Intercontinental Exchange (ICE)
Market Price (9/1/2026): $158.32 | Market Cap: $89.3 BilInvestor Relations Sector: Financials | Industry: Financial Exchanges & Data
Intercontinental Exchange (ICE)
Market Price (9/1/2026): $158.32Market Cap: $89.3 BilSector: FinancialsIndustry: Financial Exchanges & Data
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%, FCF Yield is 5.1% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35%, CFO LTM is 5.5 Bil, FCF LTM is 4.6 Bil Stock buyback supportStock Buyback 3Y Total is 2.8 Bil Megatrend and thematic driversMegatrends include Fintech & Digital Payments, AI in Financial Services, Sustainable Finance, and Artificial Intelligence. Show more. | Key risksICE key risks include [1] the sensitivity of its Mortgage Technology segment to high interest rates reducing home sales and servicing volumes, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%, FCF Yield is 5.1% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35%, CFO LTM is 5.5 Bil, FCF LTM is 4.6 Bil |
| Stock buyback supportStock Buyback 3Y Total is 2.8 Bil |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, AI in Financial Services, Sustainable Finance, and Artificial Intelligence. Show more. |
| Key risksICE key risks include [1] the sensitivity of its Mortgage Technology segment to high interest rates reducing home sales and servicing volumes, Show more. |
Qualitative Assessment
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Intercontinental Exchange (ICE) stock has gained about 10% since 5/31/2026 because of the following key factors:
1. Intercontinental Exchange reported strong financial results for fiscal Q2 2026, which ended on June 30, 2026, exceeding analyst expectations. The company announced adjusted diluted earnings per share (EPS) of $1.90, surpassing the consensus estimate of $1.84. Net revenues rose 5% year-over-year to $2.7 billion, also beating the consensus estimate of $2.6 billion. This performance was driven by record recurring revenue of $1.4 billion, an 8% increase year-over-year, and broad-based growth across its Exchange, Fixed Income and Data Services, and Mortgage Technology segments.
2. The company announced an increased share repurchase authorization, signaling confidence in its financial position and commitment to shareholder returns. Effective July 1, 2026 (fiscal Q3 2026), ICE's board approved an increase in its share repurchase authorization up to $4.0 billion. This builds on the $1.8 billion returned to stockholders through fiscal Q2 2026, which included $1.2 billion in share repurchases. ICE also plans to increase its baseline share repurchases from $350 million to $400 million per quarter.
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Intercontinental Exchange (ICE) stock has gained about 10% since 5/31/2026 because of the following key factors:
1. Intercontinental Exchange reported strong financial results for fiscal Q2 2026, which ended on June 30, 2026, exceeding analyst expectations. The company announced adjusted diluted earnings per share (EPS) of $1.90, surpassing the consensus estimate of $1.84. Net revenues rose 5% year-over-year to $2.7 billion, also beating the consensus estimate of $2.6 billion. This performance was driven by record recurring revenue of $1.4 billion, an 8% increase year-over-year, and broad-based growth across its Exchange, Fixed Income and Data Services, and Mortgage Technology segments.
2. The company announced an increased share repurchase authorization, signaling confidence in its financial position and commitment to shareholder returns. Effective July 1, 2026 (fiscal Q3 2026), ICE's board approved an increase in its share repurchase authorization up to $4.0 billion. This builds on the $1.8 billion returned to stockholders through fiscal Q2 2026, which included $1.2 billion in share repurchases. ICE also plans to increase its baseline share repurchases from $350 million to $400 million per quarter.
3. A significant strategic acquisition of MarketAxess was announced, expected to bolster ICE's fixed-income capabilities and generate synergies. On July 30, 2026, ICE entered into a definitive agreement to acquire MarketAxess for approximately $5.7 billion in enterprise value. This acquisition is projected to be immediately accretive to adjusted EPS in its first year and is expected to generate approximately $100 million in annualized expense synergies, with one-third realized in year one, two-thirds by year two, and the full run-rate by year three. The acquisition is considered a strategic step to expand ICE's comprehensive fixed-income ecosystem.
4. Robust trading volumes and open interest, particularly in interest rate products, contributed to strong performance in ICE's Exchange segment. During fiscal Q2 2026, total open interest across ICE's futures and options business increased 20% year-over-year. Specifically, the rates business within the Exchange segment saw revenue growth of 24% year-over-year, as customers actively adjusted to shifting expectations for interest rates in Europe and the U.K.. This strong activity also included a 36% year-over-year increase in average daily volume (ADV) for Agriculture & Metals and a 12% year-over-year rise in NYSE Cash Equities ADV.
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Stock Movement Drivers
Fundamental Drivers
The 9.1% change in ICE stock from 5/31/2026 to 8/31/2026 was primarily driven by a 5.6% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 8312026 | Change |
|---|---|---|---|
| Stock Price ($) | 147.30 | 160.70 | 9.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,077 | 13,426 | 2.7% |
| Net Income Margin (%) | 30.1% | 30.1% | 0.1% |
| P/E Multiple | 21.2 | 22.4 | 5.6% |
| Shares Outstanding (Mil) | 567 | 564 | 0.5% |
| Cumulative Contribution | 9.1% |
Market Drivers
5/31/2026 to 8/31/2026| Return | Correlation | |
|---|---|---|
| ICE | 9.1% | |
| Market (SPY) | 1.4% | -2.8% |
| Sector (XLF) | 11.9% | 48.7% |
Fundamental Drivers
The -1.4% change in ICE stock from 2/28/2026 to 8/31/2026 was primarily driven by a -19.8% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 8312026 | Change |
|---|---|---|---|
| Stock Price ($) | 163.00 | 160.70 | -1.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,640 | 13,426 | 6.2% |
| Net Income Margin (%) | 26.2% | 30.1% | 14.7% |
| P/E Multiple | 28.0 | 22.4 | -19.8% |
| Shares Outstanding (Mil) | 569 | 564 | 0.9% |
| Cumulative Contribution | -1.4% |
Market Drivers
2/28/2026 to 8/31/2026| Return | Correlation | |
|---|---|---|
| ICE | -1.4% | |
| Market (SPY) | 12.1% | 2.8% |
| Sector (XLF) | 12.8% | 42.4% |
Fundamental Drivers
The -7.8% change in ICE stock from 8/31/2025 to 8/31/2026 was primarily driven by a -32.5% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 8312026 | Change |
|---|---|---|---|
| Stock Price ($) | 174.37 | 160.70 | -7.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,554 | 13,426 | 6.9% |
| Net Income Margin (%) | 23.9% | 30.1% | 25.7% |
| P/E Multiple | 33.3 | 22.4 | -32.5% |
| Shares Outstanding (Mil) | 573 | 564 | 1.6% |
| Cumulative Contribution | -7.8% |
Market Drivers
8/31/2025 to 8/31/2026| Return | Correlation | |
|---|---|---|
| ICE | -7.8% | |
