Intercontinental Exchange, Inc.
- Open
- 141.00
- Day high
- 142.40
- Day low
- 139.21
- Prev close
- 139.84
- Volume
- 2.1M
- Mkt cap
- $79.0B
- P/E (TTM)
- 20.2
- EPS (TTM)
- $7.00
- P/B
- 2.7
- P/S
- 6.0
- Yield
- 1.43%
- Per share
- $2.00
- ▼Insiders net selling -$2.0M over the last 3 months (0 open-market buys, 8 sales)
- 🏛Institutions mixed (13F)
Intercontinental Exchange, Inc. (ICE) is a Financial Services company listed on NYSE. The stock is down 23% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 8 sales (SEC Form 4). Drillr has 9 published research articles covering ICE.
Intercontinental Exchange, Inc. (ICE) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ICE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $2.23 | $2.35 | +5.4% | $3.0B | +3.4% |
| Feb 5, 2026 | $1.68 | $1.71 | +1.8% | $3.1B | +27.0% |
| Oct 30, 2025 | $1.60 | $1.71 | +6.9% | $3.0B | +24.6% |
| Jul 31, 2025 | $1.77 | $1.81 | +2.3% | $3.3B | +28.6% |
| May 1, 2025 | $1.70 | $1.72 | +1.2% | $3.2B | +31.3% |
| Feb 6, 2025 | $1.53 | $1.52 | -0.7% | $3.0B | +30.2% |
| Oct 31, 2024 | $1.55 | $1.55 | +0.0% | $3.0B | +28.9% |
| Aug 1, 2024 | $1.49 | $1.52 | +2.0% | $2.8B | +19.2% |
| May 2, 2024 | $1.48 | $1.48 | +0.0% | $2.7B | +18.2% |
| Feb 8, 2024 | $1.29 | $1.33 | +3.1% | $2.7B | +21.0% |
| Nov 2, 2023 | $1.40 | $1.46 | +4.3% | $2.4B | +27.4% |
| Aug 3, 2023 | $1.37 | $1.43 | +4.4% | $2.3B | +23.5% |
ICE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 16, 2026 | Hague William Jeffersondirector | Sell | 1,333 | $139.46 |
| Jun 11, 2026 | Hague William Jeffersondirector | Sell | 91 | $138.50 |
| May 28, 2026 | Surdykowski Andrew Jofficer: General Counsel | Sell | 1,965 | $150.97 |
| May 28, 2026 | Surdykowski Andrew Jofficer: General Counsel | Sell | 2,608 | $152.00 |
| May 28, 2026 | Surdykowski Andrew Jofficer: General Counsel | Option | 2,065 | $57.31 |
| May 27, 2026 | Bowen Sharondirector | Sell | 667 | $151.28 |
| May 20, 2026 | Mulhern Mark Fdirector | Grant | 1,538 | — |
| May 20, 2026 | Hague William Jeffersondirector | Tax | 50 | — |
| May 20, 2026 | Silver Caroline Louisedirector | Grant | 1,698 | — |
| May 20, 2026 | Hill Jonathan Hopkindirector | Grant | 1,698 | — |
| May 20, 2026 | Silver Caroline Louisedirector | Tax | 64 | — |
| May 20, 2026 | NOONAN THOMAS Edirector | Grant | 1,538 | — |
| May 20, 2026 | Hill Jonathan Hopkindirector | Tax | 27 | — |
| May 20, 2026 | Cooper Shantella E.director | Grant | 1,538 | — |
| May 20, 2026 | Bowen Sharondirector | Grant | 1,538 | — |
Source: ICE SEC Form 4 filings, latest Jun 16, 2026. For informational purposes only — not investment advice.
See the full ICE insider & 13F page →ICE research & analysis
CME, ICE, NDAQ Repriced as CFTC Lets Polymarket In
CFTC's policy action let Polymarket close its first institutional block trade. CME, ICE, and NDAQ sold off on the read-through — the first structural.
CMENDAQSEC Options Roundtable: CBOE and ICE Face Fee Reform as PFOF Scrutiny Hits SCHW, IBKR
SEC's options roundtable agenda release advances reform talks on liquidity and fees, spotlighting ICE and CBOE's dominance amid record volumes. Brokers like SCHW/IBKR face PFOF scrutiny, but exchanges' premiums reflect growth tailwinds. Neutral outlook favors scaled players.
