	31.76%	37.70%	34.15%	35.09%	36.32%	37.57%	38.97%	37.43%	39.95%	42.22%
Net Nonoperating Expense Percent (NNEP)	0.85%	-1.26%	0.55%	1.11%	-0.77%	-0.22%	-0.50%	-0.49%	-0.11%	-0.22%	0.21%
Return On Investment Capital (ROIC_SIMPLE)	-	1.44%	-	-	-	1.76%	1.92%	2.08%	1.89%	2.06%	2.52%
Cost of Revenue to Revenue	19.97%	-18.17%	0.00%	0.00%	20.73%	-20.96%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	13.68%	54.61%	34.10%	35.61%	13.03%	56.22%	32.75%	32.28%	33.93%	33.35%	28.99%
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	37.84%	76.15%	53.58%	53.99%	32.31%	74.60%	50.63%	49.00%	51.31%	50.60%	44.07%
Earnings before Interest and Taxes (EBIT)	794	735	1,175	1,058	1,082	1,082	1,240	1,302	1,245	1,243	2,076
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,103	1,114	1,556	1,439	1,468	1,471	1,629	1,697	1,632	1,632	2,460
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.39	2.82	0.00	2.94	3.39	3.09	3.54	3.70	3.37	3.19	3.03
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)	8.05	9.09	0.00	8.91	10.07	9.22	10.47	10.86	9.89	9.30	8.56
Price to Earnings (P/E)	25.15	30.66	0.00	33.95	37.97	31.07	35.60	35.05	30.50	27.86	22.72
Dividend Yield	1.51%	1.32%	1.25%	1.27%	1.10%	1.21%	1.06%	1.01%	1.12%	1.19%	1.25%
Earnings Yield	3.98%	3.26%	0.00%	2.95%	2.63%	3.22%	2.81%	2.85%	3.28%	3.59%	4.40%
Enterprise Value to Invested Capital (EV/IC)	1.78	0.00	0.00	2.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	10.95	1.86	0.00	11.15	3.52	2.36	3.60	3.72	3.06	3.38	0.00
Enterprise Value to EBITDA (EV/EBITDA)	18.71	3.24	0.00	18.85	5.77	3.68	5.68	5.75	4.64	5.09	0.00
Enterprise Value to EBIT (EV/EBIT)	24.89	4.40	0.00	26.12	7.95	4.97	7.64	7.65	6.13	6.67	0.00
Enterprise Value to NOPAT (EV/NOPAT)	26.92	4.78	0.00	32.13	10.10	6.57	10.06	10.03	8.14	8.78	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	22.56	4.20	0.00	24.92	7.91	4.74	7.47	7.38	6.10	7.20	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.22	0.00	0.00	0.39	2.99	0.39	0.40	3.33	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.91	0.88	0.84	0.82	0.78	0.73	0.72	0.67	0.66	0.68	0.69
Long-Term Debt to Equity	0.82	0.80	0.76	0.69	0.68	0.63	0.62	0.61	0.60	0.64	0.63
Financial Leverage	0.65	-1.01	0.59	0.54	-0.75	-2.31	-0.86	-0.92	-2.28	-2.19	-2.88
Leverage Ratio	7.27	6.81	5.72	5.41	5.16	5.15	5.05	5.10	4.93	4.87	5.59
Compound Leverage Factor	6.24	4.78	4.69	4.40	4.28	4.31	4.34	4.43	4.28	4.18	5.11
Debt to Total Capital	47.73%	46.72%	45.54%	44.92%	43.74%	42.36%	41.97%	40.24%	39.87%	40.39%	40.80%
Short-Term Debt to Total Capital	4.62%	4.04%	3.97%	6.66%	5.40%	6.29%	6.07%	3.88%	3.49%	2.13%	3.51%
Long-Term Debt to Total Capital	43.11%	42.68%	41.57%	38.25%	38.33%	36.06%	35.90%	36.36%	36.37%	38.26%	37.29%
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	0.11%	0.14%	0.10%	0.12%	0.08%	0.15%	0.14%	0.17%	0.14%	0.16%	0.17%