| Market (SPY) | 19.9% | 11.6% |
| Sector (XLF) | 8.2% | 47.8% |
Fundamental Drivers
The 41.4% change in ICE stock from 8/31/2023 to 8/31/2026 was primarily driven by a 70.5% change in the company's Net Income Margin (%).| (LTM values as of) | 8312023 | 8312026 | Change |
|---|---|---|---|
| Stock Price ($) | 113.63 | 160.70 | 41.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,572 | 13,426 | 40.3% |
| Net Income Margin (%) | 17.6% | 30.1% | 70.5% |
| P/E Multiple | 37.7 | 22.4 | -40.5% |
| Shares Outstanding (Mil) | 560 | 564 | -0.7% |
| Cumulative Contribution | 41.4% |
Market Drivers
8/31/2023 to 8/31/2026| Return | Correlation | |
|---|---|---|
| ICE | 41.4% | |
| Market (SPY) | 76.3% | 33.3% |
| Sector (XLF) | 75.4% | 50.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ICE Return | 20% | -24% | 27% | 17% | 10% | 1% | 51% |
| Peers Return | 33% | -13% | 12% | 10% | 19% | 7% | 81% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| ICE Win Rate | 50% | 42% | 67% | 50% | 58% | 50% | |
| Peers Win Rate | 55% | 45% | 58% | 53% | 60% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ICE Max Drawdown | -9% | -34% | -13% | -11% | -23% | -29% | |
| Peers Max Drawdown | -18% | -33% | -27% | -18% | -18% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SCHW, CME, NDAQ, CBOE, MKTX. See ICE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/31/2026 (YTD)
How Low Can It Go
| Event | ICE | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.6% | -6.7% |
| % Gain to Breakeven | 14.5% | 7.1% |
| Time to Breakeven | 49 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.1% | -24.5% |
| % Gain to Breakeven | 47.3% | 32.4% |
| Time to Breakeven | 601 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -29.7% | -33.7% |
| % Gain to Breakeven | 42.2% | 50.9% |
| Time to Breakeven | 56 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -19.3% | -17.9% |
| % Gain to Breakeven | 23.9% | 21.8% |
| Time to Breakeven | 80 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -15.6% | -15.4% |
| % Gain to Breakeven | 18.5% | 18.2% |
| Time to Breakeven | 139 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -73.9% | -53.4% |
| % Gain to Breakeven | 283.7% | 114.4% |
| Time to Breakeven | 1786 days | 1085 days |
In The Past
Intercontinental Exchange's stock fell -8.9% during the 2025 US Tariff Shock. Such a loss loss requires a 9.8% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | ICE | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.1% | -24.5% |
| % Gain to Breakeven | 47.3% | 32.4% |
| Time to Breakeven | 601 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -29.7% | -33.7% |
| % Gain to Breakeven | 42.2% | 50.9% |
| Time to Breakeven | 56 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -73.9% | -53.4% |
| % Gain to Breakeven | 283.7% | 114.4% |
| Time to Breakeven | 1786 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -25.1% | -8.6% |
| % Gain to Breakeven | 33.6% | 9.5% |
| Time to Breakeven | 37 days | 47 days |
In The Past
Intercontinental Exchange's stock fell -8.9% during the 2025 US Tariff Shock. Such a loss loss requires a 9.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Intercontinental Exchange (ICE)
Intercontinental Exchange (ICE) is a global financial infrastructure company that operates regulated exchanges, clearing houses, and listings venues across North America, Europe, and Asia. It provides marketplaces for the trading and clearing of a broad spectrum of financial instruments, including derivatives such as commodities, interest rates, foreign exchange, and equities, as well as financial securities like corporate stocks and exchange-traded funds (ETFs). Essentially, ICE offers the vital platforms and services that enable market participants to buy, sell, and clear a diverse range of financial products.
In addition to its core exchange business, ICE also delivers comprehensive data and technology solutions. This includes fixed income data, analytics, and execution services, along with multi-asset class data and network services. A key segment is its Mortgage Technology business, which provides a proprietary platform for residential mortgage origination, closing solutions, and data-as-a-service specifically for lenders. Its primary customers are financial institutions, market participants, and lenders across the commodity, financial, fixed income, equity, and residential mortgage markets.
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- Imagine the New York Stock Exchange (NYSE) combined with Bloomberg, plus a major mortgage technology company.
- They're like AWS for global financial markets, providing the core infrastructure, data, and platforms for trading and clearing.
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- Financial Exchanges and Clearing Houses: Operates regulated marketplaces for listing, trading, and clearing a wide array of derivatives contracts and financial securities.
- Fixed Income and Data Services: Provides data, analytics, execution services, and CDS clearing for fixed income and other multi-asset class markets.
- Market Data and Connectivity: Offers various market data, analytical tools, and network connectivity services to market participants.
- Mortgage Technology Solutions: Delivers a proprietary mortgage origination platform, closing solutions, and mortgage-specific data and analytics services.
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Major Customers of Intercontinental Exchange (ICE)
Intercontinental Exchange primarily serves a wide range of institutional clients across the financial and mortgage industries. Based on its services, its major customer groups include:
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Financial Institutions and Market Participants
This category encompasses investment banks, broker-dealers, hedge funds, asset managers, and proprietary trading firms. These entities are the primary users of ICE's regulated exchanges for trading and clearing a vast array of derivatives contracts (commodities, interest rates, foreign exchange, equities), cash equities, as well as utilizing its fixed income execution, data, and connectivity services.
Illustrative Examples of Public Companies:
- Goldman Sachs (GS)
- JPMorgan Chase & Co. (JPM)
- Morgan Stanley (MS)
- BlackRock, Inc. (BLK)
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Corporations (for Hedging and Market Access)
Large corporations, particularly those with significant exposure to commodity price fluctuations (e.g., in energy, agriculture, metals sectors) or interest rate and foreign exchange risks, utilize ICE's derivatives markets for hedging, risk management, and price discovery.
Illustrative Examples of Public Companies:
- Shell plc (SHEL)
- BP p.l.c. (BP)
- Archer-Daniels-Midland Company (ADM)
-
Mortgage Lenders and Companies in the Mortgage Supply Chain
Customers in this segment leverage ICE's Mortgage Technology offerings, which include proprietary mortgage origination platforms, closing solutions, and data and analytics services for residential mortgage loans. This group comprises both traditional banks and non-bank mortgage lenders, as well as other participants in the mortgage supply chain.
