— Know what they know.
/
Not Investment Advice

ICE

NYSE · USD
Intercontinental Exchange, Inc.
Financial Services · Financial - Data & Stock Exchanges
CEO Jeffrey C. Sprecher Employees 12,844 R&D / revenue 0.0%
Last price
$161.56+1.99%last session
Market cap
$90.7B
P/E (TTM)
22.7x
From 52w high
−8.2%
From 52w low
+32.7%
1-year return
+5.7%
RSI 14 · vs SMA200
64.0 · +4.5%
IS score
58.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

ICE   SPY   XLF (sector ETF) · weekly closes
8090100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLF 107ICE 106

Score DNA

Each bar is a 0-100 score within the scored universe
74
Profitability
56
Growth
58
Value
85
Momentum
100
Risk (safety)
85
Quality
42
Balance sheet
83
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ FCF yield 5%+✓ Congress buying
Warnings
None of the computed warning flags fires for ICE (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 8 / 9Beta 0.933 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
27 open-market sales, $10.8M
Form 144 notices (12m): 29, $88.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
3
Last disclosed purchase 2026-07-07
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−57
139 new holders, 179 closed
1,663 filers hold 93.2% · 601 added, 707 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+159
1,303 funds adding shares
1,144 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
21.5%
20-day avg 41.4%, 50-day avg 42.8%
Latest 19.9 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$12.6B
Revenue growth YoY+7.5%
Gross margin61.9%
Operating income$4.9B
Operating margin38.7%
Net income$3.3B
Net margin26.1%
EPS (diluted)$5.77
Cash flow
Operating cash flow$4.7B
Capital expenditure$373.0M
Free cash flow$4.3B
FCF conversion (FCF / OCF)92.0%
Stock-based compensation$238.0M
FCF less SBC$4.1B
Buybacks$1.4B
Dividends$1.1B
Balance sheet & returns
Cash & short-term investments$3.6B
Total debt$19.6B
Net debt$16.0B
Shareholders' equity$29.0B
Goodwill & intangibles$46.0B
Debt / equity0.69
ROE (TTM)13.8%
ROIC (TTM)7.6%
Operating margin by fiscal year
37.6%FY202137.8%FY202237.3%FY202336.6%FY202438.7%FY2025
Revenue $9.2B (FY2021) to $12.6B (FY2025), a 8.4% CAGR.

Valuation

P/E (TTM)22.7x
EV / EBITDA16.4x
Price / sales7.27x
Price / FCF18.7x
FCF yield5.35%
Buyback yield1.53%
SBC / revenue2.1%
Price / book3.08x
Forward P/E FY202619.8x
Forward P/E FY202718.2x
Forward P/E FY202816.2x
Forward multiples divide today's price by Street EPS estimates. Street mean target $179.50 across 6 analysts last quarter is theirs, not ours.

ICE vs industry median

33 companies in Financial - Data & Stock Exchanges
Gross margin 79.0% 71.8% Operating margin 43.5% 38.3% Net margin 32.3% 26.4% ROIC 7.6% 13.4%
ICE (TTM)Industry median Asset turnover 0.07 vs industry 0.26 · financial leverage 5.90

Earnings delivery

Next report 2026-10-29 · consensus EPS $1.96
75%
beat rate, 9 of 12 quarters
+2.1%
median EPS surprise
6
longest beat streak
+4+3+0+2+0-1+1+2+7+2+5+3
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-02 to 2026-07-30. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
ICE Intercontinental Exchange, I $90.7B22.7x13.8%32.3%+7.5% +5.7%
MCO Moody's Corporation $84.0B30.7x80.2%40.2%+11.7% +3.7%
CME CME Group Inc. $105.7B24.8x15.7%61.1%+5.1% +12.5%
SPGI S&P Global Inc. $126.7B26.1x15.1%29.4%+9.7% −8.8%
NDAQ Nasdaq, Inc. $52.5B27.1x16.5%20.0%+7.3% +7.2%
COIN Coinbase Global, Inc. $45.7Bn/m-7.8%-29.5%−21.0% —
MSCI MSCI Inc. $41.4B31.3x-76.0%39.4%+11.6% —
TRU TransUnion $14.2B19.3x18.1%19.3%+12.4% —
12-month window: SPY +15.9%, sector ETF XLF +7.2%. Past returns describe history only.

