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Intercontinental Exchange vs Marex: revenue, profit, margins and growth compared

Intercontinental Exchange brought in $12.6B of revenue in fiscal 2025, Marex $2B in fiscal 2025. Revenue changed by +7.5% at Intercontinental Exchange and +26.9% at Marex on the year before, so Marex grew faster. Intercontinental Exchange kept 26.2% of its revenue as net profit, Marex 14.5%. Free cash flow was $4.3B at Intercontinental Exchange and $654.4M at Marex.

Side by side, latest fiscal year

ICEMRX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$12.6B$2B
Revenue growth+7.5%+26.9%
Net income$3.3B$293.9M
Net margin26.2%14.5%
Free cash flow$4.3B$654.4M
Free cash flow margin33.9%32.3%
Earnings per share (diluted)$5.77$3.86
Cash$837M$2.9B
Debt$19.6B$200M
Price to earnings26.7n/a
Market value$86.6B$5.3B
Dividend yield1.24%n/a
Rank by revenue in sector#55 of 444 · Finance#144 of 444 · Finance

Over the years

Revenue
ICE FY2018: $6.3BICE FY2019: $6.5BICE FY2020: $8.2BICE FY2021: $9.2BICE FY2022: $9.6BICE FY2023: $9.9BICE FY2024: $11.8BICE FY2025: $12.6BMRX FY2022: $711.1MMRX FY2024: $1.2BMRX FY2024: $1.6BMRX FY2025: $2BFY18FY19FY20FY21FY22FY23FY24FY25
ICE $12.6BMRX $2B
Net income
ICE FY2018: $2BICE FY2019: $1.9BICE FY2020: $2.1BICE FY2021: $4.1BICE FY2022: $1.4BICE FY2023: $2.4BICE FY2024: $2.8BICE FY2025: $3.3BMRX FY2022: $91.6MMRX FY2024: $128MMRX FY2024: $204.7MMRX FY2025: $293.9MFY18FY19FY20FY21FY22FY23FY24FY25
ICE $3.3BMRX $293.9M
Net margin
ICE FY2018: 31.7%ICE FY2019: 29.5%ICE FY2020: 25.3%ICE FY2021: 44.3%ICE FY2022: 15.0%ICE FY2023: 23.9%ICE FY2024: 23.4%ICE FY2025: 26.2%MRX FY2022: 12.9%MRX FY2024: 10.3%MRX FY2024: 12.8%MRX FY2025: 14.5%FY18FY19FY20FY21FY22FY23FY24FY25
ICE 26.2%MRX 14.5%
Revenue growth
ICE FY2019: +4.3%ICE FY2020: +25.9%ICE FY2021: +11.2%ICE FY2022: +5.1%ICE FY2023: +2.8%ICE FY2024: +18.8%ICE FY2025: +7.5%MRX FY2024: +75.0%MRX FY2024: +28.1%MRX FY2025: +26.9%FY19FY20FY21FY22FY23FY24FY25
ICE +7.5%MRX +26.9%
Free cash flow
ICE FY2018: $2.4BICE FY2019: $2.5BICE FY2020: $2.7BICE FY2021: $2.9BICE FY2022: $3.3BICE FY2023: $3.4BICE FY2024: $4.2BICE FY2025: $4.3BMRX FY2022: $222MMRX FY2024: $726MMRX FY2024: $1.2BMRX FY2025: $654.4MFY18FY19FY20FY21FY22FY23FY24FY25
ICE $4.3BMRX $654.4M

Fiscal years as each company reports them; the two may end in different months.

Questions about Intercontinental Exchange and Marex

Which is bigger by revenue, Intercontinental Exchange or Marex?

Intercontinental Exchange is bigger by revenue: $12.6B in fiscal 2025, against $2B for Marex in fiscal 2025.

Which keeps more of its revenue as profit, Intercontinental Exchange or Marex?

Intercontinental Exchange had a net margin of 26.2% in fiscal 2025; Marex had 14.5% in fiscal 2025.

Which grew revenue faster, Intercontinental Exchange or Marex?

In their latest fiscal years revenue changed by +7.5% at Intercontinental Exchange and +26.9% at Marex.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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