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Intercontinental Exchange (ICE)

Market Price (10/18/2025): $153.25 | Market Cap: $88.0 Bil
Sector: Financials | Industry: Financial Exchanges & Data

Intercontinental Exchange (ICE)

Market Price (10/18/2025): $153.25
Market Cap: $88.0 Bil
Sector: Financials
Industry: Financial Exchanges & Data

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31%, CFO LTM is 4.6 Bil, FCF LTM is 3.8 Bil		 Weak multi-year price returns
2Y Excs Rtn is -11%, 3Y Excs Rtn is -10.0%		 
1 Low stock price volatility
Vol 12M is 19%		  
0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31%, CFO LTM is 4.6 Bil, FCF LTM is 3.8 Bil
1 Low stock price volatility
Vol 12M is 19%
2 Weak multi-year price returns
2Y Excs Rtn is -11%, 3Y Excs Rtn is -10.0%

Market Valuation & Key Metrics

ICES&P 500
REVENUE GROWTHGOOD
Rev LTM ($ Bil)12.2
Rev Chg Q15.3%6.1%
Rev Chg LTM19.1%5.2%
Rev Chg 3Y Avg10.0%5.4%
PROFITABILITYVERY GOOD
Op Inc LTM ($ Bil)4.6
Op Mgn LTM37.5%18.6%
CFO LTM ($ Bil)4.6
CFO/Rev LTM37.5%20.3%
Net Inc LTM ($ Bil)2.8
Net Inc Mgn22.8%12.7%
VALUATIONHIGH
P/S7.23.2
P/CFO19.315.8
P/FCF23.320.7
P/E31.623.9
STABILITYGOOD
Debt/Equity0.230.22
Cash/Assets0.020.07

ICE Stock

Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
ICE Return26%20%-24%27%17%4%83%
Peers Return13%33%-13%12%10%11%77%
S&P 500 Return16%27%-19%24%23%13%103%

Monthly Win Rates [3]
ICE Win Rate58%50%42%67%50%56% 
Peers Win Rate57%55%45%58%53%62% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
ICE Max Drawdown-28%-5%-34%-7%-3%-4% 
Peers Max Drawdown-33%-10%-30%-19%-12%-10% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[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] 2025 data is for the year up to 10/17/2025 (YTD)

Downturns Compared

Unique KeyEventICES&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-34.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven53.7%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven615 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-33.3%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven49.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven137 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-13.5%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven15.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven148 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-73.9%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven283.7%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1786 days1480 days


How Low Can It Go?

Intercontinental Exchange's stock fell -34.9% during the 2022 Inflation Shock from a high on 11/2/2021. A -34.9% loss requires a 53.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Interactive Breakdown

Intercontinental Exchange Interactive Breakdown Analysis

Better Bets than Intercontinental Exchange (ICE)

