undamentalytics Newsletter
Sign in

Intercontinental Exchange (ICE) stock

Add to watchlist

Add holding +

NYSE: ICE NYSE Financial Exchanges & Data Next results ~February 4, 2027

B Fundamentals grade

Intercontinental Exchange is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$230

Cash-flow model

Base case. Range ~$160–$320 across our lower- and higher-growth cases (7.8%–17.8% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 25% below our base value.

Price used: $172.28, November 2, 2026

Intercontinental Exchange valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Intercontinental Exchange files

10-Q filed October 29: Intercontinental Exchange

Intercontinental Exchange grew revenue to $14.0bn in the twelve months to September 2026, up 12.1% on a year earlier and well ahead of the 6.9% pace recorded a quarter earlier. Among the eleven financial exchanges & data companies we cover, that growth rate ranks third. Margins also improved: free cash flow reached 37.6% of revenue, up from 35.9%, while operating margin widened to 40.6% from 38.1%. These gains lift the fundamentals grade from C to B. Our model value is little changed at $192 a share, well above the $156 share price, and the rating stays Hold. At that price, the market appears to be pricing in cash-flow growth of about 5.9% a year over five years, slower than the 8.9% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Intercontinental Exchange stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $13.4bn, up 6.9% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 37.8% from 35.5% a year earlier. Operating margin widened to 40.7% from 37.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $171 a share, against a share price of $157. At that price, our model says the market is pricing in about 8.4% a year of cash-flow growth for five years, close to the 7.9% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

Intercontinental Exchange's trailing-twelve-month revenue grew 12.1% year on year, with a free-cash-flow margin of 37.6%. Where it stands out: change in growth rate of +5.2pp ranks 1 of 11 financial exchanges & data companies we cover. Where it lags: days sales outstanding of 49 days ranks 5 of 6 financial exchanges & data companies we cover.

Our discounted-cash-flow model values the business at ~$230 per share in the base case (~$160–$320 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 12.1% (+5.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $172.28 is 33% below our value per share of $230.
  • Growth speeding up. The growth rate is 5.2 points higher than a quarter earlier.
  • High operating margin. 40.6% of revenue is left as operating profit, against a median of 40.5% for financial exchanges & data companies we cover.
  • Strong cash generation. 37.6% of revenue turned into free cash flow, against a median of 37.6% for financial exchanges & data companies we cover.
  • Shrinking share count. Diluted shares fell 1.3% in a year, so each share owns more of the business.

Things to watch

  • Insiders selling. 13 insiders sold $92M of stock over the past 365 days and none bought (99% under pre-set trading plans).
  • Below peers: days sales outstanding. Days sales outstanding of 49 days ranks 5 of 6 financial exchanges & data companies we cover (median 44 days).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$2.02 against an average estimate of $1.97: beat by 2.5%
Revenue
$3.63bn, up 20.7% on a year earlier
Share reaction
+8.3% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
fixed Income & Data Services Recurring Revenue (% growth) growth 7% to 8% (2026); operating Expenses $5.14bn to $5.18bn (2026)
Next report
October 29, 2026; average EPS estimate $1.92

Intercontinental Exchange's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.0%
  • 1 week+7.6%
  • 1 month+14.7%
  • This year+7.5%
  • 1 year+19.3%
  • 5 years+34.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$14B
Operating margin
40.6%
Net margin
29.6%
EPS (TTM, diluted)
$7.32

Growth

Revenue growth
+12.1%
Change in growth rate
+5.2 pts
Share count change
−1.3%

Cash

Free cash flow (TTM)
$5.3B
FCF margin
37.6%
Stock pay % of revenue
2.0%

Earnings

Last results
October 29, 2026
Next results (est.)
February 4, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Dividend
  2. Announcement
  3. Announcement
  4. Results
  5. Announcement
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Announcement
  11. Announcement
  12. Announcement
  13. Announcement
  14. Insider trade
  15. Governance
  16. Agreement
  17. Announcement
  18. Insider trade
  19. Agreement
  20. Results
  21. Guidance
  22. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Intercontinental Exchange valuation models and calculator

What the price is pricing in

The share price implies about 6.8% a year of cash-flow growth for five years.That is close to the 8.9% a year revenue growth Intercontinental Exchange has delivered.

