tickdelta
Sign in

Tickdelta is free for now. Sign up and get Pro free

← Screener

ICEIntercontinental Exchange

Financials · Exchanges & Brokers · NYSE

Intercontinental Exchange, Inc. is a leading global provider of technology and data to a broad range of customers including financial institutions, corporations and government entities. 10-K, Item 1

Employees
12,844
Headquarters
Atlanta, GA
Next results
around Feb 4, 2027
Compare with peers → Embed

10-K 0001571949-26-000004 (2026-02-05) vs 10-K 0001571949-25-000003 (2025-02-06)

SectionCompared textWords nowChanged
Risk FactorsItem 1A19,461 15.0%
MD&AItem 716,880 23.3%
Legal ProceedingsItem 3, via Note 16 – Commitments and Contingencies448 55.4%
Accounting PoliciesItem 8, Note 2 – Summary of Significant Accounting Policies5,756 27.8%

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 237 words changed in this paragraph; it is 60% similar to last year's version.
In 2016, the SEC approved a plan to establish a market-wide consolidated audit trail, or the CAT, to improve regulators’ ability to monitor trading activity. In 2018, the first phase of implementation went live and required SRO participants to begin reporting to the CAT. In 2024, the final phase went live. In addition to increased risk in connection with our regulatory obligations, the implementation of the CAT has resulted in, and in the future could continue to result in significant additional expenditures, which may not be reimbursed. Prior reimbursed, especially in light of a court challenge to SEC approval the CAT funding model in the United States Court of billing of certain costs to broker-dealers beginning in 2024, funding Appeals for the Eleventh Circuit and follow-on cases. Funding for the CAT was has been provided primarily by the SROs, partly in exchange for promissory notes, which increased the risk that SROs, including us, will not be fully reimbursed in whole or in part for costs expended to build and operate the CAT. CAT or for future promissory notes, if any. In addition, if the SEC determines that we have failed to properly implement the CAT, we may be unable to recover our prior expenses. Due to the replacement of the original plan processor, we recorded promissory note impairment charges of $16 million, $2 million and $16 million in 2023, 2020 and 2019, respectively. The SEC approved a funding model that shares the cost of the CAT between SROs and broker-dealers in September 2023, however, that approval has been challenged in the United States Court of Appeals for the Eleventh Circuit, and another open litigation matter challenges the CAT as it currently exists. If either challenge is successful, there is a risk that SROs will not be partially or fully reimbursed. As of December 31, 2024, 2025, we have accrued approximately $118 $88 million as a receivable in connection with our portion of expenses related to the CAT implementation. In addition, there are additional risks to SRO participants related to regulatory actions or fines in connection with the operation and use of the CAT, including the storage of sensitive and confidential information. information, potential misuse by users with access to the system or if the plan participants do not renew a contract with the plan processor. Furthermore, there is a risk that, upon completion of a review by the SEC, there may be changes required to the system or its governance that could increase costs.

Source: Item 1A, 10-K 0001571949-26-000004 vs Item 1A, 10-K 0001571949-25-000003

MD&A 213 words changed in this paragraph; it is 39% similar to last year's version.
We account for business combinations using the acquisition method of accounting. Assets acquired and liabilities assumed in connection with our acquisitions are recorded at their estimated fair values. We recognize specifically identifiable intangibles if the intangible is either contractual or separable, and we estimate the useful life of the intangible asset based on the estimated period over which the asset is expected to contribute directly or indirectly to future cash flows. Goodwill represents the excess of the purchase price of an acquired company over the fair value of its identifiable net assets, including identified intangible assets. We recognize specifically identifiable intangibles, such as customer relationships, developed technology, trading products, data and databases, trademarks and trade names, exchange registrations, backlog, and licenses when a specific right or contract is acquired. Our determination of the fair value of the intangible assets and whether or not these assets may be impaired following their acquisition requires us to apply significant judgments and make significant estimates and assumptions regarding assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, forecasted future cash flows. If we change our strategy or if market conditions shift, our judgments flows, revenue and margin growth rates, customer attrition rates and discount rates that are unobservable and require judgment. The resulting fair value calculations and estimates may change, which may result in adjustments to recorded asset balances. Intangible assets with finite on assigning useful lives affect our future amortization expense, as acquired finite-lived intangible assets are amortized over their estimated useful lives lives, whereas goodwill and any indefinite lived intangible assets with indefinite useful lives assets, including goodwill, are not. not amortized.

