Intercontinental Exchange, Inc.

The data available for this synthesis is limited to annual revenue, net income, and operating income for 2018 through 2025, so this analysis rests on those figures alone. No Beneish M-Score, Piotroski F-Score, Altman Z-Score, or Fog Index is on file, so none is assessed here and no score value is given. The Beneish M-Score is a screen for possible earnings manipulation, the Piotroski F-Score counts a set of financial-health signals, the Altman Z-Score estimates financial distress risk, and the Fog Index measures how hard a document is to read. Readers may want to review those scores directly in the company's filing data before drawing conclusions. The MD&A, risk-factor text, and news headlines are also absent, so management's own explanation of its results, its named risks, and any legal or regulatory matters cannot be compared against the numbers. What the figures do show is steady top-line expansion, from $6.28 billion of revenue in 2018 to $12.64 billion in 2025, with operating income rising in every year shown, from $2.58 billion to $4.93 billion. Operating margin in 2025 was about 39.0% ($4.93 billion of $12.64 billion), compared with about 36.6% in 2024. Net income is far less steady. It rose from $1.99 billion in 2018 to $4.06 billion in 2021, fell to $1.45 billion in 2022, and recovered to $3.31 billion in 2025. Because the cause of these swings is not in the data, a reader cannot tell from this set whether they reflect one-time items, tax effects, or other non-operating items. The full income statement, the notes to the financial statements, and management's discussion in the filings are the places to resolve that question.

Catalyst.Based only on the annual income figures provided, revenue rose from $11.76 billion in 2024 to $12.64 billion in 2025, an increase of about 7.5%. Operating income rose from $4.31 billion to $4.93 billion, about 14.4%, and net income rose from $2.75 billion to $3.31 billion, about 20.4%. The MD&A text that would explain what is driving these results is not on file, so the causes of this growth cannot be established from the data provided.

Hidden risk.Net income and operating income diverge sharply. In 2021, net income was $4.06 billion while operating income was $3.45 billion. In 2022, operating income rose to $3.64 billion, yet net income fell 64.3% to $1.45 billion. The data provided does not explain this gap. Readers may want to look at the non-operating, interest, and tax lines of the income statement to see what drove the difference between the two measures.