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

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ICE and 9 peers, year by year

The 9 Financials companies closest to ICE in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
ICE Intercontinental Exchange	FY2025	$12.6B	+7.5%	-	39.0%	26.2%	33.9%	11.5%	0.72
AIZ Assurant	FY2025	$12.8B	+7.9%	-	-	6.8%	12.5%	14.9%	-
CINF Cincinnati Financial	FY2025	$12.6B	+11.4%	-	-	18.9%	24.5%	15.0%	0.05
WRB W. R. Berkley Corporation	FY2025	$14.7B	+7.8%	-	-	12.1%	-	18.3%	-
FIS Fidelity National Information Services	FY2025	$10.7B	+5.4%	36.9%	16.3%	3.6%	23.0%	2.7%	0.94
STT State Street Corporation	FY2025	$13.9B	+7.3%	-	-	21.1%	77.8%	10.6%	0.90
BX Blackstone Inc.	FY2025	$14.5B	+9.2%	-	-	20.9%	31.5%	34.8%	1.45
EG Everest Group	FY2025	$17.5B	+1.2%	-	-	9.1%	-	10.3%	-
SPGI S&P Global	FY2025	$15.3B	+7.9%	-	42.2%	29.2%	35.6%	14.4%	0.44
AJG Arthur J. Gallagher & Co.	FY2025	$13.9B	+20.7%	-	-	10.7%	-	6.4%	0.58

