Intercontinental Exchange, Inc.
For the period ended Dec 31, 2025. Filed Feb 5, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 5, 2026
ICE$176.36+1.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities: | |||
| Net income | $3,370 | $2,802 | $2,438 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 1,560 | 1,537 | 1,215 |
| Stock-based compensation | 238 | 231 | 257 |
| Deferred taxes | 82 | (142) | (329) |
| Fair value loss on Promissory Note | — | — | 160 |
| (Gain)/Loss on investments | (55) | 1 | 4 |
| Net (income)/losses from unconsolidated investees | (79) | 62 | 122 |
| Other | 50 | 55 | 63 |
| Changes in assets and liabilities: | |||
| Customer accounts receivable | (62) | (149) | (71) |
| Other current and non-current assets | 46 | (106) | (41) |
| Section 31 fees payable | (316) | 237 | (144) |
| Deferred revenue | (44) | 27 | (16) |
| Other current and non-current liabilities | (128) | 54 | (116) |
| Total adjustments | 1,292 | 1,807 | 1,104 |
| Net cash provided by operating activities | 4,662 | 4,609 | 3,542 |
| Investing activities: | |||
| Capital expenditures | (373) | (406) | (190) |
| Capitalized software development costs | (418) | (346) | (299) |
| Purchases of invested margin deposits | (6,873) | (1,391) | (1,588) |
| Proceeds from invested margin deposits | 4,618 | 1,097 | 3,974 |
| Cash paid for acquisitions, net of cash acquired | (19) | (38) | (10,198) |
| Proceeds from sale of Promissory Note | — | 75 | — |
| Purchases of equity and equity method investments | (1,029) | (29) | (8) |
| Proceeds from the sale of equity investments | — | — | 187 |
| Purchases of restricted investments | (1,455) | (752) | (1,316) |
| Proceeds from restricted investments | 1,286 | 855 | 641 |
| Other investing activities | 14 | 14 | — |
| Net cash used in investing activities | (4,249) | (921) | (8,797) |
| Financing activities: | |||
| Proceeds from debt issuances | 1,234 | 739 | 2,400 |
| Repayments of debt | (2,500) | (1,600) | (2,286) |
| Proceeds from/(redemption of) commercial paper, net | 506 | (1,424) | 1,954 |
| Repurchases of common stock | (1,294) | — | — |
| Dividends paid to stockholders | (1,105) | (1,039) | (955) |
| Change in cash and cash equivalent margin deposits and guaranty funds liability | (3,106) | 3,463 | (65,396) |
| Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | (103) | (81) | (78) |
| Other financing activities | 34 | 21 | 16 |
| Net cash provided by/(used in) financing activities | (6,334) | 79 | (64,345) |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | 32 | (14) | 7 |
| Net increase/(decrease) in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | (5,889) | 3,753 | (69,593) |
| Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period | 84,503 | 80,750 | 150,343 |
| Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period | $78,614 | $84,503 | $80,750 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Supplemental cash flow disclosure: | |||
| Cash paid for interest | $764 | $870 | $727 |
| Cash paid for income taxes | $1,068 | $957 | $909 |
| Leases: | |||
| Cash paid for amounts included in the measurement of operating lease liability | $72 | $90 | $85 |
| Lease liabilities arising from obtaining right-of-use assets | $334 | $88 | $115 |
| As of December 31, | |||
| Reconciliation of the components of cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds to the consolidated balance sheets: | 2025 | 2024 | 2023 |
| Cash and cash equivalents | $837 | $844 | $899 |
| Short-term restricted cash and cash equivalents | 748 | 1,142 | 531 |
| Long-term restricted cash and cash equivalents | 240 | 368 | 340 |
| Cash and cash equivalent margin deposits and guaranty funds | 76,789 | 82,149 | 78,980 |
| Total | $78,614 | $84,503 | $80,750 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.