Intercontinental Exchange, Inc. (ICE) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 1.33B | 1.27B | 915M | 1.51B | 966M | 1.51B | 898M | 1.2B | 1.01B | 969M | 768M | 1.15B | 653M | 1.09B | 737M | 969M | 756M | 993M | 523M | 873M |
| Operating CF Margin % | 36.17% | 40.61% | 30.43% | 46.17% | 29.92% | 49.7% | 29.61% | 41.28% | 36.02% | 36.35% | 31.62% | 49.32% | 26.42% | 45.94% | 30.88% | 40.16% | 30.74% | 42.65% | 22.97% | 40.91% |
| Operating CF Growth % | 37.27% | -15.34% | 1.89% | 25.92% | -4.26% | 55.42% | 16.93% | 3.82% | 54.52% | -11.26% | 4.21% | 18.89% | -13.62% | 9.97% | 40.92% | 11% | 3% | -6.85% | 19.68% | 1.75% |
| Net Income | 1.43B | 862M | 831M | 865M | 812M | 709M | 671M | 632M | 767M | 390M | 559M | 815M | 674M | 440M | -175M | 555M | 667M | 1.53B | 637M | 1.25B |
| Depreciation & Amortization | 384M | 389M | 387M | 395M | 389M | 389M | 386M | 381M | 381M | 379M | 309M | 267M | 260M | 263M | 258M | 256M | 254M | 250M | 253M | 251M |
| Stock-Based Compensation | 78M | 69M | 54M | 58M | 57M | 60M | 57M | 57M | 57M | 93M | 79M | 45M | 40M | 39M | 40M | 38M | 38M | 76M | 39M | 37M |
| Deferred Taxes | 140M | -6M | 88M | -49M | -60M | 57M | -83M | -66M | -50M | -82M | -8M | -156M | -83M | -78M | -368M | -61M | -86M | 403M | -20M | 176M |
| Other Non-Cash Items | -403M | -15M | 50M | 5M | -15M | 6M | 33M | 27M | 75M | 196M | 62M | 46M | 45M | 198M | 1.1B | -3M | 51M | -1.33B | -30M | -1.23B |
| Working Capital Changes | -305M | -24M | -495M | 232M | -217M | 285M | -166M | 165M | -221M | -7M | -233M | 135M | -283M | 230M | -123M | 184M | -168M | 61M | -356M | 383M |
| Change in Receivables | -833M | -10M | 104M | 231M | -387M | 61M | -17M | 92M | -285M | 41M | 69M | 303M | -484M | 92M | 105M | 303M | -480M | 104M | -35M | 229M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34M | 5M | -55M | 105M | 0 | 0 | 0 | 0 | 43M | -56M | 210M |
| Change in Payables | 0 | 0 | -409M | 149M | -56M | 4M | -128M | 137M | -13M | 61M | -155M | 55M | -105M | 165M | -114M | 122M | -7M | 43M | -149M | 40M |
| Cash from Investing | -1.42B | -3.08B | -82M | 1.07B | -2.15B | -920M | -73M | -187M | 259M | 606M | -10.55B | -901M | 2.04B | 3.04B | -5.2B | 1.96B | 882M | -2.11B | -94M | 1.1B |
| Capital Expenditures | -176M | -266M | -169M | -60M | -85M | -276M | -79M | -165M | -145M | -163M | -123M | -118M | -85M | -157M | -121M | -101M | -103M | -62M | -88M | -124M |