Revenuepeer median $13.9B

Sales growthpeer median +7.9%

Operating margin

SPGI 42.2%
ICE 39.0%
FIS 16.3%
AIZ -
CINF -
WRB -
STT -
BX -
EG -
AJG -

Net marginpeer median 12.1%

FCF marginpeer median 28.0%

STT 77.8%
SPGI 35.6%
ICE 33.9%
BX 31.5%
CINF 24.5%
FIS 23.0%
AIZ 12.5%
WRB -
EG -
AJG -

Return on equitypeer median 14.4%

Debt / equitypeer median 0.74

BX 1.45
FIS 0.94
STT 0.90
ICE 0.72
AJG 0.58
SPGI 0.44
CINF 0.05
AIZ -
WRB -
EG -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ICE Dec	$6.0B	$5.8B	$6.3B	$6.5B	$8.2B	$9.2B	$9.6B	$9.9B	$11.8B	$12.6B
AIZ Dec	$7.5B	$6.4B	$8.1B	$9.6B	$9.6B	$10.2B	$10.2B	$11.1B	$11.9B	$12.8B
CINF Dec	$5.4B	$5.7B	$5.4B	$7.9B	$7.5B	$9.6B	$6.6B	$10.0B	$11.3B	$12.6B
WRB Dec	$7.7B	$7.7B	$7.7B	$7.9B	$11.2B	-	-	$12.1B	$13.6B	$14.7B
FIS Dec	$8.8B	$8.7B	$8.4B	$10.3B	$12.6B	$9.3B	$9.7B	$9.8B	$10.1B	$10.7B
STT Dec	$10.2B	$11.3B	$12.1B	$11.8B	$11.7B	$12.0B	$12.2B	$12.2B	$13.1B	$13.9B
BX Dec	$5.1B	$7.1B	$6.8B	$7.3B	$6.1B	$22.6B	$8.5B	$8.0B	$13.2B	$14.5B
EG Dec	$5.8B	$6.6B	$7.4B	$8.2B	$9.6B	$11.9B	$12.1B	$14.6B	$17.3B	$17.5B
SPGI Dec	$5.7B	$6.1B	$6.3B	$6.7B	$7.4B	$8.3B	$11.2B	$12.5B	$14.2B	$15.3B
AJG Dec	$5.7B	$6.2B	$6.9B	$7.2B	$7.0B	$8.2B	$8.6B	$10.1B	$11.6B	$13.9B
Peer median	$5.8B	$6.6B	$7.4B	$7.9B	$9.6B	$9.9B	$10.0B	$11.1B	$13.1B	$13.9B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ICE Dec	+34.8%	−2.1%	+7.4%	+4.3%	+25.9%	+11.2%	+5.1%	+2.8%	+18.8%	+7.5%
AIZ Dec	−27.1%	−14.8%	+25.6%	+25.2%	+0.3%	+6.1%	+0.1%	+9.2%	+6.7%	+7.9%
CINF Dec	+6.0%	+5.2%	−5.7%	+46.6%	−4.9%	+27.8%	−31.8%	+52.6%	+13.2%	+11.4%
WRB Dec	+6.2%	+0.4%	+0.1%	+2.7%	+18.1%	-	-	+8.7%	+12.3%	+7.8%
FIS Dec	+33.9%	−1.8%	−2.8%	+22.7%	+21.5%	+10.6%	+4.1%	+1.1%	+3.0%	+5.4%
STT Dec	−1.5%	+9.4%	+7.7%	−3.1%	−0.5%	+2.8%	+1.0%	−1.7%	+8.8%	+7.3%
BX Dec	+10.3%	+38.8%	−4.4%	+7.4%	−16.8%	+270%	−62.3%	−5.8%	+64.9%	+9.2%
EG Dec	+2.1%	+14.0%	+11.2%	+11.8%	+16.6%	+23.6%	+1.6%	+21.0%	+18.5%	+1.2%
SPGI Dec	+6.5%	+7.1%	+3.2%	+7.0%	+11.1%	+11.5%	+34.8%	+11.8%	+13.7%	+7.9%
AJG Dec	+3.8%	+10.0%	+11.0%	+3.8%	−2.7%	+17.2%	+4.2%	+17.8%	+14.7%	+20.7%
Peer median	+6.0%	+7.1%	+3.2%	+7.4%	+0.3%	+14.4%	+1.3%	+9.2%	+13.2%	+7.9%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ICE Dec	-	-	-	-	-	-	-	-	-	-
AIZ Dec	-	-	-	-	-	-	-	-	-	-
CINF Dec	-	-	-	-	-	-	-	-	-	-
WRB Dec	-	-	-	-	-	-	-	-	-	-
FIS Dec	33.2%	33.2%	33.9%	36.0%	33.5%	35.9%	35.6%	37.2%	37.6%	36.9%
STT Dec	-	-	-	-	-	-	-	-	-	-
BX Dec	-	-	-	-	-	-	-	-	-	-
EG Dec	-	-	-	-	-	-	-	-	-	-
SPGI Dec	-	-	-	-	-	-	-	-	-	-
AJG Dec	-	-	-	-	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	-	-	-	-

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ICE Dec	36.4%	40.7%	41.2%	40.8%	36.8%	37.6%	37.8%	37.3%	36.6%	39.0%
AIZ Dec	-	-	-	-	-	-	-	-	-	-
CINF Dec	-	-	-	-	-	-	-	-	-	-
WRB Dec	-	-	-	-	-	-	-	-	-	-
FIS Dec	13.9%	16.5%	17.3%	9.4%	4.4%	11.1%	12.1%	14.7%	16.9%	16.3%
STT Dec	-	-	-	-	-	-	-	-	-	-
BX Dec	-	-	-	-	-	-	-	-	-	-
EG Dec	-	-	-	-	-	-	-	-	-	-
SPGI Dec	59.0%	42.6%	44.6%	48.2%	48.6%	50.9%	44.2%	32.2%	39.3%	42.2%
AJG Dec	-	-	-	-	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	-	-	-	-

