Short answer
Intercontinental Exchange (ICE) filed its fiscal 2025 10-K annual report with the SEC on Feb 5, 2026. It reported revenue of $12.6B (+7.5% year over year) and net income of $3.3B.
FY2025 key financial metrics · XBRL
- Revenue
- $12.6B
- +7.5% YoY
- Net income
- $3.3B
- +20.4% YoY
- Operating margin
- 39.0%
- +2.4 pp YoY
- EPS (diluted)
- $5.77
- +20.7% YoY
- ROE
- 11.5%
- +1.5 pp YoY
- Operating cash flow
- $4.7B
- +1.1% YoY
Source: XBRL data from the Intercontinental Exchange (ICE) FY2025 10-K on SEC EDGAR. USD.
Intercontinental Exchange FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Operates global financial exchanges and data services platforms
- No new products, services, or business segments introduced or emphasized in 2026 filing
- No strategic shifts or changes in competitive positioning highlighted versus prior year
- Extensive filing of senior note indents and amendments, including new senior notes at rates 3.950% to 5.250% maturing 2027-2062
- Noteworthy multiple new employment agreements effective February 1, 2026 for key executives disclosed
Management Discussion & Analysis
- Cash and investments $2.6B in 2025 vs $3.0B in 2024; debt $19.6B including $18.6B senior notes and $1.0B commercial paper
- Commercial paper interest rates 4.0% in 2025 vs 4.6% in 2024; interest income would drop $28M with 100bps rate decline
- Foreign currency transaction losses $18M in 2025 vs $15M in 2024; 15% of revenues and 9% of operating expenses denominated in pounds/euros
- ICE Clearing Houses hold $81.2B margin deposits emphasizing capital preservation, low credit risk, and liquidity, with risk mitigation policies in place
- No reported revenue, margin or segment profit changes; inflation impact minimal, management confident in passing price increases to participants
Generated from the filing text; verify against the original. How to read a 10-K
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