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Friday 6 November 2026 Export ICE’s income statement to Excel — free account

Intercontinental Exchange Inc.

ICE Financial Financial Data & Stock Exchanges

Intercontinental Exchange Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.9 billion, up 7.03% from fiscal 2024.

Revenue
+14.7%
EPS
+19.2%
Free cash flow
+25.5%
Total debt
+17.2%

Quarter to September 2026, against a year earlier

172.81 1.19 −0.68%
Market cap
$97.2B
P/E
23.6×
Fwd P/E
22.7×
Dividend yield
1.17%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2015

  • Trading and Clearing
  • Data And Listings Segments

Every year since 2015 →

Insider Decisions last twelve months

Sold, $m 65.62
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 3 — 10 — — 4 2 1 7 2 1 —
Insider Ownership 0.99%

Capital & Financial Ratios $m

Size
Market Cap 97,240.00
Revenue ttm 10,912.00
Net income ttm 4,225.00
Free cash flow ttm 4,831.00
Net debt Q 14,178.00
Valuation
P/E 23.56
Forward P/E 22.70
Price / sales 8.96
Forward P/S Powerpack
Price / FCF 20.23
Price / book 3.26
Financial health
Current ratio Q 1.03
Debt / equity Q 0.68
Interest coverage Q 6.35
Growth
Revenue growth Q +14.68% (above 0%: growing)
Operating income growth Q +20.10% (above 0%: growing)
EPS, this year +17.83% (at or above 15%: strong)
EPS, next year A +9.19%
Revenue, next year A +11.89% (at or above 10%: strong)
EPS, past 5 yrs +8.88%
EPS, next 5 yrs A +13.00%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 40.37%
10-year low 10-year high
P/S against its own 10 years 46.50%
10-year low 10-year high
P/B against its own 10 years 85.26%
10-year low 10-year high

Dividends raised every year since 2018

Yield
1.17%
Annual rate
2.04
Payout ratio
27.7%
Growth, 2018–26
+10.1%/yr
  1. 0.96 ’18
  2. 1.10 ’19 +15
  3. 1.20 ’20 +9
  4. 1.32 ’21 +10
  5. 1.52 ’22 +15
  6. 1.68 ’23 +11
  7. 1.80 ’24 +7
  8. 1.92 ’25 +7
  9. 2.08 ’26 +8
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,110 2,580 2,214 6,167
Receivables 1,366 1,490 1,552 1,879
Inventory — — — —
Other 80,794 84,312 81,226 116,085
84,973 89,095 85,778 124,887
2023 2024 2025 Q'26
Payables 1,003 1,051 1,078 1,187
ST’ Debt — — — —
Other 80,931 84,485 81,344 116,259
84,626 89,553 84,116 121,301

Compound Annual Growth %

10y 5y 3y
Sales 11.52% 10.47% 10.84%
Cash Flow 13.53% 10.10% 9.47%
Earnings 10.04% 9.68% 31.86%
Book Value 6.92% 8.20% 8.37%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.97 Actual 2.02

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.67 1.71 Beat by 0.04
Q1 FY26 2.27 2.35 Beat by 0.08
Q2 FY26 1.84 1.90 Beat by 0.06
Q3 FY26 1.97 2.02 Beat by 0.05
Q4 FY26 1.95 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.48 1.69 1.70 — —
’25 1.38 1.48 1.42 1.49 5.77
’24 1.33 1.10 1.14 1.21 4.78
’23 1.17 1.42 0.96 0.65 4.19
’22 1.16 0.99 (0.34) 0.76 2.58
’21 1.14 2.22 1.12 2.70 7.18
’20 1.17 0.95 0.71 0.93 3.77
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,977 2,666 2,765 — —
’25 2,473 2,543 2,411 2,504 9,931
’24 2,290 2,317 2,349 2,323 9,279
’23 1,896 1,888 2,003 2,201 7,988
’22 1,899 1,814 1,811 1,768 7,292
’21 1,797 1,707 1,802 1,840 7,146
’20 1,559 1,395 1,411 1,671 6,036
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,326 1,998 1,162 — —
’25 966 1,506 915 1,275 4,662
’24 1,009 1,196 898 1,506 4,609
’23 653 1,152 768 969 3,542
’22 756 969 737 1,092 3,554
’21 734 873 523 993 3,123
’20 520 858 437 1,066 2,881
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,150 1,736 936 — —
’25 777 1,339 746 1,009 3,871
’24 864 1,031 732 1,230 3,857
’23 568 1,034 645 806 3,053
’22 653 868 616 935 3,072
’21 618 749 435 869 2,671
’20 461 773 313 924 2,471
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 25.1% a year for ten years. It grew 12.5% a year over the last ten.

