Intercontinental Exchange, Inc. (ICE)

Latest 10-K (filed 2026-02-05)

Income Statement

Consolidated Statement of Income

INTERCONTINENTAL EXCHANGE, INC. (ICE)

Year Ended (In millions, except shares and per share data)

Dec 31, 2025 Dec 31, 2024 Dec 31, 2023
          Total revenues $12,640 $11,761 $9,903
Exchanges $8,120 $7,441 $6,355
Fixed income and data services $2,419 $2,298 $2,231
Mortgage technology $2,101 $2,022 $1,317
          Section 31 fees $412 $679 $293
          Cash liquidity payments, routing and clearing $2,297 $1,803 $1,622
      Total revenues, less transaction-based expenses $9,931 $9,279 $7,988
        Compensation and benefits $1,963 $1,909 $1,595
        Professional services $158 $154 $123
        Acquisition-related transaction and integration costs 70 104 269
        Technology and communication $870 $848 $734
        Rent and occupancy $88 $111 $92
        Selling, general and administrative $293 $307 $266
        Depreciation and amortization $1,560 $1,537 $1,215
          Total operating expenses $5,002 $4,970 $4,294
        Operating income $4,929 $4,309 $3,694
          Interest income $119 $141 $319
          Interest expense $(803) $(910) $(808)
          Other income/(expense), net $101 $88 $(311)
        Total other income/(expense), net $(583) $(681) $(800)
        Income before income tax expense $4,346 $3,628 $2,894
        Income tax expense $976 $826 $456
      Net income $3,370 $2,802 $2,438
      Net income attributable to non-controlling interests $(55) $(48) $(70)
      Net income attributable to Intercontinental Exchange, Inc. $3,315 $2,754 $2,368
        Basic (in dollars per share) 5.79 4.80 4.20
        Diluted (in dollars per share) 5.77 4.78 4.19
        Basic (in shares) 572 573 564
        Diluted (in shares) 575 576 565

Balance Sheet

Consolidated Balance Sheets

INTERCONTINENTAL EXCHANGE, INC. (ICE)

As of December 31, 2025 and December 31, 2024 (In millions, except shares and per share data)

Dec 31, 2025 Dec 31, 2024
        Cash and cash equivalents $837 $844
        Short-term restricted cash and cash equivalents $748 $1,142
ICE Futures Europe $130 $125
ICE Clear Europe $870 $755
CFTC Regulated Entities $289 $290
Other Regulated Entities $77 $56
Other $11 $510
        Short-term restricted investments $629 $594
        Cash and cash equivalent margin deposits and guaranty funds $76,789 $82,149
        Invested deposits, delivery contracts receivable and unsettled variation margin $4,437 $2,163
        Customer accounts receivable, net of allowance for doubtful accounts of $21 at both December 31, 2025 and 2024 $1,552 $1,490
        Prepaid expenses and other current assets $786 $713
      Total current assets $85,778 $89,095
      Property and equipment, net $2,691 $2,153
        Goodwill $30,646 $30,595
        Other intangible assets, net $15,353 $16,306
        Long-term restricted cash and cash equivalents $240 $368
ICE Clearing House Portion of the Guaranty Fund Contribution $381 $370
        Long-term restricted investments $141 $2
        Other non-current assets $2,038 $909
      Total other non-current assets $48,418 $48,180
    Total assets $136,887 $139,428
        Accounts payable and accrued liabilities $1,078 $1,051
        Section 31 fees payable $316
        Accrued salaries and benefits $455 $438
        Deferred revenue $204 $236
        Short-term debt $1,035 $3,027
        Margin deposits and guaranty funds $76,789 $82,149
        Invested deposits, delivery contracts payable and unsettled variation margin $4,437 $2,163
        Other current liabilities $118 $173
      Total current liabilities $84,116 $89,553
        Non-current deferred tax liability, net $3,998 $3,904
Net non-current deferred tax liabilities $3,998 $3,904
        Long-term debt $18,609 $17,341
        Accrued employee benefits $174 $170
        Non-current operating lease liability $635 $335
        Other non-current liabilities $364 $405
      Total non-current liabilities $23,780 $22,155
      Total liabilities $107,896 $111,708
      Commitments and contingencies
      Redeemable non-controlling interest in consolidated subsidiaries $22 $22
          Preferred stock, $0.01 par value; 100 shares authorized; none issued or outstanding
          Common stock, $0.01 par value; 1,500 authorized; 653 and 567 shares issued and outstanding at December 31, 2025, respectively, and 651 and 574 shares issued and outstanding at December 31, 2024, respectively $7 $7
          Treasury stock, at cost; 86 and 77 shares at December 31, 2025 and December 31, 2024, respectively $(7,792) $(6,385)
          Additional paid-in capital $16,643 $16,292
          Retained earnings $20,281 $18,071
          Accumulated other comprehensive loss $(224) $(338)
        Total Intercontinental Exchange, Inc. stockholders’ equity $28,915 $27,647
      Non-controlling interests in consolidated subsidiaries $54 $51
      Total equity $28,969 $27,698
    Total liabilities and equity $136,887 $139,428

