ICE dividend: history, cash cover and yield
ICE plans a $2.08 annual dividend per share, after its dividend rose from $1.32 to $1.92 over four years. In 2025, free cash flow covered dividends comfortably; dividends and buybacks used 62.0% of free cash flow.
How much does ICE pay in dividends?
The base dividend begins at $2.08 per share. It reaches $2.24 in the second period. It reaches $2.40 in the third. This follows the guided rate and roughly matches recent growth. The dividend rose from $1.32 to $1.92 over four years, while free cash flow covered 2025 dividends comfortably.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow per share | 6.73 | 6.70 | 5.40 | 5.48 | 4.73 |
| − Dividends paid, per share | 1.92 | 1.80 | 1.69 | 1.52 | 1.32 |
| − Share buybacks, per share | 2.25 | 0.00 | 0.00 | 1.13 | 0.44 |
| = FCF not paid out, per share | 2.45 | 4.78 | 3.60 | 2.76 | 2.93 |
What this means. The company's own free cash flow per share is higher because it does not subtract the value of shares given to employees as pay; we subtract it because it reduces what each share really receives.
Does ICE's dividend have cash cover?
ICE continued paying dividends, paused buybacks during 2023 and 2024, then resumed them in 2025. Buybacks and dividends together totalled $2,399 million that year, or 62.0% of free cash flow. Debt repayment reduced the burden, but every dollar returned to shareholders competed with integration and future acquisitions.
The stock is valued at 22.4 times trailing earnings and 17.8 times forward earnings. Free cash flow yield is 4.4%, while real free cash flow yield after stock pay is 4.1%. In 2025, real free cash flow was 28.7% of revenue. It was $6.32 per share, versus diluted EPS of $5.77. Net debt was $18,178 million. Dividends and buybacks used 62.0% of free cash flow. Dividend yield is 1.3% and buyback yield is 1.5%.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 3,871 | 3,857 | 3,053 | 3,072 | 2,671 |
| − Dividends paid | 1,105 | 1,039 | 955 | 853 | 747 |
| − Share buybacks | 1,294 | 0 | 0 | 632 | 250 |
| = Free cash flow not paid out | 1,409 | 2,752 | 2,033 | 1,551 | 1,653 |
| Paid to shareholders | 2,399 | 1,039 | 955 | 1,485 | 997 |
| Paid out, % of free cash flow | 62.0% | 26.9% | 31.3% | 48.3% | 37.3% |
What this means. The cash change does not always match the cash and short-term investments balance because it includes restricted cash and deposits that the balance does not include.
What could change ICE's dividend?
ICE can deliver a moderate gain, but the price hinges on recurring growth, trading activity, mortgage execution, acquisition costs and debt reduction. Management expects high-single-digit recurring revenue growth in Exchanges and 7.0%–8.0% growth in Fixed Income and Data Services in 2026. Mortgage Technology guidance is low-to-mid-single-digit revenue growth. ICE guides to $5,140 million–$5,180 million of GAAP operating expenses and $4,190 million–$4,230 million adjusted. It plans a $2.08 annual dividend per share and $400 million quarterly baseline repurchases from the third quarter onward.
Capital allocation will also matter through 2027–2029. Debt repayment that crowds out buybacks or dividends would pressure the share count and multiple. Sustained cash generation that funds repurchases above baseline would support the upside.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 4,496 (4,123 / 4,795) | 4,905 (4,220 / 5,475) | 5,350 (4,357 / 6,270) |
| Shares (millions) | 555 (560 / 553) | 550 (560 / 546) | 546 (559 / 539) |
| Dividends per share | 2.08 (2.08 / 2.08) | 2.24 (2.08 / 2.40) | 2.40 (2.08 / 2.76) |
| Price to earnings | 19.00 (18.00 / 22.00) | 19.00 (16.00 / 24.00) | 18.00 (14.00 / 26.00) |
What this means. The numbers in brackets show lower and higher forecast scenarios, not extra amounts added to the base forecast.