Implied
25.1%
10 years, reported
12.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 4,512 4,638 4,979 5,202 6,036 7,146 7,292 7,988 9,279 9,931 10,912 +9.2% 11,112 11,787 12,514 +8.0%
Gross margin, % 96.96 97.39 97.37 97.60 97.61 97.77 98.20 98.46 98.34 98.41 98.65 +1.4 pt
EBT 2,043 2,526 2,520 2,481 2,766 5,698 1,808 2,894 3,628 4,346 5,492 +8.7%
EBT margin, % 45.28 54.46 50.61 47.69 45.83 79.74 24.79 36.23 39.10 43.76 50.33 (1.5) pt
Net income 1,457 2,554 2,020 1,960 2,108 4,069 1,498 2,438 2,802 3,370 4,225 +9.8%
Per share, $
Per share, $ Revenue 7.58 7.87 8.66 9.27 10.93 12.72 13.04 14.16 16.19 17.36 19.45 +9.6%
Earnings 2.39 4.27 3.46 3.44 3.79 7.22 2.59 4.20 4.80 5.79 7.39 +10.3%
Cash flow 3.61 3.54 4.41 4.74 5.22 5.56 6.36 6.28 8.04 8.15 10.27 +9.5%
Capex (0.61) (0.61) (0.49) (0.54) (0.74) (0.80) (0.86) (0.87) (1.31) (1.38) (1.66) +9.5%
Free cash flow 3.00 2.93 3.92 4.20 4.48 4.75 5.50 5.41 6.73 6.77 8.61 +9.5%
Book value 26.48 28.84 29.97 30.81 35.39 40.48 40.72 45.72 48.34 50.65 53.38 +7.5%
Shares, m 595 589 575 561 552 562 559 564 573 572 566 (0.4%)
Valuation, ×
Valuation, × P/E 23.56 16.32 21.77 26.83 30.42 18.94 40.01 30.04 30.98 27.88 23.56 26.7
P/S 7.41 8.87 8.70 9.98 10.54 10.76 7.91 8.93 9.20 9.33 8.96 9.2
P/B 2.12 2.42 2.51 3.00 3.26 3.38 2.54 2.77 3.08 3.20 3.26 2.8
EV/Sales 8.40 9.87 10.03 10.97 12.90 12.50 9.54 11.46 10.97 11.15 — 10.8
EV/FCF 21.24 26.50 22.17 24.24 31.51 33.43 22.64 29.99 26.40 28.60 — 26.7
Cash, $m
Cash, $m Operating cash flow 2,149 2,085 2,533 2,659 2,881 3,123 3,554 3,542 4,609 4,662 5,761 +9.0%
Capex (365) (357) (280) (305) (410) (452) (482) (489) (752) (791) (930) +9.0%
Free cash flow 1,784 1,728 2,253 2,354 2,471 2,671 3,072 3,053 3,857 3,871 4,831 +9.0%
Balance, $m
Balance, $m Working capital (1,484) (613) 584 (837) (780) 889 7,776 347 (458) 1,662 3,586 n/m
Net debt 2,762 2,963 4,948 3,466 12,543 10,755 10,170 18,549 14,761 16,395 14,178 +21.9%
Shareholders’ equity 15,754 16,985 17,231 17,286 19,534 22,748 22,761 25,786 27,698 28,969 29,947 +7.0%
Returns, %
Returns, % ROA 1.79 3.15 2.32 2.06 1.89 2.54 0.75 1.43 2.00 2.40 2.62 +0.6 pt
ROIC 7.33 7.45 7.28 8.05 5.91 6.43 6.90 5.21 6.34 6.79 8.08 (0.5) pt
ROE 9.35 15.43 11.62 11.20 11.35 19.19 6.35 9.76 10.30 11.70 14.20 +2.4 pt
People
People Employees 5,631 4,952 5,161 5,989 8,890 8,858 8,911 13,222 12,920 12,844 — +9.6%
Revenue/emp, $m 0.80 0.94 0.96 0.87 0.68 0.81 0.82 0.60 0.72 0.77 — (0.4%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Intercontinental Exchange, or ICE, provides technology and data for financial and commodity markets and the U.S. mortgage industry. Founded in 2000 and headquartered in Atlanta, it is led by chief executive Jeffrey Sprecher.

Its Exchanges business operates marketplaces where customers can list securities or trade contracts linked to commodities, interest rates and other assets. It also operates the New York Stock Exchange, or NYSE. ICE clearing houses stand between buyers and sellers of certain trades, helping manage the risk that one side fails to meet its obligations. The company also sells market data and connections to its trading venues.