  • Priced in6.8%
  • Last 12 months12.1%
  • 3 years a year13.5%
  • 5 years a year8.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($169.39, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$230
Price used
$169.39close November 3, 2026
Implied change
▲ +35%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Intercontinental Exchange's free cash flow after stock-based pay with after-tax interest added back ($5.5B, FY2026 Q3 TTM), growing 7.6% and 10.2% in the next two years (forecasts, guidance and its record), then back to 12.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$160–~$320 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Intercontinental Exchange's free cash flow after stock-based pay ( $5.5B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Intercontinental Exchange as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.81 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$230 ~$160–$320 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$130 ~$100–$200 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$73 ~$52–$110 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$80 ~$68–$97 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$5.3 ~$55–$240 Left out: out of range vs price (0.03x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$84 ~$70–$100 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$140 ~$73–$230 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Intercontinental Exchange with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +5%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $96$147$214$302$418$567
8.5% $63$99$148$211$293$399
10% $43$71$108$157$219$300

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$44.66$49.80$63.05$68.16$84.84$107.03$128.37$97.67$124.16$145.84$160.31$172.28
Market value$25.0bn$29.8bn$37.5bn$39.5bn$47.9bn$59.4bn$72.5bn$54.8bn$70.2bn$84.0bn$92.2bn$97.9bn
+ Net debt (− = net cash)$8.4bn$7.5bn$7.4bn$7.7bn$9.5bn$18.4bn$14.8bn$16.3bn$23.7bn$22.6bn$19.8bn$25.3bn
Enterprise value$33.3bn$37.3bn$44.8bn$47.1bn$57.5bn$77.8bn$87.4bn$71.1bn$93.8bn$106.6bn$112.0bn$123.2bn
Multiples
Price / sales 5.3x5.0x6.4x6.3x7.3x7.2x7.9x5.7x7.1x7.1x7.3x7.0x
Price / earnings 19.6x20.9x14.8x19.9x24.8x28.4x17.9x37.9x29.6x30.5x27.8x23.5x
Price / free cash flow 22.3x15.7x20.1x16.5x19.1x22.2x24.6x16.5x20.9x20.0x21.5x18.6x
EV / EBITDA 15.7x13.4x15.4x14.9x17.2x20.6x19.6x15.2x19.1x18.2x17.3x17.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

66 /100

Moderate moat

How hard Intercontinental Exchange's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 2.1% of total assets over 10 years.

  • Durability 20 / 20

    Operating margin has been a median 38.1%; its worst year was 36.5%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 35.0% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 0.5% over five years; stock-based pay has been a median 2.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (71 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.21 +18% $11.1bn +12%
Next $8.89 +8% $11.7bn +6%

Next year's EPS estimate has moved +1.3% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.9% on 90 days ago. In the last 30 days, 7 analysts raised Intercontinental Exchange's forecast and 2 cut it.

Consensus EPS forecast Intercontinental Exchange, last 90 days
$8.00 $8.20 $8.40 $8.60 $8.80 $9.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.13 Current fiscal year, 60 days ago: $8.15 Current fiscal year, 30 days ago: $8.13 Current fiscal year, 7 days ago: $8.18 Current fiscal year, Now: $8.21 $8.21 Next fiscal year, 90 days ago: $8.77 Next fiscal year, 60 days ago: $8.80 Next fiscal year, 30 days ago: $8.80 Next fiscal year, 7 days ago: $8.88 Next fiscal year, Now: $8.89 $8.89

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.13$8.77
60 days ago $8.15$8.80
30 days ago $8.13$8.80
7 days ago $8.18$8.88
Now $8.21$8.89

