ICENYSESecurity & Commodity Brokers, Dealers, Exchanges & ServicesFiscal year ends December 31
Intercontinental Exchange, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$158.40−3.16 (-1.96%)
Close on Oct 19, 2026
- Market cap
- $89.65B
- P/E (TTM)
- 22.4
- Dividend yield
- 1.21%
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
39.0%+2.2 pts over 5 years
Net margin
26.2%+0.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.5% | +9.5% | +8.9% | +10.4% | |
| Operating income | +14.4% | +10.7% | +10.2% | +10.9% | |
| Net income | +20.4% | +31.9% | +9.7% | +10.0% | |
| EPS, diluted | +20.7% | +30.8% | +8.9% | +9.7% | |
| Free cash flow | +2.0% | +8.8% | +9.9% | +14.4% | |
| Dividend per share | +6.7% | +8.1% | +9.9% | +12.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 9.4% | 11.4% | 11.7% | |
| Return on assets | 1.8% | 1.9% | 2.4% | |
| Current ratio | 0.97 | 0.99 | 1.02 | |
| Debt to equity | 0.56 | 0.97 | 0.72 | |
| Net debt to EBITDA | 2.70× | -17.09× | 3.06× | |
| Interest coverage | 12.2× | 8.5× | 6.1× | |
| Capex to revenue | 4.2% | 2.5% | 3.0% | |
| Diluted shares | 599M | 555M | 575M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Intercontinental Exchange generated $19.49B from operations and spent $8.25B on capital expenditure, dividends and share buybacks. 17% of that went back into the business.
Generated
$19.49B
Used
$8.25B
Capital expenditure$1.37B17%Dividends$4.70B57%Share buybacks$2.18B26%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin26.2%
×Asset turnover0.09×
×Equity multiplier4.89×
=Return on equity, FY202511.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 26.2% | 0.09× | 4.89× | 11.7% |
| FY2024 | 23.4% | 0.09× | 5.16× | 10.3% |
| FY2023 | 23.9% | 0.06× | 6.82× | 9.8% |
| FY2022 | 15.0% | 0.05× | 8.54× | 6.4% |
| FY2021 | 44.3% | 0.06× | 7.57× | 19.2% |
| FY2020 | 25.3% | 0.07× | 6.00× | 11.4% |
| FY2019 | 29.5% | 0.07× | 5.44× | 11.2% |
| FY2018 | 31.7% | 0.07× | 5.01× | 11.6% |
| FY2017 | 43.2% | 0.07× | 4.91× | 15.5% |
| FY2016 | 23.9% | 0.07× | 5.24× | 9.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$3.32B
- Cash generatingOperating cash flow above zero$4.66B
- Return on assets improvedROA up on the prior year2.0% → 2.4%
- Earnings backed by cashOperating cash flow above net income$4.66B vs $3.32B
- Less leverageLong-term debt to assets fell12.4% → 13.6%
- Better liquidityCurrent ratio rose0.99 → 1.02
- No dilutionShare count did not rise576M → 575M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.09 → 0.09