Recent 8-K filings

2026-08-28Bylaws Amendment; Exhibits
2026-08-21Material Agreement; Financial Obligation; Exhibits
2026-08-20Other Events; Exhibits
2026-07-30Material Agreement; Regulation FD; Exhibits
2026-07-30Earnings Release; Exhibits
2026-05-19Shareholder Vote

Context

Shares outstanding561,395,000
Free float99.4%
Institutional ownership93.2%
Beta0.93
Dividend yield1.26%
Last dividend$0.52 on 2026-12-16
50 / 200-day average$156.03 / $154.72
Large-cap Financial Services median P/E14.0x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where ICE sits among 11 scored companies in Financial - Data & Stock Exchanges (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureICEIndustry medianIndustry percentileSector median
P/E (TTM) 22.5x 23.6x
44th		 11.9x
PEG (P/E ÷ 3-yr EPS CAGR) 0.68 1.40
22nd		 1.04
Price / sales 7.3x 7.9x
40th		 2.5x
Price / book 3.1x 4.0x
11th		 1.3x
Price / tangible book —
Price / free cash flow 18.7x 22.7x
40th		 11.8x
Price / operating cash flow 16.4x 22.1x
30th		 11.7x
Enterprise value $109.3B $47.6B
90th		 $3.4B
EV / sales 8.8x 8.6x
60th		 6.0x
EV / EBITDA 16.3x 17.6x
33rd		 13.0x
EV / EBIT 21.2x 20.9x
56th		 15.5x
EV / free cash flow 22.5x 24.1x
40th		 15.9x
Earnings yield 4.4% 4.0%
60th		 7.9%
FCF yield 5.3% 4.4%
60th		 6.3%
Operating cash flow yield 6.1% 4.5%
70th		 7.8%
Graham number (per share) $91.42 $81.79
62nd		 $50.71

Profitability (TTM)

MeasureICEIndustry medianIndustry percentileSector median
Gross margin 79.0% 70.9%
80th		 71.9%
EBITDA margin 53.7% 37.4%
80th		 37.9%
Operating margin 43.5% 31.6%
60th		 23.3%
EBIT margin 41.3% 29.2%
60th		 23.3%
Net margin 32.3% 30.5%
60th		 18.7%
NOPAT margin 33.4% 25.5%
60th		 18.7%
FCF margin 38.8% 38.8%
50th		 23.3%
Operating cash flow margin 44.2% 40.7%
60th		 26.7%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 25.6% 22.3%
70th		 20.1%
Stock comp / revenue 2.1% 2.2%
40th		 0.7%
Effective tax rate 23.4% 22.2%
70th		 21.0%

Returns on capital

MeasureICEIndustry medianIndustry percentileSector median
ROE (on average equity) 13.9% 17.3%
11th		 11.9%
ROA 2.5% 8.0%
20th		 1.4%
ROIC 8.7% 12.2%
10th		 7.8%
ROCE 9.6% 13.1%
20th		 5.8%
Return on tangible assets 3.2% 10.5%
30th		 2.0%
Cash ROIC (OCF / invested capital) 11.5% 24.9%
10th		 11.4%
Gross profitability (GP / assets) 5.7% 18.9%
10th		 10.3%
ROIC, 3-yr average 6.0% 15.3%
10th		 7.1%
ROIC, 5-yr average 7.0% 12.8%
0th		 7.3%
ROE, 5-yr average 10.9% 13.8%
22nd		 10.7%
Incremental ROIC 94.7% -41.1%
80th		 8.4%