| CapEx % of Revenue | 4.8% | 8.47% | 5.62% | 1.84% | 2.63% | 9.11% | 2.6% | 5.7% | 5.18% | 6.11% | 5.06% | 5.05% | 3.44% | 6.6% | 5.07% | 4.19% | 4.19% | 2.66% | 3.86% | 5.81% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 1.28B | 2.78B | 1.35B | 1.63B | 2.38B | 524M | 500M | 98M | 0 | 230M | 0 | 0 | 0 | 6.15B | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -442M | 14M | 0 | -114M | -1.97B | -638M | 12M | 3M | 72M | -325M | -670M | 3M | 2.13B | 4.91B | -45M | 38M | -73M | -1.99B | -2M | -7M |
| Cash from Financing | 40.92B | -5.4B | -3.79B | 572M | 2.28B | 2.8B | -2.33B | 5.14B | -5.52B | -1.63B | -4.83B | -15.54B | -42.35B | -18.21B | -2.87B | 5.56B | 13.68B | 40.86B | -410M | 4.37B |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -646M | -400M | -398M | -255M | -336M | -4M | -4M | -2M | -71M | -25M | -3M | -1M | -49M | -1M | -1M | -159M | -544M | -251M | -2M | -2M |
| Dividends Paid | -297M | -274M | -276M | -277M | -278M | -259M | -261M | -261M | -258M | -242M | -241M | -236M | -236M | -213M | -213M | -213M | -214M | -186M | -187M | -187M |
| Share Repurchases | -646M | -400M | -398M | -255M | -336M | -4M | -4M | -2M | -71M | -25M | -3M | -1M | -49M | -1M | -1M | -159M | -544M | -251M | -2M | -2M |
| Other Financing | 41.15B | -4.1B | -2.93B | 2.19B | 2.99B | 3.9B | -1.45B | 6.33B | -4.55B | -2.95B | -7.36B | -15.3B | -42.06B | -18B | -2.65B | 2.01B | 14.18B | 41.3B | -221M | 6.31B |
| Net Change in Cash | 40.82B | -388M | -282M | 3.17B | 1.11B | 3.36B | -1.49B | 47M | -4.26B | -45M | -14.62B | -15.28B | -39.65B | -14.07B | -7.35B | 8.47B | 15.31B | 39.74B | 15M | 6.35B |
| Free Cash Flow | 1.15B | 1.11B | 853M | 1.45B | 881M | 1.23B | 819M | 1.03B | 864M | 806M | 645M | 1.03B | 568M | 935M | 616M | 868M | 653M | 869M | 435M | 749M |
| FCF Margin % | 31.37% | 35.32% | 28.37% | 44.33% | 27.28% | 40.59% | 27% | 35.59% | 30.85% | 30.23% | 26.55% | 44.26% | 22.98% | 39.34% | 25.81% | 35.97% | 26.56% | 37.33% | 19.1% | 35.1% |
| FCF Growth % | 30.53% | -9.84% | 4.15% | 40.25% | 1.97% | 52.61% | 26.98% | -0.29% | 52.11% | -13.8% | 4.71% | 19.12% | -13.02% | 7.59% | 41.61% | 15.89% | 5.66% | -5.95% | 38.98% | -3.1% |
| FCF per Share | 2.02 | 1.94 | 1.49 | 2.51 | 1.53 | 2.13 | 1.42 | 1.79 | 1.50 | 1.43 | 1.14 | 1.84 | 1.01 | 1.67 | 1.10 | 1.55 | 1.16 | 1.54 | 0.77 | 1.33 |
| FCF Conversion (FCF/Net Income) | 0.94x | 1.52x | 1.12x | 1.77x | 1.21x | 2.16x | 1.37x | 1.89x | 1.32x | 2.60x | 1.42x | 1.44x | 1.00x | 2.57x | -3.86x | 1.75x | 1.15x | 0.65x | 0.83x | 0.70x |
| Interest Paid | 209M | 181M | 190M | 199M | 194M | 211M | 209M | 210M | 240M | 203M | 183M | 174M | 167M | 182M | 142M | 109M | 117M | 77M | 118M | 83M |
| Taxes Paid | 66M | 199M | 179M | 524M | 166M | -776M | 260M | 374M | 142M | 251M | 122M | 387M | 149M | 172M | 186M | 434M | 90M | 248M | 395M | 283M |