Intercontinental Exchange, Inc.
ICE· NYSE· Security & Commodity Brokers, Dealers, Exchanges & Services
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 33.9%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +8.9%
We record prices for the companies we cover; ICE is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 575.0M
- Revenue
- $12.6B
- Free cash flow
- $4.3B
- Owner earnings
- $4.1B
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- –
- Operating
- 39.0%
- Net
- 26.2%
- Free cash flow
- 33.9%
- Owner earnings
- 32.0%
- Stock pay
- 1.9%
Returns
- ROIC, FY2025
- 7.7%
- ROIC, 5 yr avg
- –
- ROE, FY2025
- 11.5%
- ROE, 5 yr avg
- 11.0%
Growth (CAGR)
- Revenue, 3 yr
- 9.5%
- Revenue, 5 yr
- 8.9%
- Revenue, 9 yr
- 8.7%
- Diluted EPS, 3 yr
- 30.8%
- Diluted EPS, 5 yr
- 8.9%
- Diluted EPS, 9 yr
- 10.3%
- Free cash flow, 3 yr
- 8.8%
- Free cash flow, 5 yr
- 9.9%
- Free cash flow, 9 yr
- 9.5%
Financial health · FY2025
- Cash and investments
- $837.0M
- Total debt
- $21.7B
- Net debt
- $20.9B
- Debt/Equity
- 0.8x
- Debt/FCF
- 5.1x
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- 33.3%
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- 0.7%
Financials: ten years from the 10-Ks
Revenue
$12.6B
+8.7% a year over 9 years
FY2016FY2025
Margins
Operating39.0%Net26.2%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow$4.3BOwner earnings$4.1B
Free cash flow +9.5% a year
FY2016FY2025
Diluted shares
575.0M
-4.0% over 9 years, net buybacks
FY2016FY2025
Return on invested capital
7.7%
FY2025
FY2016FY2025
Net debt (below zero)
-$20.9B
$20.9B more debt than cash
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $6.0B | $5.8B | $6.3B | $6.5B | $8.2B | $9.2B | $9.6B | $9.9B | $11.8B | $12.6B |
| Revenue growth | 78.9% | -2.1% | 7.4% | 4.3% | 25.9% | 11.2% | 5.1% | 2.8% | 18.8% | 7.5% |
| Gross margin | – | – | – | – | – | – | – | – | – | – |
| Operating margin | 36.4% | 40.7% | 41.2% | 40.8% | 36.8% | 37.6% | 37.8% | 37.3% | 36.6% | 39.0% |
| Net income | $1.4B | $2.5B | $2.0B | $1.9B | $2.1B | $4.1B | $1.4B | $2.4B | $2.8B | $3.3B |
| Net margin | 23.9% | 43.2% | 31.7% | 29.5% | 25.3% | 44.3% | 15.0% | 23.9% | 23.4% | 26.2% |
| Diluted EPS | $2.39 | $4.25 | $3.43 | $3.42 | $3.77 | $7.18 | $2.58 | $4.19 | $4.78 | $5.77 |
| Return on invested capital? | 6.2% | – | – | – | – | – | 7.7% | 6.1% | 6.6% | 7.7% |
| Cash | ||||||||||
| Operating cash flow | $2.1B | $2.1B | $2.5B | $2.7B | $2.9B | $3.1B | $3.6B | $3.5B | $4.6B | $4.7B |
| Capital expenditure | $250.0M | $220.0M | $134.0M | $153.0M | $207.0M | $179.0M | $225.0M | $190.0M | $406.0M | $373.0M |
| Free cash flow | $1.9B | $1.9B | $2.4B | $2.5B | $2.7B | $2.9B | $3.3B | $3.4B | $4.2B | $4.3B |
| Stock-based compensation | $124.0M | $135.0M | $130.0M | $139.0M | $139.0M | $188.0M | $155.0M | $257.0M | $231.0M | $238.0M |
| Owner earnings? | $1.8B | $1.7B | $2.3B | $2.4B | $2.5B | $2.8B | $3.2B | $3.1B | $4.0B | $4.1B |
| Free cash flow per share | $3.17 | $3.14 | $4.14 | $4.44 | $4.82 | $5.21 | $5.93 | $5.93 | $7.30 | $7.46 |
| Capital allocation | ||||||||||
| Dividends paid | $409.0M | $476.0M | $555.0M | $621.0M | $669.0M | $747.0M | $853.0M | $955.0M | $1.0B | $1.1B |
| Share repurchases | $50.0M | $949.0M | $1.2B | $1.5B | $1.2B | $250.0M | $632.0M | $0 | $0 | $1.3B |
| Diluted shares | 599.0M | 594.0M | 579.0M | 565.0M | 555.0M | 565.0M | 561.0M | 565.0M | 576.0M | 575.0M |
| Share count change? | 7.2% | -0.8% | -2.5% | -2.4% | -1.8% | 1.8% | -0.7% | 0.7% | 1.9% | -0.2% |
| Balance sheet | ||||||||||
| Cash and equivalents | $1.4B | $1.6B | $64.6B | $65.1B | $83.6B | $148.0B | $1.8B | $899.0M | $844.0M | $837.0M |
| Short-term investments | $23.0M | $16.0M | – | – | – | – | – | – | – | – |
| Total debt | $10.5B | $9.2B | $9.3B | $11.7B | $21.4B | $16.5B | $18.1B | $26.5B | $23.9B | $21.7B |
| Net debt | $9.1B | $7.6B | -$55.2B | -$53.4B | -$62.3B | -$131.5B | $16.3B | $25.6B | $23.1B | $20.9B |
| Shareholders' equity | $15.7B | $17.0B | $17.2B | $17.3B | $19.5B | $22.7B | $22.7B | $25.7B | $27.6B | $28.9B |
Latest filings
| 2026-10-29 | 10-Q | Quarterly report |
| 2026-10-29 | 8-K | Earnings release |
| 2026-07-30 | 10-Q | Quarterly report |
| 2026-07-30 | 8-K | Earnings release |
| 2026-04-30 | 10-Q | Quarterly report |
| 2026-04-30 | 8-K | Earnings release |
| 2026-03-31 | DEF 14A | Proxy statement |
| 2026-02-05 | 10-K | Annual report |
| 2026-02-05 | 8-K | Earnings release |
| 2025-10-30 | 10-Q | Quarterly report |
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