Growth

MeasureICEIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) -0.6% 7.3%
20th		 7.1%
Revenue growth (QoQ) -27.3% 1.9%
0th		 2.8%
Revenue CAGR, 3 yr 9.2% 10.0%
30th		 10.8%
Revenue CAGR, 5 yr 7.4% 9.2%
20th		 11.3%
Gross profit CAGR, 3 yr 23.1% 12.9%
80th		 18.0%
Operating income CAGR, 3 yr 13.7% 17.1%
44th		 8.8%
Net income growth (TTM YoY) 34.1% 18.9%
89th		 24.7%
Net income CAGR, 3 yr 33.6% 23.2%
78th		 9.4%
EPS growth (TTM YoY) 36.2% 24.6%
89th		 25.1%
EPS CAGR, 3 yr 33.2% 22.2%
78th		 7.3%
EPS CAGR, 5 yr 7.4% 9.6%
22nd		 4.2%
FCF growth (TTM YoY) 10.8% 10.8%
50th		 15.9%
FCF CAGR, 3 yr 15.4% 13.0%
60th		 8.5%
Operating cash flow CAGR, 3 yr 14.9% 10.9%
60th		 8.4%
Book value CAGR, 3 yr 7.1% 5.4%
56th		 8.9%
Dividend CAGR, 3 yr 1.7% 2.8%
25th		 1.9%
Sustainable growth rate 10.0% 11.6%
25th		 8.3%

Margin history & stability

MeasureICEIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 63.7% 63.7%
50th		 63.4%
Operating margin, 3-yr average 39.0% 30.8%
60th		 21.4%
Net margin, 3-yr average 25.9% 25.9%
50th		 16.5%
FCF margin, 3-yr average 34.9% 34.9%
50th		 28.2%
Revenue stability (0-1) 0.91 0.97
30th		 0.86
Earnings stability (0-1) 0.13 0.42
20th		 0.37
Margin stability (0-1) 0.82 0.95
10th		 0.81

Liquidity (latest quarter)

MeasureICEIndustry medianIndustry percentileSector median
Cash & short-term investments $2.0B $1.5B
60th		 $145.5M
Net cash (− = net debt) −$18.6B −$4.8B
0th		 −$676.0M
Working capital $1.5B $68.3M
80th		 $86.3M
Current ratio 1.01 1.02
40th		 1.19
Quick ratio 0.04 1.02
0th		 1.19
Cash ratio (cash + ST investments / current liabilities) 0.02 0.45
10th		 0.55
Defensive interval (days) 315 days 569 days
0th		 417 days

Leverage & solvency (latest quarter)

MeasureICEIndustry medianIndustry percentileSector median
Total debt $20.5B $6.5B
100th		 $1.2B
Debt / equity 0.69 0.73
44th		 0.81
Net debt / equity 0.63 0.58
56th		 0.66
Debt / assets 11.8% 33.8%
20th		 33.5%
Debt / capital 41.0% 42.3%
44th		 44.6%
Debt / EBITDA 3.07 2.13
78th		 3.20
Net debt / EBITDA 2.77 1.60
89th		 2.19
Interest coverage (EBIT / interest) 6.6x 9.2x
22nd		 2.9x
Cash interest coverage 7.1x 11.1x
22nd		 3.7x
Debt payback (years of OCF) 3.7 yrs 2.7 yrs
70th		 3.7 yrs
Liabilities / assets 83.0% 59.0%
80th		 86.2%
IS credit model rating A — —
Implied credit spread (bps) 150 150
50th		 175

Efficiency

MeasureICEIndustry medianIndustry percentileSector median
Asset turnover 0.08 0.30
10th		 0.15
Fixed asset turnover 4.33 13.70
0th		 11.68
Inventory turnover 0.0 — 7.2
Receivables turnover 7.1 7.1
50th		 8.2
Days sales outstanding 51 days 51 days
50th		 43 days
Days inventory outstanding —
Days payables outstanding 155 days 34 days
100th		 39 days
Cash conversion cycle (days) —
Capex / revenue 5.3% 2.4%
78th		 0.2%
Capex / depreciation 0.43 0.39
56th		 0.13
Operating expense ratio 47.8% 26.5%
90th		 38.9%

