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Intercontinental Exchange (ICE)

Market Price (4/10/2026): $162.07 | Market Cap: $92.2 Bil
Sector: Financials | Industry: Financial Exchanges & Data

Intercontinental Exchange (ICE)

Market Price (4/10/2026): $162.07
Market Cap: $92.2 Bil
Sector: Financials
Industry: Financial Exchanges & Data

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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 4.7 Bil, FCF LTM is 3.9 Bil

Stock buyback support
Stock Buyback 3Y Total is 1.6 Bil

Low stock price volatility
Vol 12M is 22%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, AI in Financial Services, Sustainable Finance, and Artificial Intelligence. Show more.

Weak multi-year price returns
2Y Excs Rtn is -11%, 3Y Excs Rtn is -5.9%

Key risks
ICE key risks include [1] the sensitivity of its Mortgage Technology segment to high interest rates reducing home sales and servicing volumes, Show more.

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 4.7 Bil, FCF LTM is 3.9 Bil
1 Stock buyback support
Stock Buyback 3Y Total is 1.6 Bil
2 Low stock price volatility
Vol 12M is 22%
3 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, AI in Financial Services, Sustainable Finance, and Artificial Intelligence. Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -11%, 3Y Excs Rtn is -5.9%
5 Key risks
ICE key risks include [1] the sensitivity of its Mortgage Technology segment to high interest rates reducing home sales and servicing volumes, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Intercontinental Exchange (ICE) stock has remained largely at the same level since 12/31/2025 because of the following key factors:

1. Intercontinental Exchange (ICE) reported strong financial results for Q4 2025, significantly beating analyst expectations. The company announced adjusted earnings per share of $1.71, surpassing the consensus estimate of $1.67 by $0.04. Additionally, quarterly revenue reached $3.14 billion, exceeding analysts' projections of $2.51 billion. For the full year 2025, adjusted EPS increased by 14% to $6.95, with net revenue hitting a record $9.9 billion, up 6%.

2. The company achieved record trading volumes across its energy and financial markets in the first quarter of 2026. ICE reported a 45% year-over-year increase in total average daily volume (ADV) in Q1 2026. Specifically, energy markets saw a 32% rise in total Energy ADV and a 41% increase in Oil ADV. The financial sector also demonstrated significant growth, with total Financials ADV increasing by 65% and Interest Rates ADV by 70%.

Show more

Stock Movement Drivers

Fundamental Drivers

The 0.3% change in ICE stock from 12/31/2025 to 4/9/2026 was primarily driven by a 3.9% change in the company's Net Income Margin (%).
(LTM values as of)123120254092026Change
Stock Price ($)161.44161.970.3%
Change Contribution By: 
Total Revenues ($ Mil)12,52812,6400.9%
Net Income Margin (%)25.2%26.2%3.9%
P/E Multiple29.227.8-4.8%
Shares Outstanding (Mil)5725690.5%
Cumulative Contribution0.3%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/9/2026
ReturnCorrelation
ICE0.3% 
Market (SPY)-5.4%22.3%
Sector (XLF)-6.3%43.0%

Fundamental Drivers

The -3.3% change in ICE stock from 9/30/2025 to 4/9/2026 was primarily driven by a -13.0% change in the company's P/E Multiple.
(LTM values as of)93020254092026Change
Stock Price ($)167.44161.97-3.3%
Change Contribution By: 
Total Revenues ($ Mil)12,55412,6400.7%
Net Income Margin (%)23.9%26.2%9.6%
P/E Multiple31.927.8-13.0%
Shares Outstanding (Mil)5735690.7%
Cumulative Contribution-3.3%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/9/2026
ReturnCorrelation
ICE-3.3% 
Market (SPY)-2.9%21.1%
Sector (XLF)-4.4%49.9%

Fundamental Drivers

The -5.0% change in ICE stock from 3/31/2025 to 4/9/2026 was primarily driven by a -21.6% change in the company's P/E Multiple.
(LTM values as of)33120254092026Change
Stock Price ($)170.50161.97-5.0%
Change Contribution By: 
Total Revenues ($ Mil)11,76112,6407.5%
Net Income Margin (%)23.4%26.2%12.0%
P/E Multiple35.527.8-21.6%
Shares Outstanding (Mil)5735690.7%
Cumulative Contribution-5.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/9/2026
ReturnCorrelation
ICE-5.0% 
Market (SPY)16.3%37.9%
Sector (XLF)4.1%54.8%

