For the year ending 2025-12-31, ICE had -$5,889M decrease in cash & cash equivalents over the period. $4,289M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 3,370 | 2,802 | 2,438 | 1,498 |
| Depreciation and amortization | 1,560 | 1,537 | 1,215 | 1,031 |
| Stock-based compensation | 238 | 231 | 257 | 155 |
| Deferred taxes | 82 | -142 | -329 | -593 |
| Fair value loss on promissory note | 0 | 0 | -160 | - |
| Gain on deconsolidation of bakkt | - | - | 0 | 0 |
| (gains)/losses on sale of investments | - | - | -4 | 41 |
| (gain)/loss on investments | 55 | -1 | - | - |
| Net losses/(income) from and impairment of unconsolidated investees | - | - | - | -1,340 |
| Net losses from and impairment of unconsolidated investees | - | - | 122 | - |
| Net (income)/losses from unconsolidated investees | 79 | -62 | - | - |
| Other | -50 | -55 | -63 | -41 |
| Customer accounts receivable | 62 | 149 | 71 | -20 |
| Other current and non-current assets | -46 | 106 | 41 | 196 |
| Section 31 fees payable | 316 | -237 | 144 | -166 |
| Deferred revenue | -44 | 27 | -16 | -27 |
| Other current and non-current liabilities | -128 | 54 | -116 | 160 |
| Total adjustments | 1,292 | 1,807 | 1,104 | 2,056 |
| Net cash provided by operating activities | 4,662 | 4,609 | 3,542 | 3,554 |
| Capital expenditures | 373 | 406 | 190 | 225 |
| Capitalized software development costs | 418 | 346 | 299 | 257 |
| Purchases of invested margin deposits | 6,873 | 1,391 | - | - |
| Proceeds from invested margin deposits | 4,618 | 1,097 | - | - |
| Cash paid for acquisitions, net of cash acquired | 19 | 38 | 10,198 | 59 |
| Proceeds from sale of promissory note | 0 | 75 | - | - |
| Purchases of equity and equity method investments | 1,029 | 29 | 8 | 73 |
| Proceeds from the sale of equity investments | 0 | 0 | 187 | 741 |
| Purchases of restricted investments | 1,455 | 752 | 1,312 | - |
| Proceeds from restricted investments | 1,286 | 855 | 641 | - |
| Proceeds from other investments, net | - | - | - | 2 |
| Proceeds from/(purchases of) other investments, net | - | - | 4 | - |
| Purchases of invested margin deposits | - | - | 1,588 | 6,935 |
| Proceeds from sales of invested margin deposits | - | - | 3,974 | 7,483 |
| Proceeds from/(purchases of) other investments, net | - | 0 | - | - |
| Other investing activities | -14 | -14 | - | 0 |
| Net cash used in investing activities | -4,249 | -921 | -8,797 | 677 |
| Proceeds from debt issuances | 1,234 | 739 | 2,400 | 7,891 |
| Repayments of debt | 2,500 | 1,600 | 2,286 | 2,705 |
| Proceeds from/(redemption of) commercial paper, net | 506 | -1,424 | 1,954 | 1,012 |
| Repurchases of common stock | 1,294 | 0 | 0 | 632 |
| Dividends paid to stockholders | 1,105 | 1,039 | 955 | 853 |
| Change in cash and cash equivalent margin deposits and guaranty funds liability | 3,106 | -3,463 | 65,396 | 4,493 |
| Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | 103 | 81 | 78 | 73 |
| Other financing activities | 34 | 21 | 16 | 36 |
| Net cash provided by/(used in) financing activities | -6,334 | 79 | -64,345 | -1,841 |
| 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 | -23 |
| 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 | 2,367 |
| Cash and cash equivalents at beginning of period | 84,503 | 80,750 | 150,343 | 147,976 |
| Cash and cash equivalents at end of period | 78,614 | 84,503 | 80,750 | 150,343 |
Intercontinental Exchange, Inc. (ICE)
Intercontinental Exchange, Inc. (ICE)