Cash flow & earnings quality

MeasureICEIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.37 1.19
78th		 1.28
FCF / net income 1.20 1.15
78th		 1.15
FCF / operating cash flow 87.9% 92.6%
44th		 98.5%
Capex / operating cash flow 12.1% 7.4%
56th		 0.6%
Accruals ratio -0.9% -2.2%
80th		 -2.0%
Sloan accruals ratio -0.4% -4.6%
80th		 -0.6%
Earnings quality score (0-1) 1.00 1.00
33rd		 0.75

Dividends & buybacks

MeasureICEIndustry medianIndustry percentileSector median
Dividend yield 1.3% 1.2%
60th		 2.3%
Dividend per share (TTM) $2.04 $2.04
50th		 $1.03
Payout ratio (dividends / net income) 28.3% 29.6%
44th		 30.0%
Dividends / FCF 23.5% 23.2%
60th		 49.0%
Dividend growth (YoY) 7.8% 8.3%
38th		 6.4%
Buyback yield 2.3% 2.7%
30th		 1.7%
Shareholder yield (dividends + buybacks) 3.6% 4.0%
20th		 5.2%
Share count change (YoY) -1.6% -2.5%
80th		 -0.3%
Buybacks, last 5 years $6.8B $3.6B
90th		 $85.3M

Scores & forensic checks

MeasureICEIndustry medianIndustry percentileSector median
IS score 59 66
20th		 53
IS profitability 74 75
20th		 59
IS growth 56 56
50th		 57
IS value 58 52
80th		 77
IS momentum 85 84
60th		 76
IS risk (safety) 100 100
10th		 65
IS quality 85 79
100th		 71
IS balance sheet 42 52
10th		 51
IS earnings quality 83 74
90th		 74
IS cash flow 78 77
70th		 71
Piotroski F-score (0-9) 8 7
80th		 6
Altman Z-score —
Beneish M-score —
Ohlson O-score −6.99 −7.92
70th		 −6.00
IS credit score 74 74
50th		 68

Per share

MeasureICEIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $7.11 $11.07
40th		 $3.36
Book value per share $52.21 $26.87
70th		 $28.13
Tangible book per share −$28.10 −$27.93
40th		 $21.49
Revenue per share $22.05 $25.28
40th		 $17.62
FCF per share $8.57 $11.63
30th		 $1.99
Operating cash flow per share $9.74 $11.90
30th		 $2.45
Cash per share $3.45 $7.46
0th		 $1.75

Size (TTM)

MeasureICEIndustry medianIndustry percentileSector median
Market cap $90.7B $45.7B
80th		 $2.5B
Revenue $12.5B $5.5B
90th		 $1.0B
EBITDA $6.7B $2.1B
90th		 $269.3M
Net income $4.0B $1.4B
80th		 $168.0M
Free cash flow $4.8B $2.0B
90th		 $160.0M
Total assets $174.2B $14.7B
90th		 $8.5B
Shareholders' equity $29.6B $4.8B
90th		 $1.5B
Employees 12,725 10,973
70th		 1,392

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-14Foley Douglas
SVP, HR & Administration
 Open-market sale 1,600$160.00$256,00015,863
2026-09-01Edmonds Christopher Scott
President, Fixed Income & Data
 Option exercise 5,000$57.31$286,55019,367
2026-09-01Edmonds Christopher Scott
President, Fixed Income & Data
 Open-market sale 5,000$160.59$802,95014,367
2026-09-01Edmonds Christopher Scott
President, Fixed Income & Data
 Option exercise 5,000$57.31$286,5500
2026-09-01Jackson Benjamin
President
 Option exercise 6,431$57.31$368,561170,695
2026-09-01Jackson Benjamin
President
 Option exercise 6,431$57.31$368,561177,126
2026-09-01Jackson Benjamin
President
 Open-market sale 5,020$159.68$801,611172,106
2026-09-01Jackson Benjamin
President
 Open-market sale 6,242$160.17$999,771165,864
2026-09-01Jackson Benjamin
President
 Open-market sale 1,600$161.05$257,682164,264
2026-09-01Jackson Benjamin
President
 Option exercise 6,431$57.31$368,5616,431
2026-09-01Jackson Benjamin
President
 Option exercise 6,431$57.31$368,5610
2026-08-26Surdykowski Andrew J
General Counsel
 Option exercise 2,065$57.31$118,34547,639

