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ICE

Intercontinental Exchange, Inc.

ICE

Intercontinental Exchange, Inc. • NYSE
$157.30 ▲ 0.65% (+1.01)
Market Cap $90.13 B
52w High $189.35
52w Low $142.29
Dividend Yield 1.89%
P/E 28.65
Volume 1.32M
Outstanding Shares 572.99M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.482B ▼ $496M ▲ $887M ▲ 35.737% ▲ $1.43 ▼ $1.561B ▼
Q2-2025 $3.262B ▲ $491M ▼ $851M ▲ 26.088% ▲ $1.49 ▲ $1.728B ▲
Q1-2025 $3.229B ▲ $558M ▲ $797M ▲ 24.683% ▲ $1.39 ▲ $1.662B ▲
Q4-2024 $3.03B ▼ $542M ▼ $698M ▲ 23.036% ▲ $1.22 ▲ $1.507B
Q3-2024 $3.033B $547M $657M 21.662% $1.15 $1.507B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.22B ▼ $140.901B ▼ $112.192B ▼ $28.644B ▲
Q2-2025 $2.636B ▼ $144.175B ▲ $115.648B ▲ $28.444B ▲
Q1-2025 $3.168B ▲ $142.87B ▲ $114.827B ▲ $27.974B ▲
Q4-2024 $1.368B ▲ $139.428B ▲ $111.708B ▲ $27.647B ▲
Q3-2024 $1.255B $135.201B $107.928B $27.233B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $831M ▼ $915M ▼ $-82M ▼ $-3.787B ▼ $-282M ▼ $853M ▼
Q2-2025 $865M ▲ $1.506B ▲ $1.068B ▲ $572M ▼ $3.171B ▲ $1.446B ▲
Q1-2025 $812M ▲ $966M ▼ $-2.153B ▼ $2.283B ▼ $1.106B ▼ $881M ▼
Q4-2024 $709M ▲ $1.506B ▲ $-920M ▼ $2.796B ▲ $3.361B ▲ $1.23B ▲
Q3-2024 $671M $898M $-73M $-2.331B $-1.494B $819M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Exchanges Segment
Exchanges Segment
 $230.00M ▲$250.00M ▲$260.00M ▲$260.00M ▲
Fixed Income And Data Services Segment
Fixed Income And Data Services Segment
 $330.00M ▲$330.00M ▲$340.00M ▲$340.00M ▲
Mortgage Technology Segment
Mortgage Technology Segment
 $70.00M ▲$70.00M ▲$70.00M ▲$70.00M ▲

Five-Year Company Overview

Income Statement

Income Statement ICE’s revenue has grown steadily over the past five years, showing a business that keeps expanding rather than relying on one‑off spikes. Profitability at the operating level has generally improved, suggesting good cost control and operating leverage as the company scales. The bottom line, however, has been bumpier, with net income and earnings per share moving around more because of deal activity, accounting items, and integration costs. Overall, the income statement points to a solid, growing core business with some noise in reported profits tied to strategic moves rather than day‑to‑day operations.

Balance Sheet

Balance Sheet The balance sheet reflects a company that has grown through sizable acquisitions, which shows up as a large asset base and higher debt than earlier in the decade. Shareholders’ equity has been building over time, which is a healthy sign of retained value creation. Debt levels are meaningful but have recently started to edge down, and ICE’s stable, recurring revenues provide some comfort in managing this leverage. Cash on hand is relatively modest compared with total assets, so the company relies more on ongoing cash generation and credit access than on large idle cash reserves.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has risen consistently, and free cash flow has followed closely behind, indicating that the business converts its revenues into cash efficiently. Capital spending has been relatively modest and stable, meaning ICE does not need heavy ongoing investment just to stand still. This cash profile gives the company flexibility to service debt, fund acquisitions, return capital to shareholders, and continue investing in technology and new products.

Competitive Edge

Competitive Edge ICE holds a very strong competitive position anchored by its ownership of major exchanges like the New York Stock Exchange and a large portfolio of futures and clearing businesses. Its platforms benefit from powerful network effects: traders want to be where other traders already are, which makes it hard for newcomers to lure away liquidity. Deep integration of ICE’s data, analytics, and trading tools into customer workflows raises switching costs and supports long‑term relationships. Heavy regulation and the need for trusted infrastructure further protect its position, though they also expose ICE to regulatory and political risk. Competition from other global exchanges, data providers, and fintech platforms remains a key factor to watch.

Innovation and R&D

Innovation and R&D ICE has leaned heavily into innovation, especially in data, analytics, and automation. Its push to digitize the U.S. mortgage process through an end‑to‑end technology platform is a major strategic bet that could deepen relationships with lenders and create a long runway for growth if adoption continues. The company is investing in artificial intelligence to automate document handling, improve compliance monitoring, and enrich trading and chat tools, aiming to extract more value from its large proprietary datasets. It is also expanding ESG and environmental products, including registries and climate‑related analytics, to capture demand for sustainable finance tools. The main risks are execution and integration: stitching together acquired platforms and turning innovation into profitable, scalable products is complex and can take longer or cost more than expected.

Summary

Overall, ICE combines a steadily growing, highly cash‑generative business with a strong competitive moat built on network effects, regulation, and brand strength. The balance sheet shows the impact of an acquisition‑driven strategy, with higher leverage but also a larger and more diversified business. Its focus on technology—especially digital mortgages, data and analytics, ESG tools, and AI—positions the company in areas that could support long‑term structural growth. Key uncertainties include regulatory changes, market‑volume cycles, the health of the mortgage and housing ecosystem, and the company’s ability to integrate acquisitions and commercialize new technologies effectively. Taken together, the data describe a mature infrastructure provider that is still actively reinventing parts of its business rather than standing still.

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