Intercontinental Exchange vs Nasdaq
Intercontinental Exchange is the larger business, with $12.64bn of revenue in fiscal 2025 against $8.26bn for Nasdaq (1.5 times as much). Nasdaq grew faster (11.6% against 7.5%). Intercontinental Exchange kept more of each dollar of sales as profit: a net margin of 26.2% against 21.6%.
| Latest fiscal year | Intercontinental ExchangeICE, 2025 | NasdaqNDAQ, 2025 |
|---|---|---|
| Revenue | $12.64bn | $8.26bn |
| Revenue growth | 7.5% | 11.6% |
| Net income | $3.31bn | $1.79bn |
| Operating margin | 39.0% | — |
| Net margin | 26.2% | 21.6% |
| Return on equity | 11.7% | 15.3% |
| Free cash flow | $4.29bn | $1.99bn |
| Cash | $837m | $604m |
| Total debt | $20.68bn | $9.00bn |
| Debt to equity | 71.5% | — |
| Dividend per share | $1.92 | $1.05 |
| Dividend yield | 1.2% | 1.1% |
| Share buybacks | $1.29bn | $616m |
| Employees | 12,844 | — |
| Market value | $95.21bn | $59.69bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 66 (Moderate) | 70 (Moderate) |
| Insider trades, 12 months | 0 buys, 65 sales | 3 buys, 32 sales |