CBOESCHWMSNorthern Trust's ETF Custody Play: Why a $10T+ Market Is Finally Getting a Third Competitor
Northern Trust is entering the ETF custody market with a dedicated services unit targeting active ETF sponsors — a direct challenge to the BNY Mellon and State Street duopoly that controls the majority of the $10T+ ETF custody market. NTRS and ICE are the clearest beneficiaries: NTRS as the challenger with institutional credibility and a 13.7x forward P/E, ICE as the infrastructure layer that profits from ETF growth regardless of who wins the custody wars.
NTRSBKSTTNorthern Trust Joins ICE ETF Hub: What It Means for the $10T ETF Back-Office Battle
Northern Trust's decision to join the ICE ETF Hub marks a consolidation milestone in the $10 trillion ETF back-office market. ICE is the structural winner as the platform landlord, BNY Mellon leads on scale, State Street offers the deepest value, Northern Trust is the most compelling turnaround, and Broadridge provides contrarian recurring-revenue exposure after a 19% drawdown.
BKSTTNTRSDoes ICE's ETF Hub give it pricing power over the custodians it connects — and how much margin is at risk?
ICE's ETF Hub, embedded in its $2.4B Fixed Income and Data Services segment, gives it genuine pricing power over custody banks BNY, State Street, and Northern Trust — particularly in fixed income ETF pricing where alternatives are scarce. With 38.6% operating margins versus ~18% for custodians and 81% recurring revenue, ICE extracts significantly more value per dollar, though its leverage is bounded to fixed income and index-linked products rather than the broader equity ETF market.
BKSTTNTRSAt what scale does ICE's ETF Hub become a winner-take-most platform — and is it approaching that threshold?
ICE's ETF Hub is approaching a winner-take-most threshold as Northern Trust's addition means three of the four largest U.S. ETF custodians now route through a single platform, covering an estimated 70-80% of custody assets. ICE is the clearest beneficiary of platform network effects, while custodian banks like BNY and State Street gain operational efficiencies but risk ceding pricing power, and middleware providers Broadridge and SS&C face long-term displacement risk.
BKSTTNTRSDoes Northern Trust joining ICE ETF Hub threaten BNY Mellon's ETF servicing share or validate the platform?
Northern Trust joining ICE's ETF Hub validates the platform's role as essential ETF infrastructure rather than directly threatening BNY Mellon's dominant servicing position. ICE is the clearest structural winner as the platform operator, while BNY's scale and technology moat remain intact; NTRS gains a necessary tool to compete but must still prove it can win mandates.
BKNTRSSTTDoes Northern Trust's Technology Wedge Change the Long-Term Fee Economics of ETF Custody for All Three Players?
Northern Trust's technology investments in ETF custody automation create a pricing wedge that could accelerate fee compression across the custodian oligopoly — but FY2025 revenue declines at NTRS suggest the transition is costly before it is rewarding. State Street's SPDR franchise and BNY Mellon's scale keep both incumbents better positioned than valuations suggest, while ICE's 38.7% EBIT margin illustrates that the most durable pricing power in the ETF ecosystem sits in index and data infrastructure, not custody.
NTRSBNYSTTCan Northern Trust's ICE ETF Hub Partnership Structurally Erode BNY and State Street's Pricing Power?
Northern Trust's partnership with ICE ETF Hub introduces a credible third competitor into a custody market long dominated by BNY Mellon and State Street, with the most consequential risk being gradual pricing pressure on incumbents rather than near-term asset flight. ICE is the structural winner from any intensification of the ETF servicing arms race, while State Street faces the most acute risk as both a servicer and ETF issuer with declining revenues on both fronts.
BKSTTNTRS
Intercontinental Exchange, Inc. company profile
Overview
Intercontinental Exchange, Inc. (NYSE:ICE) is a leading operator of global exchanges and clearing houses founded in 2000 and headquartered in Atlanta, Georgia. The company went public in 2005 and has grown through strategic acquisitions to become one of the world's largest financial market infrastructure providers. ICE operates regulated exchanges, clearing houses, and data services across commodity, financial, fixed income, and equity markets in the United States, United Kingdom, European Union, Singapore, Israel, and Canada. The company significantly expanded its footprint with the 2023 acquisition of Black Knight, a major mortgage technology provider, positioning ICE as a comprehensive financial services infrastructure company serving both capital markets and the mortgage industry.