Source: Item 7, 10-K 0001571949-26-000004 vs Item 7, 10-K 0001571949-25-000003

Accounting Policies 163 words changed in this paragraph; it is 55% similar to last year's version.
Our clearing houses are exposed to concentrations of credit risk as a result of maintaining clearing member cash deposits at various financial institutions (see Note 14). Cash deposit accounts are established at large, highly-rated financial institutions and entered into so that they restrict the rights of offset or imposition of liens by the banks. We also limit our risk of loss by holding the majority of the cash deposits in cash accounts at certain central banks, short-term reverse repurchase agreements with various counterparties securitized by highly rated highly-rated sovereign debt or direct investments in short-term high quality high-quality sovereign and supranational debt issues primarily with original maturities of three months or less at the time of purchase. While we seek to achieve a reasonable rate of return which may generate interest income for issues. When engaging in reverse repurchase agreements, our clearing members, we houses take delivery of the underlying securities in custody accounts under clearing house control. The underlying securities are primarily concerned valued daily and are subject to collateral maintenance provisions pursuant to which the counterparty must provide additional collateral, if needed, to maintain sufficient collateralization. Thus, in the event that a reverse repurchase counterparty defaults on its obligation to repurchase the underlying reverse repurchase securities, our clearing house will have possession of securities with preservation of capital and managing a value potentially greater than the risks associated with these deposits. As reverse repurchase counterparty’s obligation to the clearing houses may pass on interest revenues, minus costs, to the members, this could include negative or reduced yield due to market conditions. house.

Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001571949-26-000004 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001571949-25-000003

Legal Proceedings 41 words changed in this paragraph; it is 92% similar to last year's version.
In the ordinary course of our business, from time to time we are subject to legal proceedings, lawsuits, government investigations and other claims with respect to a variety of matters. In addition, we are subject to periodic reviews, inspections, examinations and investigations by regulators in the U.S. and other jurisdictions, any of which may result in claims, legal proceedings, assessments, fines, penalties, restrictions on our business or other sanctions. We record estimated expenses and reserves for legal or regulatory matters or other claims when these matters present loss contingencies that are probable and the related amount is reasonably estimable, and gain contingencies when they become certain. Any such accruals may be adjusted as circumstances change. Assessments of losses are inherently subjective and involve unpredictable factors. While the outcome of legal and regulatory matters is inherently difficult to predict and/or the range of loss often cannot be reasonably estimable, we do not believe that the liabilities, if any, which may ultimately result from the resolution of the various legal and regulatory matters that arise in the ordinary course of our business, including the matter described below, business are likely to have a material adverse effect on our consolidated financial condition, results of operations, or liquidity. It is possible, however, that future results of operations for any particular quarterly or annual period could be materially and adversely affected by any developments relating to these legal and regulatory matters. A range of possible losses related to certain cases cannot be reasonably estimated at this time, except for $19 million of accruals related to regulatory matters, of which $4 million was recorded during 2025.

Source: Item 3, via Note 16 – Commitments and Contingencies, 10-K 0001571949-26-000004 vs Item 3, via Note 16 – Commitments and Contingencies, 10-K 0001571949-25-000003

Every change, by type

Sentences and paragraphs of ICE's Risk Factors and MD&A, 10-K 2026-02-05 against 10-K 2025-02-06. Each links to the text at sec.gov.