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.97 $2.02 +2.5%
Jun 2026 $1.84 $1.90 +3.4%
Mar 2026 $2.26 $2.35 +3.9%
Dec 2025 $1.67 $1.71 +2.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • Fixed Income & Data Services Recurring Revenue (% growth) · Fixed Income and Data Services 2026 7% growth to 8% growth
    “2026 Fixed Income & Data Services Recurring Revenue (% growth) 7% - 8%” source
  • Operating Expenses 2026 $5.14bn to $5.18bn GAAP
    “2026 Operating Expenses $5.140 - $5.180 billion $4.190 - $4.230 billion (1)” source
  • Operating Expenses 2026 $4.19bn to $4.23bn Non-GAAP
    “2026 Operating Expenses $5.140 - $5.180 billion $4.190 - $4.230 billion (1)” source
  • Capital Expenditures 2026 about $850m
    “2026 Capital Expenditures ~$850 million” source
  • Operating Expenses 3Q26 $1.298bn to $1.308bn GAAP
    “3Q26 Operating Expenses $1.298 - $1.308 billion $1.063 - $1.073 billion (2)” source
  • Operating Expenses 3Q26 $1.063bn to $1.073bn Non-GAAP
    “3Q26 Operating Expenses $1.298 - $1.308 billion $1.063 - $1.073 billion (2)” source
Show 3 more items
  • Non-Operating Expense 3Q26 $160m to $165m GAAP
    “3Q26 Non-Operating Expense $160 - $165 million $175 - $180 million (3)” source
  • Non-Operating Expense 3Q26 $175m to $180m Non-GAAP
    “3Q26 Non-Operating Expense $160 - $165 million $175 - $180 million (3)” source
  • Weighted Average Shares Outstanding 3Q26 560m to 566m
    “3Q26 Weighted Average Shares Outstanding 560 - 566 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Intercontinental Exchange's revenue by +7.6% next year and +10.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.0%, weight 67%) and the company's own record (+12.8%, weight 33%) . How the weights are set.

Analyst recommendations

16 analysts, Oct 2026
Buy1381%
Hold213%
Sell16%

Monthly trend

  1. Oct 202658216
  2. Sep 20265915
  3. Aug 20265915
  4. Jul 202658114

Counts of recommendations published by analysts covering Intercontinental Exchange, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.2%
of tradable shares
Days to cover
2.14
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
97%
of shares
Held by insiders
0.8%
of shares
Employees
12,844
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +19.3%

$144.37 on October 31, 2025 to $172.28

ThenNowEffect
Revenue (last 12 months) $12.6bn $13.4bn +6.9%
Net margin 23.9% 30.1% +25.7%
P/E multiple 27.7x 24.4x −12.1%
Share count 577m 571m +1.0%

Biggest factor: net margin.

Last 3 years +65.7%

$103.95 on November 3, 2023 to $172.28

ThenNowEffect
Revenue (last 12 months) $9.6bn $13.4bn +40.3%
Net margin 17.6% 30.1% +70.5%
P/E multiple 34.5x 24.4x −29.4%
Share count 561m 571m −1.8%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ICE+20%−24%+27%+18%+10%+8%
Industry peers (median)+44%−28%+33%+15%−3%+12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ICE50%42%67%50%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ICE−9%−34%−13%−11%−23%−29%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 34% from November 2, 2021 to June 17, 2022. Getting back needed a 52% gain, reached on February 9, 2024, 602 days after the low.

Price behaviour

52-week range
$122.50 – $173.31
From 52-week high
−0.6%
vs 50-day average
+9.3%
vs 200-day average
+12.1%
Volatility (1 year)
26%
Beta vs S&P 500
0.10

