Intercontinental Exchange (ICE) 10-K Summary — Year Ended Dec 31, 2023
Intercontinental Exchange provides technology and data to financial institutions, corporations, and government entities across major asset classes. The company reported higher revenue and operating cash flow for the most recent annual period compared to the prior year.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Intercontinental Exchange provides technology and data to financial institutions, corporations, and government entities across major asset classes. The company reported higher revenue and operating cash flow for the most recent annual period compared to the prior year.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$9.9B
Revenue reported for the fiscal year.
Operating income
$3.7B
Income from operations reported for the year.
Net income
$2.4B
Net income reported for the year.
Operating cash flow
$3.5B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $9.2B | n/a |
| Dec 31, 2022 | $9.6B | +5.1% |
| Dec 31, 2023 | $9.9B | +2.8% |
Business overview
The company operates through three segments: Exchanges, which provides regulated marketplace technology for trading and clearing derivatives and securities; Fixed Income and Data Services, offering pricing, reference data, indices, analytics, and clearing services; and Mortgage Technology, which delivers digital workflow tools for the U.S. residential mortgage lifecycle. These segments share expertise in data services and technology to enhance operations across the entire platform.
Financial performance
Revenue increased compared to the prior year, driven by growth across the business. Operating income and net income also rose, while operating cash flow improved. The company's financial results reflect higher activity and contributions from recent acquisitions.
Material risks
The filing notes risks related to the company's investment in Bakkt, which resulted in significant equity method losses and impairment charges. Additional risks include the integration of acquired businesses, such as Black Knight, and the associated debt burden that increased interest expense. Market and regulatory changes could also affect the company's operations.
Liquidity and capital
The company raised debt to fund the Black Knight acquisition, which increased interest expense. Operating cash flow provided sufficient liquidity to support ongoing operations and capital allocation activities.
What to watch
Monitor the performance and valuation of the Bakkt investment, as it has been a source of significant losses and impairment.