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
During 2025, macroeconomic conditions, including changes in the interest rate environment, inflation, and increased market volatility, as well as changes in government policies implemented by new political administrations in the United States and in many other non-U.S. jurisdictions abroad, alongside other geopolitical events, such as the conflicts in Ukraine and the Middle East and the events in Venezuela, and the imposition of sanctions and tariffs, contributed to continued economic and political uncertainty and volatility in global markets. Those factors resulted in a dynamic operating environment and impacted our operations and results. We expect that these impacts may continue in 2026. Moderately higher inflation levels returned in 2025, closely aligned with the imposition of tariffs. In 2025, many of the new political administrations, such as new governments in the U.S. and U.K., adopted domestic growth agendas and implemented new policies aimed at addressing escalating costs of living. Continued inflation resulted in central banks across multiple jurisdictions exercising caution in implementing interest rate reductions. For example, U.S. interest rates were held steady during the first half of the year, with only modest reductions in the second half. In 2026, if inflation and the cost of living continue to increase, central banks may continue to be hesitant to reduce interest rates, which could continue having an adverse effect on revenues for certain portions of our business.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedRisk Factors
We announced on February 3, 2026, that the SEC approved ICE Clear Credit’s application to expand its current registered Covered Clearing Agency designation to add U.S. Treasury clearing. Although the new Treasury clearing service is operationally live for the clearing of cash transactions and expects to go live for repurchase transactions in the fourth quarter of 2026, there is no assurance that the service will achieve meaningful market adoption and competition within the U.S. Treasury clearing market may limit the commercial success of this offering. While ICE Clear Credit has established the U.S. Treasury clearing business as a distinct and segregated business line from its existing CDS clearing business, with its own rulebook, membership, risk management framework, financial and liquidity resources, and governance structure, operating both business lines out of the same legal entity poses risks that any financial, operational, or risk management failure within the U.S. Treasury clearing business could adversely affect the CDS clearing business. We cannot guarantee that the policies, controls, and safeguards implemented to design, launch, and operate this new service will be sufficient to mitigate these risks.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedRisk Factors
In May 2025, we acquired a digital asset custody business now known as ICE Digital Trust, LLC. Our new initiatives in connection with our digital asset custody business present operational, reputational, and financial risks, including increased risk of a security breach, system failure, or in connection with a decline in demand for digital assets.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedRisk Factors
More specifically, the failure to safeguard and manage digital asset accounts could adversely impact our business, operating results, and financial condition. The theft, loss, or destruction of private keys required to access any crypto assets held in custody may be irreversible, and we could be held liable for customer losses. Our insurance policies may not be adequate to reimburse us for losses caused by security breaches or incidents, and we may lose crypto assets valued in excess of the insurance policy without any recourse. Unlike bank accounts or accounts at some other financial institutions, in the event of loss or loss of utility value, there is no public insurer to offer recourse to us or to any consumer and the misappropriated crypto may not be easily traced to the bad actor.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedRisk Factors
Additionally, custodial platforms are prime targets for hackers. A breach of our custody systems could lead to the theft of customer assets and unauthorized transfers, for which the company might be held liable, and traditional insurance may not adequately cover losses related to digital assets. Further, our ownership of a digital asset custody business may also involve dependencies on decentralized or other third party blockchain services and the protocols, which we do not control and in turn may expose us to new and evolving technological risks.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedRisk Factors
The digital asset industry is subject to rapidly evolving and uncertain regulations at both the state and federal levels. Changes in laws or enforcement patterns, such as those related to anti-money laundering (AML) and tax reporting, could impact our ability to operate the business. Further, recent developments in the digital asset economy have led to increased volatility in digital asset markets, which in turn may increase the potential for loss of confidence in the digital asset ecosystem, or negative publicity surrounding digital assets impacting our reputation.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedRisk Factors
ICE Digital Trust is a New York limited purpose trust company that is subject to extensive regulation by the NYDFS. Compliance with any such regulatory requirements increases our regulatory burden and gives rise to costs and expenses that may have a material impact on our financial condition.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedRisk Factors
our businesses and our employees to other jurisdictions, including liquidating assets or raising capital in a manner that adversely increases our funding costs or otherwise adversely affects our stockholders and creditors.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedRisk Factors
The recently enacted GENIUS Act in the U.S. establishes a framework for regulating stablecoins and legislative proposals in the U.S. and EU that, if enacted, will regulate digital assets and could adversely affect our ability to compete if they permit different standards or requirements for certain entities or technologies.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedRisk Factors
We depend on a number of suppliers, such as online service providers, hosting service and software providers, data processors, data centers, software and hardware vendors, banks, local and regional utility providers, and

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedRisk Factors
We also may face increased reputational risks from our investments in companies like Polymarket and Bakkt due to their evolving business models. As is the case with merger and acquisition activity, significant investments in entities such as Polymarket and Bakkt also create additional demand on the time and resources of our senior management team.

