Intercontinental Exchange, Inc.ICE

Intercontinental Exchange, Inc. Leases Disclosure

10-KFiled Feb 5, 20262 min read
Leases
We have lease agreements for office space and data center facilities. All of our leases are classified as operating leases, and we do not have any significant leases classified as finance leases.
As of December 31, 2025, the weighted-average remaining lease term was 11.5 years and the weighted average discount rate was 5.8%. As of December 31, 2024, the weighted-average remaining lease term was 9.4 years and the weighted average discount rate was 5.9%.
We recognized $46 million, $62 million and $58 million of rent expense for office space as rent and occupancy expense in 2025, 2024, and 2023, respectively, and $31 million, $27 million and $32 million for data center facilities as technology and communication expense in 2025, 2024, and 2023, respectively, within our consolidated income statements. We do not have any significant variable lease costs.
Our lease assets are included within property, plant and equipment and our lease liabilities are included in current and noncurrent liabilities within our consolidated balance sheets. Details of our lease asset and liability balances are as follows (in millions):
As of
December 31, 2025
As of
December 31, 2024
As of December 31, 2023
Right-of-use lease assets$578 $295 $305 
Current operating lease liability
37 37 60 
Non-current operating lease liability
635 335 299 
Total operating lease liability$672 $372 $359 
As of December 31, 2025, we estimate that our operating lease liability will be recognized in the following years (in millions):
2026$71 
202797 
202890 
202986 
203084 
Thereafter537 
Lease liability amounts repayable
$965 
Interest costs
(293)
Total operating lease liability
$672 

Historical Timeline

Fiscal YearFiled
2025Feb 5, 2026Showing above
2024Feb 6, 2025
2023Feb 8, 2024
2022Feb 2, 2023

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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