A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
Intercontinental Exchange, Inc.
ICE
$83.8B
Mkt Cap
$145.79
+1.80%
Intercontinental Exchange, Inc. (ICE) has a current P/E ratio of 25.3, compared to its historical median P/E of 26.6. The stock is currently considered Fair based on its historical valuation range.
Intercontinental Exchange, Inc. (ICE) has a 5-year average return on invested capital (ROIC) of 6.8%. This is below average and may indicate limited pricing power.
Intercontinental Exchange, Inc. (ICE) has a market capitalization of $82.5B. It is classified as a large-cap stock.
Yes, Intercontinental Exchange, Inc. (ICE) pays a dividend with a trailing twelve-month yield of 1.36%. The company also returns capital through share buybacks, with a buyback yield of 1.94%.
Based on historical P/E analysis, Intercontinental Exchange, Inc. (ICE) appears fair. The current P/E of 25.3 is 5% below its historical median of 26.6. The estimated fair value CAGR (P/E method) is 4.5%.
Intercontinental Exchange, Inc. (ICE) operates in the Security & Commodity Brokers, Dealers, Exchanges & Services industry, within the Financials sector.
Intercontinental Exchange is a leading global provider of technology and data serving financial institutions, corporations, and government entities across major asset classes including futures, equities, fixed income, and U.S. residential mortgages. The company operates through three segments: Exchanges, which runs regulated marketplaces for derivatives and securities trading and clearing across 13 exchanges and six clearing houses positioned in major global markets; Fixed Income and Data Services, which provides fixed income pricing, reference data, indices, analytics, execution services, CDS clearing, and multi-asset class connectivity solutions; and Mortgage Technology, which offers a digital workflow platform addressing inefficiencies in the U.S. residential mortgage market from application through closing, servicing, and secondary market activities. The business model combines recurring revenues from data, listings, and connectivity services with transaction-based revenues from trading volumes and loan processing, generating a diversified revenue stream with significant operating leverage. ICE's competitive moat derives from its network effects across interconnected trading venues, proprietary data and indices that serve as market benchmarks, and deep integration into customer workflows across energy, agricultural, financial, and equity markets globally, with particular strength in the NYSE's 70% share of S&P 500 listings and leadership in ETF listings representing approximately $10.1 trillion in assets under management.
【Balanced growth momentum continuing】 Management expects 2026 to build on strong 2025 execution with mid-single-digit recurring revenue growth across Exchanges and Fixed Income and Data Services segments, supported by continued expansion in exchange data services, listings franchise growth, and high single-digit growth in data and network technology. Mortgage Technology revenues are anticipated to grow in the low- to mid-single-digit range, with recurring revenue growth expected to continue despite prior-year headwinds from customer minimum resets now largely worked through. The company is investing strategically in AI infrastructure, data center expansion, and technology modernization to drive future productivity and innovation, while maintaining disciplined expense growth of 4% to 5% in 2026 and capital expenditures between $740 million and $790 million. Management remains focused on returning capital to shareholders through buybacks and dividends while maintaining financial flexibility, having achieved its 3x EBITDA leverage target ahead of schedule and positioned to pursue strategic opportunities.
| Metric | Target | Period |
|---|---|---|
| Adjusted operating expenses | $4.075 billion–$4.14 billion | FY2026 |
| Capital expenditures | $740 million–$790 million | FY2026 |
| Exchange segment recurring revenue growth | mid-single-digit range | FY2026 |
| Fixed Income and Data Services recurring revenue growth | mid-single-digit range, trending towards high end | FY2026 |
| Mortgage Technology total revenue growth | low- to mid-single-digit range | FY2026 |
Adjusted operating expenses (FY2026): “We expect 2026 adjusted operating expenses to grow between 4% and 5%, or between $4.075 billion and $4.14 billion.”
Capital expenditures (FY2026): “Regarding capital expenditures, we expect 2026 investments to be between $740 million and $790 million.”
Exchange segment recurring revenue growth (FY2026): “Looking to 2026, we expect exchange segment recurring revenues to grow in the mid-single-digit range, driven by continued growth in exchange data services and expansion in our listings franchise.”
