ICE Financials Intercontinental Exchange

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Nov 1, 2026, 10:31 UTC Overview →

Growth & profitability

Revenue has grown 8.9% per year over the past 5 years.
Net income has grown faster than revenue (9.7% vs 8.9% per year).
Operating margin has expanded, at 39.0% in the latest year.
Free cash flow has grown 9.9% per year over the past 5 years.

Financial health

Total debt ($19.6B) exceeds cash ($837M); net debt is $18.8B.
Total debt has grown slower than revenue (3.5% vs 8.9% per year).
Operating income covered interest expense 6.1× in the latest year.
Total debt is 3.0× EBITDA.

Shareholder returns

Dividends have been paid for 13 consecutive years, consuming 33.3% of earnings and 25.8% of free cash flow.
The dividend has grown 10.6% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$12.6B	$3.3B	0.0%	39.0%	11.5%	2.4%	$4.3B	$19.6B	$837M
2024	$11.8B	$2.8B	0.0%	36.6%	10.0%	2.0%	$4.2B	$20.4B	$844M
2023	$9.9B	$2.4B	0.0%	37.3%	9.2%	1.7%	$3.4B	$22.6B	$899M
2022	$9.6B	$1.4B	0.0%	37.8%	6.4%	0.7%	$3.3B	$18.1B	$1.8B
2021	$9.2B	$4.1B	0.0%	37.6%	17.9%	2.1%	$2.9B	$13.9B	$607M
2020	$8.2B	$2.1B	0.0%	36.8%	10.7%	1.7%	$2.7B	$16.5B	$583M
2019	$6.5B	$1.9B	0.0%	40.8%	11.2%	2.0%	$2.5B	$7.8B	$841M
2018	$6.3B	$2.0B	0.0%	41.2%	11.6%	2.1%	$2.4B	$7.4B	$724M
2017	$5.8B	$2.5B	0.0%	40.7%	14.9%	3.2%	$1.9B	$7.9B	$535M
2016	$6.0B	$1.4B	0.0%	36.4%	9.1%	1.7%	$1.9B	$6.4B	$1.4B
2015	$3.3B	$1.3B	0.0%	52.4%	8.6%	1.6%	$1.1B	$7.3B	$1.5B
2014	—	$981M	—	—	7.9%	1.4%	$1.3B	$4.3B	$1.3B
2013	—	$254M	—	—	2.1%	0.4%	$580M	$5.1B	$961M
2012	—	$552M	—	—	15.1%	1.5%	$701M	$1.3B	$961M
2011	—	$510M	—	—	—	—	$656M	—	$823M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$3.6B	$940M	0.0%	38.8%	3.1%	0.5%	$1.1B	$23.3B	$936M
Jun '26	$3.6B	$958M	0.0%	38.5%	3.2%	0.5%	$1.9B	$19.8B	$1.1B
Mar '26	$3.7B	$1.4B	0.0%	45.4%	4.8%	0.8%	$1.3B	$20.4B	$863M
Dec '25	$3.1B	$851M	0.0%	39.4%	2.9%	0.6%	$1.1B	$19.6B	$837M
Sep '25	$3.0B	$816M	0.0%	39.0%	2.8%	0.6%	$853M	$19.0B	$850M
Jun '25	$3.3B	$851M	0.0%	39.8%	3.0%	0.6%	$1.4B	$19.2B	$1.0B
Mar '25	$3.2B	$797M	0.0%	37.8%	2.8%	0.6%	$881M	$20.3B	$783M
Dec '24	$3.0B	$698M	0.0%	35.5%	2.5%	0.5%	$1.3B	$20.4B	$844M
Sep '24	$3.0B	$657M	0.0%	36.4%	2.4%	0.5%	$819M	$21.2B	$755M
Jun '24	$2.9B	$632M	0.0%	36.8%	2.4%	0.5%	$1.1B	$21.8B	$885M
Mar '24	$2.8B	$767M	0.0%	38.0%	2.9%	0.6%	$951M	$22.0B	$863M
Dec '23	$2.7B	$373M	0.0%	34.7%	1.5%	0.3%	$883M	$22.6B	$899M
Sep '23	$2.4B	$541M	0.0%	34.8%	2.1%	0.4%	$725M	$23.3B	$837M
Jun '23	$2.3B	$799M	0.0%	40.9%	3.4%	0.6%	$1.1B	$18.1B	$2.9B
Mar '23	$2.5B	$655M	0.0%	39.2%	2.8%	0.4%	$632M	$18.1B	$2.1B
Dec '22	$2.4B	$425M	0.0%	36.3%	1.9%	0.2%	$992M	$18.1B	$1.8B
Sep '22	$2.4B	-$191M	0.0%	38.2%	-0.9%	-0.1%	$682M	$18.1B	$1.2B
Jun '22	$2.4B	$555M	0.0%	36.0%	2.4%	0.3%	$935M	$18.1B	$830M
Mar '22	$2.5B	$657M	0.0%	40.3%	2.9%	0.3%	$720M	$14.2B	$638M
Dec '21	$2.3B	$1.5B	0.0%	37.8%	6.7%	0.8%	$931M	$13.9B	$607M

Valuation over time

How the market has priced ICE against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 40.3× (Mar '23) to 29.0× (Nov '26).
The price-to-sales ratio has risen from 6.0× (Mar '23) to 7.6× (Nov '26).
The dividend yield has fallen from 1.5% (Mar '23) to 1.1% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is ICE growing its revenue and profit?

Over the past 5 years, Intercontinental Exchange's revenue has grown 8.9% per year, and net income grown 9.7% per year. These are computed facts, not advice.

How much debt does ICE have?

As of FY2025, Intercontinental Exchange reported $19.6B of total debt against $837M of cash; operating income covered interest expense 6.1×.

What is ICE's profit margin?

In FY2025, gross margin was —, operating margin 39.0%, and net margin 26.2%.

What is ICE's P/E ratio?

Intercontinental Exchange's P/E (TTM) is 23.13 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the ICE stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 29.0× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.