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 (Basic)
$5.79
++20.63% YoY
Operating Income
$4.93B
++14.39% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K 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: 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: 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: Source: 10-K Income Statement & Cash Flow Statement
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Upgrade to unlockICE 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: Source: 10-K Balance Sheet
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Upgrade to unlockReported EPS of $1.71 versus the $1.69 analyst consensus — a +1.2% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $12.64B | $11.76B | +7.47% |
Operating Income | $4.93B | $4.31B | +14.39% |
Net Income | $3.31B | $2.75B | +20.37% |
EPS (Basic) | $5.79 | $4.80 | +20.63% |
EPS (Diluted) | $5.77 | $4.78 | +20.71% |
SG&A Expense | $293M | $307M | -4.56% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $136.89B | $139.43B | -1.82% |
Current Assets | $85.78B | $89.09B | -3.72% |
Total Liabilities | $107.9B | $111.71B | -3.41% |
Current Liabilities | $84.12B | $89.55B | -6.07% |
Stockholders' Equity | $28.91B | $27.65B | +4.59% |
Cash & Equivalents | $837M | $844M | -0.83% |
Long-Term Debt | $18.61B | $17.34B | +7.31% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $4.66B | $4.61B | +1.15% |
Investing Cash Flow | $-4.25B | $-921M | -361.35% |
Financing Cash Flow | $-6.33B | $79M | -8117.72% |
Share Buybacks | $1.29B | $0 | — |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 39.0% | 36.6% | +2.36% |
Net Margin | 26.2% | — | — |
ROE | 11.5% | — | — |
ROA | 2.4% | — | — |
Current Ratio | $1.02 | — | — |
Debt to Equity | $3.731 | — | — |
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ICE delivered strong FY2025 results with revenue of $12.64B (up 7.5%), net income of $3.32B (up 20.4%), and diluted EPS of $5.77 (up 20.7%). Operating margin expanded to 39.0% from 36.6%, reflecting disciplined cost management and operating leverage across the business.
ICE's earnings growth in FY2025 was driven by a combination of 7.5% revenue growth, a 4.6% reduction in SG&A expenses to $293M, and significant operating leverage that pushed operating income up 14.4% to $4.93B. Additionally, $1.29B in share repurchases helped boost diluted EPS growth to 20.7%, outpacing net income growth.
Key risks for ICE include its elevated debt-to-equity ratio of 3.73x with $18.61B in long-term debt, a very thin current ratio of 1.02x reflecting the nature of its clearing operations, and a significant jump in investing outflows to -$4.25B suggesting large acquisition or capital activity that carries integration risk. Cash on hand of only $837M relative to total debt is also a notable risk factor.
Yes, ICE initiated share repurchases in FY2025, buying back $1.29B worth of shares compared to zero in the prior year. This contributed to the 20.7% growth in diluted EPS, which outpaced the 20.4% growth in net income.
ICE's financial health is generally solid, with $4.66B in operating cash flow, a 39.0% operating margin, and growing stockholders' equity of $28.92B. However, the company carries significant leverage with $18.61B in long-term debt and a debt-to-equity ratio of 3.73x, and its current ratio of 1.02x leaves limited near-term liquidity buffer, which are factors investors should watch closely.