Intercontinental Exchange (ICE) financials

NYSE · Financial Services · Financial - Data & Stock Exchanges · 12,844 employees · CEO Jeffrey C. Sprecher

Price: $168.85 +3.56%
Market cap: $94.4B
Enterprise value: $117B
Last report: Q3 '26 filed 2026-10-29
Next report: 2027-02-04 EPS est. $1.95

Revenue (TTM)$13.1B+4.6% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)43.3%+5.2 pp vs a year agoOperating income $5.67B

Net income (TTM)$4.15B+31.3% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$5.05B+14.4% vs a year agoCapex $714M

Diluted EPS (TTM)$7.33+33.5% vs a year agoSum of the last 4 quarters

Net cash-$23.1B-33.2% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $94.4B
Revenue: $13.1B
Revenue growth: –
Profit margin: 31.7%
P/E: 22.9×
P/S: 7.2×
EV / EBITDA: 17.0×
Free cash flow: $5.05B
Net income: $4.15B
Revenue estimate: –
Earnings: 2027-02-04
Dividend: $2.04

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-29): revenue beat by 32.3%, EPS beat by 2.5%Revenue $3.63B vs $2.74B expected (+32.3%); EPS $2.02 vs $1.97 (+2.5%).
Revenue growth accelerating: 20.7% year on yearQ3 '26 revenue $3.63B, against an average of -0.5% over the four quarters before.
Operating margin 43.3% (TTM), +5.2 pp on a year agoOperating income grew 18.9% while revenue grew 4.6%.
Capex 5.4% of revenue (a year ago 3.9%)$714M invested in the last 4 quarters (+47.8% on a year earlier). Free cash flow $5.05B = 121.6% of net income.
Returned $2.96B to shareholders = 58.7% of free cash flowBuybacks $2.1B (a year earlier $993M), dividends $865M, stock-based pay $214M (TTM).
Diluted share count down 1.9% in a year563M diluted shares in Q3 '26, 574M a year earlier.
Net debt $23.1BCash + short-term investments $936M, debt incl. leases $24B; a year ago net debt $17.3B.
Exchanges Segment: revenue +29.3%, margin 47.9% (was 48.8%)Fastest-growing reported segment in Q3 '26: operating income $1.15B on revenue $2.41B (from the segment note of the filing).

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$3.63B	$3.01B	+20.7%
Gross margin	76.2%	56.8%	+19.3 pp
Operating income	$1.41B	$1.17B	+20.1%
Operating margin	38.8%	39.0%	-0.2 pp
Net income	$940M	$816M	+15.2%
Diluted EPS	$1.67	$1.42	+17.6%
Operating cash flow	$1.16B	$915M	+27.0%
Capex	$110M	$62M	+77.4%
Free cash flow	$1.05B	$853M	+23.3%
R&D	$0	$0	–
Stock-based compensation	$0	$54M	-100.0%

Reported vs consensus

2026-10-29

	Actual	Consensus	vs consensus
Revenue	$3.63B	$2.74B	+32.3%
EPS (as estimated)	$2.02	$1.97	+2.5%

From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Exchanges Segment	$292M	+10.6%	39.8%	–	–
Fixed Income and Data Services Segment	–	–	–	–	–
Fixed Income And Data Services Segment	$370M	+7.6%	50.5%	–	–
Mortgage Technology Segment	$71M	+7.6%	9.7%	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Exchanges Segment	$2.41B	+29.3%	$1.15B	+26.9%	47.9%	48.8%	$4.63B
Fixed Income And Data Services Segment	$674M	+9.1%	$245M	+0.4%	36.4%	39.5%	$1.02B
Mortgage Technology Segment	$549M	+4.0%	$13M	-40.9%	2.4%	4.2%	$53M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $5.76B
Capex: -$714M
Buybacks: -$2.1B
Dividends: -$865M
Acquisitions: -$65M
Net debt issued: $3.08B
Stock-based compensation: $214M
Free cash flow: $5.05B
Returned to shareholders / FCF: 58.7%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	22.9×	29.6×	18.9× – 39.6×
EV / EBITDA	17.0×	17.5×	12.7× – 21.4×
EV / Sales	9.0×	9.0×	7.7× – 9.9×
Price / FCF	18.7×	22.2×	18.7× – 28.8×
Price / Book	3.2×	3.0×	2.5× – 3.4×
FCF yield	5.3%	4.6%	3.5% – 5.4%
Return on invested capital	7.4%	6.3%	5.8% – 7.0%
Return on equity	14.1%	11.0%	6.4% – 17.9%

