CME vs Intercontinental Exchange
Intercontinental Exchange is the larger business, with $12.64bn of revenue in fiscal 2025 against $6.52bn for CME (1.9 times as much). Intercontinental Exchange grew faster (7.5% against 6.4%). CME kept more of each dollar of sales as profit: a net margin of 62.5% against 26.2%. CME carries less debt relative to equity (14.5% against 71.5%).
| Latest fiscal year | CMECME, 2025 | Intercontinental ExchangeICE, 2025 |
|---|---|---|
| Revenue | $6.52bn | $12.64bn |
| Revenue growth | 6.4% | 7.5% |
| Net income | $4.07bn | $3.31bn |
| Operating margin | 64.9% | 39.0% |
| Net margin | 62.5% | 26.2% |
| Return on equity | 14.8% | 11.7% |
| Free cash flow | $4.19bn | $4.29bn |
| Cash | $4.42bn | $837m |
| Total debt | $4.17bn | $20.68bn |
| Debt to equity | 14.5% | 71.5% |
| Dividend per share | — | $1.92 |
| Dividend yield | 3.7% | 1.2% |
| Share buybacks | — | $1.29bn |
| Employees | 3,875 | 12,844 |
| Market value | $109.07bn | $95.21bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 66 (Moderate) | 66 (Moderate) |
| Insider trades, 12 months | 7 buys, 21 sales | 0 buys, 65 sales |