Tearsheet

Intercontinental Exchange (ICE)

Market Price (9/16/2025): $172.22 | Market Cap: $98.9 Bil
Sector: Financials | Industry: Financial Exchanges & Data

Intercontinental Exchange (ICE)

Market Price (9/16/2025): $172.22
Market Cap: $98.9 Bil
Sector: Financials
Industry: Financial Exchanges & Data

Investment Highlights

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%

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%

Market Valuation

	9/16/25	2024	2023	2022	2021
Share Price CYE	$172.22	$148.19	$126.17	$99.25	$130.44
Market Cap CYE ($ Bil)	98.9	84.9	72.3	55.5	72.9
Total Debt ($ Bil)	20.6	20.7	22.9	18.4	14.2
Total Cash ($ Bil)	3.2	1.4	1.1	4.4	0.6
Enterprise Value ($ Bil)	116.3	105.6	95.2	73.9	87.1
Valuation Ratios
P/S TTM	8.1	7.3	7.3	6.0	8.4
P/EBIT TTM	21.5	18.8	19.6	23.7	12.6
P/E TTM	35.5	31.0	30.6	39.7	18.9
Sector Ratios
P/S TTM (Sector)	3.2	3.1	2.8	2.8	3.4
P/EBIT TTM (Sector)	7.2	6.9	7.1	7.1	7.0
P/E TTM (Sector)	12.8	11.6	10.1	9.4	10.0

	9/16/25	2024	2023
Share Price CYE	$172.22	$148.19	$126.17
Market Cap CYE ($ Bil)	98.9	84.9	72.3
Total Debt ($ Bil)	20.6	20.7	22.9
Total Cash ($ Bil)	3.2	1.4	1.1
Enterprise Value ($ Bil)	116.3	105.6	95.2
Valuation Ratios
P/S TTM	8.1	7.3	7.3
P/EBIT TTM	21.5	18.8	19.6
P/E TTM	35.5	31.0	30.6
Sector Ratios
P/S TTM (Sector)	3.2	3.1	2.8
P/EBIT TTM (Sector)	7.2	6.9	7.1
P/E TTM (Sector)	12.8	11.6	10.1

Stock Price
Market Cap

Stock Price Chart

Return (1Y):

Market Cap Chart

Business Description

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. Show more

Price Returns Compared

Expand for Detailed View

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ICE Return	26%	20%	-24%	27%	17%	16%	102%
Peers Return	13%	33%	-13%	12%	10%	12%	79%
S&P 500 Return	16%	27%	-19%	24%	23%	12%	104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: SCHW, CME, NDAQ, CBOE, MKTX. See ICE Returns vs. Peers.
[3] 2025 data is for the year up to 9/15/2025 (YTD)

Interactive Breakdown

Intercontinental Exchange Interactive Breakdown Analysis

Latest Trefis Analyses

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

	Title
0	DASHBOARDS
1	How Will Intercontinental Exchange Stock React To Its Upcoming Earnings?
2	Intercontinental Exchange Stock Gained 22% YTD, What’s Next?
3	Intercontinental Exchange Stock Gained 15% YTD, What’s Next?
4	Up 24% Since The Start Of 2023, What To Expect From Intercontinental Exchange Stock After Q4 Results?
5	Up 7% In The Last One Month, Where Is Intercontinental Exchange Stock Headed?
6	ARTICLES
7	Intercontinental Exchange Earnings Notes
8	Intercontinental Exchange vs Southern Copper: Which Is A Better Investment?
9	Intercontinental Exchange vs Freedom: Which Is A Better Investment?
10	Better Bet Than ICE Stock: Pay Less Than Intercontinental Exchange To Get More From MU, VST
11	Better Bet Than ICE Stock: Pay Less Than Intercontinental Exchange To Get More From HLNE, FOUR
12	ICE YTD Stock Return Of 16% Outperforms MKTX by 22% and Underperforms SCHW by -0.9%
13	Intercontinental Exchange Total Shareholder Return (TSR): 18.5% in 2024 and 5.5% 3-yr compounded annual returns (above peer average)
14	Intercontinental Exchange (ICE) Operating Cash Flow Comparison
15	Intercontinental Exchange (ICE) Net Income Comparison
16	Intercontinental Exchange (ICE) Operating Income Comparison