Fundamental Drivers

The 61.3% change in ICE stock from 3/31/2023 to 4/9/2026 was primarily driven by a 74.8% change in the company's Net Income Margin (%).
(LTM values as of)33120234092026Change
Stock Price ($)100.42161.9761.3%
Change Contribution By: 
Total Revenues ($ Mil)9,63612,64031.2%
Net Income Margin (%)15.0%26.2%74.8%
P/E Multiple38.827.8-28.4%
Shares Outstanding (Mil)559569-1.8%
Cumulative Contribution61.3%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/9/2026
ReturnCorrelation
ICE61.3% 
Market (SPY)63.3%40.7%
Sector (XLF)66.7%51.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ICE Return20%-24%27%17%10%4%56%
Peers Return33%-13%12%10%19%4%75%
S&P 500 Return27%-19%24%23%16%-1%81%

Monthly Win Rates [3]
ICE Win Rate50%42%67%50%58%50% 
Peers Win Rate55%45%58%53%60%55% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
ICE Max Drawdown-5%-34%-7%-3%-4%-7% 
Peers Max Drawdown-10%-30%-19%-12%-11%-9% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[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 4/9/2026 (YTD)

How Low Can It Go

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 Breakeven1,786 days1,480 days

Compare to SCHW, CME, NDAQ, CBOE, MKTX

In The Past

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.

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About Intercontinental Exchange (ICE)

Intercontinental Exchange, Inc., together with its subsidiaries, operates regulated exchanges, clearing houses, and listings venues for commodity, financial, fixed income, and equity markets in the United States, the United Kingdom, the European Union, Singapore, Israel, and Canada. It operates through three segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology. The company operates marketplaces for listing, trading, and clearing an array of derivatives contracts and financial securities, such as commodities, interest rates, foreign exchange, and equities, as well as corporate and exchange-traded funds; trading venues, including 13 regulated exchanges and 6 clearing houses; and offers futures and options products for energy, agricultural and metals, financial, cash equities and equity, over-the-counter, and other markets, as well as listings and data and connectivity services. It also provides fixed income data and analytic, fixed income execution, CDS clearing, and other multi-asset class data and network services. In addition, the company offers proprietary and comprehensive mortgage origination platform, which serves residential mortgage loans; closing solutions that provides customers connectivity to the mortgage supply chain and facilitates the secure exchange of information; data and analytics services; and Data as a Service for lenders to access data and origination information. Intercontinental Exchange, Inc. was founded in 2000 and is headquartered in Atlanta, Georgia.

AI Analysis | Feedback

Here are a few brief analogies for Intercontinental Exchange (ICE):
  • 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.

AI Analysis | Feedback

  • 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.

AI Analysis | Feedback

Intercontinental Exchange (ICE) primarily sells its services to other companies. While the provided background description does not list specific names of its major customers, it clearly outlines the types of entities that utilize its various platforms and services. Its major customers can be categorized as follows, with illustrative examples of public companies that would typically fall into these categories:

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:

  1. 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)

  2. 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)

  3. 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)

AI Analysis | Feedback

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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.

AI Analysis | Feedback

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:

  1. 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.

  2. 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.

  3. 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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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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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AI Analysis | Feedback

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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.

AI Analysis | Feedback

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.

