Tearsheet

Intercontinental Exchange (ICE)

Market Price (3/15/2026): $158.0 | Market Cap: $89.9 Bil
Sector: Financials | Industry: Financial Exchanges & Data

Intercontinental Exchange (ICE)

Market Price (3/15/2026): $158.0
Market Cap: $89.9 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	Weak multi-year price returns 2Y Excs Rtn is -15%, 3Y Excs Rtn is -8.4%	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 19x
1	Low stock price volatility Vol 12M is 22%
2	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments, AI in Financial Services, Sustainable Finance, and Artificial Intelligence. 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	Low stock price volatility Vol 12M is 22%
2	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments, AI in Financial Services, Sustainable Finance, and Artificial Intelligence. Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -15%, 3Y Excs Rtn is -8.4%
4	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 19x

Valuation, Metrics & Events

	3/15/26	2025	2024	2023	2022
Share Price CYE	$158.00	$161.96	$149.01	$128.43	$102.59
Market Cap CYE ($ Bil)	89.9	92.2	85.4	73.6	57.3
Total Debt ($ Bil)	20.3	20.3	20.7	22.9	18.4
Total Cash ($ Bil)	3.6	3.6	1.4	1.1	4.4
Enterprise Value ($ Bil)	106.6	112.5	106.1	96.5	75.7
Valuation Ratios
P/S TTM	7.1	7.3	7.3	7.4	6.0
P/EBIT TTM	17.5	17.9	18.8	19.9	23.7
P/E TTM	27.1	27.8	31.0	31.1	39.7
P/FCF TTM	23.2	23.8	22.1	24.1	18.7
Sector Ratios
P/S TTM (Sector)	3.0	3.1	3.1	2.8	2.8
P/EBIT TTM (Sector)	6.9	7.3	8.4	7.2	7.7
P/E TTM (Sector)	10.8	11.1	11.6	9.8	9.5
P/FCF TTM (Sector)	8.3	8.7	8.7	7.6	6.4

	3/15/26	2025	2024
Share Price CYE	$158.00	$161.96	$149.01
Market Cap CYE ($ Bil)	89.9	92.2	85.4
Total Debt ($ Bil)	20.3	20.3	20.7
Total Cash ($ Bil)	3.6	3.6	1.4
Enterprise Value ($ Bil)	106.6	112.5	106.1
Valuation Ratios
P/S TTM	7.1	7.3	7.3
P/EBIT TTM	17.5	17.9	18.8
P/E TTM	27.1	27.8	31.0
P/FCF TTM	23.2	23.8	22.1
Sector Ratios
P/S TTM (Sector)	3.0	3.1	3.1
P/EBIT TTM (Sector)	6.9	7.3	8.4
P/E TTM (Sector)	10.8	11.1	11.6
P/FCF TTM (Sector)	8.3	8.7	8.7

	ICE	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	12.6
Rev Chg Q	3.7%	7.3%
Rev Chg LTM	7.5%	6.6%
Rev Chg 3Y Avg	9.7%	5.7%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	5.0
CFO LTM ($ Bil)	4.7
Net Inc LTM ($ Bil)	3.3
Op Mgn LTM	39.5%	18.7%
CFO/Rev LTM	36.9%	20.9%
Net Inc Mgn	26.2%	12.8%
VALUATION	HIGH
P/S	7.1	3.1
P/CFO	19.3	15.3
P/FCF	23.2	20.0
P/E	27.1	24.2
STABILITY	GOOD
Debt/Equity	0.23	0.22
Cash/Assets	0.03	0.07

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Metric	Value	Date	Source
Total Futures and Options Open Interest	107.6 million contracts	10202025	Link
Total Futures Open Interest	59.0 million lots	10302025	Link
Energy Average Daily Volume (ADV) Year-over-Year Growth	9%	10312025	Link
Total Natural Gas Average Daily Volume (ADV) Year-over-Year Growth	12%	10312025	Link
NYSE Cash Equities Average Daily Volume (ADV) Year-over-Year Growth	75%	10312025	Link
NYSE Equity Options Average Daily Volume (ADV) Year-over-Year Growth	53%	10312025	Link
Fixed Income & Data Services Recurring Revenue Growth (Full Year 2025 Forecast)	5% - 6%	10302025	Link
Total Patents Globally	836	7312022	Link
Active Patents	418	7312022	Link
Active and Inactive Loans Serviced via MSP System	nearly 52 million	1012024	Link
Mortgage and Home Equity Servicing Clients (MSP system)	92	1012024	Link
Number of Employees	12920	12312024	Link

Upcoming
3/17/2026	Dividend	Amount: $0.52 Payment On: 3/31/2026
5/07/2026	Earnings Release	Rev: - EPS: -
6/15/2026	Dividend	Amount: $0.52 Payment On: 6/30/2026

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Intercontinental Exchange (ICE) stock has remained largely at the same level since 11/30/2025 because of the following key factors:

1. Intercontinental Exchange reported strong financial results for Q4 and full-year 2025, surpassing analyst expectations. The company announced Q4 2025 adjusted earnings per share of $1.71, beating the Zacks Consensus Estimate by 2.4%. Consolidated net revenues for the quarter reached $2.5 billion, exceeding estimates. For the full year 2025, adjusted diluted EPS grew 14% year-over-year to $6.95, and consolidated net revenues were a record $9.9 billion, marking 20 consecutive years of record annual revenues. These robust figures contributed significantly to investor confidence.

2. Record trading volumes across ICE's exchange segments in early 2026 demonstrated strong operational momentum. January 2026 was the strongest trading month in ICE's history, with a record 245.8 million contracts traded, including record futures and options volumes. This followed a strong fourth quarter of 2025, where average daily volume (ADV) across its futures and options was up 7% year-over-year. Total open interest also reached a record of over 114 million contracts on January 26, 2026, an approximate 20% increase year-over-year.

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Stock Movement Drivers

Fundamental Drivers

The 1.5% change in ICE stock from 11/30/2025 to 3/14/2026 was primarily driven by a 3.9% change in the company's Net Income Margin (%).

(LTM values as of)	11302025	3142026	Change
Stock Price ($)	156.83	159.20	1.5%
Change Contribution By:
Total Revenues ($ Mil)	12,528	12,640	0.9%
Net Income Margin (%)	25.2%	26.2%	3.9%
P/E Multiple	28.4	27.3	-3.7%
Shares Outstanding (Mil)	572	569	0.5%
Cumulative Contribution			1.5%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/14/2026

	Return	Correlation
ICE	1.5%
Market (SPY)	-3.1%	20.5%
Sector (XLF)	-8.3%	45.1%

Fundamental Drivers

The -9.3% change in ICE stock from 8/31/2025 to 3/14/2026 was primarily driven by a -18.4% change in the company's P/E Multiple.