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±3.2%
After a week
6 up, 5 down
typical move ±4.1%
After a month
8 up, 3 down
typical move ±5.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +8.3% −2.1% — —
July 30, 2026 −1.2% +2.4% −2.9% +5.2%
April 30, 2026 −0.9% +1.3% −0.1% −7.2%
February 5, 2026 +2.5% +0.6% −9.1% +0.6%
October 30, 2025 −2.9% −0.8% −2.1% +4.2%
July 31, 2025 −0.6% −2.0% +1.2% −4.9%
May 1, 2025 +3.3% +2.2% +5.1% +7.4%
February 6, 2025 +3.8% −0.6% +4.9% +5.3%
October 31, 2024 −7.1% −1.5% −6.3% −4.9%
August 1, 2024 −1.1% −3.3% +1.5% +6.6%
May 2, 2024 +1.4% +2.2% +4.9% +3.9%
February 8, 2024 +5.8% +0.6% +6.9% +6.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Intercontinental Exchange’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.12× the last 60 days’ realised volatility , richer than 35% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Intercontinental Exchange in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Intercontinental Exchange
$8B $10B $12B $14B $16B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $9.9B Revenue (TTM), FY24 Q1: $10.2B Revenue (TTM), FY24 Q2: $10.8B Revenue (TTM), FY24 Q3: $11.4B Revenue (TTM), FY24 Q4: $11.8B Revenue (TTM), FY25 Q1: $12.2B Revenue (TTM), FY25 Q2: $12.6B Revenue (TTM), FY25 Q3: $12.5B Revenue (TTM), FY25 Q4: $12.6B Revenue (TTM), FY26 Q1: $13.1B Revenue (TTM), FY26 Q2: $13.4B Revenue (TTM), FY26 Q3: $14B $14B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $9.9B
FY24 Q1 $10.2B
FY24 Q2 $10.8B
FY24 Q3 $11.4B
FY24 Q4 $11.8B
FY25 Q1 $12.2B
FY25 Q2 $12.6B
FY25 Q3 $12.5B
FY25 Q4 $12.6B
FY26 Q1 $13.1B
FY26 Q2 $13.4B
FY26 Q3 $14B
Revenue growth, TTM YoY Intercontinental Exchange
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 2.8% Revenue growth, TTM YoY, FY24 Q1: 6.0% Revenue growth, TTM YoY, FY24 Q2: 12.8% Revenue growth, TTM YoY, FY24 Q3: 18.5% Revenue growth, TTM YoY, FY24 Q4: 18.8% Revenue growth, TTM YoY, FY25 Q1: 19.1% Revenue growth, TTM YoY, FY25 Q2: 16.3% Revenue growth, TTM YoY, FY25 Q3: 9.9% Revenue growth, TTM YoY, FY25 Q4: 7.5% Revenue growth, TTM YoY, FY26 Q1: 7.3% Revenue growth, TTM YoY, FY26 Q2: 6.9% Revenue growth, TTM YoY, FY26 Q3: 12.1% 12.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 2.8%
FY24 Q1 6.0%
FY24 Q2 12.8%
FY24 Q3 18.5%
FY24 Q4 18.8%
FY25 Q1 19.1%
FY25 Q2 16.3%
FY25 Q3 9.9%
FY25 Q4 7.5%
FY26 Q1 7.3%
FY26 Q2 6.9%
FY26 Q3 12.1%
Operating margin (TTM) Intercontinental Exchange
36% 38% 40% 42% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 37.3% Operating margin (TTM), FY24 Q1: 37.0% Operating margin (TTM), FY24 Q2: 36.1% Operating margin (TTM), FY24 Q3: 36.5% Operating margin (TTM), FY24 Q4: 36.6% Operating margin (TTM), FY25 Q1: 36.6% Operating margin (TTM), FY25 Q2: 37.4% Operating margin (TTM), FY25 Q3: 38.1% Operating margin (TTM), FY25 Q4: 39.0% Operating margin (TTM), FY26 Q1: 41.1% Operating margin (TTM), FY26 Q2: 40.7% Operating margin (TTM), FY26 Q3: 40.6% 40.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 37.3%
FY24 Q1 37.0%
FY24 Q2 36.1%
FY24 Q3 36.5%
FY24 Q4 36.6%
FY25 Q1 36.6%
FY25 Q2 37.4%
FY25 Q3 38.1%
FY25 Q4 39.0%
FY26 Q1 41.1%
FY26 Q2 40.7%
FY26 Q3 40.6%
FCF margin (TTM) Intercontinental Exchange
32% 34% 36% 38% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 33.8% FCF margin (TTM), FY24 Q1: 35.9% FCF margin (TTM), FY24 Q2: 34.1% FCF margin (TTM), FY24 Q3: 33.1% FCF margin (TTM), FY24 Q4: 35.7% FCF margin (TTM), FY25 Q1: 33.9% FCF margin (TTM), FY25 Q2: 35.5% FCF margin (TTM), FY25 Q3: 35.9% FCF margin (TTM), FY25 Q4: 33.9% FCF margin (TTM), FY26 Q1: 35.7% FCF margin (TTM), FY26 Q2: 37.8% FCF margin (TTM), FY26 Q3: 37.6% 37.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 33.8%
FY24 Q1 35.9%
FY24 Q2 34.1%
FY24 Q3 33.1%
FY24 Q4 35.7%
FY25 Q1 33.9%
FY25 Q2 35.5%
FY25 Q3 35.9%
FY25 Q4 33.9%
FY26 Q1 35.7%
FY26 Q2 37.8%
FY26 Q3 37.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Intercontinental Exchange took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $12.6B
  2. Selling, general and admin $293M · 2.3%
  3. Other operating costs $7.4B · 58.7%
  4. Operating income $4.9B · 39.0%
  5. Income tax $976M · 7.7%
  6. Interest and other $638M · 5.0%
  7. Net income $3.3B · 26.2%

