Intercontinental Exchange, Inc. ICE
Intercontinental Exchange, Inc. is a leading global provider of technology and data to a broad range of customers including financial institutions, corporations and government entities. Our products, which span major asset classes including futures, equities, fixed income and U.S. residential mortgages, provide our customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency. Although we report our results in three reportable business segments, we operate as one business, leveraging the collective expertise, particularly in data services and technology, that exists across our platforms to inform and enhance our operations. Our segments are as follows:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.64B | $11.76B | $9.90B | $9.64B | $9.17B | $8.24B | $6.55B | $6.28B | $5.84B | $5.97B |
| SG&A | $293.0M | $307.0M | $266.0M | $226.0M | $215.0M | $185.0M | $161.0M | $151.0M | $155.0M | $116.0M |
| Total operating expenses | $5.00B | $4.97B | $4.29B | $3.65B | $3.70B | $3.00B | $2.53B | $2.40B | $2.26B | $2.34B |
| Operating income | $4.93B | $4.31B | $3.69B | $3.64B | $3.45B | $3.03B | $2.67B | $2.58B | $2.38B | $2.17B |
| Interest expense | $803.0M | $910.0M | $808.0M | $616.0M | $423.0M | $357.0M | $285.0M | $244.0M | $187.0M | $178.0M |
| Pre-tax income | $4.35B | $3.63B | $2.89B | $1.81B | $5.70B | $2.77B | $2.48B | $2.52B | $2.53B | $2.04B |
| Income tax | $976.0M | $826.0M | $456.0M | $310.0M | $1.63B | $658.0M | $521.0M | $500.0M | $28.0M | $586.0M |
| Net income | $3.31B | $2.75B | $2.37B | $1.45B | $4.06B | $2.09B | $1.93B | $1.99B | $2.53B | $1.43B |
| EPS, basic | 5.79 | 4.80 | 4.20 | 2.59 | 7.22 | 3.79 | 3.44 | 3.46 | 4.29 | 2.40 |
| EPS, diluted | 5.77 | 4.78 | 4.19 | 2.58 | 7.18 | 3.77 | 3.42 | 3.43 | 4.25 | 2.39 |
| Shares, diluted (wtd. avg.) | $575.0M | $576.0M | $565.0M | $561.0M | $565.0M | $555.0M | $565.0M | $579.0M | $594.0M | $599.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $837.0M | $844.0M | $899.0M | $150.34B | $147.98B | $83.62B | $65.09B | $64.59B | $1.57B | $1.35B |
| Short-term investments | — | — | — | — | — | — | — | — | $16.0M | $23.0M |
| Receivables | $1.55B | $1.49B | $1.37B | $1.17B | $1.21B | $1.23B | $988.0M | $953.0M | $903.0M | $777.0M |
| Total current assets | $85.78B | $89.09B | $84.97B | $156.95B | $154.30B | $87.22B | $67.98B | $66.69B | $53.56B | $57.13B |
| Property, plant and equipment | — | — | — | — | — | — | — | $1.24B | $1.25B | $1.13B |
| Goodwill | $30.65B | $30.59B | $30.55B | $21.11B | $21.12B | $21.29B | $13.34B | $13.09B | $12.22B | $312.0M |
| Other intangibles | $15.35B | $16.31B | $17.32B | $13.09B | $13.74B | $14.41B | $10.26B | $10.46B | $10.27B | $10.42B |
| Total assets | $136.89B | $139.43B | $136.08B | $194.34B | $193.50B | $126.20B | $94.49B | $92.79B | $78.26B | $82.00B |
| Accounts payable | $1.08B | $1.05B | $1.00B | $866.0M | $703.0M | $639.0M | $505.0M | $521.0M | $462.0M | $388.0M |
| Short-term debt | $1.03B | $3.03B | $1.95B | $4.0M | $1.52B | $2.41B | $2.57B | $951.0M | $1.83B | $2.49B |
| Total current liabilities | $84.12B | $89.55B | $84.63B | $149.17B | $153.41B | $88.00B | $68.82B | $66.11B | $54.17B | $58.62B |
| Long-term debt | $18.61B | $17.34B | $20.66B | $18.12B | $12.40B | $14.13B | $5.25B | $6.49B | $4.27B | $3.87B |
| Total liabilities | $107.90B | $111.71B | $110.30B | $171.58B | $170.75B | $106.57B | $77.13B | $75.49B | $61.28B | $66.21B |
| Retained earnings | $20.28B | $18.07B | $16.36B | $14.94B | $14.35B | $11.04B | $9.63B | $8.32B | $6.86B | $4.79B |
| Total equity | $28.91B | $27.65B | $25.79B | $22.76B | $22.75B | $19.53B | $17.29B | $17.23B | $16.98B | $15.78B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.66B | $4.61B | $3.54B | $3.55B | $3.12B | $2.88B | $2.66B | $2.53B | $2.08B | $2.15B |
| Depreciation and amortisation | $198.0M | $201.0M | $182.0M | $174.0M | $174.0M | $173.0M | $145.0M | $133.0M | $122.0M | $142.0M |
| Stock-based compensation | $238.0M | $231.0M | $257.0M | $155.0M | $188.0M | $139.0M | $139.0M | $130.0M | $135.0M | $124.0M |
| Capital expenditure | $373.0M | $406.0M | $190.0M | $225.0M | $179.0M | $207.0M | $153.0M | $134.0M | $220.0M | $250.0M |
| Investing cash flow | -$4.25B | -$921.0M | -$8.80B | $677.0M | -$786.0M | -$10.36B | -$1.74B | -$1.75B | $92.0M | -$860.0M |
| Financing cash flow | -$6.33B | $79.0M | -$64.34B | -$1.84B | $62.03B | $26.00B | -$424.0M | -$463.0M | -$1.97B | -$1.46B |
| Dividends paid | $1.10B | $1.04B | $955.0M | $853.0M | $747.0M | $669.0M | $621.0M | $555.0M | $476.0M | $409.0M |
| Buybacks | $1.29B | $0 | $0 | $632.0M | $250.0M | $1.25B | $1.46B | $1.20B | $949.0M | $50.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001571949-26-000004.
Others in SIC 6200
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CME | CME GROUP INC. | $101.46B | 25.2x | 6.4% |
| NDAQ | NASDAQ, INC. | $54.15B | 31.4x | 11.6% |
| LPLA | LPL Financial Holdings Inc. | $28.29B | 32.9x | 37.2% |
| TW | Tradeweb Markets Inc. | $22.56B | 28.1x | 18.9% |
| SNEX | StoneX Group Inc. | $8.38B | 11.8x | 38.4% |
| BGC | BGC Group, Inc. | $5.79B | 39.3x | 34.7% |
| TOP | TOP Financial Group Ltd | $555.3M | — | 2.1% |
| PLUT | Plutus Financial Group Ltd | — | — | 6.9% |