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	NXTT	Next Technology	18947.6%	1080.3%
2	VCIG	VCI Global	2528.6%	-66.8%
3	BDSX	Biodesix	1926.1%	-75.2%
4	CLSD	Clearside Biomedical	1136.3%	-72.3%
5	SDOT	Sadot	1033.9%	-78.2%
6	CHEK	Check-Cap	184.2%	114.2%
7	ATCH	AtlasClear	153.8%	-89.7%
8	HSDT	Helius Medical Technologies	141.7%	-96.4%
9	MTVA	MetaVia	115.5%	-26.1%
10	IHT	InnSuites Hospitality Trust	66.0%	54.9%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	ATYR	aTyr Pharma	-83.2%	-72.0%
2	NAKA	Kindly MD	-55.4%
3	REX	REX American Resources	-49.8%	-26.7%
4	FAAS	DigiAsia	-39.2%	-83.2%
5	EVTV	Envirotech Vehicles	-32.8%	-77.4%
6	WLDS	Wearable Devices	-30.0%	-24.4%
7	ZONE	CleanCore Solutions	-29.5%	107.8%
8	CGTX	Cognition Therapeutics	-29.0%	119.6%
9	SIDU	Sidus Space	-28.7%	-80.8%
10	BNGO	Bionano Genomics	-28.6%	-84.0%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	NXTT	Next Technology	18985.5%	1080.3%
2	BDSX	Biodesix	1658.4%	-75.2%
3	VCIG	VCI Global	1460.0%	-66.8%
4	CLSD	Clearside Biomedical	1075.2%	-72.3%
5	SDOT	Sadot	806.7%	-78.2%
6	WLDS	Wearable Devices	539.8%	-24.4%
7	QMMM	QMMM	536.6%	5505.5%
8	ATCH	AtlasClear	382.9%	-89.7%
9	OPI	Office Properties Income Trust	274.5%	-8.3%
10	CWD	CaliberCos	246.5%	-46.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	DGNX	Diginex	-83.7%
2	ATYR	aTyr Pharma	-81.4%	-72.0%
3	LGCL	Lucas GC	-73.2%	-78.3%
4	NAKA	Kindly MD	-72.8%
5	OCTO	Eightco	-67.8%	562.1%
6	YYGH	YY	-67.0%	-78.2%
7	SNTG	Sentage	-58.1%	57.5%
8	REX	REX American Resources	-50.7%	-26.7%
9	BINI	Bollinger Innovations	-49.2%	-100.0%
10	SLXN	Silexion Therapeutics	-49.2%	-88.0%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	PMI	Picard Medical	11963.5%	11963.5%
2	GIBO	GIBO	7309.3%
3	CHSN	Chanson International	5551.3%	-99.3%
4	LNZA	LanzaTech Global	5145.9%	-85.7%
5	QMMM	QMMM	2490.3%	5505.5%
6	NXTT	Next Technology	2167.7%	1080.3%
7	VTAK	Catheter Precision	1543.9%	-70.5%
8	CURX	Curanex Pharmaceuticals	1282.0%	1282.0%
9	VCIG	VCI Global	1278.3%	-66.8%
10	OCTO	Eightco	800.6%	562.1%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	CJET	Chijet Motor	-93.3%	-95.1%
2	ELPW	Elong Power	-92.4%	-76.5%
3	STFS	Star Fashion Culture	-92.1%	-97.9%
4	ETS	Elite Express	-92.0%	-92.0%
5	NAKA	Kindly MD	-91.7%
6	BINI	Bollinger Innovations	-90.5%	-100.0%
7	FLYE	Fly-E	-89.8%	-81.2%
8	JEM	707 Cayman	-89.8%	-98.3%
9	NUTR	NusaTrip	-86.7%	-86.7%
10	CUPR	Cuprina	-84.9%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	NXTT	Next Technology	18947.6%	1080.3%
2	VCIG	VCI Global	2528.6%	-66.8%
3	BDSX	Biodesix	1926.1%	-75.2%
4	CLSD	Clearside Biomedical	1136.3%	-72.3%
5	SDOT	Sadot	1033.9%	-78.2%
6	CHEK	Check-Cap	184.2%	114.2%
7	ATCH	AtlasClear	153.8%	-89.7%
8	HSDT	Helius Medical Technologies	141.7%	-96.4%
9	MTVA	MetaVia	115.5%	-26.1%
10	IHT	InnSuites Hospitality Trust	66.0%	54.9%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	ATYR	aTyr Pharma	-83.2%	-72.0%
2	NAKA	Kindly MD	-55.4%
3	REX	REX American Resources	-49.8%	-26.7%
4	FAAS	DigiAsia	-39.2%	-83.2%
5	EVTV	Envirotech Vehicles	-32.8%	-77.4%
6	WLDS	Wearable Devices	-30.0%	-24.4%
7	ZONE	CleanCore Solutions	-29.5%	107.8%
8	CGTX	Cognition Therapeutics	-29.0%	119.6%
9	SIDU	Sidus Space	-28.7%	-80.8%
10	BNGO	Bionano Genomics	-28.6%	-84.0%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	NXTT	Next Technology	18985.5%	1080.3%
2	BDSX	Biodesix	1658.4%	-75.2%
3	VCIG	VCI Global	1460.0%	-66.8%
4	CLSD	Clearside Biomedical	1075.2%	-72.3%
5	SDOT	Sadot	806.7%	-78.2%
6	WLDS	Wearable Devices	539.8%	-24.4%
7	QMMM	QMMM	536.6%	5505.5%
8	ATCH	AtlasClear	382.9%	-89.7%
9	OPI	Office Properties Income Trust	274.5%	-8.3%
10	CWD	CaliberCos	246.5%	-46.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	DGNX	Diginex	-83.7%
2	ATYR	aTyr Pharma	-81.4%	-72.0%
3	LGCL	Lucas GC	-73.2%	-78.3%
4	NAKA	Kindly MD	-72.8%
5	OCTO	Eightco	-67.8%	562.1%
6	YYGH	YY	-67.0%	-78.2%
7	SNTG	Sentage	-58.1%	57.5%
8	REX	REX American Resources	-50.7%	-26.7%
9	BINI	Bollinger Innovations	-49.2%	-100.0%
10	SLXN	Silexion Therapeutics	-49.2%	-88.0%