Where the money comes from and where it goes Fiscal 2015

Fiscal 2015: revenue by segment, and margins
Trading and Clearing 2,062 61.77%
Data And Listings Segments 1,276 38.23%
Gross margin 95.84%
Operating margin 52.43%
Pre-tax margin 49.52%

Revenue by segment since 2015

Intercontinental Exchange Inc. vs peers in Financial Data & Stock Exchanges (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SPGI S&P Global Inc. $137.0B 27.6× 28.2× +6.83% (above 0%: growing) +19.84% (above 0%: growing) +30.00% (above 0%: growing) 71.89% 53.18% Compare
CME CME Group Inc. $110.0B 25.0× 25.4× +12.99% (above 0%: growing) +16.47% (above 0%: growing) +12.68% (above 0%: growing) 100.00% 65.70% Compare
ICE Intercontinental Exchange Inc. $97.2B 23.6× 22.7× +14.68% (above 0%: growing) +19.17% (above 0%: growing) +25.47% (above 0%: growing) 98.66% 50.99%
MCO Moody's Corporation $88.8B 31.3× 30.3× +0.80% (above 0%: growing) +17.73% (above 0%: growing) +1.52% (above 0%: growing) 74.10% 44.78% Compare
NDAQ Nasdaq, Inc. $59.3B 28.9× 29.4× +20.92% (above 0%: growing) +31.08% (above 0%: growing) +201.97% (above 0%: growing) 61.89% 30.59% Compare
MSCI MSCI Inc $46.9B 34.8× 31.4× +12.43% (above 0%: growing) +14.32% (above 0%: growing) −8.93% (below 0%: shrinking) 82.94% 56.29% Compare
CBOE Cboe Global Markets, Inc. $36.8B 25.0× — +19.02% (above 0%: growing) +42.66% (above 0%: growing) +471.74% (above 0%: growing) 52.41% 39.32% Compare
COIN Coinbase Global, Inc. $36.2B — (loss-making) — (loss-making) −34.95% (below 0%: shrinking) +64.85% (above 0%: growing) −45.48% (below 0%: shrinking) 84.00% 5.07% Compare
TRU TransUnion $15.8B 19.9× 17.7× +12.23% (above 0%: growing) +67.98% (above 0%: growing) +50.83% (above 0%: growing) 59.26% 20.36% Compare
Median of peers $53.1B 27.6× 28.8× +12.33% +25.46% +21.34% 73.00% 42.05%

All 14 Financial Data & Stock Exchanges stocks →

From the latest earnings call

Updated

  • CFO Warren Gardiner said trading activity and recurring services contributed to third-quarter growth, while elevated mortgage rates affected transaction revenue late in the quarter.
  • CEO Jeff Sprecher said ICE plans to bring perpetual futures markets into a U.S. regulated framework with TradeXYZ, subject to regulatory approval.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 92.57%
Held by the ten largest 38.92%
Holder Shares Stake Change
Vanguard 55.35m 9.87% +816.80k
BlackRock 50.73m 9.04% −2.17m
State Street 25.97m 4.63% +415.49k
HARRIS ASSOCIATES L P 17.74m 3.16% +1.72m
Morgan Stanley 13.12m 2.34% −1.37m
Geode Capital Management 12.82m 2.29% +49.51k
Wellington Management 11.81m 2.11% +1.63m
T. Rowe Price 10.96m 1.95% +184.47k
UBS 10.68m 1.90% +1.01m
Norges Bank 9.16m 1.63% +9.16m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 31 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 22.13m 28.62m 149.78
2024 19.52m 37.61m 136.26
2023 27.55m 46.08m 116.01
2022 16.70m (720.83k) 91.26
2021 14.79m 27.31m 119.94

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group, Inc. 10.10%
BlackRock, Inc. 6.90%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Intercontinental Exchange Inc. (ICE) Latest News

1 Nov

Impact 3 · · The Motley Fool

31 Oct

Impact 3 · · Simply Wall St.

30 Oct

Impact 3 · · Bloomberg
Impact 3 · · MarketBeat

29 Oct

Impact 4 · · StockStory
Impact 4 · · Zacks
Impact 4 · · cryptoprowl.com
Impact 4 · · StockStory earnings
Impact 4 · · Business Wire earnings
Impact 4 · · Business Wire
Impact 3 · · Moby
Impact 3 · · Zacks earnings
Impact 3 · · Zacks
Impact 3 · · Business Wire

28 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · NYSE
Impact 3 · · StockStory

27 Oct

Impact 4 · · Business Wire
Impact 4 · · Business Wire
Impact 3 ·
Impact 3 · · Zacks

26 Oct

Impact 4 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · CNW Group

23 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · cryptoprowl.com

22 Oct

Impact 4 · · Business Wire
Impact 3 · · Insider Monkey
Impact 3 · · Zacks

ICE metrics, ten years each

stockrow.com/ICE · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com