Intercontinental Exchange (ICE) 10-K Summary — Year Ended Dec 31, 2025
Intercontinental Exchange provides technology and data to financial institutions, corporations, and government entities across major asset classes. The company reported growth in revenue and operating cash flow for the latest annual period.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Intercontinental Exchange provides technology and data to financial institutions, corporations, and government entities across major asset classes. The company reported growth in revenue and operating cash flow for the latest annual period.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$12.6B
Revenue reported for the fiscal year.
Operating income
$4.9B
Income from operations reported for the year.
Net income
$3.3B
Net income reported for the year.
Operating cash flow
$4.7B
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, 2022 | $9.6B | +5.1% |
| Dec 31, 2023 | $9.9B | +2.8% |
| Dec 31, 2024 | $11.8B | +18.8% |
| Dec 31, 2025 | $12.6B | +7.5% |
Business overview
Intercontinental Exchange operates regulated marketplaces for listing, trading, and clearing derivatives and securities, along with related data and connectivity services. Its Fixed Income and Data Services segment offers pricing, reference data, indices, analytics, and execution services. The Mortgage Technology segment provides digital workflow tools for the U.S. residential mortgage lifecycle, from application through servicing and secondary market activities.
Financial performance
Revenue increased compared to the prior year, driven by growth across the company's segments. Operating income and net income also rose, while operating cash flow improved. The trend over recent periods shows consistent revenue expansion.
Material risks
The filing identifies risks related to the company's reliance on technology platforms and data services, as well as regulatory and competitive pressures in its exchange and clearing operations. Cybersecurity threats and the need to maintain system integrity are also noted as material concerns.
Liquidity and capital
The company has financed operations and growth primarily through operating income and debt facilities. Capital requirements have included expenditures for technology development, acquisitions, stock repurchases, and dividends.
What to watch
Monitor changes in revenue growth rates across the three business segments, particularly the Mortgage Technology segment's performance.