(LTM values as of)	8312025	3142026	Change
Stock Price ($)	175.58	159.20	-9.3%
Change Contribution By:
Total Revenues ($ Mil)	12,554	12,640	0.7%
Net Income Margin (%)	23.9%	26.2%	9.6%
P/E Multiple	33.5	27.3	-18.4%
Shares Outstanding (Mil)	573	569	0.7%
Cumulative Contribution			-9.3%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/14/2026

	Return	Correlation
ICE	-9.3%
Market (SPY)	3.0%	19.7%
Sector (XLF)	-9.1%	50.6%

Fundamental Drivers

The -7.1% change in ICE stock from 2/28/2025 to 3/14/2026 was primarily driven by a -23.3% change in the company's P/E Multiple.

(LTM values as of)	2282025	3142026	Change
Stock Price ($)	171.29	159.20	-7.1%
Change Contribution By:
Total Revenues ($ Mil)	11,761	12,640	7.5%
Net Income Margin (%)	23.4%	26.2%	12.0%
P/E Multiple	35.6	27.3	-23.3%
Shares Outstanding (Mil)	573	569	0.7%
Cumulative Contribution			-7.1%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/14/2026

	Return	Correlation
ICE	-7.1%
Market (SPY)	12.4%	38.2%
Sector (XLF)	-5.3%	55.9%

Fundamental Drivers

The 62.6% change in ICE stock from 2/28/2023 to 3/14/2026 was primarily driven by a 74.8% change in the company's Net Income Margin (%).

(LTM values as of)	2282023	3142026	Change
Stock Price ($)	97.92	159.20	62.6%
Change Contribution By:
Total Revenues ($ Mil)	9,636	12,640	31.2%
Net Income Margin (%)	15.0%	26.2%	74.8%
P/E Multiple	37.9	27.3	-27.8%
Shares Outstanding (Mil)	559	569	-1.8%
Cumulative Contribution			62.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/14/2026

	Return	Correlation
ICE	62.6%
Market (SPY)	73.4%	42.4%
Sector (XLF)	43.1%	51.6%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
ICE Return	20%	-24%	27%	17%	10%	-3%	45%
Peers Return	33%	-13%	12%	10%	19%	1%	71%
S&P 500 Return	27%	-19%	24%	23%	16%	-1%	80%
Monthly Win Rates [3]
ICE Win Rate	50%	42%	67%	50%	58%	33%
Peers Win Rate	55%	45%	58%	53%	60%	40%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
ICE Max Drawdown	-5%	-34%	-7%	-3%	-4%	-7%
Peers Max Drawdown	-10%	-30%	-19%	-12%	-11%	-8%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-2%

[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 3/13/2026 (YTD)

How Low Can It Go

Unique Key	Event	ICE	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-34.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	53.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	615 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-33.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	49.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	137 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-13.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	15.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	148 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-73.9%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	283.7%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,786 days	1,480 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.

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)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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.

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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.

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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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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:

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)
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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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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Interactive Breakdown

Intercontinental Exchange Interactive Breakdown Analysis

Better Bets vs. Intercontinental Exchange (ICE)

INDUSTRY: Financial Exchanges & Data

Higher Rev Chg 3Y Avg | Lower P/S (Values for ICE: 9.7% | 7.2x)

Morningstar

CME (5.9%)

CME

MKTX (5.5%)

MarketAxess

NDAQ (4.9%)

Nasdaq

SECTOR: Financials

Higher Rev Chg 3Y Avg | Lower P/S (Values for ICE: 9.7% | 7.2x)

BRK-B (27.0% | 2.6x)

Berkshire Hathaway

JPM (12.8% | 4.2x)

JPMorgan Chase

MS (9.7% | 3.7x)

Morgan Stanley

RY (11.4% | 3.3x)

Royal Bank of Canada

AXP (11.0% | 2.9x)

American Express

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ICE: 9.7% | 18.1x)

AON (11.3% | 14.7x)

Aon

APO (66.8% | 7.5x)

Apollo Global Management

XYZ (11.8% | 11.9x)

Block

IBKR (38.4% | 3.3x)

Interactive Brokers

LPLA (25.8% | 14.9x)

LPL Financial

Higher Rev Chg LTM (Value for ICE: 7.5%)

MA (16.4%)

Mastercard

MS (14.5%)

Morgan Stanley

V (12.5%)

Visa

GS (8.9%)

Goldman Sachs

JPM (7.7%)

JPMorgan Chase

Higher Rev Chg 3Y Avg (Value for ICE: 9.7%)

BRK-B (27.0%)

Berkshire Hathaway

MA (13.8%)

Mastercard

JPM (12.8%)

JPMorgan Chase

V (11.1%)

Visa

MS (9.7%)

Morgan Stanley

Higher Op Mgn LTM (Value for ICE: 39.5%)

V (67.0%)

Visa

CME (64.9%)

CME

MA (59.5%)

Mastercard

MCO (44.9%)

Moodys

SPGI (40.3%)

S&P Global

Higher CFO/Rev LTM (Value for ICE: 36.9%)

RY (91.5%)

Royal Bank of Canada

V (59.1%)

Visa

MA (53.8%)

Mastercard

COF (51.9%)

Capital One Financial

SCHW (38.9%)

Charles Schwab

Higher FCF/Rev LTM (Value for ICE: 30.6%)

RY (88.3%)

Royal Bank of Canada

V (55.4%)

Visa

MA (50.1%)

Mastercard

SCHW (36.6%)

Charles Schwab

SPGI (35.6%)

S&P Global

Higher Total Yield (Value for ICE: 4.9%)

BAC (8.9%)

Bank of America

JPM (7.4%)

JPMorgan Chase

GS (7.2%)

Goldman Sachs

MS (7.0%)

Morgan Stanley

BRK-B (6.3%)

Berkshire Hathaway

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ICE: 9.7% | 7.2x)

AMZN (11.7% | 3.1x)

Amazon.com

GE (18.3% | 6.9x)

GE Aerospace

RTX (9.9% | 3.1x)

RTX

UNH (11.4% | 0.6x)

UnitedHealth

AMGN (11.9% | 5.4x)

Amgen

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ICE: 9.7% | 18.1x)

UNH (11.4% | 13.5x)

UnitedHealth

BKNG (16.5% | 14.7x)