Common Equity to Total Capital	52.16%	53.14%	54.36%	54.97%	56.18%	57.49%	57.89%	59.59%	60.00%	59.45%	59.04%
Debt to EBITDA	5.27	4.92	4.43	4.18	3.80	3.43	3.38	3.07	2.96	2.98	2.74
Net Debt to EBITDA	4.93	-12.57	4.00	3.77	-10.77	-10.75	-10.84	-11.07	-10.37	-8.93	-13.31
Long-Term Debt to EBITDA	4.76	4.49	4.05	3.56	3.33	2.92	2.89	2.77	2.70	2.82	2.51
Debt to NOPAT	7.58	7.27	6.86	7.13	6.65	6.12	5.98	5.35	5.19	5.14	4.92
Net Debt to NOPAT	7.09	-18.57	6.19	6.43	-18.85	-19.16	-19.20	-19.32	-18.19	-15.40	-23.86
Long-Term Debt to NOPAT	6.85	6.64	6.26	6.07	5.83	5.21	5.12	4.84	4.74	4.87	4.50
Altman Z-Score	0.57	0.64	0.00	0.69	0.79	0.73	0.79	0.83	0.82	0.84	0.63
Noncontrolling Interest Sharing Ratio	0.20%	0.26%	0.19%	0.25%	0.18%	0.27%	0.22%	0.25%	0.19%	0.26%	0.27%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.00	1.00	1.01	0.99	1.00	0.99	1.00	1.01	1.01	1.02	1.01
Quick Ratio	0.03	0.96	0.03	0.03	0.96	0.94	0.93	0.95	0.96	0.94	0.96
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-12,771	66,260	-12,265	-12,165	80,377	4,822	84,740	87,770	6,188	-5,262	33,741
Operating Cash Flow to CapEx	624.39%	594.48%	695.86%	724.85%	540.96%	545.65%	511.11%	901.80%	541.42%	479.32%	753.41%
Free Cash Flow to Firm to Interest Expense	-62.00	263.98	-50.89	-52.21	360.44	22.64	411.36	436.67	32.23	-25.79	166.21
Operating Cash Flow to Interest Expense	3.73	3.86	4.19	5.13	4.03	7.07	4.69	7.49	4.77	6.25	6.53
Operating Cash Flow Less CapEx to Interest Expense	3.13	3.21	3.59	4.42	3.28	5.77	3.77	6.66	3.89	4.95	5.67
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.05	0.06	0.06	0.07	0.07	0.07	0.07	0.07	0.07	0.06
Accounts Receivable Turnover	5.66	6.30	5.09	6.16	6.13	6.50	5.37	6.06	6.27	6.53	4.90
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	0.05	0.00	0.00	0.00	0.09	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	64.50	57.92	71.74	59.26	59.53	56.17	67.95	60.26	58.18	55.90	74.50
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)	7,798.54	0.00	0.00	0.00	4,214.28	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	-7,734.04	57.92	71.74	59.26	-4,154.75	56.17	67.95	60.26	58.18	55.90	74.50
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	46,384	-33,031	45,843	45,544	-33,169	-37,009	-37,968	-41,235	-38,455	-30,749	-70,452
Invested Capital Turnover	0.19	-31.89	0.21	0.23	1.39	-0.27	2.40	4.50	-0.27	-0.29	-0.19
Increase / (Decrease) in Invested Capital	13,464	-65,561	13,128	12,956	-79,553	-3,978	-83,811	-86,779	-5,286	6,262	-32,484
Enterprise Value (EV)	82,696	14,883	0.00	98,245	32,198	21,864	34,092	35,992	29,831	33,551	-9,401
Market Capitalization	60,851	72,611	0.00	78,518	92,230	85,558	99,112	105,243	96,442	92,346	89,319
Book Value per Share	$45.44	$44.93	$45.79	$46.53	$47.43	$48.15	$48.74	$49.59	$50.04	$50.71	$51.91
Tangible Book Value per Share	($40.33)	($38.70)	($37.29)	($36.04)	($34.73)	($33.53)	($32.60)	($31.47)	($30.73)	($29.96)	($28.64)