Fixed Income and Data Services recurring revenue growth (FY2026): “For 2026, we anticipate fixed income and data services recurring revenue growth in the mid-single-digit range, with growth expected to trend towards the high end of that range, underpinned by another year of high single-digit growth in our data and network technology business.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Exchanges | $5.88B | $6.42B | $6.36B | $7.44B | $8.12B | 32% |
Cash equities and equity options | $2.38B | $2.72B | $2.30B | $2.91B | $3.18B | 13% |
Fixed income and data services | $1.88B | $2.09B | $2.23B | $2.30B | $2.42B | 10% |
Energy futures and options | $1.24B | $1.16B | $1.50B | $1.88B | $2.18B | 9% |
Mortgage technology | $1.41B | $1.13B | $1.32B | $2.02B | $2.10B | 8% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 13.1B | 12.6B | 11.8B | 9.9B | 9.6B | 9.2B |
| Net Income | 3.9B | 3.3B | 2.8B | 2.4B | 1.4B | 4.1B |
| EPS | $6.92 | $5.77 | $4.78 | $4.19 | $2.58 | $7.18 |
| Free Cash Flow | 4.7B | 4.3B | 4.2B | 3.4B | 3.3B | 2.9B |
| ROIC | 8.3% | 7.2% | 6.0% | 5.4% | 3.8% | 11.8% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.75 | 0.72 | 0.85 | 0.96 | 0.80 | 0.68 |
| Dividends/Share | $1.99 | $1.92 | $1.80 | $1.68 | $1.52 | $1.32 |
| Operating Income | 5.4B | 4.9B | 4.3B | 3.7B | 3.6B | 3.4B |
| Operating Margin | 41.1% | 39.0% | 36.6% | 37.3% | 37.8% | 37.6% |
| ROE | 13.3% | 11.7% | 10.3% | 9.8% | 6.4% | 19.2% |
| Shares Outstanding | 566M | 575M | 576M | 565M | 560M | 565M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 4.4B | 4.7B | 6.0B | 5.8B | 6.3B | 6.5B | 8.2B | 9.2B | 9.6B | 9.9B | 11.8B | 12.6B | 13.1B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 143M | 116M | 116M | 155M | 151M | 161M | 185M | 215M | 226M | 266M | 307M | 293M | 302M |
| EBIT | 1.4B | 1.8B | 2.2B | 2.4B | 2.6B | 2.7B | 3.0B | 3.4B | 3.6B | 3.7B | 4.3B | 4.9B | 5.4B |
| Op. Margin | 33.3% | 37.4% | 36.4% | 40.7% | 41.2% | 40.8% | 36.8% | 37.6% | 37.8% | 37.3% | 36.6% | 39.0% | 41.1% |
| Net Income | 981M | 1.3B | 1.4B | 2.5B | 2.0B | 1.9B | 2.1B | 4.1B | 1.4B | 2.4B | 2.8B | 3.3B | 3.9B |
| Net Margin | 22.5% | 27.2% | 23.9% | 43.2% | 31.7% | 29.5% | 25.3% | 44.3% | 15.0% | 23.9% | 23.4% | 26.2% | 30.1% |
| Non-Recurring | 190M | 0 | 0 | 6.0M | 4.0M | 31M | 0 | 0 | 0 | -4.0M | -1.0M | 55M | 55M |
| Returns on Capital | |||||||||||||
| ROIC | 6.4% | 7.5% | 7.3% | 12.4% | 8.9% | 8.4% | 7.4% | 11.8% | 3.8% | 5.4% | 6.0% | 7.2% | 8.3% |
| ROE | 7.9% | 9.4% | 9.4% | 15.5% | 11.6% | 11.2% | 11.4% | 19.2% | 6.4% | 9.8% | 10.3% | 11.7% | 13.3% |
| ROA | 1.5% | 1.7% | 1.8% | 3.2% | 2.3% | 2.1% | 1.9% | 2.5% | 0.7% | 1.4% | 2.0% | 2.4% | 2.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.5B | 1.3B | 2.1B | 2.1B | 2.5B | 2.7B | 2.9B | 3.1B | 3.6B | 3.5B | 4.6B | 4.7B | 5.0B |
| Free Cash Flow | 1.3B | 1.1B | 1.9B | 1.9B | 2.4B | 2.5B | 2.7B | 2.9B | 3.3B | 3.4B | 4.2B | 4.3B | 4.7B |
| Owner Earnings | 939M | 614M | 1.2B | 920M | 1.1B | 1.9B | 2.0B | 1.9B | 2.4B | 2.1B | 2.8B | 2.9B | 3.2B |
| CapEx | 172M | 190M | 250M | 220M | 134M | 153M | 207M | 179M | 225M | 190M | 406M | 373M | 352M |
| Maint. CapEx | 427M | 586M | 807M | 1.0B | 1.3B | 662M | 751M | 1.0B | 1.0B | 1.2B | 1.5B | 1.6B | 1.6B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 427M | 586M | 807M | 1.0B | 1.3B | 662M | 751M | 1.0B | 1.0B | 1.2B | 1.5B | 1.6B | 1.6B |
