# Intercontinental Exchange Inc. (ICE) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/ICE/thesis · /stocks/ICE/memo

## Financial Snapshot

---
ticker: ICE
step: 04
generated: 2026-05-12
source: quick-research
---

### Intercontinental Exchange, Inc. (ICE) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY (FY25) |
|--------|--------|--------|--------|------------|
| Net Revenue | $8.0B | $9.28B | $9.93B | +7.0% |
| Exchanges Revenue | $4.5B | $5.0B | ~$5.3B | mid-single-digit |
| Fixed Income & Data Services | $2.3B | $2.3B | ~$2.4B | +3-4% |
| Mortgage Technology | $1.2B | $2.0B | ~$2.2B | +10%+ (incl. Black Knight) |
| Adjusted Operating Margin | ~58% | ~59% | ~60% | +100 bps |
| Adjusted Diluted EPS | $5.59 | $6.10 | $6.95 | +14% |

#### Cash Flow & Capital Allocation (FY2025)

| Metric | Value |
|--------|-------|
| Adjusted Free Cash Flow | $4.2B |
| Capital Expenditures | $0.8B (cloud + AI strategic capex) |
| Operating Cash Flow | ~$5.0B |
| Share Repurchases | $1.3B |
| Dividends Paid | ~$1.1B |
| Quarterly Dividend (early 2026) | $0.52 (+6% raise from $0.48) |
| Annual Dividend | $2.08 |
| Dividend Yield | ~1.3% |
| Cash & Marketable Securities | ~$2B |
| Total Debt | ~$20B (Black Knight financing) |
| Net Debt / EBITDA | 3.0x (reduced from post-Black Knight peak) |

#### Black Knight Integration

| Metric | Status |
|--------|--------|
| Acquisition Price | $13B (Sept 2023) |
| Synergy Target | $275M by YE 2028 |
| Annualized Synergies (early 2026) | $230M (ahead of plan) |
| Mortgage Servicing Market Share (MSP) | ~70%+ US |
| FY26 Mortgage Technology Growth Guide | low-to-mid single digit |

#### FY2026 Outlook (Qualitative)

| Metric | 2026 Outlook |
|--------|--------------|
| Total Revenue Growth | mid-single digit |
| Recurring Revenue Growth | mid-single digit |
| Mortgage Technology Growth | low-to-mid single digit |
| Recurring Revenue Mix Target by 2028 | >60% |
| Strategic Capex | ~$0.8B (cloud + AI migration) |

#### Key Ratios (approximate)
- P/E: ~24x (FY26 adjusted EPS estimate ~$7.45) | EV/EBITDA: ~18x | FCF Yield: ~4.4%
- Revenue Growth (FY25): +7.0% | FCF Margin: ~42%
- Adjusted Operating Margin: ~60% (best-in-class)
- Dividend Yield: ~1.3% | Dividend Growth: +6% (FY26)
- Net Debt / EBITDA: 3.0x

#### Growth Profile
FY25 was a record year — adjusted EPS $6.95 (+14%); record adjusted FCF $4.2B; record revenue $9.93B. The strategic narrative is **diversification into recurring revenue + Black Knight integration synergies**:
- Black Knight integration ahead of plan: $230M annualized synergies vs. $275M target by YE 2028.
- Recurring revenue mix on path to 60%+ by 2028.
- Mortgage Technology growth in low-mid single digits as US housing transactions stay subdued (mortgage rate lock-in continues).
- Cloud migration + AI investment ramping ($0.8B capex earmark).

FY26 setup: continued mid-single-digit revenue growth + ongoing margin expansion + Black Knight synergies + reduced leverage = double-digit EPS growth. Recurring revenue stability vs. transactional Exchange revenue creates a more resilient model.

#### Forward Estimates
FY2026 (Consensus):
- Revenue: ~$10.4–10.6B (+5–7%)
- Adjusted EPS: ~$7.45–7.75 (+7–11%)

Bull case: Mortgage market recovery on Fed rate cuts unlocks Mortgage Technology to high-single-digit growth; Brent crude volatility supports Exchanges; multiple expands to 26–28x P/E. Bear case: Mortgage rates remain elevated; commodities volume normalizes; Exchanges decelerate; multiple compresses to 20x P/E. Consensus targets ~$190–215 vs. trading ~$165–175 (~15–25% implied upside).

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/ICE/fundamental

## Navigation

- Overview: /stocks/ICE
- Financials (this page): /stocks/ICE/financials
- Thesis: /stocks/ICE/thesis
- Investment Memo: /stocks/ICE/memo
- Coverage universe: /stocks