Cash Flow

Consolidated Statement of Cash Flows

INTERCONTINENTAL EXCHANGE, INC. (ICE)

Year Ended (In millions, except shares and per share data)

Dec 31, 2025 Dec 31, 2024 Dec 31, 2023
          United Kingdom:
          Net income $3,370 $2,802 $2,438
            Depreciation and amortization $1,560 $1,537 $1,215
            Stock-based compensation $238 $231 $257
            Deferred taxes $82 $(142) $(329)
            Fair value loss on Promissory Note $160
            (Gain)/Loss on investments $(55) $1 $4
            Net (income)/losses from unconsolidated investees $(79) $62 $122
            Other $50 $55 $63
            Customer accounts receivable $(62) $(149) $(71)
            Other current and non-current assets $46 $(106) $(41)
            Section 31 fees payable $(316) $237 $(144)
            Deferred revenue $(44) $27 $(16)
            Other current and non-current liabilities $(128) $54 $(116)
          Total adjustments $1,292 $1,807 $1,104
        Net cash provided by operating activities $4,662 $4,609 $3,542
          Capital expenditures $(373) $(406) $(190)
          Capitalized software development costs $(418) $(346) $(299)
          Cash paid for acquisitions, net of cash acquired $(19) $(38) $(10,198)
          Proceeds from sale of Promissory Note $75
          Purchases of invested margin deposits $(6,873) $(1,391) $(1,588)
          Proceeds from invested margin deposits $4,618 $1,097 $3,974
          Purchases of equity and equity method investments $(1,029) $(29) $(8)
          Proceeds from the sale of equity investments $187
          Purchases of restricted investments $(1,455) $(752) $(1,316)
          Proceeds from restricted investments $1,286 $855 $641
          Other investing activities $14 $14
        Net cash used in investing activities $(4,249) $(921) $(8,797)
          Proceeds from debt issuances $1,234 $739 $2,400
          Repayments of debt $(2,500) $(1,600) $(2,286)
          Proceeds from/(redemption of) commercial paper, net $506 $(1,424) $1,954
          Repurchases of common stock $(1,294)
          Dividends paid to stockholders $(1,105) $(1,039) $(955)
          Change in cash and cash equivalent margin deposits and guaranty funds liability $(3,106) $3,463 $(65,396)
          Payments relating to treasury shares received for restricted stock tax payments and stock option exercises $(103) $(81) $(78)
          Other financing activities $34 $21 $16
        Net cash provided by/(used in) financing activities $(6,334) $79 $(64,345)
        Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds $32 $(14) $7
      Net increase/(decrease) in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds $(5,889) $3,753 $(69,593)
        Total
        Total
        Cash paid for interest $764 $870 $727
        Cash paid for income taxes $1,068 $957 $909
        Cash paid for amounts included in the measurement of operating lease liability $72 $90 $85
        Lease liabilities arising from obtaining right-of-use assets $334 $88 $115
          Cash and cash equivalents
          Short-term restricted cash and cash equivalents
          Long-term restricted cash and cash equivalents
          Cash and cash equivalent margin deposits and guaranty funds
        Total