Illustrative Examples of Public Companies:
- Wells Fargo & Company (WFC)
- Rocket Companies, Inc. (RKT)
- UWM Holdings Corporation (UWMC)
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Jeffrey Sprecher, Chair & Chief Executive Officer
Jeffrey Sprecher is the founder, Chair, and Chief Executive Officer of Intercontinental Exchange, Inc. (ICE). He is recognized as a pioneer in digital networks and the electronification of trading and marketplaces. Sprecher started Intercontinental Exchange in 2000 as an online platform for energy trading after acquiring the Continental Power Exchange in Atlanta in 1997. He has founded Intercontinental Exchange, Inc. and Intercontinental Exchange Holdings, Inc., and has led eight different companies. Sprecher's vision led to ICE's IPO in 2005 and significant acquisitions, including the International Petroleum Exchange (2001), the New York Board of Trade (2007), Creditex (2008), the Clearing Corporation (2009), the Climate Exchange (2010), and the New York Stock Exchange (2013). He became Chair of the NYSE following ICE's acquisition, overseeing its overhaul. While launching ICE in 2000, he was backed by investment banks Goldman Sachs and Morgan Stanley.
Warren Gardiner, Chief Financial Officer
Warren Gardiner is the Chief Financial Officer of Intercontinental Exchange. In this role, he oversees all financial and accounting functions, including treasury, tax, audit, and investor relations. Prior to assuming the CFO position in May 2021, Gardiner led ICE's investor relations program starting in 2017 and played a key role in business development, financial planning, and analysis. Before joining ICE, he served as a senior research analyst covering the U.S. exchanges and Financial Information sector at Evercore ISI.
Benjamin Jackson, President, Intercontinental Exchange
Benjamin Jackson serves as the President of Intercontinental Exchange.
Lynn Martin, President, NYSE Group & Chair, ICE Fixed Income & Data Services
Lynn Martin is the President of NYSE Group, a wholly-owned subsidiary of Intercontinental Exchange, Inc., a position she has held since January 2022, making her the 68th president of the New York Stock Exchange. She oversees the operations of the NYSE, four electronic equity markets, and two options exchanges. Martin also chairs ICE Fixed Income & Data Services. She began her career at IBM Global Services as a project manager and coder. Before her current roles, she served as CEO of NYSE Liffe from 2013 to 2014, CEO of New York Portfolio Clearing, COO of ICE Clear U.S., and President and COO of ICE Data Services.
Elizabeth King, Global Head of Clearing & Chief Regulatory Officer, Intercontinental Exchange
Elizabeth King is the Global Head of Clearing and Chief Regulatory Officer at Intercontinental Exchange, Inc. She is responsible for overseeing all of ICE's clearing house operations, the global risk management team, and the company's global regulatory and government affairs strategies. King previously served as President of Sustainable Finance for ICE and as General Counsel and Corporate Secretary of NYSE Group. Before joining ICE in March 2014, she was Deputy General Counsel and Global Head of Regulatory Affairs at KCG Holdings, Inc. Her background also includes serving as Associate Director, Division of Trading and Markets at the U.S. Securities and Exchange Commission.
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The Intercontinental Exchange (ICE) faces several key risks inherent to its operations across regulated exchanges, clearing houses, and mortgage technology. These risks stem from the highly regulated nature of financial markets, the company's reliance on advanced technology, and the cyclicality of both financial markets and the housing industry.
The most significant risks to Intercontinental Exchange (ICE) are:
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Regulatory Compliance and Legal Risks: ICE operates in a globally regulated environment, subjecting it to extensive oversight. Changes in laws, regulations, or government policies, particularly concerning financial markets, data privacy, and climate-related risks, can lead to increased operational costs, compliance challenges, and potential penalties. The company's strategic acquisitions, such as Black Knight, have also faced regulatory scrutiny and antitrust concerns, requiring divestitures to address competition issues. Non-compliance can result in substantial fines, reputational damage, and limitations on its operations.
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Technological Dependence and Cybersecurity Risks: Given ICE's reliance on complex technological systems for its exchanges, data services, and mortgage technology platforms, it is highly susceptible to system failures, outages, and disruptions. Furthermore, as a handler of vast volumes of sensitive financial and customer data, ICE is a prime target for cyberattacks, data breaches, and other security incidents. The increasing adoption of new technologies, including AI, and reliance on third-party vendors, can introduce new vulnerabilities and complicate data security and integration, leading to potential financial losses, reputational harm, and regulatory penalties.
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Market Volatility and Economic Downturns: Fluctuations in global financial markets and broader economic conditions significantly impact ICE's trading volumes and revenue generation across its Exchange segment. Changes in interest rates, commodity prices, and geopolitical events can reduce trading activity and affect transaction-based revenues. Specifically, sustained high interest rates and cyclical downturns in the housing market can adversely affect ICE's Mortgage Technology business, which relies on the health of the residential mortgage loan market. A prolonged economic slowdown could also generally cut into overall trading activity across its marketplaces.
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The rise of decentralized finance (DeFi) and blockchain-based direct trading platforms. These technologies have the potential to disintermediate traditional, centralized exchanges and clearing houses by enabling peer-to-peer transactions and automated smart contracts for a growing range of financial assets, potentially reducing the reliance on services provided by Intercontinental Exchange's core segments.
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Addressable Markets for Intercontinental Exchange (ICE)
Exchanges Segment
- The global Over-the-Counter (OTC) derivatives market had a notional outstanding value of $699.5 trillion by the end of December 2024. This included $548.3 trillion for interest rate derivatives (IRD), $130.1 trillion for FX derivatives, $8.9 trillion for equity derivatives, and $2.4 trillion for commodity derivatives.
- Worldwide volume of exchange-traded derivatives reached 13.43 billion contracts in January 2026.
- Global FX trading reached $9.6 trillion per day in April 2025.
- Trading of OTC interest rate derivatives increased to $7.9 trillion per day in April 2025.
- The global futures trading service market was valued at USD 5.2 billion in 2023 and is projected to reach USD 10.8 billion by 2032.
- Total options volume in the U.S. topped 15.2 billion contracts in 2025.
- Global fixed income markets outstanding increased to $145.1 trillion in 2024.
- Global equity market capitalization increased to $126.7 trillion in 2024.
Fixed Income and Data Services Segment
- The global financial analytics market was valued at USD 10.7 billion in 2025 and is projected to reach USD 27.36 billion by 2034. North America dominated this market with a 34.70% share in 2025.
- The global Fixed Income Pricing Data Software market size was $1319.4 million by the end of 2025 and is projected to become $2664.51 million by 2033. North America commands a substantial 40.05% of the global market share in 2025, with the United States holding 32.86%.
