Intercontinental Exchange, Inc.

ICE · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006
Valuation
Market cap	$92,346	$85,558	$73,509	$57,302	$77,057	$64,955	$52,143	$42,441	$39,754	$31,787	$30,429	$25,000	$17,542	$9,037	$8,800	$8,772	$8,196	$5,869	$13,280	$6,094
Enterprise value	$109,063	$104,944	$95,361	$67,785	$90,659	$81,265	$59,433	$49,188	$45,331	$36,815	$36,193	$26,843	$21,597	$9,242	$8,905	$8,508	$26,762	$5,968	$13,241	$5,812
P/E (TTM) at period end	27.86×	31.07×	31.04×	39.63×	18.99×	31.09×	26.98×	21.35×	15.74×	22.23×	23.88×	25.48×	69.06×	16.37×	17.26×	22.02×	25.94×	19.50×	55.19×	42.53×
P/S (TTM) at period end	7.31×	7.27×	7.42×	5.95×	8.40×	7.88×	7.96×	6.76×	6.80×	5.32×	6.50×	5.74×	10.14×	6.63×	6.63×	7.63×	8.24×	7.22×	23.12×	19.42×
P/B at period end	3.19×	3.09×	2.86×	2.52×	3.39×	3.33×	3.02×	2.47×	2.34×	2.02×	2.05×	2.02×	1.42×	2.48×	2.82×	3.16×	3.42×	2.93×	8.99×	13.41×
EV / EBITDA (TTM)	16.81×	17.95×	19.43×	14.52×	20.34×	21.48×	17.82×	15.52×	15.56×	13.23×	17.04×	15.07×	22.83×	9.65×	9.63×	11.00×	42.89×	10.74×	34.22×	26.60×
EV / Sales (TTM)	8.63×	8.92×	9.63×	7.03×	9.89×	9.86×	9.08×	7.84×	7.76×	6.17×	7.73×	6.17×	12.48×	6.78×	6.71×	7.40×	26.90×	7.34×	23.06×	18.52×
Returns
Return on equity	11.5%	10.0%	9.2%	6.4%	17.9%	10.7%	11.2%	11.6%	14.9%	9.1%	8.6%	7.9%	2.1%	15.1%	16.3%	14.3%	13.2%	15.0%	16.3%	31.5%
Return on invested capital	7.9%	7.0%	6.5%	7.7%	6.8%	6.5%	8.6%	8.6%	10.5%	7.5%	6.7%	6.7%	3.0%	15.3%	16.9%	17.4%	1.6%	14.9%	15.0%	55.1%
Dividend yield	1.2%	1.2%	1.3%	1.5%	1.0%	1.0%	1.2%	1.3%	1.2%	1.3%	1.1%	1.2%	0.4%	–	–	–	–	0.1%	–	–
Financial health
Current ratio	1.02×	0.99×	1.00×	1.05×	1.01×	0.99×	0.99×	1.01×	0.99×	0.97×	0.97×	1.00×	1.00×	1.05×	1.03×	1.02×	1.03×	1.02×	1.25×	9.00×
Debt / equity	0.68×	0.74×	0.88×	0.80×	0.61×	0.85×	0.45×	0.43×	0.36×	0.40×	0.49×	0.35×	0.41×	0.31×	0.28×	0.24×	7.95×	0.19×	0.15×	–
Effective tax rate	22.5%	22.8%	15.8%	17.1%	28.6%	23.8%	21.0%	19.8%	(1.1%)	28.7%	21.7%	28.6%	36.5%	28.9%	31.3%	33.1%	36.4%	36.4%	32.9%	32.6%
Share count
Diluted shares outstanding	575	576	565	561	565	555	565	579	594	599	559	573	395	365	370	372	370	361	355	298