 ICEBetter Performance than ICE
MetricValueIndustry (Financial Exchanges & Data)
Rev Chg LTM19.1%COIN (75.2%), NDAQ (23.6%), VIRT (35.0%)
Rev Chg 3Y Avg10.0%SPGI (15.7%), COIN (18.6%), NDAQ (11.5%), MSCI (11.1%), VIRT (11.7%)
Op Mgn LTM37.5%SPGI (39.2%), CME (65.3%), MCO (42.5%), MSCI (53.9%), MKTX (41.5%)
CFO/Rev LTM37.5%SPGI (38.0%), CME (65.1%), MSCI (49.9%), MKTX (48.3%), VALU (60.4%)
FCF/Rev LTM30.9%SPGI (36.8%), CME (63.7%), MCO (32.4%), MSCI (45.5%), MKTX (42.0%)
Total Yield4.4%CME (6.6%), CBOE (4.6%), FDS (6.4%), MORN (5.0%), MKTX (5.3%)
 ICEBetter Performance than ICE
MetricValueAll Other Sectors
Rev Chg LTM19.1%NVDA (71.6%), META (19.4%), AVGO (28.0%), LLY (36.8%), PLTR (38.8%)
Rev Chg 3Y Avg10.0%NVDA (92.0%), MSFT (12.5%), GOOGL (10.2%), AMZN (11.3%), META (13.0%)
Op Mgn LTM37.5%NVDA (58.1%), MSFT (45.6%), META (42.9%), AVGO (39.0%), LLY (43.0%)
CFO/Rev LTM37.5%NVDA (46.6%), MSFT (48.3%), META (56.4%), AVGO (42.4%), PLTR (50.3%)
FCF/Rev LTM30.9%NVDA (43.6%), AVGO (41.6%), PLTR (49.7%), ABBV (31.3%), CRM (31.6%)
Total Yield4.4%XOM (9.9%), JNJ (7.5%), HD (6.1%), BABA (37.7%), PG (4.5%)
 Best Bets In Financials Sector
 ICEDBRG OTF MTG NMIH CACC ENVA ACGL APAM EEFT CNO
What You Pay           
P/E31.739.413.48.37.413.410.88.610.411.113.7
P/EBIT19.164.29.26.35.410.87.97.66.06.76.3
What You Get           
Rev Chg Q15.3%-102.4%1,228.5%-0.3%7.2%8.3%21.6%22.4%4.4%8.9%8.0%
Rev Chg LTM19.1%-84.8%89.0%3.3%10.0%12.5%23.4%23.5%10.0%8.7%1.0%
Rev Chg 3Y Avg10.0%125.8%221.9%1.2%10.1%6.9%25.7%29.8%0.2%9.1%5.5%
FCF/Rev 3Y Avg31.5%101.2%76.2%59.8%58.8%57.1%54.0%38.4%29.0%15.9%14.4%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Intercontinental Exchange Earnings Notes  
2Intercontinental Exchange Stock Fell 11% in a Month, What Now?Return 
3Intercontinental Exchange vs Southern Copper: Which Is A Better Investment?Counter-Intuitive Comparisons 
4Intercontinental Exchange vs Freedom: Which Is A Better Investment?Counter-Intuitive Comparisons 
5Better Bet Than ICE Stock: Pay Less Than Intercontinental Exchange To Get More From MU, VST   
6Better Bet Than ICE Stock: Pay Less Than Intercontinental Exchange To Get More From HLNE, FOUR   
7ICE YTD Stock Return Of 16% Outperforms MKTX by 22% and Underperforms SCHW by -0.9%Return 
8Intercontinental Exchange Total Shareholder Return (TSR): 18.5% in 2024 and 5.5% 3-yr compounded annual returns (above peer average)  
9Intercontinental Exchange (ICE) Operating Cash Flow ComparisonFinancials 
10Intercontinental Exchange (ICE) Net Income ComparisonFinancials 
11ARTICLES  
12After SPGI’s 6.7% Single Day Slide, ICE Looks Like the Stronger Long-Term Play September 19th, 2025
13How Will Intercontinental Exchange Stock React To Its Upcoming Earnings? April 29th, 2025
14Intercontinental Exchange Stock Gained 22% YTD, What’s Next? August 15th, 2024
15Intercontinental Exchange Stock Gained 15% YTD, What’s Next? July 12th, 2024
16Up 24% Since The Start Of 2023, What To Expect From Intercontinental Exchange Stock After Q4 Results? February 6th, 2024
Title
0DASHBOARDS
1After SPGI’s 6.7% Single Day Slide, ICE Looks Like the Stronger Long-Term Play
2How Will Intercontinental Exchange Stock React To Its Upcoming Earnings?
3Intercontinental Exchange Stock Gained 22% YTD, What’s Next?
4Intercontinental Exchange Stock Gained 15% YTD, What’s Next?
5Up 24% Since The Start Of 2023, What To Expect From Intercontinental Exchange Stock After Q4 Results?
6ARTICLES
7Intercontinental Exchange Earnings Notes
8Intercontinental Exchange Stock Fell 11% in a Month, What Now?
9Intercontinental Exchange vs Southern Copper: Which Is A Better Investment?
10Intercontinental Exchange vs Freedom: Which Is A Better Investment?
11Better Bet Than ICE Stock: Pay Less Than Intercontinental Exchange To Get More From MU, VST 
12Better Bet Than ICE Stock: Pay Less Than Intercontinental Exchange To Get More From HLNE, FOUR 
13ICE YTD Stock Return Of 16% Outperforms MKTX by 22% and Underperforms SCHW by -0.9%
14Intercontinental Exchange Total Shareholder Return (TSR): 18.5% in 2024 and 5.5% 3-yr compounded annual returns (above peer average)
15Intercontinental Exchange (ICE) Operating Cash Flow Comparison
16Intercontinental Exchange (ICE) Net Income Comparison