Analysts

Consensus target $183.89 (+8.9%)
range $160.00 – $218.00 · rating Buy

Strong buy1

Buy30

Hold4

Sell1

Strong sell0

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 309 figures Intercontinental Exchange, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable and Accrued Liabilities, Current	$1.19B	$1.04B	+13.9%	$1.08B	$1.05B	+2.6%
Accounts Receivable, after Allowance for Credit Loss, Current	$1.88B	$1.54B	+21.8%	$1.55B	$1.49B	+4.2%
Accounts Receivable, Allowance for Credit Loss	$21M2025-12-31	$21M	0.0%	$21M	$21M	0.0%
Accounts Receivable, Allowance for Credit Loss, Current	$18M	$22M	-18.2%	$21M	$21M	0.0%
Accounts Receivable, Allowance for Credit Loss, Writeoff	–	–	–	$9M	$17M	-47.1%
Accounts Receivable, Credit Loss Expense (Reversal)	–	–	–	$9M	$17M	-47.1%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$263M	-$247M	-6.5%	-$224M	-$338M	+33.7%
Additional Paid in Capital	$17B	$16.6B	+2.3%	$16.6B	$16.3B	+2.2%
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities	$206M	$84M	+145.2%	$1.29B	$1.81B	-28.5%
Amortization of Intangible Assets	$239M	$250M	-4.4%	$994M	$1.01B	-1.8%
Amount of Deferred Costs Related to Long-term Contracts	$60M2025-12-31	$45M	+33.3%	$60M	$45M	+33.3%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$77M	$61M	+26.2%	$264M	$251M	+5.2%
Assets	$177B	$141B	+25.6%	$137B	$139B	-1.8%
Assets, Current	$125B	$90.8B	+37.5%	$85.8B	$89.1B	-3.7%
Business Combination, Acquisition Related Costs	$49M	$9M	+444.4%	$70M	$104M	-32.7%
Business Combination, Integration Related Costs	$6M	$4M	+50.0%	$26M	$24M	+8.3%
Capitalized Computer Software, Amortization	–	–	–	$368M	$324M	+13.6%
Capitalized Computer Software, Net	$702M2025-12-31	$598M	+17.4%	$702M	$598M	+17.4%
Cash and Cash Equivalents, at Carrying Value	$936M	$850M	+10.1%	$837M	$844M	-0.8%
Cash Surrender Value of Life Insurance	$27M2025-12-31	$60M	-55.0%	$27M	$60M	-55.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$119B	$85.8B	+38.3%	$78.6B	$84.5B	-7.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$2.14B	-$2.96B	+172.4%	-$5.89B	$3.75B	-256.9%
Commercial Paper	$1.22B2026-06-30	$601M	+102.7%	$1.04B	$529M	+95.7%
Common Stock, Capital Shares Reserved for Future Issuance	34.9M2025-12-31	36.2M	-3.6%	34.9M	36.2M	-3.6%
Common Stock, Dividends, Per Share, Declared	$0.52	$0.48	+8.3%	$1.92	$1.80	+6.7%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	1.5B	1.5B	0.0%	1.5B	1.5B	0.0%
Common Stock, Shares, Issued	655M	653M	+0.3%	653M	651M	+0.3%
Common Stock, Shares, Outstanding	558M	570M	-2.1%	567M	574M	-1.2%
Common Stock, Value, Issued	$7M	$7M	0.0%	$7M	$7M	0.0%
Communications and Information Technology	$245M	$219M	+11.9%	$870M	$848M	+2.6%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$16M	$15M	+6.7%	$55M	$48M	+14.6%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$934M	$787M	+18.7%	$3.43B	$2.71B	+26.5%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$950M	$802M	+18.5%	$3.48B	$2.76B	+26.3%
Contract with Customer, Asset, after Allowance for Credit Loss	$91M	$91M	0.0%	$89M	$87M	+2.3%
Contract with Customer, Liability	$497M	$447M	+11.2%	$292M	$333M	-12.3%
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized	$31M	$50M	-38.0%	$225M	$196M	+14.8%
Contract with Customer, Liability, Current	$416M	$361M	+15.2%	$204M	$236M	-13.6%
Contract with Customer, Liability, Noncurrent	$81M	$86M	-5.8%	$88M	$97M	-9.3%
Current Federal Tax Expense (Benefit)	–	–	–	$185M	$212M	-12.7%
Current Foreign Tax Expense (Benefit)	–	–	–	$670M	$598M	+12.0%
Current Income Tax Expense (Benefit)	–	–	–	$894M	$968M	-7.6%
Current State and Local Tax Expense (Benefit)	–	–	–	$39M	$158M	-75.3%
Debt Instrument, Fair Value Disclosure	$20.3B	$17.3B	+17.4%	$17.9B	$18B	-0.8%
Debt, Long-term and Short-term, Combined Amount	$23.3B	$19B	+22.4%	$19.6B	$20.4B	-3.6%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$30M	-$47M	+163.8%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$11M	-$9M	-22.2%
Deferred Income Tax Expense (Benefit)	$14M	$197M	-92.9%	$82M	-$142M	+157.7%
Deferred Income Tax Liabilities, Net	$4.13B	$4B	+3.3%	$4B	$3.9B	+2.4%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$63M	-$86M	+173.3%
Deferred Tax Assets, Gross	$462M2025-12-31	$657M	-29.7%	$462M	$657M	-29.7%
Deferred Tax Assets, Net of Valuation Allowance	$322M2025-12-31	$457M	-29.5%	$322M	$457M	-29.5%
Deferred Tax Assets, Operating Loss Carryforwards	$141M2025-12-31	$207M	-31.9%	$141M	$207M	-31.9%
Deferred Tax Assets, Other	$02025-12-31	$6M	-100.0%	$0	$6M	-100.0%
Deferred Tax Assets, Property, Plant and Equipment	$02025-12-31	$178M	-100.0%	$0	$178M	-100.0%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$93M2025-12-31	$93M	0.0%	$93M	$93M	0.0%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities	$59M2025-12-31	$74M	-20.3%	$59M	$74M	-20.3%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Impairment Losses	$23M2025-12-31	$23M	0.0%	$23M	$23M	0.0%
Deferred Tax Assets, Valuation Allowance	$140M2025-12-31	$200M	-30.0%	$140M	$200M	-30.0%
Deferred Tax Liabilities, Gross	$4.32B2025-12-31	$4.36B	-0.9%	$4.32B	$4.36B	-0.9%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-01