- The global data analytics market size was estimated at USD 69.54 billion in 2024 and is projected to reach USD 302.01 billion by 2030. North America accounted for a dominant global share of 31.75% in 2024.
Mortgage Technology Segment
- The global digital mortgage software market was valued at $3.7 billion in 2022 and is projected to reach $35.3 billion by 2032. North America dominated this market in 2022 and is expected to retain its position. The United States market size for residential mortgage digital software was USD 600.0 million in 2025, forecasted to reach USD 3240.0 million by 2034.
- Total single-family mortgage origination volume in the U.S. is expected to increase to $2.2 trillion in 2026, from $2.0 trillion in 2025.
- The global digital lending platform market size was estimated at USD 10.55 billion in 2024 and is projected to reach USD 44.49 billion by 2030. North America led this market and accounted for 32.7% share of the global revenue in 2024.
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Intercontinental Exchange (ICE) is expected to drive future revenue growth over the next two to three years through several key initiatives across its diverse business segments, leveraging its market infrastructure, data capabilities, and technological advancements.
- Growth in the Exchange Segment: ICE anticipates continued robust performance in its Exchange segment, fueled by record volumes in futures and options contracts. This growth is particularly strong in global oil, natural gas, and environmental products, reflecting heightened demand for risk management tools amidst evolving market dynamics. Management projects mid-single-digit recurring revenue growth for this segment in 2026.
- Expansion of Fixed Income and Data Services: The company expects ongoing scaling and revenue growth from its Fixed Income and Data Services segment. This is driven by sustained demand for high-quality pricing, reference data offerings, and other multi-asset class data and network services. Recurring revenues for this segment are forecast to trend towards the high end of the mid-single-digit range in 2026.
- Mortgage Technology Segment Enhancement: Revenue growth in the Mortgage Technology segment is expected to come from several factors. The realization of expense synergies from the Black Knight acquisition is a significant driver, with the total synergy target raised to $275 million by 2028. Additionally, new client wins, improved mortgage origination volumes as market headwinds moderate, and the rollout of AI-powered workflow enhancements like ICE Aurora are poised to contribute to low-to-mid single-digit revenue growth in 2026.
- Strategic Initiatives in Digital Assets and Technology: ICE is positioning itself for future growth through strategic investments in digital assets and advanced technology. This includes the NYSE tokenization initiative, for which ICE plans to seek regulatory approval, representing a new strategic direction to broaden market access. Furthermore, ongoing investments in AI infrastructure and data centers, aimed at enhancing data services and AI-driven workflow automation across financial markets, are expected to support higher-margin, recurring revenues.
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Share Repurchases
- Intercontinental Exchange repurchased $1.3 billion in common stock through the fourth quarter of 2025.
- Through the third quarter of 2025, ICE repurchased $894 million of its common stock.
- In fiscal year 2024, Intercontinental Exchange repurchased $81 million in common stock.
Outbound Investments
- In early October 2025, Intercontinental Exchange made a strategic investment in Polymarket, a leading prediction market platform, to expand its presence in decentralized prediction markets.
- The 2023 acquisition of Black Knight continued to drive results, with the Mortgage Technology segment exceeding expense synergy targets in 2025.
Capital Expenditures
- Intercontinental Exchange projects capital expenditures for 2026 to be between $740 million and $790 million.
- Through the second quarter of 2025, capital expenditures were $145 million, with an additional $211 million in capitalized software development costs.
- In 2025, ICE experienced significant growth in its colocation services, with billable kilowatt hours at its Mahwah, NJ data center growing by 50% and capacity more than doubling compared to 2020.
Peer Outperformance in Financial Exchanges & Data
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ICE | Intercontinental Exchange | 12.0% | 22.4x | -7.8% | 42.6% | 42.2% | — |
| CBOE | Cboe Global Markets | 9.5% | 23.2x | 28.5% | 106.6% | 151.8% | +110pp |
| CME | CME | 9.0% | 24.0x | 11.3% | 60.0% | 76.8% | +35pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 3.9% | 121.3% | 135.2% | IBKR 511% · SNEX 235% · GS 177% |
| Reinsurance | 6 | 20.6% | 80.3% | 122.7% | SPNT 151% · RGA 132% · MTG 127% |
| Diversified Banks | 12 | 35.2% | 125.2% | 114.1% | JPM 153% · CM 150% · RY 138% |
| Life & Health Insurance | 20 | 11.4% | 51.7% | 93.2% | JXN 435% · UNM 311% · FG 213% |