| CapEx/OCF | 11.8% | 14.5% | 11.6% | 10.6% | 5.3% | 5.8% | 7.2% | 5.7% | 6.3% | 5.4% | 8.8% | 8.0% | 7.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 299M | 331M | 409M | 476M | 555M | 621M | 669M | 747M | 853M | 955M | 1.0B | 1.1B | 1.1B |
| Dividend Yield | 1.5% | 0.3% | 0.3% | 1.4% | 1.4% | 1.4% | 1.4% | 1.2% | 1.5% | 1.6% | 1.3% | 1.2% | 1.4% |
| Share Buybacks | 645M | 660M | 50M | 949M | 1.2B | 1.5B | 1.2B | 250M | 632M | 0 | 0 | 1.3B | 1.6B |
| Buyback Yield | 3.0% | 0.5% | 0.2% | 2.5% | 3.0% | 3.0% | 2.1% | 0.3% | 1.2% | N/A | N/A | 1.4% | 1.9% |
| Stock-Based Comp | 97M | 111M | 124M | 135M | 130M | 139M | 139M | 188M | 155M | 257M | 231M | 238M | 311M |
| Debt Repayment | 377M | 1.0B | 0 | 850M | 600M | 0 | 2.0B | 1.2B | 2.7B | 2.3B | 1.6B | 2.5B | 2.5B |
| Balance Sheet | |||||||||||||
| Net Debt | 3.8B | 8.3B | 7.5B | 6.3B | -56.2B | -54.7B | -64.7B | -132.5B | 16.3B | 23.0B | 22.0B | 19.2B | 20.4B |
| Cash & Equiv. | 1.3B | 1.5B | 1.4B | 1.6B | 64.6B | 65.1B | 83.6B | 148.0B | 1.8B | 899M | 844M | 837M | 1.7B |
| Long-Term Debt | 2.2B | 4.7B | 3.9B | 4.3B | 6.5B | 5.3B | 14.1B | 12.4B | 18.1B | 20.7B | 17.3B | 18.6B | 18.6B |
| Debt/Equity | 0.51 | 0.67 | 0.56 | 0.47 | 0.49 | 0.60 | 0.97 | 0.68 | 0.80 | 0.96 | 0.85 | 0.72 | 0.75 |
| Interest Coverage | 15.1 | 18.0 | 12.2 | 12.7 | 10.6 | 9.4 | 8.5 | 8.2 | 5.9 | 4.6 | 4.7 | 6.1 | 2686.5 |
| Equity | 12.4B | 14.8B | 15.7B | 17.0B | 17.2B | 17.3B | 19.5B | 22.7B | 22.7B | 25.7B | 27.6B | 28.9B | 29.5B |
| Total Assets | 68.3B | 78.0B | 82.0B | 78.3B | 92.8B | 94.5B | 126.2B | 193.5B | 194.3B | 136.1B | 139.4B | 136.9B | 179.2B |
| Total Liabilities | 55.7B | 63.1B | 66.2B | 61.3B | 75.5B | 77.1B | 106.6B | 170.8B | 171.6B | 110.3B | 111.7B | 107.9B | 149.6B |
| Intangibles | 7.8B | 10.8B | 10.4B | 10.3B | 10.5B | 10.3B | 14.4B | 13.7B | 13.1B | 17.3B | 16.3B | 15.4B | 15.1B |
| Retained Earnings | 3.2B | 4.1B | 4.8B | 6.9B | 8.3B | 9.6B | 11.0B | 14.3B | 14.9B | 16.4B | 18.1B | 20.3B | 21.4B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.74 | 0.46 | 0.48 | 4.25 | 3.43 | 3.42 | 3.77 | 7.18 | 2.58 | 4.19 | 4.78 | 5.77 | 6.92 |
| Owner EPS | 1.66 | 0.22 | 0.41 | 1.55 | 1.96 | 3.29 | 3.59 | 3.41 | 4.23 | 3.66 | 4.93 | 4.99 | 5.58 |
| Book Value | 21.88 | 5.30 | 5.25 | 28.53 | 29.68 | 30.53 | 35.19 | 40.18 | 40.51 | 45.50 | 47.99 | 50.33 | 52.08 |
| Cash Flow/Share | 2.59 | 0.47 | 0.72 | 3.51 | 4.37 | 4.70 | 5.20 | 5.53 | 6.34 | 6.27 | 8.00 | 8.11 | 9.69 |
| Dividends/Share | 0.53 | 0.12 | 0.14 | 0.80 | 0.96 | 1.10 | 1.20 | 1.32 | 1.52 | 1.68 | 1.80 | 1.92 | 1.99 |
| Shares Out. | 565.0M | 2.8B | 3.0B | 594.4M | 579.6M | 565.2M | 554.1M | 565.2M | 560.5M | 565.2M | 576.2M | 574.5M | 566.0M |
| Valuation | |||||||||||||
| P/E Ratio | 22.2 | 97.9 | 21.1 | 14.9 | 19.8 | 25.1 | 28.2 | 18.1 | 38.0 | 29.9 | 31.0 | 28.2 | 21.1 |
| P/FCF | 16.8 | 111.3 | 79.3 | 20.2 | 16.4 | 19.4 | 22.0 | 25.0 | 16.5 | 21.1 | 20.3 | 21.8 | 17.7 |
| EV/EBIT | 17.7 | 76.0 | 17.3 | 18.5 | N/A | N/A | N/A | N/A | 19.6 | 25.4 | 24.8 | 22.9 | 19.1 |
| Price/Book | 1.8 | 8.4 | 1.9 | 2.2 | 2.3 | 2.8 | 3.0 | 3.2 | 2.4 | 2.8 | 3.1 | 3.2 | 2.8 |
| Price/Sales | 4.5 | 24.4 | 4.6 | 5.8 | 6.2 | 6.7 | 6.0 | 6.9 | 6.0 | 6.1 | 8.8 | 7.5 | 6.3 |
| FCF Yield | 5.9% | 0.9% | 6.3% | 4.9% | 6.1% | 5.2% | 4.5% | 4.0% | 6.1% | 4.7% | 4.9% | 4.6% | 5.7% |
| Market Cap | 21.7B | 124.8B | 30.1B | 37.7B | 39.3B | 48.5B | 58.8B | 73.5B | 55.0B | 70.8B | 85.4B | 93.6B | 82.5B |