Interactive Breakdown

Intercontinental Exchange Interactive Breakdown Analysis

Better Bets vs. Intercontinental Exchange (ICE)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
15-Day Rally Sends Intercontinental Exchange Stock Up 9.0%04/07/2026
2ICE Stock Surges 6.9% With A 6-day Winning Spree On Record Earnings & Outlook03/03/2026
3ICE Stock Surges 6.6% With A 5-day Winning Spree On Record Earnings Beat02/28/2026
4Better Bet Than Intercontinental Exchange Stock: COIN Delivers More02/06/2026
5Intercontinental Exchange Earnings Notes12/27/2025
6How Low Can Intercontinental Exchange Stock Really Go?10/17/2025
7Intercontinental Exchange vs Southern Copper: Which Is A Better Investment?08/18/2025
8ARTICLES 
9Intercontinental Exchange Stock 5-Day Winning Spree: Stock Climbs 9%04/07/2026
10ICE Stock Surges 6.9% With A 6-day Winning Spree On Record Earnings & Outlook03/03/2026
11Stronger Bet Than Intercontinental Exchange Stock: COIN Delivers More02/06/2026
12Intercontinental Exchange Stock Pulls Back to Support – Smart Entry?11/20/2025
13How Will Intercontinental Exchange Stock React To Its Upcoming Earnings?10/29/2025
Title
0DASHBOARDS
15-Day Rally Sends Intercontinental Exchange Stock Up 9.0%
2ICE Stock Surges 6.9% With A 6-day Winning Spree On Record Earnings & Outlook
3ICE Stock Surges 6.6% With A 5-day Winning Spree On Record Earnings Beat
4Better Bet Than Intercontinental Exchange Stock: COIN Delivers More
5Intercontinental Exchange Earnings Notes
6How Low Can Intercontinental Exchange Stock Really Go?
7Intercontinental Exchange vs Southern Copper: Which Is A Better Investment?
8ARTICLES
9Intercontinental Exchange Stock 5-Day Winning Spree: Stock Climbs 9%
10ICE Stock Surges 6.9% With A 6-day Winning Spree On Record Earnings & Outlook
11Stronger Bet Than Intercontinental Exchange Stock: COIN Delivers More
12Intercontinental Exchange Stock Pulls Back to Support – Smart Entry?
13How Will Intercontinental Exchange Stock React To Its Upcoming Earnings?

Trade Ideas

Select ideas related to ICE.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
HBAN_3312026_Insider_Buying_45D_2Buy_200K03312026HBANHuntington BancsharesInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%
NP_3312026_Insider_Buying_45D_2Buy_200K03312026NPNeptune InsuranceInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%
JKHY_3272026_Monopoly_xInd_xCD_Getting_Cheaper03272026JKHYJack 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		3.1%3.1%0.0%
MKTX_3202026_Dip_Buyer_FCFYield03202026MKTXMarketAxessDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-5.2%-5.2%-5.7%
RYAN_3202026_Insider_Buying_GTE_1Mil_EBITp+DE_V203202026RYANRyan SpecialtyInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		-2.7%-2.7%-8.5%
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%

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Peer Comparisons

Peers to compare with:

Financials

ICESCHWCMENDAQCBOEMKTXMedian
NameIntercon.Charles .CME Nasdaq Cboe Glo.MarketAx. 
Mkt Price161.9797.27298.9384.21294.82172.77167.37
Mkt Cap92.2172.3107.548.130.96.370.1
Rev LTM12,64023,9216,5218,2624,7148467,391
Op Inc LTM4,999-4,2302,4311,5143422,431
FCF LTM3,8718,7634,1941,9891,6823242,930
FCF 3Y Avg3,5949,9003,7221,7531,2513112,673
CFO LTM4,6629,3114,2772,2551,7533823,266
CFO 3Y Avg4,27110,5233,8071,9631,3103672,885

Growth & Margins

ICESCHWCMENDAQCBOEMKTXMedian
NameIntercon.Charles .CME Nasdaq Cboe Glo.MarketAx. 
Rev Chg LTM7.5%22.0%6.4%11.7%15.1%3.6%9.6%
Rev Chg 3Y Avg9.7%5.6%9.1%10.4%6.3%5.6%7.7%
Rev Chg Q3.7%18.9%8.1%4.6%8.7%3.5%6.4%
QoQ Delta Rev Chg LTM0.9%4.4%1.9%1.2%2.1%0.8%1.5%
Op Mgn LTM39.5%-64.9%29.4%32.1%40.4%39.5%
Op Mgn 3Y Avg39.0%-63.5%28.5%29.7%41.3%39.0%
QoQ Delta Op Mgn LTM0.9%--0.1%1.0%2.1%-0.8%0.9%
CFO/Rev LTM36.9%38.9%65.6%27.3%37.2%45.2%38.1%
CFO/Rev 3Y Avg37.3%52.2%62.6%27.2%30.9%45.6%41.4%
FCF/Rev LTM30.6%36.6%64.3%24.1%35.7%38.3%36.2%
FCF/Rev 3Y Avg31.4%49.1%61.2%24.3%29.5%38.6%35.0%

