Intercontinental Exchange, Inc. (ICE)

Latest 10-Q (filed 2026-07-30)

Income Statement

Consolidated Statement of Income

INTERCONTINENTAL EXCHANGE, INC. (ICE)

Three and Six Months Ended (In millions, except shares and per share data)

Jun 30, 2026 (Q2) Jun 30, 2025 (Q2) Jun 30, 2026 (YTD) Jun 30, 2025 (YTD)
          Total revenues $3,611 $3,262 $7,277 $6,491
Exchanges $2,409 $2,134 $4,879 $4,257
Fixed income and data services $645 $597 $1,302 $1,193
Mortgage technology $557 $531 $1,096 $1,041
          Section 31 fees $288 $150 $288 $412
          Cash liquidity payments, routing and clearing $657 $569 $1,346 $1,063
      Total revenues, less transaction-based expenses $2,666 $2,543 $5,643 $5,016
        Compensation and benefits $509 $499 $1,014 $980
        Professional services $37 $41 $72 $81
        Acquisition-related transaction and integration costs 12 10 53 42
        Technology and communication $242 $215 $480 $428
        Rent and occupancy $23 $20 $47 $41
        Selling, general and administrative $63 $66 $148 $142
        Depreciation and amortization $389 $395 $773 $784
          Total operating expenses $1,275 $1,246 $2,587 $2,498
        Operating income/(loss) $1,391 $1,297 $3,056 $2,518
          Interest income $27 $31 $51 $64
          Interest expense $(205) $(201) $(408) $(407)
          Other income, net $74 $5 $485 $24
        Total other income/(expense), net $(104) $(165) $128 $(319)
        Income before income tax expense $1,287 $1,132 $3,184 $2,199
        Income tax expense $312 $267 $777 $522
        Net income $975 $865 $2,407 $1,677
        Net income attributable to non-controlling interests $(17) $(14) $(36) $(29)
      Net income attributable to Intercontinental Exchange, Inc. $958 $851 $2,371 $1,648
        Basic (in dollars per share) 1.70 1.49 4.19 2.87
        Diluted (in dollars per share) 1.69 1.48 4.18 2.86
        Basic (in shares) 564 573 566 574
        Diluted (in shares) 566 575 568 576

Balance Sheet

Consolidated Balance Sheets

INTERCONTINENTAL EXCHANGE, INC. (ICE)

As of June 30, 2026 and December 31, 2025 (In millions, except shares and per share data)

Jun 30, 2026 Dec 31, 2025
        Cash and cash equivalents $1,067 $837
        Short-term restricted cash and cash equivalents $627 $748
        Short-term restricted investments $886 $629
        Cash and cash equivalent margin deposits and guaranty funds $114,599 $76,789
        Invested deposits, delivery contracts receivable and unsettled variation margin $2,313 $4,437
        Customer accounts receivable, net of allowance for doubtful accounts of $18 and $21 at June 30, 2026 and December 31, 2025, respectively $1,869 $1,552
        Prepaid expenses and other current assets $703 $786
      Total current assets $122,064 $85,778
      Property and equipment, net $2,884 $2,691
        Goodwill $30,632 $30,646
        Other intangible assets, net $14,870 $15,353
        Long-term restricted cash and cash equivalents $260 $240
        Long-term restricted investments $136 $141
        Other non-current assets $3,401 $2,038
      Total other non-current assets $49,299 $48,418
    Total assets $174,247 $136,887
        Accounts payable and accrued liabilities $1,159 $1,078
        Section 31 fees payable $286
        Accrued salaries and benefits $280 $455
        Deferred revenue $567 $204
        Short-term debt $1,218 $1,035
        Margin deposits and guaranty funds $114,599 $76,789
        Invested deposits, delivery contracts payable and unsettled variation margin $2,313 $4,437
        Other current liabilities $154 $118
      Total current liabilities $120,576 $84,116
        Non-current deferred tax liability, net $4,125 $3,998
        Long-term debt $18,628 $18,609
        Accrued employee benefits $179 $174
        Non-current operating lease liability $681 $635
        Other non-current liabilities $406 $364
      Total non-current liabilities $24,019 $23,780
      Total liabilities $144,595 $107,896
      Commitments and contingencies
      Redeemable non-controlling interests in consolidated subsidiaries $32 $22
          Preferred stock, $0.01 par value; 100 shares authorized; none issued or outstanding
          Common stock, $0.01 par value; 1,500 shares authorized; 655 and 561 shares issued and outstanding at June 30, 2026, respectively, and 653 and 567 shares issued and outstanding at December 31, 2025, respectively $7 $7
          Treasury stock, at cost; 94 and 86 shares at June 30, 2026 and December 31, 2025, respectively $(9,100) $(7,792)
          Additional paid-in capital $16,840 $16,643
          Retained earnings $22,061 $20,281
          Accumulated other comprehensive loss $(257) $(224)
        Total Intercontinental Exchange, Inc. stockholders’ equity $29,551 $28,915
      Non-controlling interests in consolidated subsidiaries $69 $54
      Total equity $29,620 $28,969
    Total liabilities and equity $174,247 $136,887

Cash Flow

Consolidated Statement of Cash Flows

INTERCONTINENTAL EXCHANGE, INC. (ICE)

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

Jun 30, 2026 (YTD) Jun 30, 2025 (YTD)
      Net income $2,407 $1,677
        Depreciation and amortization $773 $784
        Stock-based compensation $145 $115
        Deferred taxes $129 $(109)
        Gain on investments $(452) $(2)
        Net income from unconsolidated investees $(43) $(35)
        Other $24 $27
        Customer accounts receivable $(322) $(156)
        Other current and non-current assets $(111) $24
        Section 31 fees payable $286 $93
        Deferred revenue $362 $264
        Other current and non-current liabilities $126 $(210)
      Total adjustments $917 $795
    Net cash provided by operating activities $3,324 $2,472
      Capital expenditures $(208) $(145)
      Capitalized software development costs $(230) $(211)
      Purchases of invested margin deposits $(2,386) $(3,342)
      Proceeds from invested margin deposits $3,608 $2,232
      Cash paid for acquisitions, net of cash acquired $(13)
      Purchases of equity and equity method investments $(843) $(14)
      Purchases of restricted investments $(1,386) $(314)
      Proceeds from restricted investments $1,142 $722
      Other investing activities $24
    Net cash used in investing activities $(279) $(1,085)
      Repayments of debt $(1,250)
      Proceeds from commercial paper, net $183 $72
      Repurchases of common stock $(1,202) $(496)
      Dividends paid to stockholders $(591) $(555)
      Change in cash and cash equivalent margin deposits and guaranty fund liability $36,588 $5,181
      Shares withheld for taxes on employee equity awards $(96) $(98)
      Other financing activities $24 $1
    Net cash provided by financing activities $34,906 $2,855
    Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds $(12) $35
  Net increase in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds $37,939 $4,277
    Total
    Total
    Cash paid for interest $384 $393
    Cash paid for income taxes $456 $690
      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