Peer Comparisons for Intercontinental Exchange

Financials

	ICE	SCHW	CME	NDAQ	CBOE	MKTX	Median
Name	Intercon.	Charles .	CME	Nasdaq	Cboe Glo.	MarketAx.
Mkt Price	171.75	92.10	258.83	92.86	234.09	181.68	176.72
Mkt Cap	98.6	167.3	93.1	53.3	24.5	6.8	73.2
Rev LTM	12,189	21,626	6,444	8,112	4,532	837	7,278
Op Inc LTM	4,567	-	4,209	2,195	1,316	347	2,195
FCF LTM	3,770	17,180	4,107	2,134	-113	352	2,952
FCF 3Y Avg	3,369	12,247	3,569	1,741	1,090	301	2,555
CFO LTM	4,566	17,807	4,196	2,358	-42	405	3,277
CFO 3Y Avg	3,972	12,913	3,653	1,923	1,150	357	2,788

Growth & Margins

	ICE	SCHW	CME	NDAQ	CBOE	MKTX	Median
Name	Intercon.	Charles .	CME	Nasdaq	Cboe Glo.	MarketAx.
Rev Chg LTM	19.1%	16.9%	11.2%	23.6%	19.0%	7.7%	17.9%
Rev Chg 3Y Avg	10.0%	5.0%	10.0%	11.5%	7.9%	6.4%	9.0%
Rev Chg Q	15.3%	24.8%	10.4%	16.6%	20.5%	11.0%	16.0%
QoQ Delta Rev Chg LTM	3.6%	5.7%	2.5%	3.8%	4.6%	2.7%	3.7%
Op Mgn LTM	37.5%	-	65.3%	27.1%	29.0%	41.5%	37.5%
Op Mgn 3Y Avg	38.6%	-	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 LTM	37.5%	82.3%	65.1%	29.1%	-0.9%	48.3%	42.9%
CFO/Rev 3Y Avg	37.1%	62.9%	62.6%	27.7%	30.1%	45.6%	41.3%
FCF/Rev LTM	30.9%	79.4%	63.7%	26.3%	-2.5%	42.0%	36.5%
FCF/Rev 3Y Avg	31.5%	59.6%	61.1%	25.0%	28.7%	38.3%	34.9%

Valuation

	ICE	SCHW	CME	NDAQ	CBOE	MKTX	Median
Name	Intercon.	Charles .	CME	Nasdaq	Cboe Glo.	MarketAx.
Mkt Cap	98.6	167.3	93.1	53.3	24.5	6.8	73.2
P/S	8.1	7.7	14.4	6.6	5.4	8.1	7.9
P/EBIT	21.4	-	18.6	24.1	18.5	18.2	18.6
P/E	35.4	23.0	24.7	35.4	27.2	30.3	28.8
P/CFO	21.6	9.4	22.2	22.6	-579.4	16.7	19.1
Total Yield	3.9%	4.4%	6.8%	3.9%	4.8%	5.0%	4.6%
Dividend Yield	1.1%	0.0%	2.8%	1.1%	1.1%	1.7%	1.1%
FCF Yield 3Y Avg	4.2%	9.1%	4.6%	5.0%	6.4%	3.6%	4.8%
D/E	0.2	0.2	0.0	0.2	0.1	0.0	0.1
Net D/E	0.2	-0.4	0.0	0.1	0.0	-0.1	0.0

Returns

	ICE	SCHW	CME	NDAQ	CBOE	MKTX	Median
Name	Intercon.	Charles .	CME	Nasdaq	Cboe Glo.	MarketAx.