Valuation

ICESCHWCMENDAQCBOEMKTXMedian
NameIntercon.Charles .CME Nasdaq Cboe Glo.MarketAx. 
Mkt Cap92.2172.3107.548.130.96.370.1
P/S7.37.216.55.86.57.57.2
P/EBIT17.9-19.519.219.117.219.1
P/E27.819.526.426.928.125.626.6
P/CFO19.818.525.121.317.616.519.1
Total Yield4.8%5.1%6.2%5.0%4.5%5.7%5.1%
Dividend Yield1.2%0.0%2.4%1.3%0.9%1.8%1.2%
FCF Yield 3Y Avg4.3%7.2%4.3%4.1%5.6%3.8%4.3%
D/E0.20.20.00.20.10.00.1
Net D/E0.2-0.4-0.00.1-0.0-0.0-0.0

Returns

ICESCHWCMENDAQCBOEMKTXMedian
NameIntercon.Charles .CME Nasdaq Cboe Glo.MarketAx. 
1M Rtn1.1%4.4%-2.4%-3.9%3.3%-5.2%-0.6%
3M Rtn0.3%-3.7%14.8%-15.3%13.4%1.1%0.7%
6M Rtn2.3%4.1%14.4%-7.3%23.1%1.2%3.2%
12M Rtn4.5%30.9%22.1%18.4%44.8%-13.6%20.3%
3Y Rtn58.1%96.5%76.5%61.5%129.6%-46.4%69.0%
1M Excs Rtn0.5%3.8%-3.1%-4.5%2.6%-5.8%-1.3%
3M Excs Rtn1.7%-2.9%16.1%-14.5%17.2%1.3%1.5%
6M Excs Rtn-1.0%2.5%15.0%-5.8%21.4%2.0%2.2%
12M Excs Rtn-28.9%5.8%-11.8%-9.0%9.0%-50.4%-10.4%
3Y Excs Rtn-5.9%31.6%13.3%-4.0%61.8%-119.2%4.6%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
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
$ Mil20252024202320222021
Exchanges3,1592,8622,5232,3892,167
Fixed Income and Data Services811719529492439
Mortgage Technology-2765739715267
Total3,6943,6383,4493,0332,673


Price Behavior

Price Behavior
Market Price$161.97 
Market Cap ($ Bil)92.2 
First Trading Date11/16/2005 
Distance from 52W High-13.3% 
   50 Days200 Days
DMA Price$160.93$165.56
DMA Trenddowndown
Distance from DMA0.6%-2.2%
 3M1YR
Volatility30.9%21.6%
Downside Capture0.360.29
Upside Capture98.2645.36
Correlation (SPY)19.5%29.0%
ICE Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta0.170.370.540.420.440.51
Up Beta0.09-0.070.500.750.350.39
Down Beta-0.80-1.33-0.390.030.480.49
Up Capture42%93%105%41%30%32%
Bmk +ve Days7162765139424
Stock +ve Days10223571130404
Down Capture64%116%96%65%71%79%
Bmk -ve Days12233358110323
Stock -ve Days11192754121345

[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
ICE6.0%21.9%0.18-
Sector ETF (XLF)17.7%17.2%0.7849.8%
Equity (SPY)29.1%17.4%1.3630.7%
Gold (GLD)61.3%27.8%1.72-5.2%
Commodities (DBC)26.9%16.7%1.412.3%
Real Estate (VNQ)17.7%15.4%0.8642.0%
Bitcoin (BTCUSD)-10.9%43.9%-0.1418.6%

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
ICE8.6%20.9%0.33-
Sector ETF (XLF)10.1%18.7%0.4253.4%
Equity (SPY)11.4%17.0%0.5254.7%
Gold (GLD)22.2%17.8%1.026.6%
Commodities (DBC)11.5%18.8%0.508.8%
Real Estate (VNQ)3.7%18.8%0.1055.1%
Bitcoin (BTCUSD)3.6%56.5%0.2921.7%