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ICE Dec	23.9%	43.2%	31.7%	29.5%	25.3%	44.3%	15.0%	23.9%	23.4%	26.2%
AIZ Dec	7.5%	8.1%	3.1%	4.0%	4.6%	13.4%	2.7%	5.8%	6.4%	6.8%
CINF Dec	10.8%	18.2%	5.3%	25.2%	16.1%	30.8%	−7.4%	18.4%	20.2%	18.9%
WRB Dec	7.9%	7.1%	8.3%	8.6%	12.4%	-	-	11.4%	12.9%	12.1%
FIS Dec	5.9%	14.5%	10.0%	2.9%	1.3%	4.5%	−172.3%	−67.7%	14.3%	3.6%
STT Dec	21.0%	19.1%	21.4%	19.1%	20.7%	22.4%	22.8%	15.9%	20.5%	21.1%
BX Dec	20.2%	20.6%	22.6%	27.9%	17.1%	25.9%	20.5%	17.3%	21.0%	20.9%
EG Dec	13.7%	4.1%	−1.7%	9.3%	2.7%	11.6%	5.0%	17.3%	7.9%	9.1%
SPGI Dec	37.2%	24.7%	31.3%	31.7%	31.4%	36.4%	29.0%	21.0%	27.1%	29.2%
AJG Dec	7.0%	7.7%	9.1%	9.3%	11.7%	11.0%	13.0%	9.6%	12.7%	10.7%
Peer median	10.8%	14.5%	9.1%	9.3%	12.4%	17.9%	9.0%	15.9%	14.3%	12.1%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ICE Dec	$1.9B	$1.9B	$2.4B	$2.5B	$2.7B	$2.9B	$3.3B	$3.4B	$4.2B	$4.3B
AIZ Dec	$23.4M	$468.3M	$573.9M	$1.3B	$1.2B	$594.3M	$410.6M	$935.6M	$1.1B	$1.6B
CINF Dec	$1.1B	$1.0B	$1.2B	$1.2B	$1.5B	$2.0B	$2.0B	$2.0B	$2.6B	$3.1B
WRB Dec	$797.5M	$595.2M	$570.3M	$1.1B	-	-	-	-	-	-
FIS Dec	$1.8B	$1.6B	$1.9B	$2.2B	$4.2B	$4.5B	$3.7B	$4.2B	$2.1B	$2.5B
STT Dec	$1.7B	$6.3B	$9.6B	$5.0B	$3.0B	−$7.5B	$11.2B	−$126.0M	−$14.1B	$10.8B
BX Dec	−$110.4M	−$1.7B	$27.4M	$1.9B	$1.8B	$3.9B	$6.1B	$3.8B	$3.4B	$4.5B
EG Dec	-	-	-	-	-	-	-	-	-	-
SPGI Dec	$1.4B	$1.9B	$2.0B	$2.7B	$3.5B	$3.6B	$2.5B	$3.6B	$5.6B	$5.5B
AJG Dec	$431.8M	-	-	-	-	-	-	-	-	-
Peer median	$949.8M	$1.0B	$1.2B	$1.9B	$2.4B	$2.8B	$3.1B	$2.8B	$2.4B	$3.8B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ICE Dec	31.8%	31.9%	38.2%	38.3%	32.4%	32.1%	34.5%	33.8%	35.7%	33.9%
AIZ Dec	0.3%	7.3%	7.1%	13.6%	12.7%	5.8%	4.0%	8.4%	9.4%	12.5%
CINF Dec	20.2%	18.1%	21.5%	14.9%	19.5%	20.4%	31.0%	20.3%	23.2%	24.5%
WRB Dec	10.4%	7.7%	7.4%	13.7%	-	-	-	-	-	-
FIS Dec	20.2%	18.4%	22.2%	21.4%	33.3%	48.1%	38.2%	42.9%	20.5%	23.0%
STT Dec	16.4%	55.8%	78.9%	42.2%	25.4%	−62.5%	92.3%	−1.0%	−108.1%	77.8%
BX Dec	−2.1%	−23.1%	0.4%	25.9%	29.9%	17.4%	71.6%	47.8%	25.9%	31.5%
EG Dec	-	-	-	-	-	-	-	-	-	-
SPGI Dec	25.5%	31.2%	31.2%	39.7%	46.9%	42.9%	22.5%	28.5%	39.2%	35.6%
AJG Dec	7.6%	-	-	-	-	-	-	-	-	-
Peer median	13.4%	18.1%	21.5%	21.4%	27.6%	18.9%	34.6%	24.4%	21.8%	28.0%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ICE Dec	9.1%	14.9%	11.6%	11.2%	10.7%	17.9%	6.4%	9.2%	10.0%	11.5%
AIZ Dec	13.8%	12.2%	4.9%	6.8%	7.4%	24.9%	6.5%	13.4%	14.9%	14.9%
CINF Dec	8.4%	12.7%	3.7%	20.2%	11.3%	23.3%	−4.6%	15.2%	16.4%	15.0%
WRB Dec	11.9%	10.1%	11.8%	11.2%	20.5%	-	-	18.5%	20.9%	18.3%
FIS Dec	5.4%	11.8%	8.3%	0.6%	0.3%	0.9%	−61.5%	−34.9%	9.2%	2.7%
STT Dec	10.1%	9.7%	10.5%	9.2%	9.2%	9.8%	11.0%	8.2%	10.6%	10.6%
BX Dec	-	-	24.2%	29.2%	15.7%	62.2%	22.8%	20.4%	33.8%	34.8%
EG Dec	9.8%	3.3%	−1.6%	8.4%	2.7%	13.6%	7.1%	19.1%	9.9%	10.3%
SPGI Dec	n/m	n/m	n/m	n/m	n/m	148.8%	8.9%	7.7%	11.6%	14.4%
AJG Dec	11.0%	11.4%	14.1%	13.0%	13.2%	10.7%	12.2%	9.0%	7.3%	6.4%
Peer median	10.1%	11.4%	9.4%	10.2%	10.3%	18.4%	8.0%	13.4%	11.6%	14.4%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ICE Dec	0.35	0.43	0.49	0.53	0.97	0.66	0.80	0.96	0.76	0.72
AIZ Dec	-	0.25	0.39	0.36	-	-	-	-	-	-
CINF Dec	0.11	0.10	0.10	0.08	0.07	0.06	0.07	0.07	0.06	0.05
WRB Dec	-	-	-	-	-	-	-	-	-	-
FIS Dec	1.08	0.82	0.88	0.41	0.41	0.43	0.74	1.00	0.72	0.94
STT Dec	0.54	0.52	0.45	0.51	0.53	0.49	0.60	0.79	0.92	0.90
BX Dec	-	-	1.63	1.65	0.86	0.83	1.63	1.70	1.40	1.45
EG Dec	-	-	-	-	-	-	-	-	-	-
SPGI Dec	5.48	5.03	5.83	8.24	8.07	2.02	0.31	0.34	0.34	0.44
AJG Dec	0.17	0.07	0.09	0.12	0.02	0.03	0.04	0.06	0.01	0.58
Peer median	0.54	0.39	0.45	0.41	0.47	0.46	0.45	0.56	0.53	0.74