Booking

NEM (26.2% | 10.8x)

Newmont

ADBE (10.5% | 11.9x)

Adobe

AEM (28.1% | 16.5x)

Agnico Eagle Mines

Higher Rev Chg LTM (Value for ICE: 7.5%)

NVDA (65.5%)

NVIDIA

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for ICE: 9.7%)

NVDA (101.8%)

NVIDIA

META (19.9%)

Meta Platforms

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

Higher Op Mgn LTM (Value for ICE: 39.5%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

LLY (45.6%)

Eli Lilly

META (41.4%)

Meta Platforms

AVGO (40.8%)

Broadcom

Higher CFO/Rev LTM (Value for ICE: 36.9%)

META (57.6%)

Meta Platforms

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

AVGO (43.1%)

Broadcom

GOOGL (40.9%)

Alphabet

Higher FCF/Rev LTM (Value for ICE: 30.6%)

PLTR (46.9%)

Palantir Technologies

NVDA (44.8%)

NVIDIA

AVGO (42.1%)

Broadcom

CRM (34.7%)

Salesforce

KLAC (34.3%)

KLA

Higher Total Yield (Value for ICE: 4.9%)

HD (7.0%)

Home Depot

XOM (7.0%)

Exxon Mobil

JNJ (6.7%)

Johnson & Johnson

CVX (6.4%)

Chevron

MSFT (4.9%)

Microsoft

Best Bets in Financials

What You Pay

P/EBIT (Value for ICE: 17.6x)

FG (5.6x)

F&G Annuities & Life

MTG (6.0x)

MGIC Investment

CME (20.3x)

CME

KNSL (13.0x)

Kinsale Capital

NMIH (5.4x)

NMI

ENVA (8.2x)

Enova International

TW (22.5x)

Tradeweb Markets

FNF (7.9x)

Fidelity National Financial

MA (23.1x)

Mastercard

OWL (11.6x)

Blue Owl Capital

P/E (Value for ICE: 27.3x)

FG (10.4x)

F&G Annuities & Life

MTG (7.8x)

MGIC Investment

CME (27.5x)

CME

KNSL (16.6x)

Kinsale Capital

NMIH (7.4x)

NMI

ENVA (10.8x)

Enova International

TW (32.6x)

Tradeweb Markets

FNF (21.4x)

Fidelity National Financial

MA (29.8x)

Mastercard

OWL (75.0x)

Blue Owl Capital

What You Get

Rev Chg 3Y Avg (Value for ICE: 9.7%)

FG (39.3%)

F&G Annuities & Life

MTG (1.2%)

MGIC Investment

CME (9.1%)

CME

KNSL (31.5%)

Kinsale Capital

NMIH (10.5%)

NMI

ENVA (22.0%)

Enova International

TW (20.2%)

Tradeweb Markets

FNF (7.5%)

Fidelity National Financial

MA (13.8%)

Mastercard

OWL (28.0%)

Blue Owl Capital

Rev Chg LTM (Value for ICE: 7.5%)

FG (0.1%)

F&G Annuities & Life

MTG (0.5%)

MGIC Investment

CME (6.4%)

CME

KNSL (18.0%)

Kinsale Capital

NMIH (8.5%)

NMI

ENVA (18.6%)

Enova International

TW (18.9%)

Tradeweb Markets

FNF (5.9%)

Fidelity National Financial

MA (16.4%)

Mastercard

OWL (25.0%)

Blue Owl Capital

Rev Chg Q (Value for ICE: 3.7%)

FG (13.5%)

F&G Annuities & Life

MTG (-0.9%)

MGIC Investment

CME (8.1%)

CME

KNSL (17.3%)

Kinsale Capital

NMIH (8.5%)

NMI

ENVA (15.1%)

Enova International

TW (12.5%)

Tradeweb Markets

FNF (12.0%)

Fidelity National Financial

MA (17.6%)

Mastercard

OWL (19.7%)

Blue Owl Capital

FCF/Rev 3Y Avg (Value for ICE: 31.4%)

FG (110.7%)

F&G Annuities & Life

MTG (63.9%)

MGIC Investment

CME (61.2%)

CME

KNSL (60.8%)

Kinsale Capital

NMIH (58.5%)

NMI

ENVA (55.1%)

Enova International

TW (50.0%)

Tradeweb Markets

FNF (48.4%)

Fidelity National Financial

MA (47.2%)

Mastercard

OWL (44.5%)

Blue Owl Capital

[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

	Title	Date
0	DASHBOARDS
1	ICE Stock Surges 6.9% With A 6-day Winning Spree On Record Earnings & Outlook	03/03/2026
2	ICE Stock Surges 6.6% With A 5-day Winning Spree On Record Earnings Beat	02/28/2026
3	Better Bet Than Intercontinental Exchange Stock: COIN Delivers More	02/06/2026
4	Intercontinental Exchange Earnings Notes	12/27/2025
5	How Low Can Intercontinental Exchange Stock Really Go?	10/17/2025
6	Intercontinental Exchange vs Southern Copper: Which Is A Better Investment?	08/18/2025
7	Intercontinental Exchange vs Freedom: Which Is A Better Investment?	08/18/2025
8	ARTICLES
9	ICE Stock Surges 6.9% With A 6-day Winning Spree On Record Earnings & Outlook	03/03/2026
10	Stronger Bet Than Intercontinental Exchange Stock: COIN Delivers More	02/06/2026
11	Intercontinental Exchange Stock Pulls Back to Support – Smart Entry?	11/20/2025
12	How Will Intercontinental Exchange Stock React To Its Upcoming Earnings?	10/29/2025
13	Intercontinental Exchange Stock Near Crucial Support – Buy Signal?	10/21/2025

	Title
0	DASHBOARDS
1	ICE Stock Surges 6.9% With A 6-day Winning Spree On Record Earnings & Outlook
2	ICE Stock Surges 6.6% With A 5-day Winning Spree On Record Earnings Beat
3	Better Bet Than Intercontinental Exchange Stock: COIN Delivers More
4	Intercontinental Exchange Earnings Notes
5	How Low Can Intercontinental Exchange Stock Really Go?
6	Intercontinental Exchange vs Southern Copper: Which Is A Better Investment?
7	Intercontinental Exchange vs Freedom: Which Is A Better Investment?
8	ARTICLES
9	ICE Stock Surges 6.9% With A 6-day Winning Spree On Record Earnings & Outlook
10	Stronger Bet Than Intercontinental Exchange Stock: COIN Delivers More
11	Intercontinental Exchange Stock Pulls Back to Support – Smart Entry?
12	How Will Intercontinental Exchange Stock React To Its Upcoming Earnings?
13	Intercontinental Exchange Stock Near Crucial Support – Buy Signal?

