Intercontinental Exchange, Inc. (ICE) Cash Flow Statement
Where ICE’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.66B +1.1% vs 2024
- Capital expenditures
- $373.0M 3.0% of revenue
- Free cash flow
- $4.29B 33.9% margin
- Returned to shareholders
- $2.49B 58% of free cash flow
- Change in cash
- $3.61B cash at year-end $1.58B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ICE operating cash flow, capex and free cash flow
ICE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.15B2016 | $4.66B2025 | +9.0%/yr | |
| Capital expenditures | $365.0M2016 | $373.0M2025 | +0.2%/yr | |
| Free cash flow | $1.78B2016 | $4.29B2025 | +10.2%/yr | |
| Free cash flow margin | 29.9%2016 | 33.9%2025 | +4.1 pts | |
| Operating cash flow / net income | 1.482016 | 1.382025 | −0.10 | |
| Stock-based compensation | $124.0M2016 | $238.0M2025 | +7.5%/yr | |
| Dividends paid | $409.0M2016 | $1.10B2025 | +11.7%/yr | |
| Share buybacks (net) | $104.0M2016 | $1.39B2025 | +33.4%/yr | |
| Capex / revenue | 6.1%2016 | 3.0%2025 | −3.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ICE cash flow by activity
ICE net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ICE cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.37B | $2.80B | $2.37B | $1.50B | $4.07B | $2.11B | $1.96B | $2.02B | $2.54B | $1.45B |
| Depreciation & amortization | $1.56B | $1.54B | $1.22B | $1.03B | $1.01B | $751.0M | $662.0M | $586.0M | $535.0M | $610.0M |
| Stock-based compensation | $238.0M | $231.0M | $257.0M | $155.0M | $188.0M | $139.0M | $139.0M | $130.0M | $135.0M | $124.0M |
| Change in working capital | −$504.0M | $63.0M | −$388.0M | $123.0M | −$87.0M | −$129.0M | −$29.0M | −$96.0M | −$230.0M | −$142.0M |
| Other non-cash items | −$2.0M | −$24.0M | $90.0M | $747.0M | −$2.06B | $12.0M | −$73.0M | −$107.0M | −$897.0M | $108.0M |
| Cash from operating activities | $4.66B | $4.61B | $3.54B | $3.55B | $3.12B | $2.88B | $2.66B | $2.53B | $2.08B | $2.15B |
| Investing activities | ||||||||||
| Capital expenditures | −$373.0M | −$406.0M | −$190.0M | −$482.0M | −$452.0M | −$410.0M | −$305.0M | −$280.0M | −$357.0M | −$365.0M |
| Investments (net) | −$1.03B | −$921.0M | −$6.37B | $670.0M | $1.12B | $4.0M | $69.0M | −$229.0M | $111.0M | −$70.0M |
| Acquisitions & other investing | −$2.85B | $406.0M | −$2.24B | $489.0M | −$1.46B | −$9.42B | −$358.0M | −$1.25B | $338.0M | −$463.0M |
| Cash from investing activities | −$4.25B | −$921.0M | −$8.80B | $677.0M | −$786.0M | −$9.83B | −$594.0M | −$1.75B | $92.0M | −$898.0M |
| Financing activities | ||||||||||
| Dividends paid | −$1.10B | −$1.04B | −$955.0M | −$853.0M | −$747.0M | −$669.0M | −$621.0M | −$555.0M | −$476.0M | −$409.0M |
| Share repurchases & issuance (net) | −$1.39B | −$81.0M | −$78.0M | −$705.0M | −$320.0M | −$1.32B | −$1.52B | −$1.28B | −$1.04B | −$104.0M |
| Net borrowing (repayment) | −$760.0M | −$2.29B | $2.07B | $4.17B | −$2.64B | $8.70B | $370.0M | $1.33B | −$275.0M | −$949.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$3.08B | $3.48B | −$65.38B | −$4.46B | $65.73B | $38.0M | $23.0M | $40.0M | −$183.0M | $0 |
| Cash from financing activities | −$6.33B | $79.0M | −$64.34B | −$1.84B | $62.03B | $6.74B | −$1.75B | −$463.0M | −$1.97B | −$1.46B |
| Summary | ||||||||||
| Net change in cash | $3.61B | $3.75B | −$6.52B | $2.37B | $64.36B | −$197.0M | $316.0M | $304.0M | $218.0M | −$220.0M |
| Cash at end of period | $1.58B | $84.50B | $1.43B | $150.34B | $147.98B | $1.99B | $2.19B | $1.87B | $1.57B | $407.0M |
| Free cash flow | $4.29B | $4.20B | $3.35B | $3.07B | $2.67B | $2.47B | $2.35B | $2.25B | $1.73B | $1.78B |
| Free cash flow margin | 33.9% | 35.7% | 33.8% | 31.9% | 29.1% | 30.0% | 36.0% | 35.9% | 29.6% | 29.9% |
| Capex / revenue | 3.0% | 3.5% | 1.9% | 5.0% | 4.9% | 5.0% | 4.7% | 4.5% | 6.1% | 6.1% |
| Operating cash flow / net income | 1.38 | 1.64 | 1.50 | 2.37 | 0.77 | 1.37 | 1.36 | 1.25 | 0.82 | 1.48 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $975.0M | $1.43B | $862.0M | $831.0M | $865.0M | $812.0M | $709.0M | $671.0M | $632.0M | $767.0M | $390.0M | $559.0M |
| Depreciation & amortization | $389.0M | $384.0M | $389.0M | $387.0M | $395.0M | $389.0M | $389.0M | $386.0M | $381.0M | $381.0M | $379.0M | $309.0M |
| Stock-based compensation | $67.0M | $78.0M | $69.0M | $54.0M | $58.0M | $57.0M | $60.0M | $57.0M | $57.0M | $57.0M | $93.0M | $79.0M |