Trade Ideas

Select past ideas related to ICE. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
HLNE_9302025_Dip_Buyer_FCFYield09302025HLNEHamilton LaneDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-12.4%-12.4%-12.7%
CNS_9302025_Dip_Buyer_ValueBuy09302025CNSCohen & SteersDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		6.1%6.1%-1.6%
JKHY_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025JKHYJack Henry & AssociatesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		2.4%2.4%-2.1%
FDS_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025FDSFactSet Research SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-0.9%-0.9%-4.9%
IBKR_9052025_Quality_Momentum_RoomToRun_10%09052025IBKRInteractive BrokersQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		10.1%10.1%0.0%
ICE_3312023_Monopoly_xInd_xCD_Getting_Cheaper03312023ICEIntercontinental ExchangeMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		6.3%33.7%0.0%
ICE_9302022_Dip_Buyer_FCFYield09302022ICEIntercontinental ExchangeDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		16.3%23.7%-0.4%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
HLNE_9302025_Dip_Buyer_FCFYield09302025HLNEHamilton LaneDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-12.4%-12.4%-12.7%
CNS_9302025_Dip_Buyer_ValueBuy09302025CNSCohen & SteersDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		6.1%6.1%-1.6%
JKHY_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025JKHYJack Henry & AssociatesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		2.4%2.4%-2.1%
FDS_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025FDSFactSet Research SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-0.9%-0.9%-4.9%
IBKR_9052025_Quality_Momentum_RoomToRun_10%09052025IBKRInteractive BrokersQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		10.1%10.1%0.0%
ICE_3312023_Monopoly_xInd_xCD_Getting_Cheaper03312023ICEIntercontinental ExchangeMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		6.3%33.7%0.0%
ICE_9302022_Dip_Buyer_FCFYield09302022ICEIntercontinental ExchangeDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		16.3%23.7%-0.4%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PRAXPraxis Precision Medicines256.7%146.9%
2NVTSNavitas Semiconductor78.1%310.6%
3SSIISS Innovations International40.1%23.4%
4FLNCFluence Energy40.0%15.4%
5BTDRBitdeer Technologies35.1%10.8%
6MVSTMicrovast34.6%181.6%
7POWIPower Integrations31.3%-25.4%
8CCOClear Channel Outdoor30.8%24.1%
9IRONDisc Medicine28.7%41.9%
10BEBloom Energy28.4%402.0%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1SOCSable Offshore-35.8%-48.4%
2SRRKScholar Rock-29.2%-35.4%
3AIVApartment Investment & Management-28.3%-9.0%
4ALABAstera Labs-22.5%20.6%
5BYRNByrna Technologies-19.7%-26.6%
6BWINBaldwin Insurance-19.5%-40.3%
7ONDSOndas-17.5%197.3%
8URGUr-Energy-17.4%40.0%
9IIINInsteel Industries-16.4%14.6%
10LIFLife360-16.0%112.3%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1WOLFWolfspeed1160.2%365.5%
2PRAXPraxis Precision Medicines320.1%146.9%
3QUREuniQure293.5%228.4%
4FLNCFluence Energy131.4%15.4%
5CLPTClearPoint Neuro123.6%65.0%
6NVTSNavitas Semiconductor117.8%310.6%
7LACLithium Americas110.9%128.6%
8ASTSAST SpaceMobile101.5%295.7%
9BETRBetter Home & Finance97.8%610.2%
10GRALGRAIL97.0%337.0%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1SOCSable Offshore-50.9%-48.4%
2FLYFirefly Aerospace-41.7% 
3PGYPagaya Technologies-39.5%185.3%
4UPWheels Up Experience-37.1%-6.7%
5ALABAstera Labs-36.6%20.6%
6VGVenture Global-35.8% 
7USNAUsana Health Sciences-32.3%-41.8%
8UPSTUpstart-31.7%-24.5%
9DOMODomo-30.8%73.6%
10TROXTronox-30.6%-63.2%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PRAXPraxis Precision Medicines256.7%146.9%
2NVTSNavitas Semiconductor78.1%310.6%
3SSIISS Innovations International40.1%23.4%
4FLNCFluence Energy40.0%15.4%
5BTDRBitdeer Technologies35.1%10.8%
6MVSTMicrovast34.6%181.6%
7POWIPower Integrations31.3%-25.4%
8CCOClear Channel Outdoor30.8%24.1%
9IRONDisc Medicine28.7%41.9%
10BEBloom Energy28.4%402.0%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1SOCSable Offshore-35.8%-48.4%
2SRRKScholar Rock-29.2%-35.4%
3AIVApartment Investment & Management-28.3%-9.0%
4ALABAstera Labs-22.5%20.6%
5BYRNByrna Technologies-19.7%-26.6%
6BWINBaldwin Insurance-19.5%-40.3%
7ONDSOndas-17.5%197.3%
8URGUr-Energy-17.4%40.0%
9IIINInsteel Industries-16.4%14.6%
10LIFLife360-16.0%112.3%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Intercontinental Exchange