Trade Ideas

Select ideas related to ICE.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
NDAQ_2282026_Insider_Buying_45D_2Buy_200K	02282026	NDAQ	Nasdaq	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
JEF_2272026_Dip_Buyer_ValueBuy	02272026	JEF	Jefferies Financial	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	0.0%	0.0%	0.0%
PAYO_2272026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02272026	PAYO	Payoneer Global	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.0%	0.0%	0.0%
FOUR_2272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	02272026	FOUR	Shift4 Payments	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.0%	0.0%	0.0%
COIN_2202026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02202026	COIN	Coinbase Global	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	2.6%	2.6%	-6.5%
ICE_3312023_Monopoly_xInd_xCD_Getting_Cheaper	03312023	ICE	Intercontinental Exchange	Monopoly	MY \| 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_FCFYield	09302022	ICE	Intercontinental Exchange	Dip Buy	DB \| 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

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIV	Apartment Investment & Management	0.6	52.5%	-29.1%
ORKA	Oruka Therapeutics	1.8	25.0%	32.0%
APEI	American Public Education	1.0	21.2%	52.5%
NP	Neptune Insurance	3.0	20.2%	-25.0%
WOOF	Petco Health and Wellness	1.0	12.1%	28.8%
SANA	Sana Biotechnology	0.9	8.7%	-17.4%
AHCO	AdaptHealth	1.4	8.7%	6.4%
GLXY	Galaxy Digital	3.9	8.3%	-0.0%
BLLN	BillionToOne	3.1	7.9%	-15.6%
LWLG	Lightwave Logic	1.0	7.5%	134.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
BW	Babcock & Wilcox Enterprises	1.1	-19.5%	65.8%
EVCM	EverCommerce	1.8	-16.6%	-17.0%
ULTA	Ulta Beauty	24.0	-14.2%	-11.5%
GAU	Galiano Gold	0.7	-12.0%	1.2%
HNRG	Hallador Energy	0.7	-11.5%	-10.2%
MEOH	Methanex	4.0	-10.9%	30.3%
PVLA	Palvella Therapeutics	1.4	-10.6%	16.6%
METCB	Ramaco Resources	0.6	-10.2%	-11.2%
SSII	SS Innovations International	0.9	-10.1%	-21.5%
CACC	Credit Acceptance	4.9	-9.4%	1.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LWLG	Lightwave Logic	1.0	81.2%	134.9%
HIMS	Hims & Hers Health	5.6	57.4%	-23.7%
OCGN	Ocugen	0.8	54.0%	83.7%
WOOF	Petco Health and Wellness	1.0	52.1%	28.8%
AXTI	AXT	2.1	50.9%	198.8%
XENE	Xenon Pharmaceuticals	4.4	31.7%	23.2%
APEI	American Public Education	1.0	28.1%	52.5%
DOCN	DigitalOcean	6.3	26.0%	42.6%
SNDK	SanDisk	97.3	25.5%	178.7%
NVTS	Navitas Semiconductor	2.1	23.2%	41.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
RHLD	Resolute Management	0.9	-32.0%	-46.2%
OLMA	Olema Pharmaceuticals	1.3	-31.7%	-41.2%
FWRD	Forward Air	0.5	-28.0%	-36.8%
CDRE	Cadre	1.3	-27.3%	-22.3%
FICO	Fair Isaac	26.8	-23.4%	-33.1%
PAR	PAR Technology	0.6	-23.2%	-59.3%
IOVA	Iovance Biotherapeutics	1.4	-22.8%	45.1%
CNC	Centene	16.9	-21.1%	-16.3%
GRPN	Groupon	0.4	-21.0%	-45.3%
BW	Babcock & Wilcox Enterprises	1.1	-19.8%	65.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
FSLY	Fastly	3.6	164.0%	141.5%
LWLG	Lightwave Logic	1.0	114.4%	134.9%
AAOI	Applied Optoelectronics	6.1	100.0%	177.7%
SOC	Sable Offshore	1.7	99.6%	86.6%
CRCL	Circle Internet	26.5	99.4%	45.5%
DAWN	Day One Biopharmaceuticals	2.2	89.8%	128.6%
AXTI	AXT	2.1	82.3%	198.8%
OCGN	Ocugen	0.8	75.9%	83.7%
ACLX	Arcellx	6.5	63.7%	75.4%
AMPX	Amprius Technologies	2.3	61.6%	127.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
GRAL	GRAIL	1.6	-57.1%	-49.7%
MNKD	MannKind	0.8	-51.7%	-51.1%
EOSE	Eos Energy Enterprises	1.6	-50.7%	-50.2%
CWH	Camping World	0.4	-49.7%	-33.6%
FWRD	Forward Air	0.5	-46.8%	-36.8%
XMTR	Xometry	1.9	-42.0%	-37.9%
RHLD	Resolute Management	0.9	-41.7%	-46.2%
QDEL	QuidelOrtho	1.2	-40.6%	-40.1%
HRI	Herc	3.6	-39.8%	-26.3%
DCH	Dauch	0.6	-39.7%	-36.9%

Peer Comparisons

Peers to compare with:

Financials

	ICE	SCHW	CME	NDAQ	CBOE	MKTX	Median
Name	Intercon.	Charles .	CME	Nasdaq	Cboe Glo.	MarketAx.
Mkt Price	159.20	93.06	311.40	85.53	289.90	180.12	169.66
Mkt Cap	90.6	164.8	112.0	48.8	30.4	6.6	69.7
Rev LTM	12,640	23,921	6,521	8,262	4,714	846	7,391
Op Inc LTM	4,999	-	4,230	2,431	1,514	342	2,431
FCF LTM	3,871	8,763	4,194	1,989	1,682	324	2,930
FCF 3Y Avg	3,594	9,900	3,722	1,753	1,251	311	2,673
CFO LTM	4,662	9,311	4,277	2,255	1,753	382	3,266
CFO 3Y Avg	4,271	10,523	3,807	1,963	1,310	367	2,885