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006
Revenue and gross profit
Revenue	$13,426	$12,640	$11,761	$9,903	$9,636	$9,168	$8,244	$6,547	$6,276	$5,843	$5,971	$4,682	$4,352	$1,730	$1,363	$1,327	$1,150	$995	$813	$574	$314
Cost of revenue	($3,280)	($4,817)	($5,239)	($4,244)	($4,434)	($4,150)	($3,945)	($2,856)	($2,723)	($2,548)	($2,786)	($2,158)	($2,040)	($497)	($297)	($298)	($281)	($274)	($30)	($126)	($70)
Gross profit	$10,144	$7,821	$6,522	$5,659	$5,202	$5,018	$4,299	$3,691	$3,553	$3,295	$3,185	$2,524	$2,312	$1,233	$1,066	$1,029	$869	$721	$783	$448	$244
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($299)	($293)	($307)	($266)	($226)	($215)	($185)	($161)	($151)	($155)	($116)	($116)	($143)	($51)	($37)	($34)	($85)	($91)	($228)	($51)	($95)
Total operating expenses	($4,677)	($2,892)	($2,213)	($1,965)	($1,564)	($1,569)	($1,266)	($1,018)	($970)	($916)	($1,013)	($774)	($864)	($443)	($239)	($236)	($216)	($208)	($290)	($95)	($39)
Total costs and expenses	($7,959)	($7,711)	($7,452)	($6,209)	($5,998)	($5,719)	($5,211)	($3,874)	($3,693)	($3,464)	($3,799)	($2,932)	($2,904)	($940)	($536)	($534)	($498)	($482)	($320)	($221)	($109)
Operating income	$5,467	$4,929	$4,309	$3,694	$3,638	$3,449	$3,033	$2,673	$2,583	$2,379	$2,172	$1,750	$1,448	$790	$827	$793	$652	$513	$494	$354	$205
Earnings
EBITDA	$7,016	$6,489	$5,846	$4,909	$4,669	$4,458	$3,784	$3,335	$3,169	$2,914	$2,782	$2,124	$1,781	$946	$958	$925	$774	$624	$556	$387	$218
Interest income	$106	$119	$141	$319	$108	$1	$10	$35	$22	$8	$3	–	–	$3	$2	$3	$2	$2	$12	–	–
Interest expense	($804)	($803)	($910)	($808)	($616)	($423)	($357)	($285)	($244)	($187)	($178)	($97)	($96)	($56)	($39)	($35)	($31)	($23)	($20)	–	–
Pre-tax income	$5,331	$4,346	$3,628	$2,894	$1,808	$5,698	$2,766	$2,481	$2,520	$2,526	$2,043	$1,653	$1,407	$504	$790	$760	$609	$494	$473	$358	$213
Income tax expense	($1,231)	($976)	($826)	($456)	($310)	($1,629)	($658)	($521)	($500)	$28	($586)	($358)	($402)	($184)	($228)	($238)	($202)	($180)	($173)	($118)	($69)
Net income	$4,038	$3,315	$2,754	$2,368	$1,446	$4,058	$2,089	$1,933	$1,988	$2,526	$1,430	$1,274	$981	$254	$552	$510	$398	$316	$301	$241	$143
Per share
Diluted EPS (GAAP)	$7.08	$5.77	$4.78	$4.19	$2.58	$7.18	$3.77	$3.42	$3.43	$4.25	$2.39	$2.28	$1.71	$0.642	$1.50	$1.38	$1.07	$0.85	$0.83	$0.68	$0.48
Basic EPS (GAAP)	$7.11	$5.79	$4.80	$4.20	$2.59	$7.22	$3.79	$3.44	$3.46	$4.29	$2.40	$2.29	$1.72	$0.648	$1.52	$1.39	$1.08	$0.87	$0.85	$0.70	$0.51
Basic shares outstanding	569	572	573	564	559	562	552	561	575	589	595	556	570	390	365	365	368	365	356	345	282
Margins
Gross margin	75.6%	61.9%	55.5%	57.1%	54.0%	54.7%	52.1%	56.4%	56.6%	56.4%	53.3%	53.9%	53.1%	71.3%	78.2%	77.5%	75.6%	72.5%	96.3%	78.0%	77.6%
Operating margin	40.7%	39.0%	36.6%	37.3%	37.8%	37.6%	36.8%	40.8%	41.2%	40.7%	36.4%	37.4%	33.3%	45.7%	60.7%	59.8%	56.7%	51.5%	60.7%	61.6%	65.2%
Net margin	30.1%	26.2%	23.4%	23.9%	15.0%	44.3%	25.3%	29.5%	31.7%	43.2%	23.9%	27.2%	22.5%	14.7%	40.5%	38.4%	34.6%	31.8%	37.0%	41.9%	45.7%

Analyst consensus

Buy36 analysts

Bearish · 1 · Hold · 5 · Bullish · 30

Earnings history

	EPS	Estimate
Q3 2024	$1.55	$1.55	Match
Q4 2024	$1.52	$1.53	Miss
Q1 2025	$1.72	$1.70	Beat
Q2 2025	$1.81	$1.77	Beat
Q3 2025	$1.71	$1.60	Beat
Q4 2025	$1.71	$1.68	Beat
Q1 2026	$2.35	$2.23	Beat
Q2 2026	$1.90	$1.84	Beat

Peers

Company overview

IPO dateNov 16, 2005

CEOJeffrey C. Sprecher

Employees12,725

SectorFinancial Services

IndustryFinancial - Data & Stock Exchanges

CountryUS

ExchangeNew York Stock Exchange

Websitewww.ice.com

Intercontinental Exchange, Inc. (ICE) manages a global network of regulated financial venues, encompassing exchanges, clearing houses, and listing platforms. These operations serve diverse markets, including commodities, financial instruments, fixed income products, and equities, with a geographical footprint spanning key financial centers such as the United States, United Kingdom, European Union, Singapore, Israel, and Canada. The company's business is segmented into three core areas: Exchanges, Fixed Income and Data Services, and Mortgage Technology. Within its Exchanges segment, ICE oversees a robust network comprising 13 regulated exchanges and 6 clearing houses. These extensive marketplaces enable the listing, trading, and clearing of a wide spectrum of derivatives contracts and financial securities. This includes futures and options across diverse sectors such as energy, agriculture, metals, financials, and equities, in addition to providing critical listing, market data, and connectivity solutions. The Fixed Income and Data Services division provides comprehensive analytics and execution services for fixed income products, manages Credit Default Swap (CDS) clearing, and offers multi-asset class data and network solutions. Furthermore, its Mortgage Technology segment delivers an advanced, proprietary platform designed for residential mortgage origination. This division also provides closing solutions that streamline connections across the mortgage supply chain and facilitate secure information exchange, alongside data analytics and "Data as a Service" offerings for lenders to access vital origination insights. Intercontinental Exchange, Inc. was established in 2000 and maintains its headquarters in Atlanta, Georgia.

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