Intercontinental Exchange, Inc. (NYSE: ICE) operates exchanges and clearing houses, including the NYSE, and supplies financial data, connectivity and mortgage-workflow technology.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001571949-24-000007 | Feb 8, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001571949-25-000003 | Feb 6, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001571949-26-000004 | Feb 5, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
ICE’s 2025 improvement combined stronger trading and data revenue with restrained operating costs; Mortgage Technology returned to a small GAAP operating profit, although acquisition amortization still created a large gap from adjusted earnings. Cash generation remained substantial, but regulatory-fee timing explains why adjusted free cash flow grew while operating cash flow barely changed. After the annual filing, first-half 2026 earnings benefited from both operating growth and noncash investment gains, while second-quarter trading growth moderated. The proposed MarketAxess acquisition would expand institutional fixed-income trading and introduce additional financing and integration exposure. Notes were issued in August, but loan commitments are not cash and financing progress does not establish acquisition completion. The central distinction is between demonstrated operating improvement and benefits still dependent on market activity, customer retention, investment valuations and transaction execution.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-07-29 · EX-99.1 · 2026-07-29 · 8-K · 2026-08-20 · 8-K · 2026-08-20
ICE combines marketplaces and clearing with subscription-based information and software. Exchanges generated approximately 55% of 2025 revenue after transaction-based expenses, Fixed Income and Data Services 24%, and Mortgage Technology 21%. Transaction fees depend on volume, product mix, rebates and revenue capture; data, connectivity, listings and mortgage subscriptions provide more recurring business. Recurring revenue was $5.056 billion, but that classification is neither guaranteed future revenue nor a GAAP recognition category. Most operating costs do not move directly with activity, helping margins when revenue expands but limiting flexibility during a downturn.
Sources: 10-K · 2025-12-31
For the year ended December 31, 2025, gross revenue was $12.640 billion and revenue after transaction-based expenses was $9.931 billion, up 7%. The latter is the denominator for ICE’s 50% GAAP operating margin. Operating income increased 14% to $4.929 billion as expenses rose only 1%. Energy and data services supported growth, while agricultural derivatives weakened. Mortgage revenue increased 4% to $2.101 billion and its GAAP operating result improved from a $170 million loss to a $14 million profit. Its $859 million adjusted profit excludes $779 million of acquisition amortization and $66 million of integration costs; it should not obscure the narrow GAAP profit.
Parent-attributable income reached $3.315 billion and diluted EPS $5.77, compared with adjusted EPS of $6.95. Lower interest expense and improved investment results helped GAAP earnings, while the prior-year $160 million PennyMac gain did not recur. A slightly smaller diluted share count also helped EPS. These effects mean earnings growth was not entirely an operating-margin story.
Sources: 10-K · 2025-12-31
Operating cash flow was $4.662 billion in 2025, only $53 million above 2024. Working-capital movements deteriorated as Section 31 fees previously collected for the SEC were remitted. After $373 million of capital expenditure and $418 million of capitalized software spending, free cash flow was nearly unchanged at $3.871 billion. Adjusted free cash flow removes Section 31 timing and increased 16% to $4.187 billion. These non-GAAP cash measures are not profit. Year-end unrestricted cash was $837 million; the separately reported $76.789 billion of clearing-member cash collateral had matching liabilities and was not available for ordinary corporate spending.
Sources: 10-K · 2025-12-31
Debt carrying value declined to $19.644 billion at December 31, 2025. ICE also paid $1.105 billion of dividends, resumed repurchases with $1.294 billion of purchases excluding excise tax, and invested $1 billion in Polymarket preferred shares. By June 30, 2026, debt was $19.846 billion and unrestricted cash $1.067 billion. First-half repurchases used $1.202 billion and dividends $591 million. The repurchase authorization increased to $4 billion effective July 1; authorization is not completed spending. Borrowing facilities support liquidity, but commitments, commercial-paper backstops and cash cannot be added indiscriminately.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The July 30, 2026 interim filing reported first-half net revenue of $5.643 billion, up 12%, and parent income of $2.371 billion, up 44%. The latter included $452 million of noncash investment gains; adjusted income increased 18%. Second-quarter net revenue grew only 5%, with energy revenue down 13%. On July 29, ICE signed an agreement to acquire MarketAxess for $167 per eligible share in cash, approximately $6 billion of equity value. Closing was expected in the first half of 2027, subject to approvals and other conditions. August note issuance advanced funding, but the supplied disclosures do not establish acquisition completion.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-07-29 · EX-99.1 · 2026-07-29 · 8-K · 2026-08-20
Volatility can increase hedging demand while high mortgage rates suppress lending. Customer attrition, pricing pressure and competing platforms can offset industry growth. Clearing creates default, collateral and liquidity exposure despite safeguards and a nominal recorded guarantee liability. Technology failures, cyberattacks, external-service dependencies and sensitive mortgage data create additional risks. Large acquisition-related intangible balances depend on future cash flows. MarketAxess adds approval, financing and integration uncertainty, while prediction-market and digital-asset investments introduce valuation and evolving regulatory exposure. No disclosed absence of a recent material loss establishes that these risks have disappeared.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-07-29
USD 3.315 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 3.315 bn | 20.4% |
| 2024 | USD 2.754 bn | 16.3% |
| 2023 | USD 2.368 bn | — |
GAAP net income after deducting income attributable to non-controlling interests.
Sources: 10-K · 2025-12-31
USD 4.662 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.662 bn | 1.1% |
| 2024 | USD 4.609 bn | 30.1% |
| 2023 | USD 3.542 bn | — |
GAAP operating cash flow, including Section 31 collection/payment timing.
Sources: 10-K · 2025-12-31
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