Growth & Margins

	ICE	SCHW	CME	NDAQ	CBOE	MKTX	Median
Name	Intercon.	Charles .	CME	Nasdaq	Cboe Glo.	MarketAx.
Rev Chg LTM	7.5%	22.0%	6.4%	11.7%	15.1%	3.6%	9.6%
Rev Chg 3Y Avg	9.7%	5.6%	9.1%	10.4%	6.3%	5.6%	7.7%
Rev Chg Q	3.7%	18.9%	8.1%	4.6%	8.7%	3.5%	6.4%
QoQ Delta Rev Chg LTM	0.9%	4.4%	1.9%	1.2%	2.1%	0.8%	1.5%
Op Mgn LTM	39.5%	-	64.9%	29.4%	32.1%	40.4%	39.5%
Op Mgn 3Y Avg	39.0%	-	63.5%	28.5%	29.7%	41.3%	39.0%
QoQ Delta Op Mgn LTM	0.9%	-	-0.1%	1.0%	2.1%	-0.8%	0.9%
CFO/Rev LTM	36.9%	38.9%	65.6%	27.3%	37.2%	45.2%	38.1%
CFO/Rev 3Y Avg	37.3%	52.2%	62.6%	27.2%	30.9%	45.6%	41.4%
FCF/Rev LTM	30.6%	36.6%	64.3%	24.1%	35.7%	38.3%	36.2%
FCF/Rev 3Y Avg	31.4%	49.1%	61.2%	24.3%	29.5%	38.6%	35.0%

Valuation

	ICE	SCHW	CME	NDAQ	CBOE	MKTX	Median
Name	Intercon.	Charles .	CME	Nasdaq	Cboe Glo.	MarketAx.
Mkt Cap	90.6	164.8	112.0	48.8	30.4	6.6	69.7
P/S	7.2	6.9	17.2	5.9	6.4	7.8	7.0
P/EBIT	17.6	-	20.3	19.5	18.7	17.9	18.7
P/E	27.3	18.6	27.5	27.3	27.6	26.7	27.3
P/CFO	19.4	17.7	26.2	21.6	17.3	17.3	18.6
Total Yield	4.9%	5.4%	5.9%	4.9%	4.6%	5.5%	5.1%
Dividend Yield	1.2%	0.0%	2.3%	1.2%	0.9%	1.7%	1.2%
FCF Yield 3Y Avg	4.3%	7.2%	4.3%	4.1%	5.6%	3.8%	4.3%
D/E	0.2	0.2	0.0	0.2	0.1	0.0	0.1
Net D/E	0.2	-0.5	-0.0	0.1	-0.0	-0.0	-0.0

Returns

	ICE	SCHW	CME	NDAQ	CBOE	MKTX	Median
Name	Intercon.	Charles .	CME	Nasdaq	Cboe Glo.	MarketAx.
1M Rtn	6.3%	-2.1%	5.7%	8.3%	7.4%	1.5%	6.0%
3M Rtn	-2.5%	-3.4%	16.5%	-8.6%	14.9%	1.1%	-0.7%
6M Rtn	-8.0%	0.1%	22.1%	-8.7%	24.4%	-1.7%	-0.8%
12M Rtn	-5.9%	22.2%	25.0%	17.8%	37.0%	-13.8%	20.0%
3Y Rtn	69.7%	63.3%	94.0%	72.0%	146.0%	-50.6%	70.8%
1M Excs Rtn	7.1%	-0.1%	7.8%	8.7%	10.6%	3.1%	7.5%
3M Excs Rtn	0.9%	-0.9%	21.9%	-5.3%	18.3%	4.9%	2.9%
6M Excs Rtn	-12.0%	-3.2%	19.2%	-13.1%	20.4%	-6.4%	-4.8%
12M Excs Rtn	-25.8%	5.9%	4.9%	-2.4%	19.6%	-32.5%	1.3%
3Y Excs Rtn	-8.4%	-42.1%	26.3%	-7.8%	74.3%	-117.5%	-8.1%

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/5/2026	2/5/2026	2/6/2025	2/8/2024	2/2/2023	2/3/2022	2/4/2021
Key Financials
Total Revenue	12,640	12,640	11,761	9,903	9,636	9,168	8,244
EBITDA	6,709	6,709	6,075	4,917	3,455	7,130	3,874
Operating Income	4,999	4,999	4,413	3,963	3,731	3,551	3,138
Net Income	3,315	3,315	2,754	2,368	1,446	4,058	2,089
EPS	5.81	5.79	4.80	4.20	2.59	7.22	3.79
Growth Rates
Total Revenue Growth	7.5%	7.5%	18.8%	2.8%	5.1%	11.2%	25.9%
EBITDA Growth	10.4%	10.4%	23.6%	42.3%	-51.5%	84.0%	13.0%
Operating Income Growth	13.3%	13.3%	11.4%	6.2%	5.1%	13.2%	17.3%
Net Income Growth	20.4%	20.4%	16.3%	63.8%	-64.4%	94.3%	8.1%
Margins
EBITDA Margin	53.1%	53.1%	51.7%	49.7%	35.9%	77.8%	47.0%
Operating Income Margin	39.5%	39.5%	37.5%	40.0%	38.7%	38.7%	38.1%
Net Income Margin	26.2%	26.2%	23.4%	23.9%	15.0%	44.3%	25.3%
Cash & Debt
Total Cash	3,616	3,616	1,368	1,129	4,415	607	583
Total Debt	20,279	20,279	20,703	22,912	18,376	14,170	16,857
Net Debt / (Cash)	16,663	16,663	19,335	21,783	13,961	13,563	16,274
Cash Flows
Net Cash from Operations	4,662	4,662	4,609	3,542	3,554	3,123	2,881
Free Cash from Operations	3,871	3,871	3,857	3,053	3,072	2,671	2,471
Returns to Shareholders
Dividends	1,105	1,105	1,039	955	853	747	669
Share Repurchases	1,397	1,397	81	78	705	320	1,321