1M Rtn	-5.2%	-4.2%	-5.1%	-1.6%	-5.2%	-4.4%	-4.7%
3M Rtn	-4.5%	3.8%	-2.8%	7.4%	4.6%	-19.2%	0.5%
6M Rtn	-0.4%	19.1%	-0.9%	25.3%	9.1%	-16.1%	4.4%
12M Rtn	7.6%	50.2%	24.6%	28.8%	13.0%	-28.6%	18.8%
3Y Rtn	83.2%	34.2%	55.3%	58.8%	101.9%	-25.5%	57.1%
1M Excs Rtn	-8.3%	-8.1%	-7.6%	-4.7%	-5.9%	-5.4%	-6.8%
3M Excs Rtn	-14.4%	-5.0%	-14.2%	-1.9%	-6.7%	-30.0%	-10.4%
6M Excs Rtn	-16.4%	2.8%	-16.3%	10.2%	-7.3%	-31.5%	-11.8%
12M Excs Rtn	-10.5%	28.0%	4.6%	11.7%	-7.2%	-47.3%	-1.3%
3Y Excs Rtn	8.2%	-33.3%	-17.8%	-11.0%	31.0%	-92.0%	-14.4%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End		12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date		2/6/2025	2/8/2024	2/2/2023	2/3/2022	2/4/2021	2/6/2020
Key Financials
Total Revenue	12,189	11,761	9,903	9,636	9,168	8,244	6,547
Ebitda	6,151	6,075	4,917	3,455	7,130	3,874	3,428
Operating Income	4,567	4,413	3,963	3,731	3,551	3,138	2,675
Net Income	2,784	2,754	2,368	1,446	4,058	2,089	1,933
EPS	4.86	4.80	4.20	2.59	7.22	3.79	3.44
Growth Rates
Total Revenue Growth	19.1%	18.8%	2.8%	5.1%	11.2%	25.9%	4.3%
EBITDA Growth	17.9%	23.6%	42.3%	-51.5%	84.0%	13.0%	2.3%
Operating Income Growth	12.2%	11.4%	6.2%	5.1%	13.2%	17.3%	2.2%
Net Income Growth	12.3%	16.3%	63.8%	-64.4%	94.3%	8.1%	-2.8%
Margins
EBITDA Margin	50.5%	51.7%	49.7%	35.9%	77.8%	47.0%	52.4%
Operating Income Margin	37.5%	37.5%	40.0%	38.7%	38.7%	38.1%	40.9%
Net Income Margin	22.8%	23.4%	23.9%	15.0%	44.3%	25.3%	29.5%
Cash & Debt
Total Cash	3,168	1,368	1,129	4,415	607	583	841
Total Debt	20,621	20,703	22,912	18,376	14,170	16,857	8,100
Net Debt / (Cash)	17,453	19,335	21,783	13,961	13,563	16,274	7,259
Cash Flows
Net Cash from Operations	4,566	4,609	3,542	3,554	3,123	2,881	2,659
Free Cash from Operations	3,770	3,857	3,053	3,072	2,671	2,471	2,354
Returns to Shareholders
Dividends	1,059	1,039	955	853	747	669	621
Share Repurchases	346	81	78	705	320	1,321	1,525

