Intercontinental Exchange
ICE stock analysis · Financials · Financial Exchanges & Data
As of · fund-implied per-share value
Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.
View SEC fund filing ↗Price × SEC outstanding shares. Shares measured 2026-06-30. Approximate; share and price dates can differ.
View share-count filing ↗Reviewed cash-flow model
Reviewed operating-business exception limited to this annual period. ICE operates exchanges plus data and mortgage technology services. Client margin/guaranty-fund balances are separately reported from corporate cash; they are not corporate liquidity. Its operating-business proxies remain sensitive to clearing risk, collateral-driven asset totals and Section 31 fee timing. The PP&E-only proxy excludes $418m separately capitalized software in FY2025 ($346m in FY2024). Reviewed debt counts current note maturities once and separates commercial paper. FCF yield is a consolidated ownership proxy; DCF and reverse DCF await a dated bridge for ordinary and redeemable minority claims. Business description ↗
Cash-flow proxy: excluded reinvestment
The PP&E-only cash-flow proxy excludes $418m of separately capitalized software development. The issuer subtracts both from CFO in its own free cash flow. Section 31 timing and consolidated minority-owned operations also affect interpretation. Read the cash-flow statement ↗
DCF value
Consolidated cash flow includes noncontrolling interests. A dated valuation bridge for those claims has not been reviewed, so per-share DCF and reverse DCF remain unavailable.
How this is calculated ↗Reverse DCF
Consolidated cash flow includes noncontrolling interests. A dated valuation bridge for those claims has not been reviewed, so per-share DCF and reverse DCF remain unavailable.
How this is calculated ↗Relative valuation
7 industry peers · median 27.0×
How this is calculated ↗Historical multiples
7 annual observations · snapshot P/E 20.8× · -37.7% versus history
How this is calculated ↗Free cash flow yield
Annual basis · read assumptions below
How this is calculated ↗ROIC / quality
Normalized tax · financing-capital proxy
How this is calculated ↗Value composite
Annual basis · read assumptions below
How this is calculated ↗12–1 price momentum
Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.
How this is calculated ↗Asset growth
Annual basis · read assumptions below
How this is calculated ↗Net payout yield
Requires reported dividends, repurchases and issuance; missing values are not zero.
How this is calculated ↗Accrual quality
Annual basis · read assumptions below
How this is calculated ↗Fundamental momentum
Annual basis · read assumptions below
How this is calculated ↗Follow the cash
ANNUAL · USDOperating cash flow and reinvestment over time
Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.
Make the assumptions yours
How sensitive is the valuation?
| Return / Growth | 3.0% | 5.0% | 7.0% |
|---|---|---|---|
| 8.0% | — | — | — |
| 10.0% | — | — | — |
| 12.0% | — | — | — |
Annual financial history
Open SEC filings ↗| Fiscal year-end | Revenue | Net income | Operating cash flow | Capital expenditure | Assets |
|---|---|---|---|---|---|
| 2025-12-31 | 12.6B | 3.4B | 4.7B | 373M | 136.9B |
| 2024-12-31 | 11.8B | 2.8B | 4.6B | 406M | 139.4B |
| 2023-12-31 | 9.9B | 2.4B | 3.5B | 190M | 136.1B |
| 2022-12-31 | 9.6B | 1.5B | 3.6B | 225M | 194.3B |
| 2021-12-31 | 9.2B | 4.1B | 3.1B | 179M | 193.5B |
| 2020-12-31 | 8.2B | 2.1B | 2.9B | 207M | 126.2B |
| 2019-12-31 | 6.5B | 2B | 2.7B | 153M | 94.5B |
| 2018-12-31 | 6.3B | 2B | 2.5B | 134M | 92.8B |
USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.
Trace the inputs
MODEL ANNUAL PERIOD| Input | Value | SEC tag / source | Filed |
|---|---|---|---|
| revenue | 12.6B | RevenueFromContractWithCustomerExcludingAssessedTax | 2026-02-05 |
| netIncome | 3.4B | ProfitLoss Explicit consolidated amount, including the portion attributable to noncontrolling interests. | 2026-02-05 |
| Parent/common earnings proxy | 3.3B | NetIncomeLoss | 2026-02-05 |
| cfo | 4.7B | NetCashProvidedByUsedInOperatingActivities | 2026-02-05 |
| capex | 373M | Reviewed manual correction Reviewed consolidated cash-flow statement capital-expenditure amount retained without changing the existing PP&E proxy definition. The PP&E-only cash-flow proxy excludes $418m of separately capitalized software development. The issuer subtracts both from CFO in its own free cash flow. Section 31 timing and consolidated minority-owned operations also affect interpretation. | 2026-02-05 |
| operatingIncome | 4.9B | OperatingIncomeLoss | 2026-02-05 |
| assets | 136.9B | Assets | 2026-02-05 |
| equity | 29B | StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest Explicit consolidated amount, including the portion attributable to noncontrolling interests. | 2026-02-05 |
| Parent book equity proxy | 28.9B | StockholdersEquity | 2026-02-05 |
| debt | 18.6B | Reviewed manual correction Note 10 debt carrying schedule: $18,609m senior notes; no current senior-note maturity. Commercial paper is separately recorded in shortDebt, preventing the former double count of the full current-debt balance. | 2026-02-05 |
| shortDebt | 1B | Reviewed manual correction Note 10 explicitly reports 1035m commercial paper. Current senior-note maturities, if any, belong to reviewed debt and are excluded from this separate borrowing field. | 2026-02-05 |
| cash | 837M | CashAndCashEquivalentsAtCarryingValue | 2026-02-05 |
| shares | 575M | WeightedAverageNumberOfDilutedSharesOutstanding | 2026-02-05 |
| dividends | 1.1B | PaymentsOfDividendsCommonStock | 2026-02-05 |
| buybacks | 1.3B | PaymentsForRepurchaseOfCommonStock | 2026-02-05 |
| issuance | — | Not reported under a supported tag | — |