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/5/2026	10/30/2025	7/31/2025	5/1/2025	2/6/2025	10/31/2024	8/1/2024	5/2/2024	2/8/2024	11/2/2023	8/3/2023	5/4/2023
Key Financials Quarterly
Total Revenue	3,142	3,007	3,262	3,229	3,030	3,033	2,897	2,801	2,666	2,429	2,336	2,472
Ebitda	1,659	1,660	1,728	1,662	1,507	1,507	1,475	1,586	1,146	1,197	1,289	1,285
Operating Income	1,256	1,183	1,307	1,253	1,093	1,140	1,081	1,099	993	1,000	980	990
Net Income	851	816	851	797	698	657	632	767	373	541	799	655
EPS	1.50	1.43	1.49	1.39	1.22	1.15	1.10	1.34	0.64	0.96	1.43	1.17
Key Financials TTM
Total Revenue TTM	12,640	12,528	12,554	12,189	11,761	11,397	10,793	10,232	9,903	9,614	9,572	9,649
Ebitda TTM	6,709	6,557	6,404	6,151	6,075	5,714	5,404	5,218	4,917	4,774	3,684	3,551
Operating Income TTM	4,999	4,836	4,793	4,567	4,413	4,313	4,173	4,072	3,963	3,846	3,778	3,720
Net Income TTM	3,315	3,162	3,003	2,784	2,754	2,429	2,313	2,480	2,368	2,420	1,688	1,444
Growth Rates Quarterly
Total Revenue Growth	3.7%	-0.9%	12.6%	15.3%	13.7%	24.9%	24.0%	13.3%	12.2%	1.8%	-3.2%	0.5%
EBITDA Growth	10.1%	10.2%	17.2%	4.8%	31.5%	25.9%	14.4%	23.4%	14.3%	1018.7%	11.5%	8.1%
Operating Income Growth	14.9%	3.8%	20.9%	14.0%	10.1%	14.0%	10.3%	11.0%	13.4%	7.3%	6.3%	-1.1%
Net Income Growth	21.9%	24.2%	34.7%	3.9%	87.1%	21.4%	-20.9%	17.1%	-12.2%	383.2%	44.0%	-0.3%
Margins Quarterly
EBITDA Margin	52.8%	55.2%	53.0%	51.5%	49.7%	49.7%	50.9%	56.6%	43.0%	49.3%	55.2%	52.0%
Operating Income Margin	40.0%	39.3%	40.1%	38.8%	36.1%	37.6%	37.3%	39.2%	37.2%	41.2%	42.0%	40.0%
Net Income Margin	27.1%	27.1%	26.1%	24.7%	23.0%	21.7%	21.8%	27.4%	14.0%	22.3%	34.2%	26.5%
Cash & Debt
Total Cash	3,616	2,201	2,636	3,168	1,368	755	983	863	1,129	837	2,877	2,069
Total Debt	20,279	19,509	19,666	20,621	20,703	21,518	22,130	22,309	22,912	23,605	18,346	18,356
Net Debt / (Cash)	16,663	17,308	17,030	17,453	19,335	20,763	21,147	21,446	21,783	22,768	15,469	16,287
Cash Flows Quarterly
FCF from Operations	1,275	915	1,506	966	1,506	898	1,196	1,009	969	768	1,152	653
Cash Flows TTM
FCF from Operations TTM	4,662	4,893	4,876	4,566	4,609	4,072	3,942	3,898	3,542	3,665	3,634	3,451
Returns to Shareholders Quarterly
Dividends	274	276	277	278	259	261	261	258	242	241	236	236
Share Repurchases	400	403	258	336	4	4	2	71	25	3	1	49
Return on Invested Capital (ROIC) Quarterly
ROIC	23.2%	19.3%	20.7%	19.0%	15.2%	14.2%	13.2%	14.6%	12.1%	12.7%	22.1%	17.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	22.1%	19.7%	18.9%	17.2%	15.1%	13.8%	13.5%	14.1%	13.4%	12.6%	20.1%	17.2%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Exchanges	6,355	6,415	5,878	5,839	4,652
Fixed Income and Data Services	2,231	2,092	1,883	1,810	1,756
Mortgage Technology	1,317	1,129	1,407	595	139
Total	9,903	9,636	9,168	8,244	6,547

Operating Income by Segment

$ Mil	2025	2024	2023	2022	2021
Exchanges	3,159	2,862	2,523	2,389	2,167
Fixed Income and Data Services	811	719	529	492	439
Mortgage Technology	-276	57	397	152	67
Total	3,694	3,638	3,449	3,033	2,673

Price Behavior

Price Behavior

Market Price	$159.20
Market Cap ($ Bil)	90.6
First Trading Date	11/16/2005
Distance from 52W High	-15.0%
	50 Days	200 Days
DMA Price	$164.47	$167.66
DMA Trend	indeterminate	indeterminate
Distance from DMA	-3.2%	-5.0%
	3M	1YR
Volatility	29.7%	22.1%
Downside Capture	103.79	58.39
Upside Capture	107.19	41.45
Correlation (SPY)	19.5%	37.6%

ICE Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.64	0.80	0.71	0.49	0.45	0.54
Up Beta	-0.15	0.66	0.62	0.90	0.37	0.41
Down Beta	-1.50	-0.10	-0.06	0.22	0.52	0.58
Up Capture	133%	133%	126%	32%	31%	34%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	13	25	38	67	134	407
Down Capture	170%	125%	97%	69%	65%	81%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	8	16	23	57	117	344

[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	-4.8%	22.1%	-0.30	-
Sector ETF (XLF)	3.6%	19.3%	0.06	55.4%
Equity (SPY)	19.6%	18.9%	0.81	37.5%
Gold (GLD)	71.9%	26.3%	2.05	-1.0%
Commodities (DBC)	19.3%	17.3%	0.89	11.4%
Real Estate (VNQ)	6.2%	16.3%	0.19	47.3%
Bitcoin (BTCUSD)	-15.3%	44.2%	-0.25	16.4%

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Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ICE
ICE	8.3%	20.7%	0.32	-
Sector ETF (XLF)	9.3%	18.7%	0.38	53.3%
Equity (SPY)	13.1%	17.0%	0.61	54.7%
Gold (GLD)	24.1%	17.3%	1.14	7.6%
Commodities (DBC)	11.2%	19.0%	0.47	9.7%
Real Estate (VNQ)	4.8%	18.8%	0.16	55.4%
Bitcoin (BTCUSD)	6.3%	56.7%	0.33	21.3%

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	14.2%	22.2%	0.59	-
Sector ETF (XLF)	12.5%	22.2%	0.52	59.9%
Equity (SPY)	14.5%	17.9%	0.70	61.5%
Gold (GLD)	14.4%	15.6%	0.77	5.0%
Commodities (DBC)	8.6%	17.6%	0.40	17.8%
Real Estate (VNQ)	5.6%	20.7%	0.23	55.4%
Bitcoin (BTCUSD)	67.4%	66.8%	1.07	16.0%

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

Short Interest

Short Interest: As Of Date	2272026
Short Interest: Shares Quantity	7.5 Mil
Short Interest: % Change Since 2152026	-5.1%
Average Daily Volume	4.1 Mil
Days-to-Cover Short Interest	1.8 days
Basic Shares Quantity	569.0 Mil
Short % of Basic Shares	1.3%

