INTERCONTINENTAL EXCHANGE, INC. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $12.6B |
| Gross margin | — not reported |
| Operating income | $4.9B |
| Net income | $3.3B |
| Diluted EPS | $5.77 |
| Cash & equivalents | $837.0M |
| Total assets | $136.9B |
| Long-term debt | $18.6B |
Key takeaway
Revenue less transaction-based expenses grew 7% to $9.93B in 2025, with transaction revenues up 10% and recurring revenues up 5%.
🔒 4 more takeaways in the full analysis
Beneath the surface
Cash of only $837M against $19.6B of combined short/long-term debt (per DebtLongtermAndShorttermCombinedAmount) indicates a substantial net debt position of roughly $18.8B, far more leveraged than the headline table alone suggests.
🔒 4 more insights a headline reader would miss
This is the free preview. The full analysis explains every line item above and includes 8 more findings — plus insider trades, activist stakes, and 8-K events for ICE.
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