Total Capital	48,811	48,399	48,273	48,551	48,473	48,088	48,324	47,735	47,742	48,635	49,932
Total Debt	23,299	22,613	21,984	21,807	21,200	20,368	20,281	19,208	19,033	19,644	20,370
Total Long-Term Debt	21,042	20,659	20,068	18,573	18,581	17,341	17,349	17,358	17,366	18,609	18,619
Net Debt	21,792	-57,797	19,832	19,670	-60,072	-63,767	-65,089	-69,334	-66,676	-58,871	-98,804
Capital Expenditures (CapEx)	123	163	145	165	166	276	189	167	169	266	176
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,064	-78,109	320	624	-78,520	-81,566	-82,448	-86,100	-82,847	-75,677	-115,977
Debt-free Net Working Capital (DFNWC)	2,372	2,301	2,410	2,761	2,752	2,569	2,856	2,376	2,733	2,697	3,127
Net Working Capital (NWC)	115	347	494	-473	133	-458	-76	526	1,066	1,662	1,376
Net Nonoperating Expense (NNE)	134	309	80	152	153	135	117	126	71	138	-175
Net Nonoperating Obligations (NNO)	20,872	-58,817	19,554	18,800	-60,442	-64,729	-66,011	-69,762	-67,164	-59,740	-100,014
Total Depreciation and Amortization (D&A)	309	379	381	381	386	389	389	395	387	389	384
Debt-free, Cash-free Net Working Capital to Revenue	14.08%	-977.83%	3.82%	7.08%	-857.49%	-879.04%	-871.36%	-888.73%	-849.71%	-762.03%	-1,111.42%
Debt-free Net Working Capital to Revenue	31.40%	28.81%	28.75%	31.34%	30.05%	27.69%	30.18%	24.53%	28.03%	27.16%	29.97%
Net Working Capital to Revenue	1.52%	4.34%	5.89%	-5.37%	1.45%	-4.94%	-0.80%	5.43%	10.93%	16.74%	13.19%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.96	$0.64	$1.34	$1.10	$1.15	$1.21	$1.39	$1.49	$1.43	$1.48	$2.49
Adjusted Weighted Average Basic Shares Outstanding	563M	564M	573M	573M	574M	573M	574M	573M	572M	572M	567M
Adjusted Diluted Earnings per Share	$0.96	$0.64	$1.33	$1.10	$1.14	$1.21	$1.38	$1.48	$1.42	$1.49	$2.48
Adjusted Weighted Average Diluted Shares Outstanding	565M	565M	575M	575M	577M	576M	577M	575M	574M	575M	570M
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	572.36M	572.62M	573.58M	574.14M	574.18M	574.56M	573.63M	572.42M	570.18M	567.90M	565.51M
Normalized Net Operating Profit after Tax (NOPAT)	820	751	893	802	852	856	954	999	909	1,016	1,288
Normalized NOPAT Margin	40.92%	34.10%	38.98%	34.63%	36.26%	36.86%	38.56%	39.27%	37.72%	40.56%	43.26%
Pre Tax Income Margin	34.05%	23.44%	42.10%	37.16%	38.23%	38.96%	43.15%	44.51%	44.84%	42.57%	63.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.85	2.93	4.88	4.54	4.85	5.08	6.02	6.48	6.48	6.09	10.23
NOPAT to Interest Expense	3.36	2.79	3.58	3.40	3.70	3.96	4.51	4.93	4.70	4.90	6.19
EBIT Less CapEx to Interest Expense	3.26	2.28	4.27	3.83	4.11	3.78	5.10	5.65	5.60	4.79	9.36
NOPAT Less CapEx to Interest Expense	2.77	2.14	2.98	2.69	2.95	2.67	3.59	4.10	3.82	3.60	5.32
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	37.22%	39.17%	38.36%	42.26%	41.16%	37.08%	37.41%	35.17%	33.88%	32.79%	28.17%
Augmented Payout Ratio	37.22%	39.17%	38.36%	42.26%	41.16%	37.08%	45.92%	51.39%	61.67%	71.19%	68.37%