| Avg. Price | 34.91 | 40.91 | 46.13 | 56.76 | 67.31 | 78.07 | 89.09 | 112.47 | 103.92 | 106.16 | 141.99 | 166.02 | 145.79 |
| Year-End Price | 38.47 | 44.65 | 50.35 | 63.46 | 67.84 | 85.85 | 106.19 | 130.09 | 98.05 | 125.20 | 148.16 | 162.99 | 145.79 |
Intercontinental Exchange, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Intercontinental Exchange, Inc. trades at 25.3x trailing earnings, compared to its 15-year median P/E of 26.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 19.5x vs a median of 20.7x. The company's 5-year average ROIC is 6.8%. Total shareholder yield (dividends + buybacks) is 3.3%. At current prices, the estimated annualized return to fair value is +8.7%.
Intercontinental Exchange, Inc. (ICE) reported annual revenue of $12.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Intercontinental Exchange, Inc. (ICE) has a net profit margin of 26.2%. This is a strong margin indicating high profitability.
Intercontinental Exchange, Inc. (ICE) generated $4.3 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Intercontinental Exchange, Inc. (ICE) has a debt-to-equity ratio of 0.72. This indicates moderate leverage.
Intercontinental Exchange, Inc. (ICE) reported earnings per share (EPS) of $5.77 in its most recent fiscal year.
Intercontinental Exchange, Inc. (ICE) has a return on equity (ROE) of 11.7%. This indicates moderate shareholder returns.
The Ledger Terminal provides 15 years of financial data for Intercontinental Exchange, Inc. (ICE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Intercontinental Exchange, Inc. (ICE) has a book value per share of $50.33, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to build on strong 2025 execution with mid-single-digit recurring revenue growth across Exchanges and Fixed Income and Data Services segments, supported by continued expansion in exchange data services, listings franchise growth, and high single-digit growth in data and network technology. Mortgage Technology revenues are anticipated to grow in the low- to mid-single-digit range, with recurring revenue growth expected to continue despite prior-year headwinds from customer minimum resets now largely worked through. The company is investing strategically in AI infrastructure, data center expansion, and technology modernization to drive future productivity and innovation, while maintaining disciplined expense growth of 4% to 5% in 2026 and capital expenditures between $740 million and $790 million. Management remains focused on returning capital to shareholders through buybacks and dividends while maintaining financial flexibility, having achieved its 3x EBITDA leverage target ahead of schedule and positioned to pursue strategic opportunities.
Based on recent SEC filings and earnings calls, Intercontinental Exchange, Inc. (ICE) has provided the following forward guidance: Adjusted operating expenses: $4.075 billion–$4.14 billion (FY2026); Capital expenditures: $740 million–$790 million (FY2026); Exchange segment recurring revenue growth: mid-single-digit range (FY2026); Fixed Income and Data Services recurring revenue growth: mid-single-digit range, trending towards high end (FY2026); Mortgage Technology total revenue growth: low- to mid-single-digit range (FY2026).
Mortgage Technology total revenue growth (FY2026): “Turning to 2026 guidance, we expect total mortgage technology revenues to grow in the low- to mid-single-digit range.”