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.