Returns Analyses

	Title
0	How Low Can Intercontinental Exchange Stock Really Go?
1	ICE YTD Stock Return Of 16% Outperforms MKTX by 22% and Underperforms SCHW by -0.9%
2	Intercontinental Exchange During 2008 Recession vs. 2022 Inflation Shock: ICE Stock Is Now 22% Higher Than Its Pre-Shock High
3	ICE YTD Stock Return Of -18% Outperforms MKTX by 16% and Underperforms CBOE by -15%
4	Intercontinental Exchange Stock Return Comparison
5	[9/30/2021] IntercontinentalExchange (ICE) Stock Price Forecast: AI Forecasts ICE Stock Price To Be Around $118 In A Month (Up 3%)
6	Intercontinental Exchange Total Shareholder Return (TSR): -23.9% in 2022 and 4.7% 3-yr returns (below peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
...
SUMMARY STATS
# Positive	10	15	15
# Negative	14	9	9
Median Positive	2.1%	3.2%	5.7%
Median Negative	-1.3%	-3.2%	-3.3%
Max Positive	4.7%	6.7%	17.9%
Max Negative	-7.5%	-13.9%	-8.1%

	Forward Returns
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%
7/30/2020	0.1%	2.0%	11.4%
4/30/2020	-1.4%	1.1%	7.2%
SUMMARY STATS
# Positive	10	15	15
# Negative	14	9	9
Median Positive	2.1%	3.2%	5.7%
Median Negative	-1.3%	-3.2%	-3.3%
Max Positive	4.7%	6.7%	17.9%
Max Negative	-7.5%	-13.9%	-8.1%

SEC Filings

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Report Date	Filing Date	Filing
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

Insider Activity

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Foley, Douglas	SVP, HR & Administration	Direct	Sell	12162025	163.20	1,600	261,120	3,948,787	Form
2	Kapani, Mayur	Chief Technology Officer	Direct	Sell	12102025	156.67	5,345	837,382	10,220,920	Form
3	Sprieser, Judith A		Direct	Sell	12092025	157.96	3,700	584,440	2,285,475	Form
4	Gardiner, Warren	Chief Financial Officer	Direct	Sell	11242025	153.65	1,572	241,538	3,155,049	Form
5	Surdykowski, Andrew J	General Counsel	Direct	Sell	11212025	152.52	1,770	269,960	6,743,214	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Foley, Douglas	SVP, HR & Administration	Direct	Sell	12162025	163.20	1,600	261,120	3,948,787	Form
2	Kapani, Mayur	Chief Technology Officer	Direct	Sell	12102025	156.67	5,345	837,382	10,220,920	Form
3	Sprieser, Judith A		Direct	Sell	12092025	157.96	3,700	584,440	2,285,475	Form
4	Gardiner, Warren	Chief Financial Officer	Direct	Sell	11242025	153.65	1,572	241,538	3,155,049	Form
5	Surdykowski, Andrew J	General Counsel	Direct	Sell	11212025	152.52	1,770	269,960	6,743,214	Form
6	Sprecher, Jeffrey C	Chief Executive Officer	CPEX	Sell	11212025	153.08	150,000	22,962,583	275,812,010	Form
7	Surdykowski, Andrew J	General Counsel	Direct	Sell	11132025	151.00	2,081	314,231	6,676,012	Form
8	Kapani, Mayur	Chief Technology Officer	Direct	Sell	10102025	158.88	10,082	1,601,862	10,365,547	Form
9	Williams, Stuart Glen	Chief Operating Officer	Direct	Sell	9192025	172.04	939	161,542	2,859,936	Form
10	Foley, Douglas	SVP, HR & Administration	Direct	Sell	9122025	175.62	1,600	280,992	4,530,294	Form
11	Sprieser, Judith A		Direct	Sell	9082025	174.51	2,900	506,086	3,170,715	Form
12	Farooqui, Duriya M		Direct	Sell	8292025	178.34	2,036	363,100	2,550,084	Form
13	Surdykowski, Andrew J	General Counsel	Direct	Sell	8282025	178.33	3,850	686,570	8,255,431	Form
14	Tirinnanzi, Martha A		Direct	Sell	8262025	179.76	610	109,654	632,575	Form
15	Gardiner, Warren	Chief Financial Officer	Direct	Sell	8222025	178.45	1,570	280,166	3,944,816	Form
16	Sprecher, Jeffrey C	Chief Executive Officer	Direct	Sell	8142025	183.09	66,575	12,189,310	212,933,646	Form
17	Sprecher, Jeffrey C	Chief Executive Officer	CPEX	Sell	8142025	183.09	150,000	27,463,889	357,342,728	Form
18	Bowen, Sharon		Direct	Sell	7292025	185.00	794	146,890	2,628,110	Form
19	Bowen, Sharon		Direct	Sell	7032025	183.30	795	145,724	2,749,500	Form
20	Kapani, Mayur	Chief Technology Officer	Direct	Sell	6172025	178.65	9,973	1,781,678	12,488,001	Form
21	Foley, Douglas	SVP, HR & Administration	Direct	Sell	6132025	177.48	1,600	283,968	4,847,511	Form
22	Hague, William Jefferson		Direct	Sell	6112025	177.80	476	84,633	3,577,692	Form
23	Hague, William Jefferson		Direct	Sell	6112025	176.00	54	9,504	3,531,968	Form
24	Surdykowski, Andrew J	General Counsel	Direct	Sell	6062025	179.12	3,848	689,247	8,683,646	Form
25	Sprecher, Jeffrey C	Chief Executive Officer	Direct	Sell	6062025	179.25	68,315	12,245,602	208,453,618	Form
26	Sprecher, Jeffrey C	Chief Executive Officer	CPEX	Sell	6062025	179.22	150,000	26,882,992	376,667,459	Form
27	Foley, Douglas	SVP, HR & Administration	Direct	Sell	6032025	179.75	8,259	1,484,555	4,625,507	Form
28	Namkung, James W	Chief Accounting Officer	Direct	Sell	6022025	180.00	612	110,160	2,379,600	Form
29	Edmonds, Christopher Scott	President, Fixed Income & Data	Direct	Sell	6022025	180.00	5,000	900,000	2,818,440	Form
30	Tirinnanzi, Martha A		Direct	Sell	5292025	177.11	397	70,313	801,600	Form
31	Tirinnanzi, Martha A		Direct	Sell	5292025	177.62	397	70,515	733,393	Form
32	Edmonds, Christopher Scott	President, Fixed Income & Data	Direct	Sell	5232025	174.52	552	96,335	2,732,634	Form
33	Sprieser, Judith A		Direct	Sell	5222025	175.85	1,769	311,079	3,704,984	Form
34	Gardiner, Warren	Chief Financial Officer	Direct	Sell	5212025	175.90	1,568	275,811	4,164,608	Form
35	King, Elizabeth Kathryn	Global Head of Clearing & CRO	Direct	Sell	5202025	175.47	16,768	2,942,207	2,878,864	Form
36	Edmonds, Christopher Scott	President, Fixed Income & Data	Direct	Sell	5122025	178.38	6,987	1,246,349	2,974,683	Form
37	Sprieser, Judith A		Direct	Sell	4172025	159.00	2,630	418,175	3,396,917	Form
38	Namkung, James W	Chief Accounting Officer	Direct	Sell	3242025	175.00	1,206	211,050	2,420,600	Form
39	Kapani, Mayur	Chief Technology Officer	Direct	Sell	3172025	170.52	9,973	1,700,575	12,654,644	Form
40	Foley, Douglas	SVP, HR & Administration	Direct	Sell	3132025	169.14	1,600	270,624	4,352,480	Form
41	Sprieser, Judith A		Direct	Sell	3102025	169.35	2,255	381,884	4,063,384	Form
42	Namkung, James W	Chief Accounting Officer	Direct	Sell	3102025	169.86	4,402	747,718	2,554,334	Form
43	Williams, Stuart Glen	Chief Operating Officer	Direct	Sell	3072025	170.00	2,228	378,760	3,099,950	Form
44	Sprecher, Jeffrey C	Chief Executive Officer	Direct	Sell	3072025	170.75	124,177	21,203,078	198,565,189	Form
45	Sprecher, Jeffrey C	Chief Executive Officer	CPEX	Sell	3072025	170.75	150,000	25,611,784	384,467,874	Form
46	Martin, Lynn C	President, NYSE Group	Direct	Sell	3052025	175.00	4,155	727,125	10,410,575	Form
47	Gardiner, Warren	Chief Financial Officer	Direct	Sell	3042025	171.01	1,568	268,139	4,316,896	Form
48	Jackson, Benjamin	President	Direct	Sell	2282025	171.43	7,900	1,354,308	25,247,393	Form
49	Surdykowski, Andrew J	General Counsel	Direct	Sell	2282025	171.42	3,847	659,452	8,666,644	Form
50	Sprieser, Judith A		Direct	Sell	2092026	169.19	4,722	798,899	1,649,061	Form
51	Jackson, Benjamin	President	Direct	Sell	2122026	165.00	12,861	2,122,078	27,339,346	Form
52	Sprecher, Jeffrey C	Chief Executive Officer	Direct	Sell	2192026	155.00	129,937	20,139,819	169,709,561	Form
53	Sprecher, Jeffrey C	Chief Executive Officer	CPEX	Sell	2192026	155.00	150,000	23,249,520	256,008,990	Form
54	Kapani, Mayur	Chief Technology Officer	Direct	Sell	2192026	155.02	15,213	2,358,347	10,056,111	Form
55	Surdykowski, Andrew J	General Counsel	Direct	Sell	3022026	162.00	4,571	740,524	7,805,555	Form
56	Martin, Lynn C	President, NYSE Group	Direct	Sell	2242026	153.86	13,456	2,070,406	8,357,785	Form
57	Foley, Douglas	SVP, HR & Administration	Direct	Sell	3112026	164.96	1,600	263,936	4,332,180	Form

