Revenue growth is accelerating, with total revenue reaching $3.6B in 2026Q2, up from $3.0B in 2025Q3, while operating margin remains strong at 38.7% and efficiency ratio improved to 18.8%.
Intercontinental Exchange, Inc. (ICE) annual income statement — 20-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | -655M | -641M | -769M | -489M | -508M | -422M | -347M | -250M | -222M | -179M | -175M | -97M | -96M | -53M | -37.37M | -32M | -28.38M | -20.96M | -8.04M | 0 | 0 |
| NII Growth % | 26.99% | 16.64% | -57.26% | 3.74% | -20.38% | -21.61% | -38.8% | -12.61% | -24.02% | -2.29% | -80.41% | -1.04% | -81.13% | -41.81% | -16.79% | -12.76% | -35.39% | -160.81% | - | - | - |
| Net Interest Margin % | -0.38% | -0.47% | -0.55% | -0.36% | -0.26% | -0.22% | -0.27% | -0.26% | -0.24% | -0.23% | -0.21% | -0.12% | -0.14% | -0.08% | -0.1% | -0.09% | -0.11% | -0.1% | -0.05% | 0% | 0% |
| Interest Income | 127M | 140M | 141M | 319M | 108M | 1M | 10M | 35M | 22M | 8M | 3M | 0 | 0 | 3M | 1.63M | 3M | 2.16M | 1.96M | 11.54M | 0 | 0 |
| Interest Expense | 782M | 781M | 910M | 808M | 616M | 423M | 357M | 285M | 244M | 187M | 178M | 97M | 96M | 56M | 39M | 35M | 30.54M | 22.92M | 19.57M | 0 | 0 |
| Loan Loss Provision | 2.79B | 4.04B | 4.33B | 3.44B | 3.82B | 3.73B | 3.59B | 2.57B | 2.48B | 2.36B | 2.61B | 2.06B | 1.94B | 441M | 258M | 263M | 250.61M | 251.03M | 10.13M | 126.15M | 70.18M |
| Non-Interest Income | 13.3B | 12.5B | 11.62B | 9.58B | 9.53B | 9.17B | 8.23B | 6.51B | 6.25B | 5.83B | 5.97B | 4.68B | 4.35B | 1.73B | 1.36B | 1.32B | 1.15B | 992.83M | 801.54M | 574.29M | 313.8M |
| Non-Interest Income % | 105.18% | 105.41% | 107.09% | 105.38% | 105.63% | 104.83% | 104.4% | 103.99% | 103.68% | 103.16% | 103.02% | 102.12% | 102.26% | 103.17% | 102.82% | 102.48% | 102.54% | 102.16% | 101.01% | 100% | 100% |
| Total Net Revenue | 12.64B | 11.86B | 10.85B | 9.1B | 9.02B | 8.74B | 7.89B | 6.26B | 6.03B | 5.66B | 5.79B | 4.58B | 4.26B | 1.67B | 1.32B | 1.29B | 1.12B | 971.87M | 793.5M | 574.29M | 313.8M |
| Revenue Growth % | 7.95% | 9.27% | 19.31% | 0.83% | 3.14% | 10.88% | 25.95% | 3.81% | 6.65% | -2.36% | 26.35% | 7.73% | 154.24% | 26.43% | 2.48% | 15.42% | 15.18% | 22.48% | 38.17% | 83.01% | - |
| Non-Interest Expense | 3.83B | 2.92B | 2.21B | 1.97B | 1.56B | 1.57B | 1.27B | 1.02B | 970M | 916M | 1.01B | 774M | 864M | 443M | 239M | 236M | 216.47M | 208.22M | 289.84M | 94.58M | 38.98M |
| Efficiency Ratio | 30.26% | 24.67% | 20.39% | 21.61% | 17.34% | 17.94% | 16.05% | 16.26% | 16.08% | 16.2% | 17.49% | 16.88% | 20.3% | 26.46% | 18.05% | 18.27% | 19.34% | 21.42% | 36.53% | 16.47% | 12.42% |
| Operating Income | 6.03B | 4.9B | 4.31B | 3.69B | 3.64B | 3.45B | 3.03B | 2.67B | 2.58B | 2.38B | 2.17B | 1.75B | 1.45B | 790M | 827M | 793M | 652.32M | 512.62M | 493.53M | 353.56M | 204.63M |
| Operating Margin % | 47.7% | 41.29% | 39.71% | 40.62% | 40.33% | 39.44% | 38.46% | 42.69% | 42.82% | 42.06% | 37.49% | 38.17% | 34.02% | 47.19% | 62.46% | 61.38% | 58.27% | 52.75% | 62.2% | 61.56% | 65.21% |