$ Mil \| FY: 12/31	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2
Period End	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	12/31/2022	9/30/2022	6/30/2022
Filing Date	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	2/2/2023	11/3/2022	8/4/2022
Key Financials Quarterly
Total Revenue	3,229	3,030	3,033	2,897	2,801	2,666	2,429	2,336	2,472	2,377	2,387	2,413
Ebitda	1,662	1,507	1,507	1,475	1,586	1,146	1,197	1,289	1,285	1,003	107	1,156
Operating Income	1,253	1,093	1,140	1,081	1,099	993	1,000	980	990	876	932	922
Net Income	797	698	657	632	767	373	541	799	655	425	-191	555
EPS	1.39	1.22	1.15	1.10	1.34	0.64	0.96	1.43	1.17	0.76	-0.34	0.99
Key Financials TTM
Total Revenue TTM	12,189	11,761	11,397	10,793	10,232	9,903	9,614	9,572	9,649	9,636	9,587	9,477
Ebitda TTM	6,151	6,075	5,714	5,404	5,218	4,917	4,774	3,684	3,551	3,455	4,913	5,991
Operating Income TTM	4,567	4,413	4,313	4,173	4,072	3,963	3,846	3,778	3,720	3,731	3,795	3,755
Net Income TTM	2,784	2,754	2,429	2,313	2,480	2,368	2,420	1,688	1,444	1,446	2,548	3,372
Growth Rates Quarterly
Total Revenue Growth	15.3%	13.7%	24.9%	24.0%	13.3%	12.2%	1.8%	-3.2%	0.5%	2.1%	4.8%	13.1%
EBITDA Growth	4.8%	31.5%	25.9%	14.4%	23.4%	14.3%	1018.7%	11.5%	8.1%	-59.2%	-91.0%	-49.5%
Operating Income Growth	14.0%	10.1%	14.0%	10.3%	11.0%	13.4%	7.3%	6.3%	-1.1%	-6.8%	4.5%	14.0%
Net Income Growth	3.9%	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 Margin	51.5%	49.7%	49.7%	50.9%	56.6%	43.0%	49.3%	55.2%	52.0%	42.2%	4.5%	47.9%
Operating Income Margin	38.8%	36.1%	37.6%	37.3%	39.2%	37.2%	41.2%	42.0%	40.0%	36.9%	39.0%	38.2%
Net Income Margin	24.7%	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 Cash	3,168	1,368	755	983	863	1,129	837	2,877	2,069	4,415	1,183	830
Total Debt	20,621	20,703	21,518	22,130	22,309	22,912	23,605	18,346	18,356	18,376	18,387	18,380
Net Debt / (Cash)	17,453	19,335	20,763	21,147	21,446	21,783	22,768	15,469	16,287	13,961	17,204	17,550
Cash Flows Quarterly
FCF from Operations	966	1,506	898	1,196	1,009	969	768	1,152	653	1,092	737	969
Cash Flows TTM
FCF from Operations TTM	4,566	4,609	4,072	3,942	3,898	3,542	3,665	3,634	3,451	3,554	3,455	3,241
Returns to Shareholders Quarterly
Dividends	278	259	261	261	258	242	241	236	236	213	213	213
Share Repurchases	336	4	4	2	71	25	3	1	49	1	1	159
Return on Invested Capital (ROIC) Quarterly
ROIC	19.0%	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 TTM	17.2%	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

