ICE maintains robust cash generation capabilities, evidenced by an OCF/NI ratio of 2.60x in 2023Q4 and a peak free cash flow margin of 44.3% in 2025Q2, which supports aggressive capital returns including $646 million in 2026Q1 share repurchases.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Cash from Operations | 5.02B | 4.66B | 4.61B | 3.54B | 3.55B | 3.12B | 2.88B | 2.66B | 2.53B | 2.08B | 2.15B | 1.31B | 1.51B | 735M | 732.95M | 712.77M | 533.76M | 486.59M | 375.11M | 287.78M | 145.92M |
| Operating CF Margin % | - | 36.89% | 39.19% | 35.77% | 36.88% | 34.06% | 34.95% | 40.61% | 40.36% | 35.68% | 35.99% | 28% | 34.79% | 42.49% | 53.78% | 53.71% | 46.42% | 48.91% | 46.13% | 50.11% | 46.5% |
| Operating CF Growth % | 49.74% | 1.15% | 30.12% | -0.34% | 13.8% | 8.4% | 8.35% | 4.97% | 21.49% | -2.98% | 63.92% | -13.41% | 105.99% | 0.28% | 2.83% | 33.54% | 9.69% | 29.72% | 30.35% | 97.21% | - |
| Net Income | 3.92B | 3.37B | 2.8B | 2.44B | 1.5B | 4.07B | 2.11B | 1.96B | 2.02B | 2.54B | 1.45B | 1.29B | 1B | 270M | 561.74M | 521.74M | 407.77M | 314.15M | 300.97M | 240.61M | 143.27M |
| Depreciation & Amortization | 1.55B | 1.56B | 1.54B | 1.22B | 1.03B | 1.01B | 751M | 662M | 586M | 535M | 610M | 374M | 333M | 161M | 130.5M | 132.25M | 121.21M | 111.36M | 63.89M | 33.4M | 13.86M |
| Stock-Based Compensation | 259M | 238M | 231M | 257M | 155M | 188M | 139M | 139M | 130M | 135M | 124M | 111M | 97M | 64M | 52.11M | 52.94M | 49.32M | 53.17M | 0 | 0 | 0 |
| Deferred Taxes | 173M | -27M | -142M | -329M | -593M | 537M | 92M | -33M | 27M | -651M | 114M | -108M | 21M | -15M | -24.28M | -2.9M | -22.8M | -11.54M | -16.99M | -3.22M | -5.34M |
| Other Non-Cash Items | -363M | 25M | 118M | 349M | 1.34B | -2.59B | -80M | -40M | -134M | -246M | -6M | -40M | -50M | 202M | -4.6M | 4.17M | 11.51M | -2.53M | -7.17M | -37.83M | -32.17M |
| Working Capital Changes | -592M | -504M | 63M | -388M | 123M | -87M | -129M | -29M | -96M | -230M | -142M | -321M | 108M | 53M | 17.48M | 4.57M | -33.25M | 21.98M | 18.7M | 64.26M | 26.47M |
| Change in Receivables | -508M | -62M | -149M | -71M | 20M | -5M | -149M | -30M | -44M | -135M | -65M | -45M | -78M | 29M | 10.73M | -22.59M | -2.67M | -27.43M | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | -157M | 0 | 0 | -51M | -15M | -20M | -24M | -133M | -282M | 76M | 0 | 16.06M | 36.53M | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -260M | -316M | 237M | -144M | 166M | -150M | 69M | 34M | -33M | -88M | 14M | -21M | 52M | 0 | -10.88M | -6.86M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.52B | -4.25B | -921M | -8.8B | 677M | -786M | -9.83B | -594M | -1.75B | 92M | -898M | -3.3B | -468M | -2.52B | -117.87M | -614.86M | -633.08M | -142.28M | -69.75M | -637.39M | -27.63M |
| Capital Expenditures | -671M | -580M | -406M | -489M | -482M | -452M | -410M | -305M | -280M | -357M | -365M | -277M | -250M | -181M | -67.81M | -87.64M | -47.77M | -44.74M | -48.81M | -104.36M | -19.82M |
| CapEx % of Revenue | 5.13% | 4.59% | 3.45% | 4.94% | 5% | 4.93% | 4.97% | 4.66% | 4.46% | 6.11% | 6.11% | 5.92% | 5.74% | 10.46% | 4.98% | 6.6% | 4.15% | 4.5% | 6% | 18.17% | 6.31% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 1.28B | 2.78B | 524M | 230M | 6.15B | 0 | 0 | 0 | 0 | 0 | 455M | 328M | 1.58B | 398M | 391M | 451.14M | 0 | 149.32M | 144.95M | 140.96M | 77.35M |