| Regional Banks | 264 | 24.1% | 78.7% | 63.1% | GCBC 365% · ESQ 338% · NBN 284% |
| Property & Casualty Insurance | 42 | 12.3% | 71.8% | 62.5% | ASIC 2626900% · HRTG 418% · UVE 280% |
| Multi-line Insurance | 9 | 12.1% | 75.3% | 56.8% | GNW 167% · L 98% · SLF 88% |
| Multi-Sector Holdings | 6 | 3.4% | 17.1% | 37.9% | BRK-B 77% · JEF 76% · VOYA 73% |
| Consumer Finance | 30 | 7.2% | 76.6% | 34.2% | ENVA 584% · EZPW 375% · AGM 164% |
| Insurance Brokers | 16 | -11.6% | 3.9% | 28.9% | LIFE 565% · AJG 91% · ARX 88% |
| Asset Management & Custody Banks | 82 | -8.6% | 21.6% | 22.6% | SII 337% · WT 310% · VCTR 298% |
| Financial Exchanges & Data ← | 15 | -0.1% | 19.2% | 16.7% | VIRT 216% · CBOE 152% · CME 77% |
| Diversified Financial Services | 4 | -0.5% | 5.2% | 10.0% | FRHC 172% · EQH 84% · TMS -64% |
| Commercial & Residential Mortgage Finance | 12 | -37.0% | 13.6% | 3.0% | FNMA 512% · FMCC 499% · ESNT 60% |
| Specialized Finance | 3 | 16.5% | 45.9% | 1.6% | EFC 35% · CACC 2% · HASI -18% |
| Mortgage REITs | 33 | -9.5% | 9.4% | -15.6% | NREF 53% · RITM 50% · DX 39% |
| Transaction & Payment Processing Services | 15 | 2.3% | 0.2% | -41.2% | MA 74% · V 71% · CPAY 53% |
| Diversified Capital Markets | 21 | -23.7% | 4.2% | -48.0% | BTCS 589% · OPY 179% · LPLA 154% |
Latest Trefis Analyses
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | - |
| Mkt Cap | 73.1 |
| Rev LTM | 7,762 |
| Op Inc LTM | 2,661 |
| FCF LTM | 3,082 |
| FCF 3Y Avg | 2,906 |
| CFO LTM | 3,278 |
| CFO 3Y Avg | 3,064 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.3% |
| Rev Chg 3Y Avg | 9.2% |
| Rev Chg Q | 15.6% |
| QoQ Delta Rev Chg LTM | 3.8% |
| Op Inc Chg LTM | 15.8% |
| Op Inc Chg 3Y Avg | 13.7% |
| Op Mgn LTM | 40.5% |
| Op Mgn 3Y Avg | 39.4% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 39.9% |
| CFO/Rev 3Y Avg | 38.6% |
| FCF/Rev LTM | 35.8% |
| FCF/Rev 3Y Avg | 34.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Exchanges | 8,120 | 7,441 | 6,355 | 6,415 | 5,878 |
| Fixed Income and Data Services | 2,419 | 2,298 | 2,231 | 2,092 | 1,883 |
| Mortgage Technology | 2,101 | 2,022 | 1,317 | 1,129 | 1,407 |
| Total | 12,640 | 11,761 | 9,903 | 9,636 | 9,168 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Exchanges | 3,982 | 3,636 | 3,159 | 2,862 | 2,523 |
| Fixed Income and Data Services | 933 | 843 | 811 | 719 | 529 |
| Mortgage Technology | 14 | -170 | -276 | 57 | 397 |
| Total | 4,929 | 4,309 | 3,694 | 3,638 | 3,449 |
| $ Mil | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|
| Future | 17,086 | 11,054 | |||
| OTC | 9,526 | 10,790 | 1,654 | 414 | |
| Market Data | 30 | 41 | 20 | 7 | |
| Futures Business Segment | 12,634 | ||||
| Market Data Business Segment | 18 | ||||
| OTC Business Segment | 2,308 | ||||
| Futures Business | 1,122 | 72 | |||
| Total | 26,642 | 21,885 | 14,960 | 2,796 | 493 |
Price Behavior
| Market Price | $160.70 | |
| Market Cap ($ Bil) | 90.6 | |
| First Trading Date | 11/16/2005 | |
| Distance from 52W High | -7.8% | |
| 50 Days | 200 Days | |
| DMA Price | $145.45 | $154.36 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 10.5% | 4.1% |
| 3M | 1YR | |
| Volatility | 27.3% | 24.6% |
| Downside Capture | -51.38 | 30.29 |
| Upside Capture | 2.74 | 14.28 |
| Correlation (SPY) | -3.6% | 11.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.45 | -0.45 | -0.07 | 0.05 | 0.23 | 0.44 |
| Up Beta | -0.96 | -1.08 | -0.40 | -0.18 | 0.11 | 0.30 |
| Down Beta | -1.18 | 0.53 | 0.79 | 0.51 | 0.35 | 0.53 |
| Up Capture | 31% | 52% | -6% | -2% | 10% | 20% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 13 | 29 | 37 | 62 | 129 | 399 |
| Down Capture | -89% | -193% | -59% | 1% | 38% | 72% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 13 | 27 | 64 | 121 | 351 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ICE | |
|---|---|---|---|---|
| ICE | -8.2% | 24.5% | -0.40 | - |
| Sector ETF (XLF) | 8.5% | 14.5% | 0.34 | 47.8% |
| Equity (SPY) | 19.3% | 12.8% | 1.11 | 11.8% |
| Gold (GLD) | 29.8% | 29.0% | 0.89 | -2.2% |
| Commodities (DBC) | 41.3% | 20.4% | 1.58 | -1.6% |
| Real Estate (VNQ) | 9.2% | 13.7% | 0.40 | 32.9% |
| Bitcoin (BTCUSD) | -30.9% | 43.7% | -0.72 | 15.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ICE | |
|---|---|---|---|---|
| ICE | 7.8% | 21.6% | 0.28 | - |
| Sector ETF (XLF) | 10.5% | 18.4% | 0.43 | 53.8% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 50.1% |
| Gold (GLD) | 19.4% | 18.7% | 0.84 | 6.9% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | 7.7% |
| Real Estate (VNQ) | 1.9% | 18.9% | -0.00 | 53.9% |
| Bitcoin (BTCUSD) | 9.5% | 52.7% | 0.36 | 22.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ICE | |
|---|---|---|---|---|
| ICE | 12.5% | 22.4% | 0.51 | - |
| Sector ETF (XLF) | 13.5% | 22.1% | 0.56 | 59.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 59.5% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 6.8% |
| Commodities (DBC) | 7.6% | 18.1% | 0.34 | 16.8% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 54.9% |
| Bitcoin (BTCUSD) | 63.4% | 66.2% | 1.03 | 16.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 1.3% | -2.9% | 4.5% |