ICE Trade Sentinel

Stock Conviction

null

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing ICE?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What ICE Makes & Who Pays

TTM figures based on

ICE Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Intercontinental Exchange (ICE)

Market Price (3/15/2026): $158.0 | Market Cap: $89.9 BilSector: Financials | Industry: Financial Exchanges & Data

Intercontinental Exchange (ICE)

Market Price (3/15/2026): $158.0Market Cap: $89.9 BilSector: FinancialsIndustry: Financial Exchanges & Data

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

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Intercontinental Exchange (ICE)

Major Customers of Intercontinental Exchange (ICE)

Financial Institutions and Market Participants

Corporations (for Hedging and Market Access)

Mortgage Lenders and Companies in the Mortgage Supply Chain

Interactive Breakdown

Better Bets vs. Intercontinental Exchange (ICE)

INDUSTRY: Financial Exchanges & Data

Higher Rev Chg 3Y Avg | Lower P/S (Values for ICE: 9.7% | 7.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ICE: 9.7% | 18.1x)

Higher Rev Chg LTM (Value for ICE: 7.5%)

Higher Rev Chg 3Y Avg (Value for ICE: 9.7%)

Higher Op Mgn LTM (Value for ICE: 39.5%)

Higher CFO/Rev LTM (Value for ICE: 36.9%)

Higher FCF/Rev LTM (Value for ICE: 30.6%)

Higher Total Yield (Value for ICE: 4.9%)

SECTOR: Financials

Higher Rev Chg 3Y Avg | Lower P/S (Values for ICE: 9.7% | 7.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ICE: 9.7% | 18.1x)

Higher Rev Chg LTM (Value for ICE: 7.5%)

Higher Rev Chg 3Y Avg (Value for ICE: 9.7%)

Higher Op Mgn LTM (Value for ICE: 39.5%)

Higher CFO/Rev LTM (Value for ICE: 36.9%)

Higher FCF/Rev LTM (Value for ICE: 30.6%)

Higher Total Yield (Value for ICE: 4.9%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ICE: 9.7% | 7.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ICE: 9.7% | 18.1x)

Higher Rev Chg LTM (Value for ICE: 7.5%)

Higher Rev Chg 3Y Avg (Value for ICE: 9.7%)

Higher Op Mgn LTM (Value for ICE: 39.5%)

Higher CFO/Rev LTM (Value for ICE: 36.9%)

Higher FCF/Rev LTM (Value for ICE: 30.6%)

Higher Total Yield (Value for ICE: 4.9%)

Best Bets in Financials

P/EBIT (Value for ICE: 17.6x)

P/E (Value for ICE: 27.3x)

Rev Chg 3Y Avg (Value for ICE: 9.7%)

Rev Chg LTM (Value for ICE: 7.5%)

Rev Chg Q (Value for ICE: 3.7%)

FCF/Rev 3Y Avg (Value for ICE: 31.4%)

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Financials

Market Price (3/15/2026): $158.0 | Market Cap: $89.9 Bil
Sector: Financials | Industry: Financial Exchanges & Data

Market Price (3/15/2026): $158.0
Market Cap: $89.9 Bil
Sector: Financials
Industry: Financial Exchanges & Data