Executive Summary
Intercontinental Exchange (0JC3.L) reported a robust Q4 2024, with consolidated revenue of $3.03 billion, up 13.65% year-over-year and essentially flat versus the prior quarter (QoQ -0.10%). The company delivered a strong gross margin of 53.43% and a solid operating margin of 35.54%, with EBITDA margin near 49.7%. Net income rose 87.13% YoY to $698 million and diluted EPS reached $1.21–$1.22, underscoring meaningful profitability leverage on higher volumes and favorable mix. Free cash flow was substantial at approximately $1.23 billion for the quarter, supported by $1.51 billion in operating cash flow and a cash balance of about $84.5 billion, while net debt remained manageable at roughly $19.9 billion.
ICE’s diversified platform—Exchanges, Fixed Income and Data Services, and Mortgage Technology—continues to generate high-margin, recurring revenue and broadens the company’s product set across global markets. The result is a resilient cash engine capable of funding ongoing capex, acquisitions, and capital return programs, even as macro volatility and cyclicality in capital markets persist. The balance sheet remains liquidity-rich with ample dry powder to pursue growth initiatives and shareholder-friendly actions. No explicit forward guidance is included in the provided data; investors should monitor market volumes, data demand, mortgage origination trends, and regulatory developments as the principal drivers of near-term performance.
Key Performance Indicators
Key Insights
Revenue: $3.03B; YoY growth: 13.65%; QoQ: -0.10%
Gross Profit: $1.619B; Gross Margin: 53.43%; YoY Gross Margin change: +7.65%; QoQ: -1.88%
Operating Income: $1.078B; Operating Margin: 35.54%; YoY: +16.43%; QoQ: -2.36%
Net Income: $698M; Net Margin: 23.04%; YoY: +87.13%; QoQ: +6.24%
EPS (diluted): $1.21; EPS (GAAP): $1.22; YoY: +90.63%; QoQ: +6.09%
EBITDA: $1.507B; EBITDA Margin: ~49.7%
Free Cash Flow (FCF): $1.23B; Operating Cash Flow: $1.506B; Cash from Ops to FCF conversion and capex: Capex $2...
Financial Highlights
Revenue: $3.03B; YoY growth: 13.65%; QoQ: -0.10%
Gross Profit: $1.619B; Gross Margin: 53.43%; YoY Gross Margin change: +7.65%; QoQ: -1.88%
Operating Income: $1.078B; Operating Margin: 35.54%; YoY: +16.43%; QoQ: -2.36%
Net Income: $698M; Net Margin: 23.04%; YoY: +87.13%; QoQ: +6.24%
EPS (diluted): $1.21; EPS (GAAP): $1.22; YoY: +90.63%; QoQ: +6.09%
EBITDA: $1.507B; EBITDA Margin: ~49.7%
Free Cash Flow (FCF): $1.23B; Operating Cash Flow: $1.506B; Cash from Ops to FCF conversion and capex: Capex $276M; CFO $1.506B; FCF yield implied by FCF/Revenue is indicative of strong profitability and cash generation.
Balance Sheet Highlights: Total assets $139.428B; Total liabilities $111.708B; Total stockholders’ equity $27.647B; Cash & short-term investments $1.368B; Cash and cash equivalents $0.844B; Goodwill $30.595B; Intangibles $16.306B; Net debt $19.859B; Long-term debt $17.676B; Short-term debt $3.027B; Current assets $89.095B; Current liabilities $89.553B; Debt to capital ~0.429; Net debt to EBITDA not disclosed here but implied by peers.
Valuation Snapshots: Price/Earnings ~30.6x; Price/Book ~3.09x; Price/Sales ~30.65x; EV/EBITDA ~70.27x. By comparison, select European peers show a wide dispersion in multiples (e.g., P/E from ~8x to ~43x and EV/EBITDA from ~26x to ~100x), suggesting ICE trades at a market premium for scale, data capabilities, and diversification.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
3.03B |
13.65% |
-0.10% |
| Gross Profit |
1.62B |
7.65% |
-1.88% |
| Operating Income |
1.08B |
16.43% |
-2.36% |
| Net Income |
698.00M |
87.13% |
6.24% |
| EPS |
1.22 |
90.63% |
6.09% |
Key Financial Ratios
operatingProfitMargin
39.2%
operatingCashFlowPerShare
$2.62
freeCashFlowPerShare
$2.29
dividendPayoutRatio
37.1%
Management Commentary
Transcript data not provided in the supplied dataset. Key themes and quotes from the earnings call could not be extracted without the earnings transcript. Once available, we will group insights by strategy, operations, market conditions, and provide context and significance for investors.
Not provided in the data.
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Forward Guidance
No formal forward guidance was included in the provided data. Management commentary in the earnings call (if available) would be required to articulate specific targets or ranges for revenue, margins, and cash flow. Investors should monitor: (1) volume trends across exchanges and fixed income, (2) growth in data services and analytics, (3) performance of mortgage technology including originations and settlement cycles, (4) regulatory developments impacting clearing and data monetization, and (5) capital allocation framework including buybacks, dividends, and selective acquisitions.