Financials

ICESCHWCMENDAQCBOEMKTXMedian
NameIntercon.Charles .CME Nasdaq Cboe Glo.MarketAx. 
Mkt Price153.6094.14267.9488.59239.62171.26162.43
Mkt Cap88.2171.196.450.925.16.469.5
Rev LTM12,18921,6266,4448,1124,5328377,278
Op Inc LTM4,567-4,2092,1951,3163472,195
FCF LTM3,77017,1804,1072,134-1133522,952
FCF 3Y Avg3,36912,2473,5691,7411,0903012,555
CFO LTM4,56617,8074,1962,358-424053,277
CFO 3Y Avg3,97212,9133,6531,9231,1503572,788

Growth & Margins

ICESCHWCMENDAQCBOEMKTXMedian
NameIntercon.Charles .CME Nasdaq Cboe Glo.MarketAx. 
Rev Chg LTM19.1%16.9%11.2%23.6%19.0%7.7%17.9%
Rev Chg 3Y Avg10.0%5.0%10.0%11.5%7.9%6.4%9.0%
Rev Chg Q15.3%24.8%10.4%16.6%20.5%11.0%16.0%
QoQ Delta Rev Chg LTM3.6%5.7%2.5%3.8%4.6%2.7%3.7%
Op Mgn LTM37.5%-65.3%27.1%29.0%41.5%37.5%
Op Mgn 3Y Avg38.6%-62.8%27.7%28.1%42.2%38.6%
QoQ Delta Op Mgn LTM-0.1%-0.4%0.4%0.2%0.2%0.2%
CFO/Rev LTM37.5%82.3%65.1%29.1%-0.9%48.3%42.9%
CFO/Rev 3Y Avg37.1%62.9%62.6%27.7%30.1%45.6%41.3%
FCF/Rev LTM30.9%79.4%63.7%26.3%-2.5%42.0%36.5%
FCF/Rev 3Y Avg31.5%59.6%61.1%25.0%28.7%38.3%34.9%