Shares of revenue. Source: Intercontinental Exchange's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1.3 1.4 1.7 4.4 4.7 6.0 5.8 6.3 6.5 8.2 9.2 9.6 9.9 11.8 12.6 14.0
EBITDA 0.9 1.0 0.9 1.8 2.1 2.8 2.9 3.2 3.3 3.8 4.5 4.7 4.9 5.8 6.5 7.3
Operating income 0.8 0.8 0.8 1.4 1.8 2.2 2.4 2.6 2.7 3.0 3.4 3.6 3.7 4.3 4.9 5.7
Net income 0.5 0.6 0.3 1.0 1.3 1.4 2.5 2.0 1.9 2.1 4.1 1.4 2.4 2.8 3.3 4.2
Diluted EPS $1.38 $1.50 $0.64 $1.71 $2.28 $2.39 $4.25 $3.43 $3.42 $3.77 $7.18 $2.58 $4.19 $4.78 $5.77 $7.32
Growth (year on year)
Revenue — +2.7% +26.9% +151.6% +7.6% +27.5% −2.1% +7.4% +4.3% +25.9% +11.2% +5.1% +2.8% +18.8% +7.5% +12.1%
EBITDA — +3.6% −1.3% +88.3% +19.3% +31.0% +4.7% +8.8% +5.2% +13.5% +17.8% +4.7% +5.1% +19.1% +11.0% +14.8%
Operating income — +4.3% −4.5% +83.3% +20.9% +24.1% +9.5% +8.6% +3.5% +13.5% +13.7% +5.5% +1.5% +16.6% +14.4% +19.6%
Net income — +8.2% −54.0% +286.2% +29.9% +12.2% +76.6% −21.3% −2.8% +8.1% +94.3% −64.4% +63.8% +16.3% +20.4% +31.6%
Diluted EPS — +9.0% −57.3% +166.4% +33.3% +4.8% +77.8% −19.3% −0.3% +10.2% +90.5% −64.1% +62.4% +14.1% +20.7% +33.4%
Margins
EBITDA margin 69.7% 70.3% 54.7% 40.9% 45.4% 46.6% 49.9% 50.5% 50.9% 45.9% 48.6% 48.5% 49.6% 49.7% 51.3% 51.7%
Operating margin 59.8% 60.7% 45.7% 33.3% 37.4% 36.4% 40.7% 41.2% 40.8% 36.8% 37.6% 37.8% 37.3% 36.6% 39.0% 40.6%
Net margin 38.4% 40.5% 14.7% 22.5% 27.2% 23.9% 43.2% 31.7% 29.5% 25.3% 44.3% 15.0% 23.9% 23.4% 26.2% 29.6%
Free-cash-flow margin 49.4% 51.4% 33.5% 29.7% 23.9% 31.8% 31.9% 38.2% 38.3% 32.4% 32.1% 34.5% 33.8% 35.7% 33.9% 37.6%
Cash flow
Cash from operations 0.7 0.7 0.7 1.5 1.3 2.1 2.1 2.5 2.7 2.9 3.1 3.6 3.5 4.6 4.7 5.8
Capital spending 0.1 0.0 0.1 0.2 0.2 0.3 0.2 0.1 0.2 0.2 0.2 0.2 0.2 0.4 0.4 0.5
Free cash flow 0.7 0.7 0.6 1.3 1.1 1.9 1.9 2.4 2.5 2.7 2.9 3.3 3.4 4.2 4.3 5.3
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.2 0.2 0.3
Free cash flow after stock pay 0.6 0.6 0.5 1.2 1.0 1.8 1.7 2.3 2.4 2.5 2.8 3.2 3.1 4.0 4.1 5.0
Balance sheet
Cash 0.8 1.0 1.0 1.3 1.5 1.4 0.5 0.7 0.8 0.6 0.6 1.8 0.9 0.8 0.8 0.9
Total debt 0.0 1.3 6.2 6.3 9.9 8.9 7.9 8.4 10.4 18.9 15.4 18.1 24.6 23.4 20.7 26.3
Net debt (negative = net cash) −0.8 0.3 5.2 5.0 8.4 7.5 7.4 7.7 9.5 18.4 14.8 16.3 23.7 22.6 19.8 25.3
Diluted shares 370m 365m 395m 573m 559m 599m 594m 579m 565m 555m 565m 561m 565m 576m 575m 568m
Returned to shareholders
Dividends 0.0 0.0 0.1 0.3 0.3 0.4 0.5 0.6 0.6 0.7 0.7 0.9 1.0 1.0 1.1 1.2
Buybacks 0.2 0.1 0.0 0.6 0.7 0.1 0.9 1.2 1.5 1.2 0.3 0.6 0.0 0.0 1.3 2.0
Total returned 0.2 0.1 0.1 0.9 1.0 0.5 1.4 1.8 2.1 1.9 1.0 1.5 1.0 1.0 2.4 3.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $177.0bn
Short-term assets $124.9bnLonger-term assets $52.1bn
What it owes, and who funded it · $177.0bn
Short-term liabilities $121.3bnLonger-term liabilities $25.8bnShareholders' equity $29.9bn
  • Short-term assets cover short-term liabilities $124.9bn of assets due within a year against $121.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $124.9bn short-term assets against $25.8bn of longer-dated liabilities.
  • More cash than debt $936m of cash against $23.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 78% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 55% to 78% over five years.
  • A year's operating cash flow covers at least 20% of debt $5.8bn of operating cash flow against $23.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $5.7bn against $834m of interest.