| 4/30/2026 | 1.2% | -1.8% | -5.3% |
| 2/5/2026 | 2.1% | -7.8% | 0.8% |
| 10/30/2025 | -1.4% | -2.9% | 4.2% |
| 7/31/2025 | -0.5% | 1.2% | -4.6% |
| 5/1/2025 | 1.7% | 5.1% | 7.0% |
| 2/6/2025 | 4.3% | 3.6% | 5.9% |
| 10/31/2024 | -6.4% | -6.4% | -3.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 14 |
| # Negative | 13 | 11 | 10 |
| Median Positive | 2.1% | 3.5% | 5.4% |
| Median Negative | -1.2% | -2.9% | -4.0% |
| Max Positive | 4.7% | 6.7% | 17.9% |
| Max Negative | -7.5% | -13.9% | -8.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 1.3% | -2.9% | 4.5% |
| 4/30/2026 | 1.2% | -1.8% | -5.3% |
| 2/5/2026 | 2.1% | -7.8% | 0.8% |
| 10/30/2025 | -1.4% | -2.9% | 4.2% |
| 7/31/2025 | -0.5% | 1.2% | -4.6% |
| 5/1/2025 | 1.7% | 5.1% | 7.0% |
| 2/6/2025 | 4.3% | 3.6% | 5.9% |
| 10/31/2024 | -6.4% | -6.4% | -3.3% |
| 8/1/2024 | -0.4% | -0.3% | 5.7% |
| 5/2/2024 | -1.7% | 3.7% | 4.1% |
| 2/8/2024 | 4.7% | 6.7% | 8.3% |
| 11/2/2023 | -1.8% | 0.8% | 5.5% |
| 8/3/2023 | -2.5% | -0.7% | 2.6% |
| 5/4/2023 | 1.8% | 3.5% | 3.0% |
| 2/2/2023 | -0.6% | 0.2% | -6.0% |
| 11/3/2022 | 3.1% | 5.0% | 17.9% |
| 8/4/2022 | 4.3% | 2.9% | -1.0% |
| 5/5/2022 | -7.5% | -13.9% | -8.1% |
| 2/3/2022 | -0.9% | 0.0% | 5.2% |
| 10/28/2021 | 1.9% | 3.2% | -2.5% |
| 7/29/2021 | -0.4% | -1.5% | -3.1% |
| 4/29/2021 | -1.2% | -3.7% | -5.9% |
| 2/4/2021 | -0.7% | -3.2% | -0.3% |
| 10/29/2020 | 2.1% | 4.9% | 12.0% |
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 14 |
| # Negative | 13 | 11 | 10 |
| Median Positive | 2.1% | 3.5% | 5.4% |
| Median Negative | -1.2% | -2.9% | -4.0% |
| Max Positive | 4.7% | 6.7% | 17.9% |
| Max Negative | -7.5% | -13.9% | -8.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/02/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/02/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/03/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/04/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 02/06/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Exchange Recurring Revenue Growth | |||||||
| 2026 Fixed Income & Data Services Recurring Revenue Growth | 7.0% | 7.5% | 8.0% | ||||
| 2026 Operating Expenses (GAAP) | 5.14 Bil | 5.16 Bil | 5.18 Bil | 0.8% | Raised | Guidance: 5.12 Bil for 2026 | |
| 2026 Operating Expenses (Non-GAAP) | 4.19 Bil | 4.21 Bil | 4.23 Bil | 1.0% | Raised | Guidance: 4.17 Bil for 2026 | |
| Q3 2026 Operating Expenses (GAAP) | 1.30 Bil | 1.30 Bil | 1.31 Bil | 1.4% | Higher New | Guidance: 1.28 Bil for Q2 2026 | |
| Q3 2026 Operating Expenses (Non-GAAP) | 1.06 Bil | 1.07 Bil | 1.07 Bil | 3.2% | Higher New | Guidance: 1.03 Bil for Q2 2026 | |
| Q3 2026 Non-Operating Expense (GAAP) | 160.00 Mil | 162.50 Mil | 165.00 Mil | 0.0% | Same New | Guidance: 162.50 Mil for Q2 2026 | |
| Q3 2026 Non-Operating Expense (Non-GAAP) | 175.00 Mil | 177.50 Mil | 180.00 Mil | -2.7% | Lower New | Guidance: 182.50 Mil for Q2 2026 | |
| 2026 Capital Expenditures | 850.00 Mil | ||||||
| Q3 2026 Weighted Average Shares Outstanding | 560.00 Mil | 563.00 Mil | 566.00 Mil | -0.9% | Lower New | Guidance: 568.00 Mil for Q2 2026 | |
Prior: Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 2026 Exchange Recurring Revenue Growth | |||||||
| 2026 2026 Fixed Income & Data Services Recurring Revenue Growth | Higher New | Actual: 5.5% for 2025 | |||||
| 2026 2026 Mortgage Technology Revenue Growth | |||||||
| 2026 2026 Operating Expenses | 5.01 Bil | 5.04 Bil | 5.08 Bil | 1.0% | Higher New | Actual: 5.00 Bil for 2025 | |
| Q1 2026 1Q26 Operating Expenses | 1.25 Bil | 1.25 Bil | 1.25 Bil | -0.8% | Lower New | Actual: 1.26 Bil for Q4 2025 | |
| Q1 2026 1Q26 Non-Operating Expense | 180.00 Mil | 182.50 Mil | 185.00 Mil | 0 | Same New | Actual: 182.50 Mil for Q4 2025 | |
| 2026 2026 Capital Expenditures | 740.00 Mil | 765.00 Mil | 790.00 Mil | ||||
| 2026 2026 Effective Tax Rate | 24.0% | 25.0% | 26.0% | 1.0% | Higher New | Actual: 24.0% for 2025 | |
| Q1 2026 1Q26 Weighted Average Shares Outstanding | 568.00 Mil | 571.00 Mil | 574.00 Mil | -0.2% | Lower New | Actual: 572.00 Mil for Q4 2025 | |
Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 2026 Exchange Recurring Revenue Growth | |||||||
| 2026 2026 Fixed Income & Data Services Recurring Revenue Growth | Higher New | Actual: 5.5% for 2025 | |||||
| 2026 2026 Mortgage Technology Revenue Growth | |||||||
| 2026 2026 Operating Expenses | 5.01 Bil | 5.04 Bil | 5.08 Bil | 1.0% | Higher New | Actual: 5.00 Bil for 2025 | |
| Q1 2026 1Q26 Operating Expenses | 1.25 Bil | 1.25 Bil | 1.25 Bil | -0.8% | Lower New | Actual: 1.26 Bil for Q4 2025 | |
| Q1 2026 1Q26 Non-Operating Expense | 180.00 Mil | 182.50 Mil | 185.00 Mil | 0 | Same New | Actual: 182.50 Mil for Q4 2025 | |
| 2026 2026 Capital Expenditures | 740.00 Mil | 765.00 Mil | 790.00 Mil | ||||
| 2026 2026 Effective Tax Rate | 24.0% | 25.0% | 26.0% | 1.0% | Higher New | Actual: 24.0% for 2025 | |
| Q1 2026 1Q26 Weighted Average Shares Outstanding | 568.00 Mil | 571.00 Mil | 574.00 Mil | -0.2% | Lower New | Actual: 572.00 Mil for Q4 2025 | |