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ICE Dec	$2.39	$4.25	$3.43	$3.42	$3.77	$7.18	$2.58	$4.19	$4.78	$5.77
AIZ Dec	$9.13	$9.39	$3.98	$5.84	$6.98	$22.66	$5.05	$11.95	$14.46	$16.93
CINF Dec	$3.55	$6.29	$1.75	$12.10	$7.49	$18.24	−$3.06	$11.66	$14.53	$15.17
WRB Dec	$4.68	$2.84	$3.33	$3.52	$3.29	-	-	$3.37	$4.36	$4.45
FIS Dec	$1.59	$3.75	$2.55	$0.66	$0.25	$0.67	−$27.74	−$11.26	$2.61	$0.73
STT Dec	$4.97	$5.19	$6.39	$5.38	$6.32	$7.19	$7.19	$5.58	$8.21	$9.40
BX Dec	$1.56	$2.21	$2.26	$3.03	$1.50	$8.13	$2.36	$1.84	$3.62	$3.87
EG Dec	$23.68	$11.70	$2.17	$24.70	$12.78	$34.62	$15.19	$60.19	$31.78	$37.80
SPGI Dec	$7.94	$5.78	$7.73	$8.60	$9.66	$12.51	$10.20	$8.23	$12.35	$14.66
AJG Dec	$2.22	$2.64	$3.40	$3.52	$4.20	$4.37	$5.19	$4.42	$6.50	$5.74
Peer median	$4.68	$5.19	$3.33	$5.38	$6.32	$10.32	$5.12	$5.58	$8.21	$9.40

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out ICE and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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