From Intercontinental Exchange's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$2B
Dividends (TTM)
$1.2B
Returned to shareholders
60%
of free cash flow
Buybacks, last 3 fiscal years
$1.3B
Diluted share count
−1.3%
year over year
Total shareholder yield
3.3%
dividends 1.2% + buybacks 2.1% of market value
Dividend payout ratio
28%
of net income paid out
Sales & admin spending
2.1%
of revenue
Days sales outstanding
49 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in financial exchanges & data
Last 12 months unless stated ICE NDAQ MCO CME COIN CBOE Median
Revenue, last 12 months $14.0bn $9.1bn $8.2bn $7.0bn $5.6bn $5.3bn $5.3bn
Revenue growth, last 12 months 12.1% 11.5% 9.0% 9.0% −26.6% 14.3% 9.4%
Revenue growth, 3-year average 13.5% 15.1% 12.6% 9.2% 26.5% 11.5% 12.4%
Revenue growth, latest quarter 20.7% 20.9% 0.8% 13.0% −35.0% 19.0% 12.4%
Gross margin — 63.2% 74.6% — — 53.9% 63.1%
Operating margin 40.6% 29.8% 44.6% 65.7% 3.6% 36.4% 40.5%
Operating margin, 3-year average 38.4% 26.7% 42.4% 64.8% 19.6% 31.2% 38.4%
Net margin 29.6% 22.8% 35.3% 63.5% −12.5% 28.0% 29.6%
Cash from operations / revenue 41.0% 27.8% 40.7% 63.5% 25.0% 49.7% 40.7%
Free-cash-flow margin 37.6% 24.7% 36.4% 62.1% 25.0% 47.9% 36.4%
Free-cash-flow margin, 3-year average 35.5% 23.7% 34.0% 62.0% 31.2% 33.6% 34.0%
Stock pay / revenue 2.0% 1.9% 2.9% 1.4% 16.9% 1.0% 2.9%
Change in share count −1.3% −1.7% −2.5% 0.2% −0.9% −0.1% −1.7%