$ Mil	2024	2023	2022	2021	2020
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	2024	2023	2022	2021	2020
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

Behavior Stats
Betas Matrix

Price Behavior

Market Price	$171.75
Market Cap ($ Bil)	98.4
First Trading Date	11/16/2005
Distance from 52W High	-8.9%
	50 Days	200 Days
DMA Price	$180.52	$169.00
DMA Trend	up	indeterminate
Distance from DMA	-4.9%	1.6%
	3M	1YR
Volatility	13.6%	18.9%
Downside Capture	124.34	50.83
Upside Capture	36.97	49.30
Correlation (SPY)	33.3%	47.6%

ICE Betas & Captures as of 8/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.29	0.38	0.39	0.44	0.45	0.64
Up Beta	0.77	0.17	0.40	0.31	0.29	0.52
Down Beta	-0.29	-0.28	-0.33	0.60	0.63	0.70
Up Capture	-7%	40%	36%	40%	38%	41%
Bmk +ve Days	10	22	35	71	142	415
Stock +ve Days	6	17	28	66	130	404
Down Capture	81%	112%	89%	56%	58%	87%
Bmk -ve Days	11	19	27	54	106	334
Stock -ve Days	15	24	34	59	118	344

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

Short Interest

Short Interest: As Of Date	8292025
Short Interest: Shares Quantity	6,302,807
Short Interest: % Change Since 8152025	-7.5%
Average Daily Volume	2,489,686
Days-to-Cover Short Interest	2.53
Basic Shares Quantity	574,000,000
Short % of Basic Shares	1.1%

Returns Analyses

	Title
0	ICE YTD Stock Return Of 16% Outperforms MKTX by 22% and Underperforms SCHW by -0.9%
1	Will You Be Comfortable Buying Intercontinental Exchange Stock?
2	Intercontinental Exchange During 2008 Recession vs. 2022 Inflation Shock: ICE Stock Is Now 32% 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

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
...
SUMMARY STATS
# Positive	10	16	15
# Negative	14	8	9
Median Positive	2.0%	3.1%	5.7%
Median Negative	-1.3%	-2.7%	-3.3%
Max Positive	4.7%	6.7%	17.9%
Max Negative	-7.5%	-13.9%	-8.1%

	Forward Returns
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%
2/6/2020	-3.0%	1.6%	1.2%
10/31/2019	1.2%	-2.2%	1.1%
SUMMARY STATS
# Positive	10	16	15
# Negative	14	8	9
Median Positive	2.0%	3.1%	5.7%
Median Negative	-1.3%	-2.7%	-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
6302025	7312025	10-Q 6/30/2025
3312025	5012025	10-Q 3/31/2025
12312024	2062025	10-K 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2082024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2022023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2032022	10-K 12/31/2021
9302021	10282021	10-Q 9/30/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Farooqui Duriya M		8292025	Sell	178.34	2,036	363,100	2,550,084	Form
1	Tirinnanzi Martha A		8262025	Sell	179.76	610	109,654	632,575	Form
2	Gardiner Warren	Chief Financial Officer	8222025	Sell	178.45	1,570	280,166	3,944,816	Form
3	Bowen Sharon		7292025	Sell	185.00	794	146,890	2,628,110	Form
4	Bowen Sharon		7032025	Sell	183.30	795	145,724	2,749,500	Form