| Other Investing | -542M | -2.07B | -551M | 1.71B | 548M | 3.66B | -388M | -311M | -375M | -220M | -108M | -294M | -665M | -75M | -99.66M | -1.53M | -18.57M | 0 | -108.49M | 6.68M | -44.68M |
| Cash from Financing | 32.3B | -6.33B | 79M | -64.34B | -1.84B | 62.03B | 6.74B | -1.75B | -463M | -1.97B | -1.46B | 1.98B | -1.33B | 1.12B | 172.36M | 105.11M | 169.52M | -75.11M | -141.12M | 264.76M | 63.1M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -1.7B | -1.39B | -81M | -78M | -705M | -320M | -1.32B | -1.52B | -1.28B | -1.04B | -104M | -705M | -690M | -77M | -72M | -190M | -104.2M | -12.07M | -300M | -15.55M | 22.11M |
| Dividends Paid | -1.12B | -1.1B | -1.04B | -955M | -853M | -747M | -669M | -621M | -555M | -476M | -409M | -331M | -299M | -75M | 0 | 0 | 0 | 0 | -3.45M | 0 | 0 |
| Share Repurchases | -1.7B | -1.39B | -81M | -78M | -705M | -320M | -1.32B | -1.52B | -1.28B | -1.04B | -104M | -705M | -690M | -77M | -72M | -190.47M | -104.2M | -12.07M | -300M | -25.48M | 0 |
| Other Financing | 36.31B | -1.85B | 3.48B | -65.38B | -4.46B | 65.73B | 38M | 383M | 40M | -183M | 0 | -118M | 32M | -98M | -1M | -13.89M | 2.72M | 20.99M | 6.73M | 60.81M | 41M |
| Net Change in Cash | 43.32B | 3.61B | 3.75B | -69.59B | 2.37B | 64.36B | -197M | 316M | 304M | 218M | -220M | -25M | -309M | -651M | 789.25M | 201.16M | 69.33M | 268.94M | 163.93M | -84.66M | 184.25M |
| Free Cash Flow | 4.56B | 4.29B | 4.2B | 3.05B | 3.07B | 2.67B | 2.47B | 2.35B | 2.25B | 1.73B | 1.78B | 1.03B | 1.26B | 554M | 665.14M | 625.13M | 485.99M | 441.85M | 326.3M | 183.42M | 126.11M |
| FCF Margin % | 34.86% | 33.94% | 35.74% | 30.83% | 31.88% | 29.13% | 29.97% | 35.96% | 35.9% | 29.57% | 29.88% | 22.08% | 29.04% | 32.02% | 48.8% | 47.11% | 42.26% | 44.42% | 40.13% | 31.94% | 40.19% |
| FCF Growth % | 15.07% | 2.05% | 37.67% | -0.62% | 15.01% | 8.09% | 4.97% | 4.48% | 30.38% | -3.14% | 72.53% | -18.2% | 128.16% | -16.71% | 6.4% | 28.63% | 9.99% | 35.41% | 77.9% | 45.44% | - |
| FCF per Share | 8.00 | 7.51 | 7.30 | 5.40 | 5.48 | 4.73 | 4.45 | 4.17 | 3.89 | 2.91 | 2.98 | 1.85 | 2.21 | 1.40 | 1.82 | 1.69 | 1.31 | 1.19 | 0.90 | 0.52 | 0.42 |
| FCF Conversion (FCF/Net Income) | 1.16x | 1.41x | 1.67x | 1.50x | 2.46x | 0.77x | 1.38x | 1.38x | 1.27x | 0.83x | 1.50x | 1.03x | 1.54x | 2.89x | 1.33x | 1.40x | 1.34x | 1.54x | 1.25x | 1.20x | 1.02x |
| Interest Paid | 779M | 764M | 870M | 727M | 550M | 406M | 298M | 280M | 202M | 171M | 170M | 123M | 140M | 32M | 29M | 17M | 13.95M | -13.08M | 10.96M | 0 | 0 |
| Taxes Paid | 968M | 1.07B | 957M | 909M | 882M | 1.06B | 642M | 557M | 533M | 594M | 460M | 542M | 338M | 198M | 232M | 194M | 244.24M | -164.6M | 129.88M | 0 | 0 |
Mortgage market cyclicality
According to the provided financial data, ICE consistently maintains an OCF/NI ratio above 1.0, with a notable 2.60x conversion in 2023Q4, suggesting that reported net income significantly understates the actual cash-generating capacity of the firm due to heavy non-cash amortization charges from its acquisition strategy.
