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Intercontinental Exchange, Inc., together with its subsidiaries, provides technology and data to financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Canada, Asia Pacific, and the Middle East. It operates through three segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology. The Exchanges segment operates regulated marketplace technology for the listing, trading, and clearing of an array of derivatives contracts and financial securities, such as commodities, interest rates, foreign exchange and equities, and corporate and exchange-traded funds, as well as data and connectivity services related to its exchanges and clearing houses. The Fixed Income and Data Services segment provides fixed income pricing, reference data, indices, analytics, and execution services, as well as global CDS clearing and multi-asset class data delivery technology. The Mortgage Technology segment offers a technology platform that provides customers comprehensive and digital workflow tools to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle from application through closing, servicing, and the secondary market. The company was founded in 2000 and is headquartered in Atlanta, Georgia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $12.6B | $6.7B | $3.3B | $3.9B | 11.5% | 7.5% | 20.4% |
| 2024 | $11.8B | $6.1B | $2.8B | $3.9B | 10.0% | 18.8% | 16.3% |
| 2023 | $9.9B | $4.9B | $2.4B | $3.1B | 9.2% | 2.8% | 63.8% |
| 2022 | $9.6B | $3.5B | $1.4B | $3.1B | 6.4% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 9,636 | 9,903 | 11,761 | 12,640 |
| Operating Revenue | - | 9,636 | 9,903 | 11,761 | 12,640 |
| Cost Of Revenue | - | 4,434 | 4,244 | 5,239 | 5,542 |
| Gross Profit | - | 5,202 | 5,659 | 6,522 | 7,098 |
| Operating Expense | - | 1,471 | 1,696 | 2,109 | 2,099 |
| Selling General And Administration | - | 440 | 481 | 572 | 539 |
| Total Expenses | - | 5,905 | 5,940 | 7,348 | 7,641 |
| Operating Income | - | 3,731 | 3,963 | 4,413 | 4,999 |
| Total Operating Income As Reported | - | 3,638 | 3,694 | 4,309 | 4,929 |
| EBITDA | - | 3,455 | 4,917 | 6,075 | 6,709 |
| Normalized EBITDA | - | 3,548 | 5,186 | 6,179 | 6,779 |
| EBIT | - | 2,424 | 3,702 | 4,538 | 5,149 |
| Interest Income | - | 108 | 319 | 141 | 119 |
| Interest Expense | - | 616 | 808 | 910 | 803 |
| Net Interest Income | - | -508 | -489 | -769 | -684 |
| Other Non Operating Income Expenses | - | -1,322 | -311 | 88 | 101 |
| Other Income Expense | - | -1,415 | -580 | -16 | 31 |
| Interest Income Non Operating | - | 108 | 319 | 141 | 119 |
| Interest Expense Non Operating | - | 616 | 808 | 910 | 803 |
| Net Non Operating Interest Income Expense | - | -508 | -489 | -769 | -684 |
| Pretax Income | - | 1,808 | 2,894 | 3,628 | 4,346 |
| Tax Provision | - | 310 | 456 | 826 | 976 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -15.81 | -61.87 | -23.92 | -15.40 |
| Net Income Continuous Operations | - | 1,498 | 2,438 | 2,802 | 3,370 |
| Net Income From Continuing And Discontinued Operation | - | 1,446 | 2,368 | 2,754 | 3,315 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,446 | 2,368 | 2,754 | 3,315 |
| Net Income | - | 1,446 | 2,368 | 2,754 | 3,315 |
| Net Income Common Stockholders | - | 1,446 | 2,368 | 2,754 | 3,315 |
| Net Income Including Noncontrolling Interests | - | 1,498 | 2,438 | 2,802 | 3,370 |
| Normalized Income | - | 1,523.19 | 2,575.13 | 2,834.08 | 3,369.60 |
| Diluted NI Availto Com Stockholders | - | 1,446 | 2,368 | 2,754 | 3,315 |
| Basic Average Shares | - | 559 | 564 | 573 | 572 |
| Diluted Average Shares | - | 561 | 565 | 576 | 575 |
| Reconciled Depreciation | - | 1,031 | 1,215 | 1,537 | 1,560 |
| Reconciled Cost Of Revenue | - | 4,434 | 4,244 | 5,239 | 5,542 |
| Total Unusual Items | - | -93 | -269 | -104 | -70 |
| Total Unusual Items Excluding Goodwill | - | -93 | -269 | -104 | -70 |
| Minority Interests | - | -52 | -70 | -48 | -55 |
| Special Income Charges | - | -93 | -269 | -104 | -70 |
| Restructuring And Mergern Acquisition | - | 93 | 269 | 104 | 70 |
| Depreciation Amortization Depletion Income Statement | - | 1,031 | 1,215 | 1,537 | 1,560 |
| Depreciation And Amortization In Income Statement | - | 1,031 | 1,215 | 1,537 | 1,560 |
| General And Administrative Expense | - | 440 | 481 | 572 | 539 |
| Other Gand A | - | 357 | 389 | 461 | 451 |
| Rent Expense Supplemental | - | 83 | 92 | 111 | 88 |
| Rent And Landing Fees | - | 83 | 92 | 111 | 88 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Intercontinental Exchange, Inc.this co. | ICE | $80.3B | 24.23↑ premium | 2.78 | 11.5% | 14.46 |
| The PNC Financial Services Group, Inc. | PNC | $91.2B | 13.87 | 1.51 | 10.9% | - |
| KKR & Co. Inc. | KKR | $89.0B | 37.55 | 3.14 | 8.4% | 12.45 |
| U.S. Bancorp | USB | $86.0B | 11.96 | 1.32 | 11.0% | - |
| Robinhood Markets, Inc. | HOOD |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $79.5B |
| 42.24 |
| 8.70 |
| 20.6% |
| 39.87 |
| Moody's Corporation | MCO | $78.5B | 31.91 | 19.35 | 60.7% | 21.44 |
| Marsh & McLennan Companies, Inc. | MRSH | $77.7B | 18.68 | 5.15 | 27.5% | 13.02 |
| Apollo Global Management, Inc. | APO | $74.0B | 21.20 | 3.37 | 15.9% | 8.04 |
| Aon plc | AON | $68.8B | 18.63 | 7.36 | 39.5% | 12.80 |
| Peer Median | - | 19.94 | 4.26 | 18.3% | 12.91 | |