ICE (Intercontinental Exchange, Inc.) Stock Financials & Earnings | Market Cap Arena

ICE (Intercontinental Exchange, Inc.) Stock Financials & Earnings | Market Cap Arena

ICEIntercontinental Exchange, Inc.

Mkt Cap$92B

Financial Services·Financial - Data & Stock Exchanges·🇺🇸 United States·NYSE

Revenue (TTM)$12.6B

Net Income (TTM)$3.3B

EPS (TTM)$5.77

Free Cash Flow (TTM)$4.3B

Gross Margin61.9%

Op. Margin38.7%

Net Margin26.1%

FCF Margin33.9%

P/S Ratio (TTM)7.3x

P/E Ratio (TTM)27.9x

YoY Rev Growth+7.5%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$2.5B	$1.4B	$969M
Q2 23	$2.3B	$1.4B	$955M
Q3 23	$2.4B	$1.4B	$845M
Q4 23	$2.7B	$1.5B	$925M
Q1 24	$2.8B	$1.6B	$1.1B
Q2 24	$2.9B	$1.6B	$1.1B
Q3 24	$3.0B	$1.6B	$1.1B
Q4 24	$3.0B	$1.6B	$1.1B
Q1 25	$3.2B	$1.8B	$1.2B
Q2 25	$3.3B	$1.8B	$1.3B
Q3 25	$3.0B	$1.7B	$1.2B
Q4 25	$3.1B	$2.5B	$1.2B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	9.5x	63.8x
Q2 23	9.6x	54.6x
Q3 23	9.6x	38.1x
Q4 23	9.3x	38.9x
Q1 24	9.0x	37.1x
Q2 24	8.5x	39.8x
Q3 24	8.1x	37.9x
Q4 24	7.8x	33.4x
Q1 25	7.6x	33.1x
Q2 25	7.3x	30.7x
Q3 25	7.4x	29.1x
Q4 25	7.3x	27.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$653M	$568M
Q2 23	$1.2B	$1.0B
Q3 23	$768M	$645M
Q4 23	$969M	$806M
Q1 24	$1.0B	$864M
Q2 24	$1.2B	$1.0B
Q3 24	$898M	$819M
Q4 24	$1.5B	$1.2B
Q1 25	$966M	$881M
Q2 25	$1.5B	$1.4B
Q3 25	$915M	$853M
Q4 25	$1.3B	$1.1B

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$85M
Q2 23	$118M
Q3 23	$123M
Q4 23	$163M
Q1 24	$145M
Q2 24	$165M
Q3 24	$79M
Q4 24	$276M
Q1 25	$85M
Q2 25	$60M
Q3 25	$62M
Q4 25	$166M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+0.5%	+2.5%
Q2 23	-3.2%	-10.6%
Q3 23	+1.8%	+7.5%
Q4 23	+12.2%	+15.1%
Q1 24	+13.3%	+15.6%
Q2 24	+24.0%	+32.6%
Q3 24	+24.9%	+21.8%
Q4 24	+13.7%	+12.2%
Q1 25	+15.3%	+15.5%
Q2 25	+12.6%	+7.3%
Q3 25	-0.9%	-5.0%
Q4 25	+3.6%	-0.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$40M	1.6%
Q2 23	$45M	1.9%
Q3 23	$79M	3.3%
Q4 23	$93M	3.5%
Q1 24	$57M	2.0%
Q2 24	$57M	2.0%
Q3 24	$57M	1.9%
Q4 24	$60M	2.0%
Q1 25	$57M	1.8%
Q2 25	$58M	1.8%
Q3 25	$54M	1.8%
Q4 25	$69M	2.2%

OpEx Breakdown

Quarter	G&A
Q1 23	$122M
Q2 23	$117M
Q3 23	$110M
Q4 23	$132M
Q1 24	$143M
Q2 24	$168M
Q3 24	$124M
Q4 24	$137M
Q1 25	$137M
Q2 25	$127M
Q3 25	$139M
Q4 25	$1.3B

Revenue Segments

Quarter	Exchanges Segment	Fixed Income And Data Services Segment	Mortgage Technology Segment
Q1 23	$1.7B	$563M	$236M
Q2 23	$1.5B	$546M	$249M
Q3 23	$1.5B	$559M	$330M
Q4 23	$1.6B	$563M	$502M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$2.1B	$0	$2.1B
Q2 23	$2.9B	$0	$2.9B
Q3 23	$837M	$0	$837M
Q4 23	$899M	$230M	$1.1B
Q1 24	$863M	$0	$863M
Q2 24	$885M	$98M	$983M
Q3 24	$755M	$500M	$1.3B
Q4 24	$844M	$524M	$1.4B
Q1 25	$783M	$2.4B	$3.2B
Q2 25	$1.0B	$1.6B	$2.6B
Q3 25	$850M	$1.4B	$2.2B
Q4 25	$837M	$2.8B	$3.6B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	561M	+0.2%
Q2 23	561M	+0.0%
Q3 23	565M	+0.7%
Q4 23	565M	+0.0%
Q1 24	575M	+1.8%
Q2 24	575M	+0.0%
Q3 24	577M	+0.3%
Q4 24	577M	+0.0%
Q1 25	577M	+0.0%
Q2 25	575M	-0.3%
Q3 25	574M	-0.2%
Q4 25	571M	-0.5%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$1M	3K
FY 15	$844K	6K
FY 16	$1M	6K
FY 17	$1M	5K
FY 18	$1M	5K
FY 19	$1M	6K
FY 20	$927K	9K
FY 21	$1M	9K
FY 22	$1M	9K
FY 23	$749K	13K
FY 24	$910K	13K
FY 25	$984K	13K