Read it in 10-K 2026-02-05 at sec.gov ↗

RemovedRisk Factors
• global political conditions including political uncertainty and discord as a result of elections in many jurisdictions, including in the U.S. and the U.K.; and

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedRisk Factors
We have a majority equity ownership interest and a minority voting interest in Bakkt, which operates as a separate publicly-traded company listed on the NYSE. Due to our majority equity ownership interest in Bakkt, we face increased financial and reputational risks if there is a security or system failure or if Bakkt's business is unsuccessful. We may not realize the returns originally expected from this investment or it may take longer than expected for us to realize the expected returns. We have reviewed certain Bakkt performance indicators noting that, starting as of September 30, 2023, Bakkt has disclosed that it is monitoring its ability to continue as a going concern. Bakkt has continued to disclose that it is monitoring its ability to continue as a going concern in its 2024 SEC filings to date. The carrying value of our equity method investment in Bakkt has been reduced to zero as of December 31, 2024.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedRisk Factors
On August 12, 2024, we entered into a revolving credit agreement with Bakkt pursuant to which we have agreed to provide Bakkt with a $40 million secured revolving line of credit that matures on December 31, 2026. Although there were no amounts outstanding under the revolving credit agreement as of December 21, 2024, if Bakkt borrows on the line of credit and is unable to repay the borrowed amount, we will likely not recover the outstanding amounts.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedRisk Factors
We do not control or have direct oversight of Bakkt's operations and our investment in Bakkt entails numerous risks, including risks relating to our minority voting interest in Bakkt and risks relating to Bakkt’s ability to:

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedRisk Factors
• comply with existing or new laws, regulations or orders of any governmental authority related to the use of digital assets, which are currently under additional regulatory scrutiny following recent negative events in the cryptocurrency industry;

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedRisk Factors
• maintain a risk management and compliance framework designed to detect illegal activity such as fraud, money laundering, tax evasion and ransomware scams and comply with anti-money laundering, counter-terrorist financing laws and regulations and anti-corruption laws globally; and

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedRisk Factors
As digital assets and blockchain technologies evolve, Bakkt has added, modified or discontinued certain aspects of its business model relating to the product mix and service offerings and may do so in the future. Future additions and modifications to Bakkt’s business will increase the complexity of its business and place significant strain on Bakkt’s management, personnel, operations, systems, technical performance, financial resources and internal financial control and reporting functions. We cannot offer any assurance that these or any other additions or modifications will be successful or will not result in harm to Bakkt’s business. In addition, volatility in digital asset markets and bankruptcies relating to digital asset companies has in the past reduced and could in the future, among other things, reduce confidence in digital assets and blockchain technologies. These events are continuing to develop, and it is not possible to predict at this time all of the risks that they may pose to Bakkt or on the digital asset industry as a whole.

