Intercontinental Exchange, Inc.

Listed Company

ICECIK 0001571949NYSELarge AcceleratedSecurity & Commodity Brokers, Dealers, Exchanges & ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$12.64B

Net Income

$3.31B

Total Assets

$136.89B

Equity

$28.91B

Shares Out

565.51M

Op. Cash Flow

$4.66B

Business

Intercontinental Exchange, Inc. is a leading global provider of technology and data to financial institutions, corporations and government entities, operating integrated marketplaces and platforms that increase asset class transparency and workflow efficiency. It offers regulated exchange and clearing services, proprietary real-time and historical market data, indices and analytics, fixed income execution and CDS clearing, and mortgage technology including origination, servicing, closing and data solutions. Its key business segments are Exchanges, Fixed Income and Data Services, and Mortgage Technology. It distributes services via multiple regulated exchanges and clearing houses, a global connectivity network, subscription and transaction-based offerings, serving customers across the U.S., U.K., EU, Canada, Asia Pacific and the Middle East.

Summary from filing dated 2025-02-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	12,640	11,761	9,903	9,636	9,168
Section 31 fees	412	679	293	499	—
Cash liquidity payments, routing and clearing	2,297	1,803	1,622	1,845	1,774
Total revenues, less transaction-based expenses	9,931	9,279	7,988	7,292	7,146
Compensation and benefits	1,963	1,909	1,595	1,407	1,462
Professional services	158	154	123	131	159
Acquisition-related transaction and integration costs	70	104	269	93	102
Technology and communication	870	848	734	683	666
Rent and occupancy	88	111	92	83	—
Selling, general and administrative	293	307	266	226	215
Depreciation and amortization	1,560	1,537	1,215	1,031	1,009
Total operating expenses	5,002	4,970	4,294	3,654	3,697
Operating income	4,929	4,309	3,694	3,638	3,449
Interest income	119	141	319	108	1
Interest expense	−803	−910	−808	−616	—
Other income/(expense), net	101	88	−311	−1,322	2,671
Total other income/(expense), net	−583	−681	−800	−1,830	2,249
Income before income tax expense	4,346	3,628	2,894	1,808	5,698
Income tax expense	976	826	456	310	1,629
Net income	3,370	2,802	2,438	1,498	4,069
Net income attributable to non-controlling interests	−55	−48	−70	−52	—
Net income attributable to Intercontinental Exchange, Inc.	3,315	2,754	2,368	1,446	4,058
Basic (in dollars per share)	5.79	4.8	4.2	2.59	7.22
Diluted (in dollars per share)	5.77	4.78	4.19	2.58	7.18
Basic (in shares)	572	573	564	559	562
Diluted (in shares)	575	576	565	561	565

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	837	844	899	1,799	—
Short-term restricted cash and cash equivalents	748	1,142	531	6,149	1,035
Short-term restricted investments	629	594	680	0	—
Cash and cash equivalent margin deposits and guaranty funds	76,789	82,149	78,980	141,990	—
Invested deposits, delivery contracts receivable and unsettled variation margin	4,437	2,163	1,814	—	—
Customer accounts receivable, net of allowance for doubtful accounts of $21 at both December 31, 2025 and 2024	1,552	1,490	1,366	1,169	1,208
Prepaid expenses and other current assets	786	713	703	458	1,021
Total current assets	85,778	89,095	84,973	156,947	154,300
Property and equipment, net	2,691	2,153	1,923	1,767	1,699
Goodwill	30,646	30,595	30,553	21,111	21,123
Other intangible assets, net	15,353	16,306	17,317	13,090	13,736
Long-term restricted cash and cash equivalents	240	368	340	405	398
Long-term restricted investments	141	2	—	—	—
Other non-current assets	2,038	909	978	1,018	2,246
Total other non-current assets	48,418	48,180	49,188	35,624	37,503
Total assets	136,887	139,428	136,084	194,338	193,502
Accounts payable and accrued liabilities	1,078	1,051	1,003	866	703
Section 31 fees payable	0	316	79	223	57
Accrued salaries and benefits	455	438	459	352	354
Deferred revenue	204	236	200	170	194
Short-term debt	1,035	3,027	1,954	4	1,521
Margin deposits and guaranty funds	76,789	82,149	78,980	—	—
Invested deposits, delivery contracts payable and unsettled variation margin	4,437	2,163	1,814	—	—
Other current liabilities	118	173	137	184	153
Total current liabilities	84,116	89,553	84,626	149,171	153,411
Non-current deferred tax liability, net	3,998	3,904	4,080	3,493	4,100
Long-term debt	18,609	17,341	20,659	18,118	12,397
Accrued employee benefits	174	170	193	160	200
Non-current operating lease liability	635	335	299	254	254
Other non-current liabilities	364	405	441	381	394
Total non-current liabilities	23,780	22,155	25,672	22,406	17,343
Total liabilities	107,896	111,708	110,298	171,577	170,754
Commitments and contingencies	—	—	—	—	—
Redeemable non-controlling interest in consolidated subsidiaries	22	22	0	0	0
Preferred stock, $0.01 par value; 100 shares authorized; none issued or outstanding	0	0	0	0	0
Common stock, $0.01 par value; 1,500 authorized; 653 and 567 shares issued and outstanding at December 31, 2025, respectively, and 651 and 574 shares issued and outstanding at December 31, 2024, respectively	7	7	6	6	6
Treasury stock, at cost; 86 and 77 shares at December 31, 2025 and December 31, 2024, respectively	−7,792	−6,385	−6,304	−6,225	—
Additional paid-in capital	16,643	16,292	15,953	14,313	14,069
Retained earnings	20,281	18,071	16,356	14,943	14,350
Accumulated other comprehensive loss	−224	−338	−294	−331	−196
Total Intercontinental Exchange, Inc. stockholders equity	28,915	27,647	25,717	22,706	22,709
Non-controlling interests in consolidated subsidiaries	54	51	69	55	39
Total equity	28,969	27,698	25,786	22,761	22,748
Total liabilities and equity	136,887	139,428	136,084	194,338	193,502

