Intercontinental Exchange, Inc. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Basic: | |||||||||||||||||
Net income attributable to Intercontinental Exchange, Inc. | $ | 3,315 | $ | 2,754 | $ | 2,368 | |||||||||||
Weighted average common shares outstanding | 572 | 573 | 564 | ||||||||||||||
Basic earnings per common share | $ | 5.79 | $ | 4.80 | $ | 4.20 | |||||||||||
Diluted: | |||||||||||||||||
Weighted average common shares outstanding | 572 | 573 | 564 | ||||||||||||||
Effect of dilutive securities - stock options and restricted stock | 3 | 3 | 1 | ||||||||||||||
Diluted weighted average common shares outstanding | 575 | 576 | 565 | ||||||||||||||
Diluted earnings per common share | $ | 5.77 | $ | 4.78 | $ | 4.19 | |||||||||||
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.