The persistent gap between net income and operating cash flow indicates that GAAP earnings are heavily impacted by non-cash expenses, likely related to the amortization of intangible assets from recent large-scale acquisitions. Investors should view the operating cash flow as a more reliable proxy for the company's underlying economic performance, as the net income figure appears artificially suppressed by accounting conventions.
As reported in quarterly filings, ICE's free cash flow margins have demonstrated significant resilience, peaking at 44.3% in 2025Q2, which highlights the company's ability to translate its high-margin exchange and data revenue into substantial liquidity despite the ongoing integration of complex mortgage technology assets.
The trajectory of free cash flow suggests that the business model remains highly efficient, with the ability to generate significant surplus cash even during periods of heavy investment. This margin profile supports the company's capacity to fund both shareholder returns and debt reduction without relying on external financing, reinforcing the stability of its cash-generating engine.
Based on reported figures, ICE maintains a disciplined capital expenditure profile, with CapEx/Revenue ratios generally fluctuating between 2.6% and 9.1%, indicating that the firm is successfully balancing necessary infrastructure investment with the maintenance of its proprietary technology stack and clearing house systems.
The relatively low capital intensity suggests that the company's core infrastructure is largely built, allowing for high incremental margins on additional volume. While periodic spikes in CapEx appear linked to integration efforts, the overall trend suggests that the firm does not require excessive capital reinvestment to sustain its competitive moat.
As indicated by the quarterly cash flow statements, working capital changes have been notably volatile, ranging from a $305 million outflow in 2026Q1 to a $285 million inflow in 2024Q4, which warrants further investigation into the timing of clearing house settlements and seasonal revenue recognition patterns.
The significant swings in working capital appear to be a function of the company's unique role in financial plumbing, where clearing house obligations can create temporary cash flow distortions. Analysts should monitor these fluctuations to distinguish between operational efficiency and the inherent timing differences associated with the firm's clearing and settlement activities.
Based on the provided data, ICE consistently utilizes its robust cash flow to fund both dividends and aggressive share repurchases, with buybacks reaching $646 million in 2026Q1, reflecting management's commitment to returning capital to shareholders while simultaneously managing the debt load from recent strategic acquisitions.
The consistent deployment of cash toward share repurchases suggests management's confidence in the long-term value of the equity, even as they navigate the integration of large-scale mortgage technology assets. This balanced approach to capital allocation appears to prioritize shareholder value while maintaining the financial flexibility required for future strategic pivots.
Quick answers to the most common questions about buying ICE stock.
Intercontinental Exchange, Inc. (ICE) generated $4.66B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Intercontinental Exchange, Inc. (ICE) generated $4.29B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Intercontinental Exchange, Inc. (ICE) spent $580.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Intercontinental Exchange, Inc. (ICE) returned $1.10B to shareholders via cash dividends and spent $1.39B on share repurchases. This shows the company's commitment to returning capital to its equity investors.