Collapse to Preview

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Farooqui Duriya M		8292025	Sell	178.34	2,036	363,100	2,550,084	Form
1	Tirinnanzi Martha A		8262025	Sell	179.76	610	109,654	632,575	Form
2	Gardiner Warren	Chief Financial Officer	8222025	Sell	178.45	1,570	280,166	3,944,816	Form
3	Bowen Sharon		7292025	Sell	185.00	794	146,890	2,628,110	Form
4	Bowen Sharon		7032025	Sell	183.30	795	145,724	2,749,500	Form
5	Foley Douglas	SVP, HR & Administration	6132025	Sell	177.48	1,600	283,968	4,847,511	Form
6	Hague William Jefferson		6112025	Sell	177.80	476	84,633	3,577,692	Form
7	Namkung James W	Chief Accounting Officer	6022025	Sell	180.00	612	110,160	2,379,600	Form
8	Tirinnanzi Martha A		5292025	Sell	177.11	397	70,313	801,600	Form
9	Edmonds Christopher Scott	President, Fixed Income & Data	5232025	Sell	174.52	552	96,335	2,732,634	Form
10	SPRIESER JUDITH A		5222025	Sell	175.85	1,769	311,079	3,704,984	Form
11	Gardiner Warren	Chief Financial Officer	5212025	Sell	175.90	1,568	275,811	4,164,608	Form
12	SPRIESER JUDITH A		4172025	Sell	158.08	1,030	162,822	3,630,140	Form
13	Namkung James W	Chief Accounting Officer	3242025	Sell	175.00	1,206	211,050	2,420,600	Form
14	Foley Douglas	SVP, HR & Administration	3132025	Sell	169.14	1,600	270,624	4,352,480	Form
15	SPRIESER JUDITH A		3102025	Sell	169.35	2,255	381,884	4,063,384	Form
16	Namkung James W	Chief Accounting Officer	3102025	Sell	169.80	3,112	528,418	2,772,494	Form
17	Williams Stuart Glen	Chief Operating Officer	3072025	Sell	170.00	2,228	378,760	3,099,950	Form
18	Gardiner Warren	Chief Financial Officer	3042025	Sell	171.01	1,568	268,139	4,316,896	Form
19	Jackson Benjamin	President	2282025	Sell	171.23	6,276	1,074,623	25,495,403	Form
20	Namkung James W	Chief Accounting Officer	2272025	Sell	170.00	1,204	204,680	3,304,800	Form
21	Jackson Benjamin	President	2202025	Sell	165.94	4,019	666,930	27,204,909	Form
22	Edmonds Christopher Scott	President, Fixed Income & Data	1172025	Sell	147.73	601	88,786	1,908,967	Form
23	Williams Stuart Glen	Chief Operating Officer	12202024	Sell	152.99	750	114,742	1,955,212	Form
24	Gardiner Warren	Chief Financial Officer	12112024	Sell	156.18	750	117,135	2,471,705	Form
25	Edmonds Christopher Scott	President, Fixed Income & Data	11152024	Sell	156.83	602	94,412	2,106,541	Form
26	Surdykowski Andrew J	General Counsel	9302024	Sell	159.57	2,048	326,799	7,159,108	Form
27	Edmonds Christopher Scott	President, Fixed Income & Data	9202024	Sell	162.81	602	98,012	2,284,876	Form
28	Williams Stuart Glen	Chief Operating Officer	9202024	Sell	162.81	468	76,195	2,202,819	Form
29	SPRIESER JUDITH A		9132024	Sell	161.27	659	106,277	4,233,176	Form
30	Gardiner Warren	Chief Financial Officer	9112024	Sell	161.43	750	121,072	2,675,864	Form

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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 (9/16/2025): $172.22 | Market Cap: $98.9 BilSector: Financials | Industry: Financial Exchanges & Data

Intercontinental Exchange (ICE)

Market Price (9/16/2025): $172.22Market Cap: $98.9 BilSector: FinancialsIndustry: Financial Exchanges & Data

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Market Price (9/16/2025): $172.22 | Market Cap: $98.9 Bil
Sector: Financials | Industry: Financial Exchanges & Data

Market Price (9/16/2025): $172.22
Market Cap: $98.9 Bil
Sector: Financials
Industry: Financial Exchanges & Data