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1015,860—
Open-market saleDisposed2770,486$10.8M
Option exerciseAcquired949,444$2.9M
Option exerciseDisposed949,444$2.9M
Tax withholdingDisposed3141—
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 29 notices · 576,479 shares · $88.5M
FiledFilerShares proposedEst. proceeds
2026-09-09Foley Douglas3,200$515,000
2026-08-26Andrew Surdykowski9,149$1.5M
2026-08-26Martha Tirinnanzi1,340$216,785
2026-08-19Warren Gardiner2,491$389,044
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 14 trades (9 purchases) · Senate 2 (2 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-07-30Rich McCormickHouseSale$1,001 - $15,0002026-08-17
2026-07-30Rich McCormickHouseSale$1,001 - $15,0002026-08-17
2026-07-07Ro KhannaHousePurchase$15,001 - $50,0002026-08-12
2026-06-12Rich McCormickHousePurchase$1,001 - $15,0002026-07-10
2025-12-29Markwayne MullinSenatePurchase$15,001 - $50,0002026-01-16
2025-12-29Markwayne MullinSenatePurchase$15,001 - $50,0002026-01-15
2023-10-03Markwayne MullinSenatePurchase$1,001 - $15,0002023-11-01
2023-10-03Markwayne MullinSenatePurchase$1,001 - $15,0002023-10-31
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.50,727,686$6.2B9.04%
VANGUARD CAPITAL MANAGEMENT LLC36,936,565$4.5B6.58%
STATE STREET CORP25,966,680$3.2B4.63%
GEODE CAPITAL MANAGEMENT, LLC12,823,626$1.6B2.28%
VANGUARD PORTFOLIO MANAGEMENT LLC12,540,053$1.5B2.23%
WELLINGTON MANAGEMENT GROUP LLP11,812,273$1.5B2.10%
PRICE T ROWE ASSOCIATES INC /MD/10,932,954$1.3B1.95%
NORGES BANK9,161,733$1.1B1.63%
MORGAN STANLEY8,143,533$1.0B1.45%
Capital World Investors6,639,000$817.3M1.18%
FMR LLC6,340,751$780.6M1.13%
Mitsubishi UFJ Asset Management Co., Ltd.5,806,751$714.9M1.03%
UBS Group AG5,383,311$662.7M0.96%
GOLDMAN SACHS GROUP INC5,343,113$657.8M0.95%
FLOSSBACH VON STORCH SE5,279,021$649.9M0.94%

Institutional ownership by quarter

2023-092026-0693.2%
% of shares held by 13F filers
2023-092026-061,663
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,66393.2%139601707179
2026-03-311,72091.3%151700619141
2025-12-311,738102.3%217639672119
2025-09-301,67991.2%122683602114
2025-06-301,69792.4%125668666112
2025-03-311,70792.2%16564267287
2024-12-311,65591.8%204640587112
2024-09-301,59391.6%19461456055
2024-06-301,47291.5%12762350589
2024-03-311,45391.2%14156952897
2023-12-311,42491.0%24151450584
2023-09-301,29189.9%12054442783

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%42,553,002
2025-12-03SCHEDULE 13G/AThe Vanguard Group10.0%57,061,845
2025-07-29SCHEDULE 13G/AThe Vanguard Group9.3%53,684,975
2025-04-17SCHEDULE 13G/ABlackRock, Inc.6.8%39,066,788
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.12%$2.7B
VTI0.12%$2.7B
VSMPX0.12%$2.7B
VTSAX0.12%$2.7B
VFINX0.13%$2.2B
VOO0.13%$2.2B

