Intercontinental Exchange (ICE) financial statements
Intercontinental Exchange reported revenue of $12.6B in fiscal 2025, up 8.7% a year over 9 years.
Net income was $3.3B and the operating margin 39.0%, against 36.4% in 2016.
Free cash flow was $3.9B, and the company returned $1.1B in dividends and $1.3B in net buybacks.
The diluted share count fell 4% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Intercontinental Exchange's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.0B | $5.8B | $6.3B | $6.5B | $8.2B | $9.2B | $9.6B | $9.9B | $11.8B | $12.6B |
| Selling, general and admin | $116M | $155M | $151M | $161M | $185M | $215M | $226M | $266M | $307M | $293M |
| Operating income | $2.2B | $2.4B | $2.6B | $2.7B | $3.0B | $3.4B | $3.6B | $3.7B | $4.3B | $4.9B |
| Interest expense | $178M | $187M | $244M | $285M | $357M | $423M | $616M | $808M | $910M | $803M |
| Pre-tax income | $2.0B | $2.5B | $2.5B | $2.5B | $2.8B | $5.7B | $1.8B | $2.9B | $3.6B | $4.3B |
| Income tax | $586M | -$28M | $500M | $521M | $658M | $1.6B | $310M | $456M | $826M | $976M |
| Net income | $1.4B | $2.5B | $2.0B | $1.9B | $2.1B | $4.1B | $1.4B | $2.4B | $2.8B | $3.3B |
| EPS (diluted) | $2.39 | $4.25 | $3.43 | $3.42 | $3.77 | $7.18 | $2.58 | $4.19 | $4.78 | $5.77 |
| Diluted shares | 599M | 594M | 579M | 565M | 555M | 565M | 561M | 565M | 576M | 575M |
| Operating margin | 36.4% | 40.7% | 41.2% | 40.8% | 36.8% | 37.6% | 37.8% | 37.3% | 36.6% | 39.0% |
| Net margin | 23.9% | 43.2% | 31.7% | 29.5% | 25.3% | 44.3% | 15.0% | 23.9% | 23.4% | 26.2% |
Balance sheet
Fiscal years, from Intercontinental Exchange's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.4B | $551M | $724M | $841M | $583M | $607M | $1.8B | $899M | $844M | $837M |
| Receivables | $777M | $903M | $953M | $988M | $1.2B | $1.2B | $1.2B | $1.4B | $1.5B | $1.6B |
| Total current assets | $57.1B | $53.6B | $66.7B | $68.0B | $87.2B | $154.3B | $156.9B | $85.0B | $89.1B | $85.8B |
| Property, plant and equipment | $1.1B | $1.2B | $1.2B | $1.5B | — | — | — | — | — | — |
| Goodwill | $12.3B | $12.2B | $13.1B | $13.3B | $21.3B | $21.1B | $21.1B | $30.6B | $30.6B | $30.6B |
| Total assets | $82.0B | $78.3B | $92.8B | $94.5B | $126.2B | $193.5B | $194.3B | $136.1B | $139.4B | $136.9B |
| Total current liabilities | $58.6B | $54.2B | $66.1B | $68.8B | $88.0B | $153.4B | $149.2B | $84.6B | $89.6B | $84.1B |
| Long-term debt | $3.9B | $4.3B | $6.5B | $5.2B | $14.1B | $12.4B | $18.1B | $20.7B | $17.3B | $18.6B |
| Total liabilities | $66.2B | $61.3B | $75.5B | $77.1B | $106.6B | $170.8B | $171.6B | $110.3B | $111.7B | $107.9B |
| Shareholders' equity | $15.7B | $17.0B | $17.2B | $17.3B | $19.5B | $22.7B | $22.7B | $25.7B | $27.6B | $28.9B |
| Net debt | $5.0B | $5.6B | $6.7B | $7.0B | $16.0B | $13.3B | $16.3B | $21.7B | $19.5B | $18.8B |
Cash flow
Fiscal years, from Intercontinental Exchange's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.1B | $2.1B | $2.5B | $2.7B | $2.9B | $3.1B | $3.6B | $3.5B | $4.6B | $4.7B |
| Capital spending | $365M | $357M | $280M | $305M | $410M | $452M | $482M | $489M | $752M | $791M |
| Free cash flow | $1.8B | $1.7B | $2.3B | $2.4B | $2.5B | $2.7B | $3.1B | $3.1B | $3.9B | $3.9B |
| Stock-based compensation | $124M | $135M | $130M | $139M | $139M | $188M | $155M | $257M | $231M | $238M |
| Dividends paid | $409M | $476M | $555M | $621M | $669M | $747M | $853M | $955M | $1.0B | $1.1B |
| Share buybacks (net) | -$50M | -$949M | -$1.2B | -$1.5B | -$1.2B | -$250M | -$632M | $0 | $0 | -$1.3B |
| Net borrowing | -$949M | -$275M | $1.3B | $370M | $7.6B | -$1.2B | $4.2B | $2.1B | -$2.3B | -$760M |
| Free cash flow margin | 29.9% | 29.6% | 35.9% | 36.0% | 30.0% | 29.1% | 31.9% | 30.8% | 32.8% | 30.6% |
| Dividends per share | $0.68 | $0.80 | $0.96 | $1.10 | $1.21 | $1.32 | $1.52 | $1.69 | $1.80 | $1.92 |
Questions
What was Intercontinental Exchange's revenue in 2025?
$12.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Intercontinental Exchange generate?
$3.9B in fiscal 2025 (operating cash flow minus capital spending).
From Intercontinental Exchange's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.