What is the primary revenue source for Intercontinental Exchange (ICE)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze ICE's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Intercontinental Exchange's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Intercontinental Exchange Makes Money: ICE Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

Operating margin improved by 3.2 percentage points year over year.

Revenue: USD 7.28B
Largest revenue segment share (Cash Equity and Equity Options): 26.07%
Income tax expense: USD 777.00M
Selling, general and administrative: USD 148.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueRevenue from contract with customer, excluding assessed tax · RevenueFromContractWithCustomerExcludingAssessedTax
Selling, general and administrativeSelling, general and administrative · SellingGeneralAndAdministrativeExpense
Income tax expenseIncome tax expense · IncomeTaxExpenseBenefit
Largest revenue segment share (Cash Equity and Equity Options)Cash Equity and Equity Options · segment_value / revenue * 100
Operating marginOperating income · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Watch

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Goodwill accounts for 17.58% of total assets, a high share where impairment could hit earnings and equity.

Goodwill: USD 30.63B
Property, plant and equipment: USD 2.88B
Accounts receivable: USD 1.87B
Total liabilities: USD 144.59B
Shareholder equity: USD 29.62B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

GoodwillGoodwill · Goodwill
Property, plant and equipmentProperty and equipment, net
Shareholder equityTotal equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesTotal liabilities · Liabilities
Accounts receivableCustomer accounts receivable, net of allowance for doubtful accounts of $18 and $21 at june 30, 2026 and december 31, 2025, respectively · AccountsReceivableNetCurrent

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 178.87% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 2.37B
Operating cash flow: USD 4.24B
Cash conversion: 178.87%
Free cash flow: USD 4.03B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income attributable to intercontinental exchange, inc. · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Cash dividends: USD 591.00M
Share repurchases: USD 1.20B
Net shareholder return: USD 1.79B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsAggregate payout · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?