| Operating Income Growth % | - | 13.62% | 16.65% | 1.54% | 5.48% | 13.72% | 13.47% | 3.48% | 8.58% | 9.53% | 24.11% | 20.86% | 83.29% | -4.47% | 4.29% | 21.57% | 27.25% | 3.87% | 39.59% | 72.78% | - |
| Pretax Income | 5.33B | 4.35B | 3.63B | 2.89B | 1.81B | 5.7B | 2.77B | 2.48B | 2.52B | 2.53B | 2.04B | 1.65B | 1.41B | 504M | 790M | 760M | 609.47M | 493.7M | 473.5M | 358.43M | 212.54M |
| Pretax Margin % | 42.2% | 36.69% | 33.43% | 31.82% | 20.04% | 65.16% | 35.07% | 39.62% | 41.78% | 44.66% | 35.27% | 36.05% | 33.06% | 30.11% | 59.67% | 58.82% | 54.45% | 50.8% | 59.67% | 62.41% | 67.73% |
| Income Tax | 1.25B | 991M | 826M | 456M | 310M | 1.63B | 658M | 521M | 500M | -28M | 586M | 358M | 402M | 184M | 228M | 238M | 201.71M | 179.55M | 172.52M | 117.82M | 69.28M |
| Effective Tax Rate % | 23.36% | 22.78% | 22.77% | 15.76% | 17.15% | 28.59% | 23.79% | 21% | 19.84% | -1.11% | 28.68% | 21.66% | 28.57% | 36.51% | 28.86% | 31.32% | 33.1% | 36.37% | 36.44% | 32.87% | 32.59% |
| Net Income | 4.03B | 3.3B | 2.75B | 2.37B | 1.45B | 4.06B | 2.09B | 1.93B | 1.99B | 2.53B | 1.43B | 1.27B | 981M | 254M | 552M | 510M | 398.3M | 315.99M | 300.97M | 240.61M | 143.27M |
| Net Margin % | 31.85% | 27.87% | 25.38% | 26.04% | 16.03% | 46.4% | 26.49% | 30.87% | 32.96% | 44.66% | 24.68% | 27.79% | 23.05% | 15.17% | 41.69% | 39.47% | 35.58% | 32.51% | 37.93% | 41.9% | 45.66% |
| Net Income Growth % | 34.1% | 19.97% | 16.3% | 63.76% | -64.37% | 94.26% | 8.07% | -2.77% | -21.3% | 76.64% | 12.24% | 29.87% | 286.22% | -53.99% | 8.24% | 28.04% | 26.05% | 4.99% | 25.09% | 67.95% | - |
| Net Income (Continuing) | 4.09B | 3.36B | 2.8B | 2.44B | 1.5B | 4.07B | 2.11B | 1.96B | 2.02B | 2.55B | 1.46B | 1.29B | 1B | 320M | 562M | 522M | 407.77M | 314.15M | 300.97M | 240.61M | 143.27M |
| EPS (Diluted) | 7.11 | 5.77 | 4.78 | 4.19 | 2.58 | 7.18 | 3.77 | 3.42 | 3.43 | 4.23 | 2.37 | 2.28 | 1.71 | 0.64 | 1.50 | 1.38 | 1.07 | 0.85 | 0.83 | 0.68 | 0.48 |
| EPS Growth % | 35.89% | 20.71% | 14.08% | 62.4% | -64.07% | 90.45% | 10.23% | -0.29% | -18.91% | 78.48% | 3.95% | 33.33% | 167.19% | -57.33% | 8.7% | 28.97% | 25.88% | 2.41% | 22.06% | 41.67% | - |
| EPS (Basic) | - | 5.80 | 4.80 | 4.20 | 2.59 | 7.22 | 3.79 | 3.44 | 3.46 | 4.27 | 2.39 | 2.29 | 1.72 | 0.65 | 1.52 | 1.39 | 1.08 | 0.87 | 0.85 | 0.70 | 0.51 |
| Diluted Shares Outstanding | 566M | 571.14M | 576M | 565M | 561M | 565M | 555M | 565M | 579M | 594M | 599M | 559M | 573M | 395M | 365M | 370M | 372.38M | 370.45M | 360.82M | 354.9M | 298M |
Quick answers to the most common questions about buying ICE stock.
For fiscal year 2025, Intercontinental Exchange, Inc. (ICE) reported total revenue of $11.86B. This represents a 3678.5% increase compared to $313.8M in 2006.
Intercontinental Exchange, Inc. (ICE) is profitable, generating $3.30B in net income for the fiscal year ending 2025 with a net profit margin of 26.1%.