| Change in working capital | $646.0M | −$305.0M | −$24.0M | −$495.0M | $232.0M | −$217.0M | $285.0M | −$166.0M | $165.0M | −$221.0M | −$7.0M | −$233.0M |
| Other non-cash items | −$79.0M | −$263.0M | −$21.0M | $138.0M | −$44.0M | −$75.0M | $63.0M | −$50.0M | −$39.0M | $25.0M | $114.0M | $54.0M |
| Cash from operating activities | $2.00B | $1.33B | $1.27B | $915.0M | $1.51B | $966.0M | $1.51B | $898.0M | $1.20B | $1.01B | $969.0M | $768.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$262.0M | −$176.0M | −$166.0M | −$62.0M | −$60.0M | −$85.0M | −$276.0M | −$79.0M | −$165.0M | −$145.0M | −$163.0M | −$123.0M |
| Investments (net) | — | −$802.0M | −$1.01B | −$82.0M | $1.07B | −$2.15B | −$920.0M | −$73.0M | −$187.0M | $259.0M | $606.0M | $89.0M |
| Acquisitions & other investing | $1.40B | −$442.0M | −$1.90B | $62.0M | $60.0M | $85.0M | $276.0M | $79.0M | $165.0M | $145.0M | $163.0M | −$10.51B |
| Cash from investing activities | $1.14B | −$1.42B | −$3.08B | −$82.0M | $1.07B | −$2.15B | −$920.0M | −$73.0M | −$187.0M | $259.0M | $606.0M | −$10.55B |
| Financing activities | ||||||||||||
| Dividends paid | −$294.0M | −$297.0M | −$274.0M | −$276.0M | −$277.0M | −$278.0M | −$259.0M | −$261.0M | −$261.0M | −$258.0M | −$242.0M | −$241.0M |
| Share repurchases & issuance (net) | −$652.0M | −$646.0M | −$400.0M | −$398.0M | −$255.0M | −$336.0M | −$4.0M | −$4.0M | −$2.0M | −$71.0M | −$25.0M | −$3.0M |
| Net borrowing (repayment) | −$533.0M | $716.0M | $602.0M | −$184.0M | −$1.08B | −$96.0M | −$841.0M | −$616.0M | — | — | — | $2.77B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$4.53B | $41.15B | −$5.33B | −$2.93B | $2.19B | $2.99B | $3.90B | −$1.45B | $5.40B | −$5.19B | −$1.37B | −$7.36B |
| Cash from financing activities | −$6.01B | $40.92B | −$5.40B | −$3.79B | $572.0M | $2.28B | $2.80B | −$2.33B | $5.14B | −$5.52B | −$1.63B | −$4.83B |
| Summary | ||||||||||||
| Net change in cash | −$2.88B | $40.82B | −$388.0M | −$282.0M | $3.17B | $1.11B | $3.36B | −$1.49B | $47.0M | −$4.26B | −$45.0M | −$14.62B |
| Cash at end of period | $116.55B | $119.43B | $1.58B | $1.97B | $87.67B | $85.61B | $84.50B | $81.14B | $2.14B | $76.49B | $80.75B | $80.80B |
| Free cash flow | $1.74B | $1.15B | $1.11B | $853.0M | $1.45B | $881.0M | $1.23B | $819.0M | $1.03B | $864.0M | $806.0M | $645.0M |
| Free cash flow margin | 65.1% | 31.4% | 35.3% | 28.4% | 44.3% | 27.3% | 40.6% | 27.0% | 35.6% | 30.8% | 30.2% | 26.6% |
| Capex / revenue | 9.8% | 4.8% | 5.3% | 2.1% | 1.8% | 2.6% | 9.1% | 2.6% | 5.7% | 5.2% | 6.1% | 5.1% |
| Operating cash flow / net income | 2.05 | 0.93 | 1.48 | 1.10 | 1.74 | 1.19 | 2.12 | 1.34 | 1.89 | 1.32 | 2.48 | 1.37 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ICE cash generation
In fiscal 2025 (ended December 31, 2025), Intercontinental Exchange generated $4.7 billion of cash from operations (up 1.1%) and spent $373.0 million on capital expenditures, leaving free cash flow of $4.3 billion, 33.9% of revenue. It returned $2.5 billion to shareholders through dividends ($1.1 billion) and net share buybacks ($1.4 billion). Cash and equivalents rose by $3.6 billion over the year.
Related: ICE income statement, ICE balance sheet, ICE dividend history. See the ICE stock overview for the latest quote and news.
ICE cash flow FAQ
What is Intercontinental Exchange's free cash flow?
Intercontinental Exchange's free cash flow was $4.3 billion in fiscal 2025: $4.7 billion of operating cash flow minus $373.0 million of capital expenditures It was $4.2 billion a year earlier..
How much cash does Intercontinental Exchange generate from operations?
Intercontinental Exchange generated $4.7 billion of cash from operating activities in fiscal 2025, 1.38 times its net income of $3.4 billion.
How much does Intercontinental Exchange spend on capital expenditures?
Intercontinental Exchange spent $373.0 million on capital expenditures in fiscal 2025, 3.0% of revenue, compared with $406.0 million the year before.
How much stock does Intercontinental Exchange buy back?
Intercontinental Exchange spent $1.4 billion on net share repurchases in fiscal 2025.
How much does Intercontinental Exchange pay in dividends?
Intercontinental Exchange paid $1.1 billion in dividends in fiscal 2025, 25.8% of free cash flow.