Read it in 10-K 2025-02-06 at sec.gov ↗

RewordedRisk Factors
In addition to increased risk in connection with our regulatory obligations, the implementation of the CAT has resulted in, and in the future could continue to result in significant additional expenditures, which may not be reimbursed. reimbursed, especially in light of a court challenge to the CAT funding model in the United States Court of Appeals for the Eleventh Circuit and follow-on cases.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedRisk Factors
To the extent our such subsidiaries are unable to utilize one of those mechanisms obtain recognition for any reason once transitional provisions end, there is a risk that or EU-supervised entities will not be able are otherwise unable to continue to license and use their in scope benchmarks, which could harm our business and our reputation. reputation could be harmed.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedRisk Factors
Prior to SEC approval of billing of certain costs to broker-dealers beginning in 2024, funding Funding for the CAT was has been provided primarily by the SROs, partly in exchange for promissory notes, which increased the risk that SROs, including us, will not be fully reimbursed in whole or in part for costs expended to build and operate the CAT. CAT or for future promissory notes, if any.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedRisk Factors
Additional factors that could now or in the future adversely impact mortgage lending volumes include persistent or increasing housing affordability concerns, reduced consumer and investor demand for mortgages, more stringent underwriting guidelines, decreased liquidity in the secondary mortgage market, high levels of unemployment, high levels of consumer debt, lower consumer confidence, changes in tax and other regulatory policies, the number of existing mortgages eligible for refinancing, and other macroeconomic factors.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedRisk Factors
These developments could impact our profitability in the affected jurisdictions, or even make it uneconomical for us to continue to conduct all or certain of our businesses in such jurisdictions, or could cause us to incur significant costs associated with changing our business practices, restructuring our businesses or moving all or certain of our businesses and our employees to other jurisdictions, including liquidating assets or raising capital in a manner that adversely increases our funding costs or otherwise adversely affects our stockholders and creditors.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedRisk Factors
If these companies were to experience difficulties, discontinue providing services to us for any reason or be unable to or fail to provide the type of service agreed to for any reason, we would likely experience significant disruption to our business or experience a degradation in the quality of our products and may be subject to litigation by our clients, increased regulatory scrutiny or regulatory fines or damage to our reputation. services.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedRisk Factors
On November 13, 2024, As a “critical” benchmark, the administration of ICE Swap Rate was designated as a “critical” benchmark, and, as a result, administration of the benchmark is subject to additional obligations under the UK Benchmark Regulation. U.K.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedRisk Factors
In addition, there are additional risks to SRO participants related to regulatory actions or fines in connection with the operation and use of the CAT, including the storage of sensitive and confidential information. information, potential misuse by users with access to the system or if the plan participants do not renew a contract with the plan processor.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedRisk Factors
Rapid increases Increases in and high levels of inflation in recent years have impacted the credit health of some market participants, increased the risk of default participants and increased the risk of companies not being able to comply with listing standards. default.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedRisk Factors
Higher inflation levels and corresponding periods of prolonged high interest rates could adversely affect our business, including by further increasing the cost of capital, resulting in a slowdown of the growth of early stage early-stage companies, causing companies to stay private longer. longer and potentially creating compliance risk for companies already in the public markets.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedRisk Factors
If the value of these securities collateral declines significantly, our clearing houses will need to collect additional margin or guaranty fund contributions from their clearing members, which may be difficult for the members to supply in a time supply, particularly during times of financial stress affected by an actual or threatened default by a sovereign government. stress.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedRisk Factors
In the event of a cyberattack or a threat of a cyberattack, our procedures may not be effective in immediately detecting and responding to such threats and, upon doing so, our security measures and contingency plans may be inadequate to prevent significant disruptions in our business, technology or access to the infrastructure necessary to maintain our business.

Read it in 10-K 2026-02-05 at sec.gov ↗

Quiet changesRisk Factors
If any of these unfavorable conditions were to persist over a lengthy period of time and trading volumes were to decline substantially and for a long enough period, the critical mass of transaction volume necessary to support viable markets could be jeopardized.

Read it in 10-K 2026-02-05 at sec.gov ↗

Quiet changesRisk Factors
If a clearing member cannot supply the additional margin or guaranty fund contributions, which may include cash in a currency acceptable to the clearing house, the clearing house would could deem the clearing member in default.

