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AnalystLens

Intercontinental Exchange, Inc.ICE

Sector
Other
Industry
Security & Commodity Brokers, Dealers, Exchanges & Services
Exchange
NYSE

Stock Price $ICE

Latest filings

You are here#22 of 58 in Financials by market cap

Filing record · 2016–202610-K1510-Q338-K137

ICE filed 15 annual reports (10-K), 33 quarterly reports (10-Q) and 137 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Mar ’17Mar ’17
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Material agreement8-K · Oct ’21Oct ’21
  4. Leadership change8-K · Sep ’25Sep ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  15. $12.64B
YoY changeLargest recent move+27.5%in FY16Latest +7.5%

1 older move runs past ±150% (largest +151.6%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All ICE Financial Metrics60 metrics

Income Statement14

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

Intercontinental Exchange, Inc. Financial Overview 2021–2025

Updated Jul 10, 2026

In Q1 2026, Intercontinental Exchange (ICE) saw its operating income surge 36% to $1.665 billiona, proving that its heavy integration costs from massive strategic bets are now yielding intense operational leverage. The core investment thesis is clear: ICE has successfully transformed from a traditional trading venue into a highly diversified data and technology powerhouse that capitalizes on macro volatility to drive consistent margin expansion.

The company’s underlying trajectory is anchored by steady top-line expansion, as revenues less transaction-based expenses grew from $7.15 billion in FY2021 to $9.93 billionb in FY2025. This growth was heavily fueled by the $11.8 billion acquisition of Black Knight, which initially dragged on profitability but ultimately drove a 54% revenue spike for the Mortgage Technology segment in FY2024. By FY2025, that once-struggling segment swung to a positive operating income of $14 million. Simultaneously, the core Exchanges segment thrived on energy and financial futures trading, jumping 16% to $2.47 billion in Q1 2026. ICE is also aggressively expanding its alternative data footprint, committing up to $2 billion to prediction platform Polymarket in late 2025.

This combination of strict cost controls—with total operating expenses rising just 1% in FY2025—and aggressive capital deployment has fundamentally reshaped shareholder returns. Diluted earnings per share jumped 21% to $5.77c in FY2025. The market rewarded this disciplined execution; at the close of FY2025, the stock traded at $161.96, assigning the company a $91.8 billion market cap and a 28.1x price-to-earnings multiple.

Recent Developments (Q4 2025 and Q1 2026)

In Q1 2026, total revenues less transaction-based expenses advanced 20% year-over-year to $2,977 milliond. Net income jumped to $1,413 million, up from $797 million in Q1 2025. The Fixed Income and Data Services segment grew 10% to $657 million. The company repurchased $551 million in stock during the quarter, following $1.3 billion in repurchases throughout 2025. In May 2026, shareholders re-elected all eleven incumbent directors and rejected a proposal to mandate an independent board chairman.

Bulls argue the $117,610 millione in margin deposits creates a structural collateral advantage for clearing operations. Bears caution that trading at 27.4x earnings as of April 30, 2026, leaves limited room for multiple expansion if trading volumes normalize.

What to watch: margin momentum in the Fixed Income and Data Services segment; allocation of capital toward short-term debt reduction versus share repurchases.