Intercontinental Exchange, Inc. (ICE) reported an operating income of $4.90B, resulting in an operating profit margin of 38.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Intercontinental Exchange, Inc. (ICE) generated $7.82B in gross profit for the year, representing a gross profit margin of 61.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory and legal overhang
Metrics are mathematically derived from official filings.
Negative NII Reflects Non-Bank Model
ICE's net interest income is consistently negative, around -$178M in 2026Q2, reflecting its non-bank structure where interest expense exceeds interest income, as per recent financial statements.
The negative NII is not a sign of operational weakness but a structural artifact of ICE's business model, which relies on fee-based revenues rather than interest spread. The slight improvement from -$211M in 2024Q1 to -$178M in 2026Q2 suggests better cash management or lower interest costs, but the absolute level remains immaterial to overall profitability. Investors should focus on non-interest income, which constitutes over 99% of total revenue, as the true earnings driver.
NIM Not Applicable, Fee Margins Strong
ICE's net interest margin is effectively zero, but gross margin holds at 61.9% and operating margin at 38.7%, indicating high-value services with minimal marginal costs, based on reported figures.
The traditional bank NIM metric is irrelevant for ICE; instead, the high gross margin underscores the scalability of its exchange and data businesses. Operating margin of 38.7% is robust, though slightly below peers like CME (64.9%), reflecting ICE's heavier mix of mortgage technology and data services. The stability of these margins across quarters suggests effective cost control despite integration of Black Knight, but investors should monitor for potential compression if regulatory costs rise.
Efficiency Ratio Volatile but Improving
ICE's efficiency ratio swung from 41.4% in 2025Q4 to 18.8% in 2026Q2, indicating significant operating leverage, though the 2026Q1 spike to 35.8% warrants attention, as per financial disclosures.
The efficiency ratio's volatility is likely due to timing of expenses and revenue recognition, particularly in the mortgage segment. The low 18.8% in 2026Q2 suggests strong revenue growth outpacing costs, but the 35.8% in 2026Q1 may reflect one-time charges or seasonal costs. Overall, the trend appears favorable, with operating income growing from $1.1B in 2024Q1 to $2.0B in 2026Q2, indicating that the company is achieving economies of scale.
Provisions Spike in 2025Q3
Provision expense jumped to $1.1B in 2025Q3, up from $454M in 2025Q4, but normalized to $740M in 2026Q2, suggesting a one-time credit event, as reported in financial statements.
The elevated provisions in 2025Q3 and 2025Q4 may be related to the Black Knight acquisition, possibly reflecting credit losses in the mortgage portfolio or integration costs. However, the subsequent decline to $740M in 2026Q2 indicates that the spike was not a sustained trend. Investors should monitor whether provisions remain elevated, as this could signal deteriorating credit quality in the mortgage technology segment, but the current level is manageable relative to net income.
Fee Income Dominates Revenue Mix
Non-interest income consistently represents over 98% of total revenue, with 99.3% in 2026Q2, underscoring ICE's reliance on transaction and subscription fees, as per recent filings.
The fee-based revenue model provides a stable and recurring income stream, but it also exposes ICE to market volumes and data demand. The high fee percentage is typical for exchanges, but the mix is shifting toward more recurring data and mortgage technology revenues, which may reduce volatility. However, the cyclicality of mortgage origination volumes remains a risk, as seen in the revenue growth fluctuations across quarters.
2026Q1 EPS Surge Marks Inflection
EPS jumped to $2.48 in 2026Q1, a 79.7% YoY increase, driven by a one-time gain or strong revenue growth, but normalized to $1.69 in 2026Q2, as per income statement data.
The 2026Q1 EPS spike appears to be an anomaly, possibly due to a non-recurring item or a favorable tax event, given the subsequent drop in 2026Q2. This volatility complicates earnings comparisons and suggests that investors should focus on underlying operating trends rather than quarterly EPS. The revenue growth of 7.5% TTM indicates a healthy core business, but the lack of guidance in the latest earnings release adds uncertainty.
Earnings Quality Questioned by Amortization
GAAP net income may be understated by amortization of intangibles from acquisitions like Black Knight, potentially masking true cash earnings, as suggested by the company's M&A history.
ICE's aggressive acquisition strategy has resulted in significant intangible assets, whose amortization reduces reported net income. Adjusted metrics, which exclude these charges, likely present a more accurate picture of earnings power. However, the sustainability of organic growth is uncertain, and the reliance on acquisitions to drive revenue may indicate limited internal growth opportunities. Investors should scrutinize the quality of earnings and consider the impact of purchase accounting on reported figures.