Read it in 10-K 2026-02-05 at sec.gov ↗

Quiet changesRisk Factors
Breaches of our cybersecurity measures or the accidental loss, inadvertent disclosure or unapproved dissemination of proprietary information or sensitive or confidential data about us, our clients or our customers, including the potential loss or disclosure of such information or data could expose us, our customers or the individuals affected to a risk of loss or misuse of this information, resulting which could result in litigation, regulatory action and potential liability for us, damaging our brand and reputation or otherwise harming our business.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
On July 4, 2025, the One Big Beautiful Bill Act, or OBBBA, was enacted into law. The OBBBA includes significant changes to U.S. federal and international tax provisions. The application of the OBBBA tax provisions did not result in material changes to our total effective tax rate for the year ended December 31, 2025. The composition of the income tax provision, however, reflects a decrease in current income tax expenses, offset by an increase in deferred income tax expenses, primarily due to immediate expensing of current year domestic research and development costs and certain capital expenditures, and an election to accelerate deductions of previously capitalized domestic R&D expenditures under the OBBBA. We intend to make certain elections under the OBBBA for the 2025 tax year returns and we have reflected the impact of these elections in our financial statements for the year ended December 31, 2025.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
–Sugar futures and options volumes increased 1% in 2025 from 2024 with the first half of the year increasing due to volatility stemming from shifting global supply-demand dynamics and supply-driven deficits, which was partially offset with a decline in the second half of the year due to the impact of geopolitical risks on sugar markets.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
–Other agricultural and metal futures and options volumes decreased 15% in 2025 from 2024 primarily driven by sustained supply constraints, elevated prices, and shifting demand across cocoa and coffee markets, with geopolitical risks further contributing to lower activity.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
In May 2025, the SEC announced that it had ceased collecting Section 31 fees from self-regulatory organizations due to the expectation that the entire fiscal year 2025 appropriation would be collected before the date of the announcement. There were no Section 31 fees payable as of December 31, 2025.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
In 2025, we changed the caption of a disaggregated revenue line item in our Fixed Income and Data Services segment previously presented as "other data and network services" to "data and network technology" within the table above. This name change was made to better reflect the nature of these revenues and did not impact the measurement or classification of revenue included in this classification.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
•We previously had a term loan that we fully repaid in the second quarter of 2024, therefore, we did not incur any interest expense on the term loan during 2025. We incurred $39 million of interest expense under our term loan obligations in 2024.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
Generally, our effective tax rate tends to be higher than the U.S. statutory federal income tax rate due to state and local income taxes and higher tax rates in the U.K., our most material non-U.S. jurisdiction, partially offset by benefits from foreign-derived intangible income and tax credits. Discrete events in each year can change the general trend in either direction such as federal, state and international tax law changes, movements in unrecognized tax benefits, and tax impacts from significant acquisitions, dispositions, and other business changes.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
•An increase in net income of $568 million which was primarily driven by higher Exchange segment revenue partially offset by the $160 million gain related to the PennyMac arbitration final award payment received during 2024;

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
•An increase in non-cash adjustments to net income of $52 million primarily due to the deferred tax expense incurred during 2025 from the application of the OBBBA tax provisions compared to the deferred tax benefit incurred during 2024 and an increase in depreciation and amortization. This was partially offset by our share of

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
net income from our equity method investees during 2025 compared to our share of net losses primarily driven by Bakkt in 2024 and an increase in non-cash fair value gains of our equity investments; and

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
•A decrease in changes in working capital accounts of $567 million primarily due to timing of payments and cash receipts and the impact of the SEC announcing in May 2025 that it had ceased collecting Section 31 fees from self-regulatory organizations due to the expectation that the entire fiscal year 2025 appropriation would be collected before the date of the announcement.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
•In 2025, we had cash paid for equity and equity method investments of $1.0 billion primarily driven by our investment in Polymarket. In 2024, we paid $29 million for equity investments;

Read it in 10-K 2026-02-05 at sec.gov ↗

RemovedMD&A
•The 23% effective tax rate in 2024 was above the statutory federal income tax rate primarily due to state and local income taxes, including the impacts of recording valuation allowances on certain state deferred tax assets, partially offset by favorable state apportionment changes and statutes of limitations expirations.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
•The 16% effective tax rate in 2023 was below the statutory federal income tax rate primarily driven by the following factors: favorable audit settlements for historical years, favorable state apportionment changes, and the application of the high-tax exception to Global Intangible Low-Taxed Income. These benefits were partially offset by the impact of the U.K. corporate income tax increase from 19% to 25% effective April 1, 2023, and the tax impact of certain non-deductible Black Knight acquisition costs.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
•The 17% effective tax rate in 2022 was below the statutory federal income tax rate primarily driven by the deferred income tax benefit from the impairment of our equity investment in Bakkt.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
Year Ended December 31, Year Ended December 31, 2024 2023 Change 2023 2022 Change NYSE cash equities (shares in millions): Total cash handled volume 2,436 2,231 9% 2,231 2,409 (7)% Total cash market share matched 19.7 % 19.9 % (0.2 pts) 19.9 % 19.9 % — NYSE equity options (contracts in thousands): NYSE equity options volume (ADV) 9,375 7,900 19% 7,900 7,621 4% Total equity options volume (ADV) 44,360 40,369 10% 40,369 38,244 6% NYSE share of total equity options 21.1 % 19.6 % 1.5 pts 19.6 % 19.9 % (0.3 pts) Revenue capture or rate per contract: Cash equities rate per contract (per 100 shares) $0.050 $0.048 4% $0.048 $0.045 6% Equity options rate per contract $0.05 $0.06 (10)% $0.06 $0.05 7%