03—Filings

Recent SEC Filings

  1. 8-KIntercontinental Exchange, Inc. 8-K Report, Bylaw Amendment (Aug 28, 2026)Intercontinental Exchange, Inc. (ICE) has filed an 8-K report on August 28, 2026, announcing the effectiveness of its Eighth Amended and Restated Certificate of Incorporation. This update primarily concerns amendments related to its subsidiary, ICE Swap Trade, LLC, which is registered as a security-based swap execution facility (SBSEF) with the SEC. The amendments extend existing limitations on stockholder voting and ownership to these SBSEFs and enhance requirements for SEC review of future amendments to the Certificate of Incorporation, as long as the Company controls an SBSEF. These changes are a continuation of efforts initiated in August 2025. The Certificate of Incorporation was approved by the Board of Directors in February 2026 and by stockholders in May 2026. The final effectiveness was achieved on August 28, 2026, upon filing with the Secretary of State of the State of Delaware, following the necessary filings by ICE's subsidiary exchanges with the SEC. Investors should note that these amendments are procedural and aimed at ensuring compliance and governance related to the company's SBSEF operations.
  2. 8-KIntercontinental Exchange, Inc. 8-K Report, Material Agreement (Aug 21, 2026)Intercontinental Exchange, Inc. (ICE) has filed an 8-K detailing significant updates to its credit facilities, primarily in preparation for its pending acquisition of MarketAxess Holdings Inc. The company amended its existing $3.9 billion revolving credit facility, extending the maturity date for a significant portion of the commitments to August 20, 2031. Crucially, this amendment also establishes a new $1.5 billion "MarketAxess Revolving Commitment" specifically for the acquisition, subject to limited conditions, underscoring the company's strategic financing for this major transaction. The total aggregate commitments under the revolving facility remain at $3.9 billion. In addition to the revolving credit facility, ICE has entered into a new $2.0 billion delayed draw term loan facility. This facility is also earmarked to finance a portion of the MarketAxess Acquisition, refinance MarketAxess's existing debt, and cover related transaction costs. The term loan facility matures 24 months after its funding date. These financing arrangements, alongside the issuance of senior unsecured notes, have led to the termination of a previously arranged $6.2 billion bridge facility, signaling a significant shift in ICE's funding strategy as it moves forward with the MarketAxess acquisition.
  3. 8-KIntercontinental Exchange, Inc. 8-K Report, Corporate Update (Aug 20, 2026)Intercontinental Exchange, Inc. (ICE) has successfully completed a significant public offering of senior notes, raising approximately $3.71 billion in net proceeds. This capital infusion is earmarked to finance the acquisition of MarketAxess Holdings Inc., a strategic move that was previously announced on July 30, 2026. The offering comprised four tranches of senior notes with varying maturity dates and interest rates, including 4.700% notes due 2029, 4.900% notes due 2031, 5.150% notes due 2033, and 5.400% notes due 2036. This debt issuance is a critical component of ICE's financing strategy for the MarketAxess acquisition. The company plans to supplement these proceeds with additional financing from a new term loan facility, commercial paper, revolving credit, and existing cash. Investors should view this as a proactive step by ICE to secure the necessary capital for a potentially transformative acquisition, signaling confidence in the company's growth objectives and ability to manage its debt obligations.
  4. 8-KIntercontinental Exchange, Inc. 8-K Report, Material Agreement (Jul 30, 2026)Intercontinental Exchange, Inc. (ICE) has announced a definitive agreement to acquire MarketAxess Holdings Inc. (MarketAxess) through a merger transaction. Under the terms of the Agreement and Plan of Merger, MarketAxess stockholders will receive $167.00 in cash for each share of common stock they hold. This all-cash transaction has been unanimously approved by ICE's Board of Directors, who deem it advisable and in the best interests of ICE and its stockholders. The acquisition is expected to be financed through a combination of ICE's available cash and incremental debt financing, including a $6.25 billion bridge facility secured from Bank of America, N.A. Notably, the consummation of the merger is not contingent upon the availability of financing. The transaction is subject to customary closing conditions, including MarketAxess stockholder approval and regulatory clearances, such as the expiration of the Hart-Scott-Rodino waiting period.
  5. 8-KIntercontinental Exchange, Inc. 8-K Report, Financial Results (Jul 30, 2026)Intercontinental Exchange, Inc. (ICE) has filed an 8-K Current Report on July 30, 2026, to announce its financial results for the fiscal quarter ended June 30, 2026. The report primarily directs investors to an attached press release (Exhibit 99.1) for detailed financial performance, including both GAAP and non-GAAP measures. Investors should review this press release for specific revenue, profit, and operational metrics. The company also notes that it is an emerging growth company, though it has not elected to delay adoption of new accounting standards. The information furnished in this 8-K is not considered "filed" for regulatory purposes, but the press release contains crucial information for assessing ICE's recent financial health and operational outcomes. A reconciliation of non-GAAP to GAAP measures is available within the press release and ICE's accompanying Form 10-Q.
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04—See also

Related Companies

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