Share structure

Shares outstanding561,395,000
Float557,946,912
Free float99.4%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$9.2B$9.6B$9.9B$11.8B$12.6B
Cost of revenue$4.2B$4.4B$4.2B$5.2B$4.8B
Gross profit$5.0B$5.2B$5.7B$6.5B$7.8B
R&D$0$0$0$0$0
SG&A$458.0M$440.0M$481.0M$572.0M$1.7B
Operating income$3.4B$3.6B$3.7B$4.3B$4.9B
EBITDA$7.1B$3.5B$4.9B$6.1B$6.6B
Pretax income$5.7B$1.8B$2.9B$3.6B$4.3B
Income tax$1.6B$310.0M$456.0M$826.0M$991.0M
Net income$4.1B$1.4B$2.4B$2.8B$3.3B
EPS, diluted$7.18$2.58$4.19$4.78$5.77
Diluted shares565.0M561.0M565.0M576.0M571.1M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$607.0M$7.9B$1.1B$1.4B$3.6B
Receivables$1.2B$3.9B$3.0B$3.1B$3.2B
Inventory$0$0$0$0$0
Total current assets$154.3B$156.9B$85.0B$89.1B$85.8B
PP&E, net$1.7B$1.8B$1.9B$2.2B$2.7B
Goodwill & intangibles$34.9B$34.2B$47.9B$46.9B$46.0B
Total assets$193.5B$194.3B$136.1B$139.4B$136.9B
Accounts payable$703.0M$866.0M$1.0B$1.1B$1.1B
Total current liabilities$153.4B$149.2B$84.6B$89.6B$84.1B
Long-term debt$12.4B$18.1B$20.7B$17.3B$18.6B
Total liabilities$170.8B$171.6B$110.3B$111.7B$107.9B
Shareholders' equity$22.7B$22.8B$25.8B$27.7B$29.0B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$4.1B$1.5B$2.4B$2.8B$3.4B
Depreciation & amortization$1.0B$1.0B$1.2B$1.5B$1.6B
Stock-based compensation$188.0M$155.0M$257.0M$231.0M$238.0M
Change in working capital−$87.0M$123.0M−$388.0M$63.0M−$504.0M
Operating cash flow$3.1B$3.6B$3.5B$4.6B$4.7B
Capital expenditure−$452.0M−$482.0M−$489.0M−$406.0M−$373.0M
Free cash flow$2.7B$3.1B$3.1B$4.2B$4.3B
Investing cash flow−$786.0M$677.0M−$8.8B−$921.0M−$4.2B
Net debt issued / repaid−$2.6B$4.2B$2.1B−$2.3B−$2.0B
Buybacks−$320.0M−$705.0M−$78.0M−$81.0M−$1.4B
Dividends paid−$747.0M−$853.0M−$955.0M−$1.0B−$1.1B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin54.7%54.0%57.1%55.5%61.9%
Operating margin37.6%37.8%37.3%36.6%38.7%
Net margin44.3%15.0%23.9%23.4%26.1%
FCF margin29.1%31.9%30.8%33.5%33.9%
ROE19.2%6.4%9.8%10.3%11.7%
ROIC6.8%9.1%6.6%7.1%8.3%
ROA2.5%0.7%1.4%2.0%2.4%
Debt / equity0.620.810.890.750.70
Interest coverage14.5x3.9x4.6x5.0x6.5x
Current ratio1.011.051.000.991.02
Revenue growth+11.2%+5.1%+2.8%+18.8%+7.5%
EPS growth+93.9%−64.0%+62.3%+13.9%+21.2%
P/E at year end18.1x38.2x29.9x30.9x28.0x
EV / EBITDA at year end12.2x19.0x18.8x17.2x16.4x
FCF yield at year end3.65%5.56%4.31%4.64%4.64%
Dividend payout18.4%59.0%40.3%37.7%33.4%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Exchanges Segment$838.0M$6.4B$6.4B$947.0M$1.0B
Fixed Income And Data Services Segment$1.1B$2.1B$2.2B$1.3B$1.4B
Mortgage Technology Segment$73.0M$1.1B$1.3B$259.0M$269.0M

