Revenue Growth Across the Business
ICE grew total revenue by 7.5% year-over-year to $12.64B in FY2025, up from $11.76B in the prior year, demonstrating broad-based demand for its exchange, clearing, and data services.
Source: 10-K Income Statement
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
ICE delivered strong FY2025 results with revenue growing 7.5% to $12.64B, net income surging 20.4% to $3.32B, and operating margin expanding to 39.0%, reflecting disciplined cost management and robust business performance.
Revenue
$12.64B
+7.47% YoY
EPS (Diluted)
$5.77
+20.71% YoY
Operating Income
$4.93B
+14.39% YoY
Source: SEC XBRL
Intercontinental Exchange (ICE) reported FY2025 revenue of $12.64B, up 7.5% year over year. Operating margin was 39.0%, up 2.4 points from 36.6% a year earlier. Operating cash flow was $4.66B, up 1.1% year over year.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 1.90 | 1.86 | Beat +2.3% |
| Mar 2026 | 2.35 | 2.28 | Beat +2.9% |
| Dec 2025This filing | 1.71 | 1.69 | Beat +1.2% |
| Sep 2025 | 1.71 | 1.62 | Beat +5.4% |
Reported EPS of $1.71 versus the $1.69 analyst consensus — a +1.2% beat for Dec 2025.
Compiled by AI from this SEC filing
ICE grew total revenue by 7.5% year-over-year to $12.64B in FY2025, up from $11.76B in the prior year, demonstrating broad-based demand for its exchange, clearing, and data services.
Source: 10-K Income Statement
Operating income rose 14.4% to $4.93B while operating margin expanded approximately 240 basis points to 39.0%, indicating that revenue growth outpaced cost growth and that the business is generating meaningful operating leverage.
Source: 10-K Income Statement
Net income grew 20.4% to $3.32B and diluted EPS increased 20.7% to $5.77, significantly outpacing the 7.5% revenue growth rate, reflecting both operational efficiency and the benefit of share repurchases initiated in FY2025 ($1.29B in buybacks).
Source: 10-K Income Statement & Cash Flow Statement
Selling, general & administrative expenses declined 4.6% year-over-year to $293M from $307M, underscoring management's focus on cost control even as the business scaled revenues.
Source: 10-K Income Statement
Investing cash outflows surged to -$4.25B (vs. -$921M prior year) and financing cash outflows reached -$6.33B (vs. +$79M prior year), reflecting significant capital deployment including acquisitions, capital expenditures, and the initiation of share buybacks, while operating cash flow remained healthy at $4.66B.
Source: 10-K Cash Flow Statement
Compiled by AI from this SEC filing · 1 high, 4 medium, 0 low
ICE carries $18.61B in long-term debt, up 7.3% year-over-year, against stockholders' equity of $28.92B, resulting in a debt-to-equity ratio of 3.73x. This elevated leverage increases interest expense sensitivity and limits financial flexibility, particularly in a rising or sustained high interest rate environment.
Source: 10-K Balance Sheet
ICE's balance sheet reflects $85.78B in current assets against $84.12B in current liabilities, yielding a current ratio of just 1.02x. This thin liquidity cushion is characteristic of financial market infrastructure firms with large clearing-related balances, but leaves limited buffer for unexpected liquidity demands.
Source: 10-K Balance Sheet
Investing cash outflows increased by over 361% to -$4.25B in FY2025, suggesting meaningful acquisition or capital investment activity. Large acquisitions carry integration risk, potential goodwill impairment, and may pressure near-term free cash flow if synergies are slower to materialize than expected.
Source: 10-K Cash Flow Statement
Total assets fell 1.8% to $136.89B while long-term debt rose 7.3%, compressing the asset base relative to obligations. This dynamic, if sustained, could pressure credit metrics and the company's ability to refinance debt on favorable terms.
Source: 10-K Balance Sheet
Cash and equivalents stood at only $837M at year-end, a slight decline from $844M, representing a very small fraction of the $18.61B long-term debt load. ICE relies on operating cash flow generation and capital market access to service and refinance its debt, creating refinancing risk in adverse market conditions.
Source: 10-K Balance Sheet & Cash Flow Statement
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 12.64 $B | 11.76 $B | +7.47% |
Operating Income $B | 4.93 $B | 4.31 $B | +14.39% |
Net Income $B | 3.32 $B | 2.75 $B | +20.37% |
EPS (Basic) $ | 5.79 $ | 4.80 $ | +20.63% |
EPS (Diluted) $ | 5.77 $ | 4.78 $ | +20.71% |
SG&A Expense $M | 293.00 $M | 307.00 $M | -4.56% |
Answers draw on this SEC filing and the data on this page
Intercontinental Exchange (ICE) achieved strong performance in Q2 FY2026 with total revenue rising 10.7% YoY to $3.61B and diluted EPS growing 14.2% YoY to $1.69, while announcing a $6.0B agreement to acquire MarketAxess Holdings.
ICE delivered a strong Q1 2026 with revenue up 13.5% to $3.67B and net income surging 77.3% to $1.41B, driven by significant operating leverage and margin expansion.
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