ICE Intercontinental Exchange, Inc.

Overview and Growth

In fiscal 2025, Intercontinental Exchange, Inc. recorded $12.64B of revenue, net income of $3.31B, and an operating cash inflow of $4.66B. At $12.64B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 7.5% above fiscal 2024 revenue of $11.76B, marking a year-over-year increase. The company reported diluted EPS of $5.77, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 20.7% increase from fiscal 2024 diluted EPS of $4.78. Revenue equaled 0.09x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Operating income was $4.93B, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 39.0% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $3.31B, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 26.2% margin after operating costs and the remaining recognized items. Before income taxes, the company reported $4.35B of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 34.4%, adding a pre-tax profitability layer between revenue and net income. The company recognized $976.00M of income tax for the period, completing the transition from pretax income to net income. Relative to pretax income, the tax provision measured 22.5%, quantifying the portion of pre-tax earnings paid in income tax.

Liquidity and Capital Structure

The company held $136.89B of assets against $107.90B of liabilities and $28.97B of equity, revealing how the asset base was financed. At period end, current assets of $85.78B compared with current liabilities of $84.12B, defining the company’s short-term resource position. At 1.02x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $837.00M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 1.0%, excluding receivables and other current assets. The company carried $19.64B of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 0.68x, showing how much debt the company carried for each unit of book equity. Debt represented 14.4% of total assets, placing borrowing in the context of the company’s full resource base. Liabilities represented 78.8% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 0.6% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $139.43B in fiscal 2024, the current asset base moved 1.8% and finished lower.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $4.66B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 1.41x of net income, showing how strongly accounting earnings converted into cash from operations. Capital expenditures used $373.00M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 8.0% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $4.29B, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 33.9% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 3.1%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.