Valuation

ICESCHWCMENDAQCBOEMKTXMedian
NameIntercon.Charles .CME Nasdaq Cboe Glo.MarketAx. 
Mkt Cap88.2171.196.450.925.16.469.5
P/S7.27.915.06.35.57.67.4
P/EBIT19.1-19.223.018.917.119.1
P/E31.723.525.633.727.928.628.2
P/CFO19.39.623.021.6-593.115.717.5
Total Yield4.4%4.3%6.6%4.1%4.6%5.3%4.5%
Dividend Yield1.2%0.0%2.7%1.1%1.1%1.8%1.2%
FCF Yield 3Y Avg4.2%9.1%4.6%5.0%6.4%3.6%4.8%
D/E0.20.20.00.20.10.00.1
Net D/E0.2-0.40.00.10.0-0.10.0

Returns

ICESCHWCMENDAQCBOEMKTXMedian
NameIntercon.Charles .CME Nasdaq Cboe Glo.MarketAx. 
1M Rtn-10.8%2.2%2.1%-4.8%1.1%-6.7%-1.9%
3M Rtn-14.8%-1.5%-2.0%-0.6%0.7%-18.0%-1.7%
6M Rtn-2.6%24.4%3.0%23.5%11.0%-23.7%7.0%
12M Rtn-5.8%32.6%23.2%21.0%15.7%-40.5%18.3%
3Y Rtn72.4%43.7%76.7%61.6%104.3%-26.6%67.0%
1M Excs Rtn-10.7%0.4%2.3%-0.8%1.7%-5.2%-0.2%
3M Excs Rtn-20.5%-7.6%-7.8%-6.1%-4.0%-23.3%-7.7%
6M Excs Rtn-28.8%-1.8%-23.1%-2.7%-15.1%-49.8%-19.1%
12M Excs Rtn-20.6%17.9%9.9%8.2%0.6%-54.6%4.4%
3Y Excs Rtn-10.0%-49.1%-6.9%-25.7%24.6%-111.6%-17.8%

Financials

$ Mil | FY: 12/312025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q32022Q2
Period End3/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/20226/30/2022
Filing Date5/1/20252/6/202510/31/20248/1/20245/2/20242/8/202411/2/20238/3/20235/4/20232/2/202311/3/20228/4/2022
Key Financials Quarterly            
Total Revenue3,2293,0303,0332,8972,8012,6662,4292,3362,4722,3772,3872,413
Ebitda1,6621,5071,5071,4751,5861,1461,1971,2891,2851,0031071,156
Operating Income1,2531,0931,1401,0811,0999931,000980990876932922
Net Income797698657632767373541799655425-191555
EPS1.391.221.151.101.340.640.961.431.170.76-0.340.99
Key Financials TTM            
Total Revenue TTM12,18911,76111,39710,79310,2329,9039,6149,5729,6499,6369,5879,477
Ebitda TTM6,1516,0755,7145,4045,2184,9174,7743,6843,5513,4554,9135,991
Operating Income TTM4,5674,4134,3134,1734,0723,9633,8463,7783,7203,7313,7953,755
Net Income TTM2,7842,7542,4292,3132,4802,3682,4201,6881,4441,4462,5483,372
Growth Rates Quarterly            
Total Revenue Growth15.3%13.7%24.9%24.0%13.3%12.2%1.8%-3.2%0.5%2.1%4.8%13.1%
EBITDA Growth4.8%31.5%25.9%14.4%23.4%14.3%1018.7%11.5%8.1%-59.2%-91.0%-49.5%
Operating Income Growth14.0%10.1%14.0%10.3%11.0%13.4%7.3%6.3%-1.1%-6.8%4.5%14.0%
Net Income Growth3.9%87.1%21.4%-20.9%17.1%-12.2%383.2%44.0%-0.3%-72.2%-130.2%-55.7%
Margins Quarterly            
EBITDA Margin51.5%49.7%49.7%50.9%56.6%43.0%49.3%55.2%52.0%42.2%4.5%47.9%
Operating Income Margin38.8%36.1%37.6%37.3%39.2%37.2%41.2%42.0%40.0%36.9%39.0%38.2%
Net Income Margin24.7%23.0%21.7%21.8%27.4%14.0%22.3%34.2%26.5%17.9%-8.0%23.0%
Cash & Debt            
Total Cash3,1681,3687559838631,1298372,8772,0694,4151,183830
Total Debt20,62120,70321,51822,13022,30922,91223,60518,34618,35618,37618,38718,380
Net Debt / (Cash)17,45319,33520,76321,14721,44621,78322,76815,46916,28713,96117,20417,550
Cash Flows Quarterly            
FCF from Operations9661,5068981,1961,0099697681,1526531,092737969
Cash Flows TTM            
FCF from Operations TTM4,5664,6094,0723,9423,8983,5423,6653,6343,4513,5543,4553,241
Returns to Shareholders Quarterly            
Dividends278259261261258242241236236213213213
Share Repurchases3364427125314911159
Return on Invested Capital (ROIC) Quarterly            
ROIC19.0%15.2%14.2%13.2%14.6%12.1%12.7%22.1%17.6%17.6%10.7%14.9%
Return on Invested Capital (ROIC) TTM            
ROIC TTM17.2%15.1%13.8%13.5%14.1%13.4%12.6%20.1%17.2%19.9%15.7%14.9%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Exchanges6,3556,4155,8785,8394,652
Fixed Income and Data Services2,2312,0921,8831,8101,756
Mortgage Technology1,3171,1291,407595139
Total9,9039,6369,1688,2446,547