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Operating Expenses (GAAP) | 1.25 Bil | 1.26 Bil | 1.26 Bil | 0.8% | Higher New | Guidance: 1.25 Bil for Q3 2025 | |
| Q4 2025 Operating Expenses (Non-GAAP) | 1.00 Bil | 1.01 Bil | 1.01 Bil | 1.0% | Higher New | Guidance: 1.00 Bil for Q3 2025 | |
| Q4 2025 Non-Operating Expense | 180.00 Mil | 182.50 Mil | 185.00 Mil | 5.8% | Higher New | Guidance: 172.50 Mil for Q3 2025 | |
| Q4 2025 Weighted Average Shares Outstanding | 569.00 Mil | 572.00 Mil | 575.00 Mil | -0.5% | Lower New | Guidance: 575.00 Mil for Q3 2025 | |
| 2025 Fixed Income & Data Services Recurring Revenue Growth | 5.0% | 5.5% | 6.0% | 1.0% | Raised | Guidance: 4.5% for 2025 | |
| 2025 Operating Expenses (GAAP) | 4.99 Bil | 5.00 Bil | 5.00 Bil | ||||
| 2025 Operating Expenses (Non-GAAP) | 3.93 Bil | 3.94 Bil | 3.94 Bil | ||||
| 2025 Effective Tax Rate | 23.0% | 24.0% | 25.0% | ||||
Insider Activity
Updated 8/28/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tirinnanzi, Martha A | Direct | Sell | 8282026 | 161.16 | 1,340 | 215,954 | 603,867 | Form | |
| 2 | Surdykowski, Andrew J | General Counsel | Direct | Sell | 8282026 | 161.77 | 4,574 | 739,921 | 6,966,486 | Form |
| 3 | Foley, Douglas | SVP, HR & Administration | Direct | Sell | 8242026 | 160.00 | 1,600 | 256,000 | 2,794,080 | Form |
| 4 | Tirinnanzi, Martha A | Direct | Sell | 8172026 | 155.00 | 141 | 21,855 | 788,485 | Form | |
| 5 | Kapani, Mayur | Chief Technology Officer | Direct | Sell | 8142026 | 151.20 | 4,271 | 645,763 | 10,279,588 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tirinnanzi, Martha A | Direct | Sell | 8282026 | 161.16 | 1,340 | 215,954 | 603,867 | Form | |
| 2 | Surdykowski, Andrew J | General Counsel | Direct | Sell | 8282026 | 161.77 | 4,574 | 739,921 | 6,966,486 | Form |
| 3 | Foley, Douglas | SVP, HR & Administration | Direct | Sell | 8242026 | 160.00 | 1,600 | 256,000 | 2,794,080 | Form |
| 4 | Tirinnanzi, Martha A | Direct | Sell | 8172026 | 155.00 | 141 | 21,855 | 788,485 | Form | |
| 5 | Kapani, Mayur | Chief Technology Officer | Direct | Sell | 8142026 | 151.20 | 4,271 | 645,763 | 10,279,588 | Form |
| 6 | Foley, Douglas | SVP, HR & Administration | Direct | Sell | 8072026 | 148.88 | 7,300 | 1,086,788 | 2,838,004 | Form |
| 7 | Martin, Lynn C | President, NYSE Group | Direct | Sell | 7202026 | 141.15 | 15,882 | 2,241,713 | 7,681,277 | Form |
| 8 | Hague, William Jefferson | Direct | Sell | 6162026 | 139.46 | 1,333 | 185,900 | 2,807,609 | Form | |
| 9 | Hague, William Jefferson | Direct | Sell | 6112026 | 138.50 | 91 | 12,604 | 2,972,902 | Form | |
| 10 | Surdykowski, Andrew J | General Counsel | Direct | Sell | 5282026 | 151.56 | 4,573 | 693,073 | 6,891,778 | Form |
| 11 | Bowen, Sharon | Direct | Sell | 5272026 | 151.28 | 667 | 100,904 | 2,280,849 | Form | |
| 12 | Gardiner, Warren | Chief Financial Officer | Direct | Sell | 5202026 | 156.64 | 2,490 | 390,034 | 3,945,605 | Form |
| 13 | Kapani, Mayur | Chief Technology Officer | Direct | Sell | 5182026 | 155.42 | 4,271 | 663,797 | 10,081,919 | Form |
| 14 | Foley, Douglas | SVP, HR & Administration | Direct | Sell | 3112026 | 164.96 | 1,600 | 263,936 | 4,332,180 | Form |
| 15 | Surdykowski, Andrew J | General Counsel | Direct | Sell | 3022026 | 162.00 | 4,571 | 740,524 | 7,805,555 | Form |
| 16 | Martin, Lynn C | President, NYSE Group | Direct | Sell | 2242026 | 153.86 | 13,456 | 2,070,406 | 8,357,785 | Form |
| 17 | Sprecher, Jeffrey C | Chief Executive Officer | Direct | Sell | 2192026 | 155.00 | 129,937 | 20,139,819 | 169,709,561 | Form |
| 18 | Sprecher, Jeffrey C | Chief Executive Officer | CPEX | Sell | 2192026 | 155.00 | 150,000 | 23,249,520 | 256,008,990 | Form |
| 19 | Kapani, Mayur | Chief Technology Officer | Direct | Sell | 2192026 | 155.02 | 15,213 | 2,358,347 | 10,056,111 | Form |
| 20 | Jackson, Benjamin | President | Direct | Sell | 2122026 | 165.00 | 12,861 | 2,122,078 | 27,339,346 | Form |
| 21 | Sprieser, Judith A | Direct | Sell | 2092026 | 169.19 | 4,722 | 798,899 | 1,649,061 | Form | |
| 22 | Foley, Douglas | SVP, HR & Administration | Direct | Sell | 12162025 | 163.20 | 1,600 | 261,120 | 3,948,787 | Form |
| 23 | Kapani, Mayur | Chief Technology Officer | Direct | Sell | 12102025 | 156.67 | 5,345 | 837,382 | 10,220,920 | Form |
| 24 | Sprieser, Judith A | Direct | Sell | 12092025 | 157.96 | 3,700 | 584,440 | 2,285,475 | Form | |
| 25 | Gardiner, Warren | Chief Financial Officer | Direct | Sell | 11242025 | 153.65 | 1,572 | 241,538 | 3,155,049 | Form |
| 26 | Surdykowski, Andrew J | General Counsel | Direct | Sell | 11212025 | 152.52 | 1,770 | 269,960 | 6,743,214 | Form |
| 27 | Sprecher, Jeffrey C | Chief Executive Officer | CPEX | Sell | 11212025 | 153.08 | 150,000 | 22,962,583 | 275,812,010 | Form |
| 28 | Surdykowski, Andrew J | General Counsel | Direct | Sell | 11132025 | 151.00 | 2,081 | 314,231 | 6,676,012 | Form |
| 29 | Kapani, Mayur | Chief Technology Officer | Direct | Sell | 10102025 | 158.88 | 10,082 | 1,601,862 | 10,365,547 | Form |