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation	238	231	257	155	188
Deferred taxes	82	−142	−329	−593	537
Fair value loss on Promissory Note	0	0	160	0	0
(Gain)/Loss on investments	−55	1	4	—	—
Net (income)/losses from unconsolidated investees	−79	62	122	1,340	−34
Other	50	55	63	41	45
Customer accounts receivable	−62	−149	−71	20	−5
Other current and non-current assets	46	−106	−41	−196	−100
Section 31 fees payable	−316	237	−144	166	−150
Deferred revenue	−44	27	−16	−27	34
Other current and non-current liabilities	−128	54	−116	160	134
Total adjustments	1,292	1,807	1,104	2,056	−946
Net cash provided by operating activities	4,662	4,609	3,542	3,554	3,123
Capital expenditures	−373	−406	−190	−225	−179
Capitalized software development costs	−418	−346	−299	−257	−273
Cash paid for acquisitions, net of cash acquired	−19	−38	−10,198	−59	−66
Proceeds from sale of Promissory Note	0	75	0	0	—
Purchases of invested margin deposits	−6,873	−1,391	−1,588	−6,935	—
Proceeds from invested margin deposits	4,618	1,097	3,974	7,483	—
Purchases of equity and equity method investments	−1,029	−29	−8	−73	−117
Proceeds from the sale of equity investments	0	0	187	741	1,237
Purchases of restricted investments	−1,455	−752	−1,316	0	0
Proceeds from restricted investments	1,286	855	641	0	0
Other investing activities	14	14	0	0	0
Net cash used in investing activities	−4,249	−921	−8,797	677	−786
Proceeds from debt issuances	1,234	739	2,400	7,891	0
Repayments of debt	−2,500	−1,600	−2,286	−2,705	−1,246
Proceeds from/(redemption of) commercial paper, net	506	−1,424	1,954	−1,012	—
Repurchases of common stock	−1,294	0	0	−632	−250
Dividends paid to stockholders	−1,105	−1,039	−955	−853	−747
Change in cash and cash equivalent margin deposits and guaranty funds liability	−3,106	3,463	−65,396	−4,493	65,697
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises	−103	−81	−78	−73	−70
Other financing activities	34	21	16	36	35
Net cash provided by/(used in) financing activities	−6,334	79	−64,345	−1,841	62,026
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds	32	−14	7	−23	−6
Net increase/(decrease) in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds	−5,889	3,753	−69,593	2,367	64,357
Cash paid for interest	764	870	727	550	406
Cash paid for income taxes	1,068	957	909	882	1,057
Cash paid for amounts included in the measurement of operating lease liability	72	90	85	—	—
Lease liabilities arising from obtaining right-of-use assets	334	88	115	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro