Intercontinental Exchange, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Intercontinental Exchange, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,971	5,843	6,276	6,547	8,244	9,168	9,636	9,903	11,761	12,640
Selling, general and administrative	116	155	151	161	185	215	226	266	307	293
Operating expenses	2,340	2,259	2,396	2,529	3,003	3,697	3,654	4,294	4,970	5,002
Operating income	2,172	2,379	2,583	2,673	3,033	3,449	3,638	3,694	4,309	4,929
Interest expense	178	187	244	285	357	423	616	808	910	803
Other non-operating income	-129	147	-63	-192	-267	2,249	-1,830	-800	-681	-583
Pre-tax income	2,043	2,526	2,520	2,481	2,766	5,698	1,808	2,894	3,628	4,346
Income tax	586	-28	500	521	658	1,629	310	456	826	976
Income from continuing operations	1,422
Net income to minority interests	-27	28	32	27	19	11	52	70
Net income	1,430	2,526	1,988	1,933	2,089	4,058	1,446	2,368	2,754	3,315
EBITDA	2,782	2,914	3,169	3,335	3,784	4,458	4,669	4,909	5,846	6,489
EPS, basic	2.40	4.29	3.46	3.44	3.79	7.22	2.59	4.20	4.80	5.79
EPS, diluted	2.39	4.25	3.43	3.42	3.77	7.18	2.58	4.19	4.78	5.77
Shares, basic (weighted)	595	589	575	561	552	562	559	564	573	572
Shares, diluted (weighted)	599	594	579	565	555	565	561	565	576	575
Dividend per share	0.68	0.80	0.96	1.10	1.20	1.32	1.52	1.68	1.80	1.92

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,350	535	724	841	583	607	1,799	899	844	837
Short-term investments	23	16
Receivables	777	903	953	988	1,230	1,208	1,169	1,366	1,490	1,552
Other current assets	1,576	133	242	220	323	1,021	458	703	713	786
Total current assets	57,133	53,562	66,692	67,979	87,219	154,300	156,947	84,973	89,095	85,778
Property, plant and equipment	1,129	1,246	1,241	1,536
Lease right-of-use assets				287	339	278	278	305	295	578
Goodwill	12,291	12,216	13,085	13,342	21,291	21,123	21,111	30,553	30,595	30,646
Intangible assets	10,420	10,269	10,462	10,258	14,408	13,736	13,090	17,317	16,306	15,353
Long-term investments	432
Other non-current assets	23,741	23,456	24,858	24,978	37,268	37,503	35,624	49,188	48,180	48,418
Total assets	82,003	78,264	92,791	94,493	126,200	193,502	194,338	136,084	139,428	136,887
Accounts payable	388	462	521	505	639	703	866	1,003	1,051	1,078
Accrued liabilities	230	227	280	291	346	354	352	459	438	455
Deferred revenue	114	125	135	129	158	194	170	200	236	204
Short-term debt	2,493	1,833	951	2,569	2,411	1,521	4	1,954	3,027	1,035
Total current liabilities	58,617	54,175	66,108	68,816	87,999	153,411	149,171	84,626	89,553	84,116
Long-term debt	3,871	4,267	6,490	5,250	14,126	12,397	18,118	20,659	17,341	18,609
Lease liabilities			0	281	320	252	254	299	335	635
Other non-current liabilities	337	296	350	270	359	394	381	441	405	364
Total liabilities	66,213	61,279	75,489	77,129	106,573	170,754	171,577	110,298	111,708	107,896
Total debt	3,871	6,100	7,441	7,819	16,537	13,918	18,122	22,613	20,368	19,644
Paid-in capital	11,306	11,392	11,547	11,742	13,845	14,069	14,313	15,953	16,292	16,643
Retained earnings	4,789	6,858	8,317	9,629	11,039	14,350	14,943	16,356	18,071	20,281
Treasury stock	-40	-1,076	-2,354	-3,879	-5,200	-5,520	-6,225	-6,304	-6,385	-7,792
Other comprehensive income	-344	-223	-315	-243	-192	-196	-331	-294	-338	-224
Shareholders' equity	15,717	16,957	17,201	17,255	19,498	22,709	22,706	25,717	27,647	28,915
Minority interests	37	28	30	31	36	39	55	69	51	54
Total equity	15,775	16,985	17,231	17,286	19,534	22,748	22,761	25,786	27,698	28,969
Total liabilities and equity	82,003	78,264	92,791	94,493	126,200	193,502	194,338	136,084	139,428	136,887
Shares outstanding	595	583	569	554	561	561	559	573	574	567

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,457	2,554	2,020	1,960	2,108	4,069	1,498	2,438	2,802	3,370
Depreciation and amortization	610	535	586	662	751	1,009	1,031	1,215	1,537	1,560
Stock-based compensation	124	135	130	139	139	188	155	257	231	238
Deferred income tax	120	-654	27	-33	92	537	-593	-329	-142	82
Change in receivables	-65	-135	-44	-30	-149	-5	20	-71	-149	-62
Change in payables	-140	-86	25	2	32	134	160	-116	54	-128
Cash from operations	2,149	2,085	2,533	2,659	2,881	3,123	3,554	3,542	4,609	4,662
Capital expenditures	-250	-220	-134	-153	-207	-179	-225	-190	-406	-373
Acquisitions	-425	-423	-1,246	-352	-9,446	-66	-59	-10,198	-38	-19
Purchases of investments	-70	-327	-306	0	0
Sales and maturities of investments	0	0	77	9	4	1	2
Cash from investing	-860	92	-1,755	-1,740	-10,361	-786	677	-8,797	-921	-4,249
Debt issued	0	984	2,213	10	9,606	0	7,891	2,400	739	1,234
Debt repaid	0	-850	-600	0	-2,004	-1,246	-2,705	-2,286	-1,600	-2,500
Share buybacks	-50	-949	-1,198	-1,460	-1,247	-250	-632	0	0	-1,294
Dividends paid	-409	-476	-555	-621	-669	-747	-853	-955	-1,039	-1,105
Cash from financing	-1,462	-1,971	-463	-424	26,000	62,026	-1,841	-64,345	79	-6,334
Exchange rate effect	-24	12	-11	4	8	-6	-23	7	-14	32
Net change in cash	-197	218	304	499	18,528	64,357	2,367	-69,593	3,753	-5,889
Free cash flow	1,899	1,865	2,399	2,506	2,674	2,944	3,329	3,352	4,203	4,289
Interest paid	170	171	202	280	298	406	550	727	870	764
Income taxes paid	460	594	533	557	642	1,057	882	909	957	1,100

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $154.31 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	40.7%	Operating income / revenue.
EBITDA margin	52.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	39.7%	Pre-tax income / revenue.
Net margin	30.1%	Net income / revenue.
FCF margin	37.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	41.1%	Cash from operations / revenue.
Effective tax rate	23.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.3%	Net income / average total assets.
Return on invested capital (ROIC)	8.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	2.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.2%	Capital expenditures / revenue.
D&A / revenue	11.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	14.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	10.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	11.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	11.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	20.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	31.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	20.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	30.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	1.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	2.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	8.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	9.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	6.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	9.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-11.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.01x	Current assets / current liabilities.
Quick ratio	0.02x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.01x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.67x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	11.4%	Total debt / total assets.
Liabilities / assets	83.0%	Total liabilities / total assets.
Net debt	$18.78B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.68x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.80x	Operating income / interest expense.
Working capital	$1.49B	Current assets - current liabilities.
Goodwill and intangibles / assets	26.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$15.95B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.08x	Revenue / average total assets.
Receivables turnover	7.18x	Revenue / average receivables.
Days sales outstanding	51 days	365 x average receivables / revenue.
FCF conversion	125.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.13	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$23.72	Revenue / diluted weighted shares.
FCF per share	$8.97	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.74	Cash from operations / diluted weighted shares.
Book value per share	$52.68	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$28.43	Tangible book value / shares outstanding.
Cash per share	$1.90	(Cash + short-term investments) / shares outstanding.
Payout ratio	28.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	22.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	39.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$86.63B	Share price x shares outstanding.
Enterprise value	$105.41B	Market cap + total debt - cash - short-term investments.
P/E	21.5x	Market cap / net income. Only when net income is positive.
P/S	6.45x	Market cap / revenue.
P/B	2.93x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	17.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.7x	Market cap / cash from operations, when positive.
EV/Sales	7.85x	Enterprise value / revenue.
EV/EBIT	19.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.9%	Free cash flow / market cap.
Earnings yield	4.7%	Net income / market cap (the inverse of P/E).
Dividend yield	1.3%	Dividends paid over the period / market cap.
Shareholder yield	3.6%	(Dividends paid + share buybacks) / market cap.
PEG	0.70x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Intercontinental Exchange, Inc.'s revenue in fiscal 2025?

Intercontinental Exchange, Inc. reported revenue of $12.64B for fiscal 2025, 7.5% higher than the year before.

Was Intercontinental Exchange, Inc. profitable in fiscal 2025?

Yes. Net income was $3.32B, a net margin of 26.2%.

How much free cash flow did Intercontinental Exchange, Inc. generate in fiscal 2025?

Cash from operations of $4.66B minus capital expenditures of $373.0M left free cash flow of $4.29B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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