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
Our equities and equity options markets pay fees to the SEC pursuant to Section 31 of the Exchange Act. Section 31 fees are recorded on a gross basis as a component of transaction and clearing fee revenue. These Section 31 fees are

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
In 2024 and 2023, we incurred interest expense of $910 million and $808 million, respectively. Interest expense increased primarily due to increased borrowings raised to fund the Black Knight acquisition. In 2024 and 2023, we incurred Interest expense of $763 million and $703 million, respectively, on our senior notes. In 2024 and 2023, we incurred interest expense of $132 million and $88 million, respectively, on borrowings under our Commercial Paper Program and Term Loan facility (each as defined in "Liquidity and Capital Resources—Debt"), both of which partially funded the Black Knight acquisition. The remainder primarily relates to fees incurred on maintaining our revolving credit facility and other facilities within our group entities. See “— Debt” below.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
In connection with our acquisition of Black Knight, we acquired an investment in Dun & Bradstreet, which we classified as an equity investment. Subsequent to the Black Knight acquisition and prior to December 31, 2023, we sold the entire investment for a total of $187 million and realized a total loss of $3 million on the sales, net of dividends received, which is included in other income/(expense), net, in 2023.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
In connection with our sale of Black Knight’s Optimal Blue and Empower LOS businesses we received a Promissory Note as part of the sale proceeds that was originally valued at $235 million on the Divestiture Date. As we elected the fair value option for the Promissory Note, we were required to mark the asset to fair value each reporting period. For subsequent measurement as of December 31, 2023, we wrote down the value of the Promissory Note, resulting in a fair value loss of $160 million, which was included in other income/(expense), net, in 2023.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
Our effective tax rate was 23% and 16% in 2024 and 2023, respectively. The 23% effective tax rate in 2024 was above the statutory federal income tax rate primarily due to state and local income taxes, including the impacts of recording valuation allowances on certain state deferred tax assets, partially offset by favorable state apportionment changes and statutes of limitations expirations.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
The 16% effective tax rate in 2023 was below the statutory federal income tax rate primarily driven by the following factors: favorable audit settlements for historical years, favorable state apportionment changes and the application of the high-tax exception to Global Intangible Low-Taxed Income. These benefits were partially offset by the impact of the U.K. corporate income tax increase from 19% to 25% effective April 1, 2023, and the tax impact of certain non-deductible Black Knight acquisition costs.

Read it in 10-K 2025-02-06 at sec.gov ↗

RewordedMD&A
Exchanges segment revenues, less transaction based expenses 11 % 13 % 11 % 12 % Fixed income and data services segment revenue 5 5 6 5 Mortgage technology segment revenues — — — — Revenues, less transaction-based expenses 7 % 8 % 7 % 7% 8 % Operating expenses 7 % 2 % 6 % 2 % 7 % 2% Operating income 8 % 15 % 7 8 % 14% 15 % Impact of the currency fluctuations(1) on:

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedMD&A
In addition, we also incurred Selling, general and administrative expenses decreased $14 million in 2025 from 2024, primarily due to a decrease in credit loss expense and one-time charges in 2024 including a net $10 million expense in 2024 for valid claims made following an equity trading issue at NYSE that occurred in June 2024, which is 2024 net of insurance proceeds, proceeds and $15 million of accruals related to a regulatory matters. matter accruals.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedMD&A
As of December 31, 2024 2025 Position in Position in Position in euros pounds sterling Canadian dollars Assets £ 758 C$ 2,904 734 $2,828 € 192 199 of which goodwill represents 518 387 498 383 92 Liabilities 149 2,459 48 143 2,374 32 Net currency position £ 609 C$ 445 591 $454 € 144 167 Net currency position, in $USD $ 761 797 $331 $ 310 $ 150 197 Negative impact on consolidated equity of a 10% decrease in foreign currency exchange rates $ 76 80 $33 $ 31 $ 15 20

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedMD&A
For our equity investments that do not have readily determinable fair values, in 2024 2025 we recorded a net $1 $36 million of fair value loss. gains on our investments related to identifying observable price changes in our investments and equity investments measured using the net asset value per share, or NAV, practical expedient.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedMD&A
Technology and communications expenses increased by $114 $22 million in 2024 2025 from 2023, 2024, primarily due to hardware increases in hosting, security and software support customer network costs and data services expenses, mainly at Black Knight, combined with rising revenues on certain products causing an increase in our revenue share. share license expense.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedMD&A
Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Pound Sterling Euro Pound Sterling Euro Average exchange rate to the U.S. dollar in the current year $ 1.3187 $ 1.1299 $ 1.2781 $ 1.0820 $ 1.2438 $1.0817 Average exchange rate to the U.S. dollar in the prior year $ 1.2781 $ 1.0820 $ 1.2438 $ 1.0817 $ 1.2376 $1.0540 Average exchange rate increase/(decrease) 3 % — 4 % 1 3 % 3% 0 % Foreign denominated percentage of:

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedMD&A
Rent and occupancy expenses increased $19 decreased $23 million in 2024 2025 from 2023, 2024, primarily due to duplicate rent expenses related to during the consolidation of, and exit from, certain of our London and New York leased offices and incremental increases attributable to Black Knight offices. in 2024.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedMD&A
We expect the macroeconomic environment to remain dynamic in the near-term, and we continue to monitor macroeconomic conditions, including interest rates, inflation rates, changes in tariffs and trade policies, market volatility, prolonged U.S. government shutdowns, geopolitical events and military conflicts, including conflicts and repercussions from the conflicts in Ukraine and the Middle East, from, and the impact that that, any of the foregoing may have on the global economy and on our business.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedMD&A
For In 2024, we recorded a net $1 million fair value loss for our equity investments that do not have readily determinable fair values, in 2024 we recorded a net $1 million fair value loss. values.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedMD&A
Deferred tax adjustments on acquisition-related intangibles include the impact of tax law changes and apportionment updates resulting in a deferred tax expense of $38 million, a deferred tax benefit of $43 million, million and a deferred tax benefit of $126 million in 2025, 2024 and a deferred tax expense of $9 million in 2024, 2023 and 2022, 2023, respectively.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedMD&A
We currently expect to incur capital expenditures (including operational and real estate capital expenditures) and to incur software development costs that are eligible for capitalization ranging in the aggregate between $730 $740 million and $790 million in 2026, which we believe will support the enhancement of our technology, business integration and the continued growth of our businesses.

Read it in 10-K 2026-02-05 at sec.gov ↗

RewordedMD&A
We also provide solutions that provide consumers with access to customized, timely information about their mortgages and allow our clients’ customer service representatives to access the same customer information, which is key to increasing borrower retention.

Read it in 10-K 2026-02-05 at sec.gov ↗

Quiet changesMD&A
The acquisition and integration costs in the chart below include cash paid for acquisitions, net of cash acquired and cash received for divestitures, if any, cash paid for equity and equity method investments, and acquisition-related transaction and integration costs, in each year.

Read it in 10-K 2026-02-05 at sec.gov ↗

Quiet changesMD&A
However, these These foreign earnings can also generally be distributed to the U.S. with no material additional U.S. income tax consequences, primarily due to the availability of dividend received deductions.

Read it in 10-K 2026-02-05 at sec.gov ↗

Work on ICE in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/ICE/export.csv") into a cell.