Operating Income by Segment
$ Mil20242023202220212020
Exchanges3,1592,8622,5232,3892,167
Fixed Income and Data Services811719529492439
Mortgage Technology-2765739715267
Total3,6943,6383,4493,0332,673


Price Behavior

ICE Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta0.760.410.470.450.470.62
Up Beta1.840.850.500.320.320.52
Down Beta0.74-0.14-0.220.610.620.66
Up Capture-8%-8%22%35%39%39%
Bmk +ve Days13233574144420
Stock +ve Days8142561126405
Down Capture147%104%121%69%62%85%
Bmk -ve Days8192952107330
Stock -ve Days13283965125345

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity7,188,466
Short Interest: % Change Since 91520257.4%
Average Daily Volume3,458,162
Days-to-Cover Short Interest2.08
Basic Shares Quantity574,000,000
Short % of Basic Shares1.3%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/31/2025-0.5%1.2%-4.6%
5/1/20251.7%5.1%7.0%
2/6/20254.3%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%
2/8/20244.7%6.7%8.3%
11/2/2023-1.8%0.8%5.5%
...
SUMMARY STATS   
# Positive101615
# Negative1489
Median Positive2.0%3.1%5.7%
Median Negative-1.3%-2.7%-3.3%
Max Positive4.7%6.7%17.9%
Max Negative-7.5%-13.9%-8.1%

SEC Filings

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Report DateFiling DateFiling
6302025731202510-Q 6/30/2025
3312025501202510-Q 3/31/2025
12312024206202510-K 12/31/2024
93020241031202410-Q 9/30/2024
6302024801202410-Q 6/30/2024
3312024502202410-Q 3/31/2024
12312023208202410-K 12/31/2023
93020231102202310-Q 9/30/2023
6302023803202310-Q 6/30/2023
3312023504202310-Q 3/31/2023
12312022202202310-K 12/31/2022
93020221103202210-Q 9/30/2022
6302022804202210-Q 6/30/2022
3312022505202210-Q 3/31/2022
12312021203202210-K 12/31/2021
93020211028202110-Q 9/30/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0SPRIESER JUDITH A 9082025Sell174.071,500261,0983,406,284Form
1Farooqui Duriya M 8292025Sell178.342,036363,1002,550,084Form
2Tirinnanzi Martha A 8262025Sell179.76610109,654632,575Form
3Gardiner WarrenChief Financial Officer8222025Sell178.451,570280,1663,944,816Form
4Bowen Sharon 7292025Sell185.00794146,8902,628,110Form

Industry Resources

External Quote Links


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