Revenue by region · FY2025

UNITED STATES$6.3B · 64%
United Kingdom, Continental Europe, and Canada$3.6B · 36%

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $1.96 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$11.1B$10.7B – $11.2B$8.18$8.10 – $8.35819.8x
2027$11.8B$11.1B – $12.2B$8.90$8.69 – $9.02818.2x
2028$12.6B$12.4B – $13.1B$9.94$8.58 – $10.75316.2x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-30$1.84$1.90+3.3%$2.6B$2.7B+1.3%
2026-04-30$2.23$2.35+5.4%$2.9B$3.0B+3.4%
2026-02-05$1.68$1.71+1.8%$2.5B$2.5B+1.3%
2025-10-30$1.60$1.71+6.9%$2.4B$3.0B+24.6%
2025-07-31$1.77$1.81+2.3%$2.5B$3.3B+28.6%
2025-05-01$1.70$1.72+1.2%$2.5B$3.2B+31.3%
2025-02-06$1.53$1.52−0.7%$2.3B$3.0B+30.2%
2024-10-31$1.55$1.550.0%$2.4B$3.0B+28.9%
2024-08-01$1.49$1.52+2.0%$2.3B$2.8B+19.2%
2024-05-02$1.48$1.480.0%$2.3B$2.7B+18.2%
2024-02-08$1.29$1.33+3.1%$2.2B$2.7B+21.0%
2023-11-02$1.40$1.46+4.3%$1.9B$2.4B+27.4%
2023-08-03$1.37$1.43+4.4%$1.9B$2.3B+23.5%
2023-05-04$1.40$1.41+0.7%$1.9B$2.5B+30.0%
2023-02-02$1.26$1.25−0.8%$1.8B$2.4B+33.2%
2022-11-03$1.26$1.31+4.0%$1.8B$2.4B+32.5%
2022-08-04$1.28$1.32+3.1%$1.8B$2.4B+33.9%
2022-05-05$1.42$1.43+0.7%$2.4B$2.5B+0.7%
2022-02-03$1.32$1.34+1.5%$1.9B$2.3B+24.8%
2021-10-28$1.22$1.30+6.6%$1.7B$2.3B+32.5%
2021-07-29$1.16$1.160.0%$1.7B$2.1B+25.0%
2021-04-29$1.30$1.34+3.1%$2.4B$2.4B+3.2%
2021-02-04$1.08$1.13+4.6%$2.1B$2.2B+4.9%
2020-10-29$0.99$1.03+4.0%$1.9B$1.9B+4.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.606-150.706-220.806-290.807-060.607-130.607-201.207-270.908-030.508-100.808-170.608-240.808-31
Week ofNotionalSharesTrades
2026-08-31$849.5M5,286,06184,940
2026-08-24$614.0M3,788,49068,645
2026-08-17$850.0M5,374,65199,977
2026-08-10$489.6M3,224,07966,009
2026-08-03$915.0M6,090,282100,255
2026-07-27$1.2B7,903,587117,002

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1521.5%
DateShort shareShort volumeTotal volume
2026-10-1521.5%274,2201,278,293
2026-10-1428.3%376,4461,330,126
2026-10-1345.8%381,489833,846
2026-10-1245.8%286,010625,141
2026-10-0935.3%291,331824,444
2026-10-0846.3%365,299789,256
2026-10-0742.6%259,054607,591
2026-10-0645.5%378,436831,871
2026-10-0542.1%497,3331,180,374
2026-10-0231.6%224,561709,908
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-1.4Jan+2.3Feb+0.6Mar+2.8Apr+1.4May+1.6Jun+0.1Jul+0.2Aug-0.2Sep+3.8Oct+4.0Nov+3.9Dec
MonthAvg returnUp yearsYears
Jan−1.4%60%20
Feb+2.3%55%20
Mar+0.6%43%21
Apr+2.8%70%20
May+1.4%50%20
Jun+1.6%65%20
Jul+0.1%75%20
Aug+0.2%50%20
Sep−0.2%40%20
Oct+3.8%70%20
Nov+4.0%70%20
Dec+3.9%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1464.0
MFI51.6
ADX13.3
Stochastic %K / %D87.8 / 83.3
Williams %R-0.6
CCI193
TSI / signal7.0 / -0.5
Chaikin money flow-0.02
ATR$3.18
Bollinger width7.0%
Volume vs 20-day avg0.78x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$154.67 (+4.5%)
SMA 50$156.18 (+3.4%)
SMA 200$154.63 (+4.5%)
EMA 21$155.68 (+3.8%)
EMA 50$154.29 (+4.7%)
EMA 200$154.24 (+4.7%)
Bollinger upper$160.07 (+0.9%)
Bollinger lower$149.27 (+8.2%)
Parabolic SAR$151.03 (+7.0%)
Open the live chart, 110+ indicators