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
ICE14.6%22.2%0.60-
Sector ETF (XLF)12.9%22.2%0.5459.8%
Equity (SPY)13.9%17.9%0.6761.6%
Gold (GLD)14.1%15.9%0.745.0%
Commodities (DBC)8.5%17.6%0.4018.1%
Real Estate (VNQ)5.1%20.7%0.2155.4%
Bitcoin (BTCUSD)67.1%66.9%1.0616.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date3132026
Short Interest: Shares Quantity6.9 Mil
Short Interest: % Change Since 2282026-7.0%
Average Daily Volume3.8 Mil
Days-to-Cover Short Interest1.8 days
Basic Shares Quantity569.0 Mil
Short % of Basic Shares1.2%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/5/20262.1%-7.8%0.8%
10/30/2025-1.4%-2.9%4.2%
7/31/2025-0.5%1.2%-4.6%
5/1/20251.7%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%
...
SUMMARY STATS   
# Positive101515
# Negative1499
Median Positive2.1%3.2%5.7%
Median Negative-1.3%-3.2%-3.3%
Max Positive4.7%6.7%17.9%
Max Negative-7.5%-13.9%-8.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/05/202610-K
09/30/202510/30/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202402/06/202510-K
09/30/202410/31/202410-Q
06/30/202408/01/202410-Q
03/31/202405/02/202410-Q
12/31/202302/08/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/02/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 1Q26 Operating Expenses1.25 Bil1.25 Bil1.25 Bil-0.8% LoweredGuidance: 1.26 Bil for Q4 2025
Q1 2026 1Q26 Non-Operating Expense180.00 Mil182.50 Mil185.00 Mil0 AffirmedGuidance: 182.50 Mil for Q4 2025
Q1 2026 1Q26 Weighted Average Shares Outstanding568.00 Mil571.00 Mil574.00 Mil-0.2% LoweredGuidance: 572.00 Mil for Q4 2025
2026 2026 Operating Expenses5.01 Bil5.04 Bil5.08 Bil1.0% Higher NewActual: 5.00 Bil for 2025
2026 2026 Capital Expenditures740.00 Mil765.00 Mil790.00 Mil   
2026 2026 Effective Tax Rate24.0%25.0%26.0%4.2%1.0%Higher NewActual: 24.0% for 2025

Prior: Q3 2025 Earnings Reported 10/30/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Operating Expenses (GAAP)1.25 Bil1.26 Bil1.26 Bil0.8% Higher NewGuidance: 1.25 Bil for Q3 2025
Q4 2025 Operating Expenses (Non-GAAP)1.00 Bil1.01 Bil1.01 Bil1.0% Higher NewGuidance: 1.00 Bil for Q3 2025
Q4 2025 Non-Operating Expense180.00 Mil182.50 Mil185.00 Mil5.8% Higher NewGuidance: 172.50 Mil for Q3 2025
Q4 2025 Weighted Average Shares Outstanding569.00 Mil572.00 Mil575.00 Mil-0.5% Lower NewGuidance: 575.00 Mil for Q3 2025
2025 Fixed Income & Data Services Recurring Revenue Growth5.0%5.5%6.0%22.2%1.0%Higher NewGuidance: 4.5% for 2025
2025 Operating Expenses (GAAP)4.99 Bil5.00 Bil5.00 Bil   
2025 Operating Expenses (Non-GAAP)3.93 Bil3.94 Bil3.94 Bil   
2025 Effective Tax Rate23.0%24.0%25.0%   

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Foley, DouglasSVP, HR & AdministrationDirectSell12162025163.201,600261,1203,948,787Form
2Kapani, MayurChief Technology OfficerDirectSell12102025156.675,345837,38210,220,920Form
3Sprieser, Judith A DirectSell12092025157.963,700584,4402,285,475Form
4Gardiner, WarrenChief Financial OfficerDirectSell11242025153.651,572241,5383,155,049Form
5Surdykowski, Andrew JGeneral CounselDirectSell11212025152.521,770269,9606,743,214Form

Industry Resources

External Quote Links


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