Company file · ICE

Intercontinental Exchange

Intercontinental Exchange's revenue rose 7.5% in FY2025, to $12.6B, and net income rose 20.4% to $3.3B

Revenue rose 7.5% to $12.6B in FY2025, from $11.8B in FY2024. Net income rose 20.4% to $3.3B. Exchanges was the largest segment, at 64% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 5, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026) · Data pulled Oct 29, 2026

Key facts

Intercontinental Exchange (NYSE: ICE) closed fiscal 2025 on Dec 31, 2025 with revenue of $12.6B, up 7.5% from a year before; net income came to $3.3B, up 20.4%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $3.6B, up 20.7% on the same stretch of the prior year, and net income of $940M. Broken down by segment, Exchanges led with 64% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 5, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026).

Revenue$12.6BFY2025 · +7.5% vs FY2024

Net income$3.3BFY2025 · +20.4% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 5, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 30, 2026 · 10-Q filed Jul 30, 2026 · 10-Q filed Oct 29, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Exchanges$8.1B64%+9.1%
Fixed Income and Data Services$2.4B19%+5.3%
Mortgage Technology$2.1B17%+3.9%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Exchanges (64%), Fixed Income and Data Services (19%) and Mortgage Technology (17%), as shares of total revenue. Total revenue was $12.6B.

By segment: three-year mixShare of the total each fiscal year

FY2023

64%23%13%

FY2024

63%20%17%

FY2025

64%19%17%

ExchangesFixed Income and Data ServicesMortgage Technology

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$3.6B Q3 2026

$3.0B Q3 2025

20.7% increase

Net income

$940M Q3 2026

$816M Q3 2025

15.2% increase

Source: Intercontinental Exchange 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026

By segment

Exchanges

$2.4B Q3 2026

$1.9B Q3 2025

29.3% increase

Fixed Income and Data Services

$674M Q3 2026

$618M Q3 2025

9.1% increase

Mortgage Technology

$549M Q3 2026

$528M Q3 2025

4.0% increase

Source: Intercontinental Exchange 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026

The bull case and the bear case

The bull case

Revenue rose 7.5% in FY2025 to $12.6B, from $11.8B a year earlier. 10-K, FY2025
Net income rose 20.4% in FY2025 to $3.3B, from $2.8B. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $3.6B, up 20.7% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Net income in the quarter ended Sep 30, 2026 was $940M, up 15.2% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include markets and rates; credit and claims; regulation. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Intercontinental Exchange is in the financial exchanges & data industry, part of the financials sector. The SEC files it under Security & Commodity Brokers, Dealers, Exchanges & Services.

Intercontinental Exchange reports 3 segments: Exchanges, Fixed Income and Data Services and Mortgage Technology.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the financial exchanges & data industry. They are not a summary of Intercontinental Exchange’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Markets and ratesInterest rates, credit conditions and market levels move its revenue and results.
Credit and claimsLosses on loans, claims or investments can reduce earnings.
RegulationCapital, liquidity and conduct rules affect what it can do and what it costs.
CompetitionBanks, insurers, asset managers and technology firms compete for the same customers.
Cyber and operationsSecurity incidents and operational failures can cause losses and harm trust.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$9.9B	$11.8B	$12.6B
Net income	$2.4B	$2.8B	$3.3B
Diluted shares	565M	576M	575M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Intercontinental Exchange's revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.

What we left out

Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.

Recent filings

Form	Filed	Period
10-Q	Oct 29, 2026	Sep 30, 2026
10-Q	Jul 30, 2026	Jun 30, 2026
10-Q	Apr 30, 2026	Mar 31, 2026
DEF 14A	Mar 31, 2026	May 15, 2026
10-K	Feb 5, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Intercontinental Exchange

How does Intercontinental Exchange make money?

Fiscal 2025 revenue: $12.6B. By segment in FY2025: Exchanges (64%), Fixed Income and Data Services (19%) and Mortgage Technology (17%), as shares of total revenue. Total revenue was $12.6B. Source: 10-K for fiscal 2025, filed Feb 5, 2026.

What was Intercontinental Exchange's revenue in fiscal 2025?

$12.6B, up 7.5% from fiscal 2024 ($11.8B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $9.9B. Source: 10-K for fiscal 2025, filed Feb 5, 2026.

Is Intercontinental Exchange profitable?

Net income was $3.3B in fiscal 2025 (up 20.4%; fiscal 2024 was $2.8B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $940M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 5, 2026.

What did Intercontinental Exchange report in its latest quarterly filing?

For the three months to Sep 30, 2026: revenue $3.6B (up 20.7% from $3.0B) and net income $940M (up 15.2% from $816M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026.

What are the main risks Intercontinental Exchange faces?

Intercontinental Exchange's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 5, 2026. Risks that are common among companies in the financial exchanges & data industry include Markets and rates; credit and claims; regulation; competition; cyber and operations. The first: Interest rates, credit conditions and market levels move its revenue and results. Source: 10-K, Item 1A Risk Factors.

Where do these Intercontinental Exchange numbers come from?

The 10-K filed Feb 5, 2026 (fiscal 2025) and the 10-Q filed Oct 29, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in ICE: The editor holds no position in Intercontinental Exchange (ICE). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell ICE from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 29, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold ICE, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Intercontinental ExchangeICE	FY2025	$12.6B	+7.5%	$3.3B
CME GroupCME	FY2025	$6.5B	+6.4%	$4.1B
Moody'sMCO	FY2025	$7.7B	+8.9%	$2.5B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.