About Intercontinental Exchange, Inc.

Intercontinental Exchange, Inc. (ICE) manages a global network of regulated financial venues, encompassing exchanges, clearing houses, and listing platforms. These operations serve diverse markets, including commodities, financial instruments, fixed income products, and equities, with a geographical footprint spanning key financial centers such as the United States, United Kingdom, European Union, Singapore, Israel, and Canada. The company's business is segmented into three core areas: Exchanges, Fixed Income and Data Services, and Mortgage Technology. Within its Exchanges segment, ICE oversees a robust network comprising 13 regulated exchanges and 6 clearing houses. These extensive marketplaces enable the listing, trading, and clearing of a wide spectrum of derivatives contracts and financial securities. This includes futures and options across diverse sectors such as energy, agriculture, metals, financials, and equities, in addition to providing critical listing, market data, and connectivity solutions. The Fixed Income and Data Services division provides comprehensive analytics and execution services for fixed income products, manages Credit Default Swap (CDS) clearing, and offers multi-asset class data and network solutions. Furthermore, its Mortgage Technology segment delivers an advanced, proprietary platform designed for residential mortgage origination. This division also provides closing solutions that streamline connections across the mortgage supply chain and facilitate secure information exchange, alongside data analytics and "Data as a Service" offerings for lenders to access vital origination insights. Intercontinental Exchange, Inc. was established in 2000 and maintains its headquarters in Atlanta, Georgia.

https://www.ice.com

Key executives

NameTitlePayBorn
Jeffrey C. SprecherFounder, Chairman & Chief Executive Officer$5.5M1955
Benjamin R. JacksonChair of ICE Mortgage Technology & President$2.8M1973
Christopher Scott EdmondsPresident of ICE Fixed Income & Data Services$2.6M1969
A. Warren GardinerChief Financial Officer$2.6M1981
Lynn C. MartinPresident of NYSE Group and Chair of ICE Fixed Income & Data Services$2.6M1977
Douglas FoleySenior Vice President of Human Resources & Administration—1972
James W. NamkungChief Accounting Officer & Corporation Controller—1976
Mayur KapaniChief Technology Officer—1969

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Jeffrey C. Sprecher Chair and Chief Executive Officer2025$1.4M$16.7M$4.0M$22.1M
Benjamin R. Jackson President, Intercontinental Exchange2025$800,000$5.9M$1.9M$8.7M
Lynn C. Martin President, NYSE Group2025$739,583$3.6M$1.8M$6.2M
Christopher S. Edmonds President, Fixed Income & Data Services2025$729,167$3.1M$1.8M$5.7M
A. Warren Gardiner Chief Financial Officer2025$718,750$3.1M$1.8M$5.7M

Employees

5k20186k20199k20209k20219k202213k202313k202413k2025

Dividends

Ex-dateAmountPaid
2026-12-16$0.522026-12-31
2026-09-16$0.522026-09-30
2026-06-15$0.522026-06-30
2026-03-17$0.522026-03-31
2025-12-16$0.482025-12-31
2025-09-16$0.482025-09-30
2025-06-13$0.482025-06-30
2025-03-17$0.482025-03-31

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage39
Intangibles70
Switching costs40
Network effect60
Efficient scale75
Our component scores (0-100) and overall 55.6; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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