Median of all 11 companies we cover in financial exchanges & data. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

11 financial exchanges & data companies
Measure Company Peer median Rank
Revenue growth Growth 12.1% 9.4% 4 of 11
Change in growth rate Growth +5.2pp +0.4pp 1 of 11
Operating margin Profitability 40.6% 40.5% 5 of 11
Net margin Profitability 29.6% 29.6% 6 of 11
Free-cash-flow margin Cash generation 37.6% 37.6% 4 of 8
Stock pay as % of revenue Cash generation 2.0% 2.9% 4 of 11
Long-term debt as % of assets Balance sheet 11.5% 21.7% 3 of 8
Change in share count Balance sheet -1.3% -1.7% 7 of 11
Days sales outstanding Balance sheet 49 days 44 days 5 of 6

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Exchanges $8.1B 64.2% ▲ 9.1%
Fixed Income and Data Services $2.4B 19.1% ▲ 5.3%
Mortgage Technology $2.1B 16.6% ▲ 3.9%
Products and services
Line of business Revenue YoY
Exchanges $8.1B ▲ 9.1%
Cash Equity and Equity Options $3.2B ▲ 9.0%
Technology services $2.4B ▲ 5.3%
Energy Futures and Options $2.2B ▲ 16.3%
Mortgage Technology $2.1B ▲ 3.9%
Fixed Income Data and Analytics $1.2B ▲ 4.8%
Exchange Data $1B ▲ 8.9%
Servicing Software $871M ▲ 2.7%
Origination Technology $738M ▲ 3.5%
Data and Network Technology $722M ▲ 9.2%
Financial Futures and Options $608M ▲ 8.8%
Listings $495M ▲ 1.2%
OT Cand Other Transactions $395M ▼ 1.2%
CDS Clearing $338M ▼ 1.5%
Mortgage Technology Data and Analytics $269M ▲ 3.9%
Agricultural and Metals Futures and Options Contracts $233M ▼ 9.3%
Closing Solutions $223M ▲ 10.4%
Fixed Income Execution $125M ▲ 6.8%

These categories overlap or exclude eliminations, so shares aren't shown.

From Intercontinental Exchange's 10-K filed February 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$64.3B
Institutions reporting
1,648
Shares held vs prior quarter
▲ 1.4%
Positions opened / closed
116 / 176

Top buyers and sellers, Q2 2026: 714 institutions bought and 873 sold ; the biggest buyer was D. E. Shaw & Co., Inc (+2.7M shares) and the biggest seller Jpmorgan Chase & Co (−5.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $6.2B 50.7M 9.7% ▼ 4.1%
Vanguard Capital Management LLC $4.5B 36.9M 7.1% ▲ 0.1%
State Street Corp $3.2B 26.0M 5.0% ▲ 1.6%
Harris Associates L P $2.2B 18.1M 3.5% ▲ 10.5%
Morgan Stanley $1.6B 13.1M 2.5% ▼ 9.5%
Geode Capital Management, LLC $1.6B 12.8M 2.4% ▲ 0.4%
Vanguard Portfolio Management LLC $1.5B 12.5M 2.4% ▲ 6.1%
Wellington Management Group LLP $1.5B 11.8M 2.3% ▲ 16.1%
Price T Rowe Associates Inc $1.3B 10.9M 2.1% ▲ 1.6%
Norges Bank $1.1B 9.2M 1.8% —
Northern Trust Corp $836M 6.8M 1.3% ▼ 2.1%
Capital World Investors $817M 6.6M 1.3% ▲ 10.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Intercontinental Exchange's complete shareholder register. Values are as reported by the filers ; 7 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $91.7M 65 trades by 13 insiders · 99% under pre-set plans
Net ▼ $91.7M net selling
Insider Date Trade Shares Price Value
Namkung James W Chief Accounting Officer October 29, 2026 Sell pre-set plan 2,430 $165.00 $400,950
Foley Douglas SVP, HR & Administration September 14, 2026 Sell pre-set plan 1,600 $160.00 $256,000
Jackson Benjamin President September 1, 2026 Sell pre-set plan 1,600 $161.05 $257,682
Jackson Benjamin President September 1, 2026 Sell pre-set plan 6,242 $160.17 $999,771
Jackson Benjamin President September 1, 2026 Sell pre-set plan 5,020 $159.68 $801,611
Edmonds Christopher Scott President, Fixed Income & Data September 1, 2026 Sell pre-set plan 5,000 $160.59 $802,950
Surdykowski Andrew J General Counsel August 26, 2026 Sell pre-set plan 600 $162.38 $97,430
Surdykowski Andrew J General Counsel August 26, 2026 Sell pre-set plan 3,974 $161.67 $642,491
Tirinnanzi Martha A Director August 26, 2026 Sell pre-set plan 1,340 $161.16 $215,954
Foley Douglas SVP, HR & Administration August 20, 2026 Sell pre-set plan 1,600 $160.00 $256,000
Gardiner Warren Chief Financial Officer August 19, 2026 Sell pre-set plan 2,491 $156.30 $389,343
Tirinnanzi Martha A Director August 13, 2026 Sell pre-set plan 141 $155.00 $21,855