| 30 | Williams, Stuart Glen | Chief Operating Officer | Direct | Sell | 9192025 | 172.04 | 939 | 161,542 | 2,859,936 | Form |
| 31 | Foley, Douglas | SVP, HR & Administration | Direct | Sell | 9122025 | 175.62 | 1,600 | 280,992 | 4,530,294 | Form |
| 32 | Sprieser, Judith A | Direct | Sell | 9082025 | 174.51 | 2,900 | 506,086 | 3,170,715 | Form | |
| 33 | Farooqui, Duriya M | Direct | Sell | 8292025 | 178.34 | 2,036 | 363,100 | 2,550,084 | Form | |
| 34 | Surdykowski, Andrew J | General Counsel | Direct | Sell | 8282025 | 178.33 | 3,850 | 686,570 | 8,255,431 | Form |
| 35 | Tirinnanzi, Martha A | Direct | Sell | 8262025 | 179.76 | 610 | 109,654 | 632,575 | Form | |
| 36 | Gardiner, Warren | Chief Financial Officer | Direct | Sell | 8222025 | 178.45 | 1,570 | 280,166 | 3,944,816 | Form |
| 37 | Sprecher, Jeffrey C | Chief Executive Officer | Direct | Sell | 8142025 | 183.09 | 66,575 | 12,189,310 | 212,933,646 | Form |
| 38 | Sprecher, Jeffrey C | Chief Executive Officer | CPEX | Sell | 8142025 | 183.09 | 150,000 | 27,463,889 | 357,342,728 | Form |
Investor Activity (13F)
Updated Sep 1, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| 2Xideas AG | $30.7 Mil | 12.0% | 47 | TRIM -24.8% | 13F |
| RIT Capital Partners PLC | $26.1 Mil | 7.0% | 12 | TRIM -26.5% | 13F |
| Ruane, Cunniff & Goldfarb L.P. | $415.1 Mil | 6.9% | 50 | Hold | 13F |
| L1 Capital International Pty Ltd | $97.0 Mil | 5.8% | 23 | TRIM -6.2% | 13F |
| Independent Franchise Partners LLP | $779.4 Mil | 5.5% | 26 | Hold | 13F |
| Wilson Asset Management (International) PTY LTD | $19.1 Mil | 5.4% | 43 | Hold | 13F |
| J. Stern & Co. LLP | $53.5 Mil | 5.2% | 49 | TRIM -99.4% | 13F |
| M.D. Sass, LLC | $58.9 Mil | 4.5% | 36 | ADD +16.0% | 13F |
| Spinecap SAS | $9.6 Mil | 3.5% | 15 | New | 13F |
| Claar Advisors LLC | $9.1 Mil | 3.1% | 15 | Hold | 13F |
| Walter Public Investments Inc. | $12.8 Mil | 3.1% | 48 | TRIM -35.1% | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $20.3 Mil | 3.0% | 28 | ADD +181.9% | 13F |
| Kensico Capital Management Corp | $112.7 Mil | 2.3% | 20 | Hold | 13F |
| First Washington CORP | $7.1 Mil | 2.0% | 50 | ADD +53.0% | 13F |
| Schwerin Boyle Capital Management Inc | $7.3 Mil | 0.9% | 47 | TRIM -13.0% | 13F |
| National Mutual Insurance Federation of Agricultural Cooperatives | $31.9 Mil | 0.2% | 41 | Hold | 13F |
| Unisphere Establishment | $10.7 Mil | 0.1% | 50 | ADD +25.7% | 13F |
| Woodbridge Co Ltd | $5.7 Mil | 0.0% | 46 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Spinecap SAS | $9.6 Mil | 3.5% | 15 | New | 13F |
| Woodbridge Co Ltd | $5.7 Mil | 0.0% | 46 | New | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $20.3 Mil | 3.0% | 28 | ADD +181.9% | 13F |
| First Washington CORP | $7.1 Mil | 2.0% | 50 | ADD +53.0% | 13F |
| Unisphere Establishment | $10.7 Mil | 0.1% | 50 | ADD +25.7% | 13F |
| M.D. Sass, LLC | $58.9 Mil | 4.5% | 36 | ADD +16.0% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| L1 Capital Pty Ltd | $110.0 Mil | 5.7% | 20 | Exited | Dec 31, 2025 | 13F |
| Bowie Capital Management, LLC | $51.4 Mil | 2.1% | 32 | Exited | Dec 31, 2025 | 13F |
| Visualize Group LP | $32.1 Mil | 12.0% | 11 | Exited | Dec 31, 2025 | 13F |
| J. Stern & Co. LLP | $53.5 Mil | 5.2% | 49 | TRIM -99.4% | Mar 31, 2026 | 13F |
| Walter Public Investments Inc. | $12.8 Mil | 3.1% | 48 | TRIM -35.1% | Mar 31, 2026 | 13F |
| RIT Capital Partners PLC | $26.1 Mil | 7.0% | 12 | TRIM -26.5% | Mar 31, 2026 | 13F |
| 2Xideas AG | $30.7 Mil | 12.0% | 47 | TRIM -24.8% | Mar 31, 2026 | 13F |
| Schwerin Boyle Capital Management Inc | $7.3 Mil | 0.9% | 47 | TRIM -13.0% | Mar 31, 2026 | 13F |
| L1 Capital International Pty Ltd | $97.0 Mil | 5.8% | 23 | TRIM -6.2% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Independent Franchise Partners LLP | $779.4 Mil | 5.5% | 26 | Hold | 13F |
| Ruane, Cunniff & Goldfarb L.P. | $415.1 Mil | 6.9% | 50 | Hold | 13F |
| Kensico Capital Management Corp | $112.7 Mil | 2.3% | 20 | Hold | 13F |
| L1 Capital International Pty Ltd | $97.0 Mil | 5.8% | 23 | TRIM -6.2% | 13F |
| M.D. Sass, LLC | $58.9 Mil | 4.5% | 36 | ADD +16.0% | 13F |
| J. Stern & Co. LLP | $53.5 Mil | 5.2% | 49 | TRIM -99.4% | 13F |
| National Mutual Insurance Federation of Agricultural Cooperatives | $31.9 Mil | 0.2% | 41 | Hold | 13F |
| 2Xideas AG | $30.7 Mil | 12.0% | 47 | TRIM -24.8% | 13F |
| RIT Capital Partners PLC | $26.1 Mil | 7.0% | 12 | TRIM -26.5% | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $20.3 Mil | 3.0% | 28 | ADD +181.9% | 13F |
| Wilson Asset Management (International) PTY LTD | $19.1 Mil | 5.4% | 43 | Hold | 13F |
| Walter Public Investments Inc. | $12.8 Mil | 3.1% | 48 | TRIM -35.1% | 13F |
| Unisphere Establishment | $10.7 Mil | 0.1% | 50 | ADD +25.7% | 13F |
| Spinecap SAS | $9.6 Mil | 3.5% | 15 | New | 13F |
| Claar Advisors LLC | $9.1 Mil | 3.1% | 15 | Hold | 13F |
| Schwerin Boyle Capital Management Inc | $7.3 Mil | 0.9% | 47 | TRIM -13.0% | 13F |
| First Washington CORP | $7.1 Mil | 2.0% | 50 | ADD +53.0% | 13F |
| Woodbridge Co Ltd | $5.7 Mil | 0.0% | 46 | New | 13F |
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