Financials Breakdown Chart

Key Financial Trends

MarketBeat — Intercontinental Exchange (NYSE: ICE) has shown a generally positive trajectory across revenue, earnings and cash generation over the last four years. Below are the most relevant takeaways from ICE’s quarterly statements, focusing on the latest four-year period and highlighting notable trends for retail investors.

Revenue growth: ICE's quarterly operating revenue rose to about $2.50B in Q4 2025 from roughly $2.32B in Q4 2024, a year-over-year increase of about 7–8% with a generally rising trend through 2025.
Bottom-line improvement: Net income attributable to common shareholders climbed to about $851M in Q4 2025 from $698M in Q4 2024; diluted earnings per share rose to $1.49 from $1.42.
Operating cash flow strength: Net cash from continuing operating activities was about $1.28B in Q4 2025, with a notable peak around $1.51B in Q2 2025, demonstrating solid cash generation from core operations.
Free cash flow potential: After accounting for capital expenditures (PPE purchases of about $266M in Q4 2025), ICE generated roughly $1.0B of free cash flow that quarter, indicating capacity to fund dividends, buybacks, and strategic investments.
Balance sheet liquidity: ICE held about $84.5B in cash and equivalents at the end of 2025, with total assets around $141B, providing a substantial liquidity cushion and scale.

Dividend per share: ICE has continued to reward shareholders, with per-share cash dividends rising from about $0.45 in Q1 2025 to $0.48 in Q2 2025, signaling ongoing capital returns.
Financing activity profile: 2025 shows sizable cash outflows from financing activities due to debt repayments, share repurchases, and dividends—consistent with capital-return and leverage-management strategies rather than an immediate risk signal.

Net change in cash: ICE posted a negative net change in cash and equivalents in Q4 2025 of about $7.21B, driven mainly by financing activities, which reflects temporary cash outflows despite strong operating cash flow.
Investing activity intensity: Net cash from investing activities was about $3.08B negative in Q4 2025, reflecting ongoing investments in PPE and other assets; while growth-oriented, this reduces near-term cash balances.

05/25/26 07:03 AM ETAI Generated. May Contain Errors.

Intercontinental Exchange Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Intercontinental Exchange's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Intercontinental Exchange's net income appears to be on an upward trend, with a most recent value of $3.37 billion in 2025, rising from $1.30 billion in 2015. The previous period was $2.80 billion in 2024. View Intercontinental Exchange's forecast to see where analysts expect Intercontinental Exchange to go next.

Intercontinental Exchange's total operating income in 2025 was $4.93 billion, based on the following breakdown:

Total Gross Profit: $9.93 billion
Total Operating Expenses: $5.00 billion

Over the last 10 years, Intercontinental Exchange's total revenue changed from $3.34 billion in 2015 to $9.93 billion in 2025, a change of 197.5%.

Intercontinental Exchange's total liabilities were at $107.90 billion at the end of 2025, a 3.4% decrease from 2024, and a 71.0% increase since 2015.

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 $77.63 billion as of their latest financial filing in 2025.

Over the last 10 years, Intercontinental Exchange's book value per share changed from 134.93 in 2015 to 50.71 in 2025, a change of -62.4%.

Related Companies

Financial statements for NYSE:ICE last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Intercontinental Exchange (ICE) Financials

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Intercontinental Exchange (ICE) Financials

Annual Income Statements for Intercontinental Exchange

Quarterly Income Statements for Intercontinental Exchange

Annual Cash Flow Statements for Intercontinental Exchange

Quarterly Cash Flow Statements for Intercontinental Exchange

Annual Balance Sheets for Intercontinental Exchange

Quarterly Balance Sheets for Intercontinental Exchange

Annual Metrics And Ratios for Intercontinental Exchange

Quarterly Metrics And Ratios for Intercontinental Exchange

Financials Breakdown Chart

Key Financial Trends

Intercontinental Exchange Financials - Frequently Asked Questions

When does Intercontinental Exchange's fiscal year end?

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

What is Intercontinental Exchange's operating income?

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

How much debt does Intercontinental Exchange have?

How much cash does Intercontinental Exchange have?

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

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