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 55 trades and filings

In the last 12 months, 3 members of Congress disclosed 3 purchases and 2 sales of Intercontinental Exchange shares.

  • Richard McCormick(R-GA 7):Sale (full), $1,001 - $15,000, traded July 30, 2026, filed August 14, 2026
  • Richard McCormick(R-GA 7):Purchase, $1,001 - $15,000, traded June 12, 2026, filed July 9, 2026
  • Julia Letlow(R-LA 5):Sale (full), $1,001 - $15,000, traded February 12, 2026, filed March 12, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 5, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Intercontinental Exchange was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Intercontinental Exchange in brief

What does Intercontinental Exchange do?
Intercontinental Exchange is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.
What is Intercontinental Exchange's stock ticker?
Intercontinental Exchange trades under the ticker ICE on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Intercontinental Exchange's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Intercontinental Exchange reported revenue of $14B, 12.1% higher than a year earlier, according to its SEC filings.
What is Intercontinental Exchange's free cash flow?
Intercontinental Exchange's free-cash-flow margin is 37.6% of revenue over the trailing twelve months, ranking 4 of the 8 financial exchanges & data companies we cover.
What is Intercontinental Exchange's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Intercontinental Exchange's free cash flow after stock-based pay gives ~$230 per share in the base case, and ~$160–$320 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Intercontinental Exchange's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Intercontinental Exchange buying back stock, and does it pay a dividend?
Intercontinental Exchange spent $2B on share repurchases over the trailing twelve months, and its diluted share count fell 1.3% over the year.
What is Intercontinental Exchange's market cap?
On November 2, 2026, Intercontinental Exchange's market capitalisation was about $97.9B, with a price-to-earnings ratio of 23.5 and net debt of $25.3B. Market figures come from third-party market data and may be delayed.
Does Intercontinental Exchange pay a dividend?
Yes: Intercontinental Exchange paid $1.2B in dividends over the trailing twelve months, a dividend yield of 1.20% and a payout ratio of 27.8%.
How much debt does Intercontinental Exchange have?
Intercontinental Exchange's debt-to-equity ratio is 77.9%, from its latest balance sheet (54.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Intercontinental Exchange's competitors?
In our Financial Exchanges & Data peer group, the companies closest to Intercontinental Exchange are Nasdaq, Inc., Moody's Corporation, CME Group, Coinbase and Cboe Global Markets. The side-by-side comparison below sets their revenue, margins and growth against Intercontinental Exchange's.
Are insiders buying or selling Intercontinental Exchange stock?
Over the last 12 months, Intercontinental Exchange's directors and officers reported 0 open-market purchases and 65 sales on Form 4. The insider trading page charts every trade.
When is Intercontinental Exchange's next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Intercontinental Exchange announces its own schedule.