Business
ICE operates as a financial market infrastructure provider across three primary business segments that collectively facilitate trillions of dollars in global trading activity. The Exchanges segment represents ICE's core business, operating 13 regulated exchanges and 6 clearing houses that provide marketplaces for trading derivatives contracts and financial securities. This includes futures and options products across energy commodities (oil, natural gas, power), agricultural products, metals, interest rates, foreign exchange, and equities. The company also operates the New York Stock Exchange (NYSE), one of the world's largest stock exchanges, providing equity listings and trading services. This segment generates approximately 40-45% of total revenues through transaction fees charged on each trade and recurring fees for listings, data, and connectivity services. The Fixed Income and Data Services segment provides critical market data, analytics, and execution services primarily to institutional investors, banks, and asset managers. This includes fixed income pricing data, credit default swap clearing, bond trading platforms, and comprehensive market data feeds that power trading algorithms and risk management systems. The segment also operates index businesses that serve as benchmarks for exchange-traded funds (ETFs) and other investment products. This segment contributes roughly 20% of total revenues through subscription-based data services and transaction fees. The Mortgage Technology segment, significantly expanded through the Black Knight acquisition, provides comprehensive software solutions for the residential mortgage industry. The flagship Encompass platform serves as an end-to-end mortgage origination system used by lenders to process loan applications, conduct underwriting, and manage the entire mortgage lifecycle. The segment also offers closing solutions, data analytics, and servicing platforms that connect various participants in the mortgage supply chain including lenders, servicers, real estate agents, and government agencies. This segment represents approximately 35-40% of revenues, with about 80% coming from recurring subscription fees and 20% from transaction-based services tied to mortgage origination volumes.
Revenue model
ICE generates revenue through multiple complementary business models that create diversified income streams across market cycles. Transaction-based revenues form the largest component, generated when market participants trade on ICE's exchanges and clearing houses. The company charges fees per contract traded across energy, interest rate, equity, and other derivative markets, with rates varying by product complexity and market. These revenues are directly correlated to trading volumes and market volatility, creating natural growth during periods of economic uncertainty when hedging demand increases. Recurring subscription revenues provide stable income through data services, exchange listings, connectivity fees, and mortgage technology software licenses. Financial institutions pay monthly or annual fees to access real-time market data, pricing information, and analytical tools. The mortgage technology business operates primarily on a Software-as-a-Service (SaaS) model, with lenders paying recurring fees based on loan volume capacity and feature sets. Clearing and settlement services generate fees from post-trade processing, where ICE acts as the central counterparty to reduce counterparty risk. This creates annuity-like income as cleared positions remain open, with additional revenue from margin requirements and collateral management. Several factors influence ICE's profit margins. Positive drivers include market volatility that increases trading volumes, global energy market complexity driving demand for risk management tools, interest rate uncertainty boosting derivatives trading, and the ongoing digitization of mortgage processes. The company benefits from network effects where additional market participants increase liquidity and attract more users. Margin pressures come from competitive pricing in data services, regulatory changes affecting market structure, technology infrastructure investments required to maintain market leadership, and cyclical downturns in mortgage origination that reduce transaction-based mortgage revenues. The company's significant fixed cost base means that revenue growth typically translates to strong operating leverage during favorable market conditions.
Risks & safety
ICE demonstrates a solid margin of safety with strong financial fundamentals, though valuation metrics suggest limited upside at current levels. • Financial Strength: Strong cash generation with $4.2 billion in free cash flow (2024), minimal cash burn risk, and manageable debt levels at 3.3x EBITDA following deleveraging efforts post-Black Knight acquisition • Liquidity Position: Adequate cash position of $844 million with strong operating cash flow generation of $4.6 billion annually, though current ratio near 1.0 indicates tight working capital management • Debt Management: Debt-to-equity ratio of 0.75 is reasonable for a financial infrastructure company, with successful debt reduction of $1.4 billion since major acquisition • Valuation Concerns: Trading at 31x P/E ratio and 17.7x EV/EBITDA, representing premium valuations that offer limited margin of safety for value-oriented investors • Operational Stability: Diversified revenue streams with 60%+ recurring revenues provide earnings stability, though transaction revenues remain cyclical and tied to market volatility • Growth Investment: Continued capital allocation toward technology and market expansion, with $230 million in identified cost synergies providing near-term earnings support
Recent development
Over the past few years, ICE has executed several strategic initiatives that have fundamentally expanded its business scope and technological capabilities. The acquisition of Black Knight in 2023 represents ICE's most significant strategic pivot, transforming the company from primarily a capital markets infrastructure provider into a comprehensive financial services technology company. This $13.1 billion acquisition added the mortgage technology segment and positioned ICE to serve the entire mortgage ecosystem with end-to-end solutions. Management has successfully achieved $175 million in expense synergies ahead of schedule and raised the target to $230 million, while building toward $125 million in revenue synergies over five years. Energy market expansion has been a consistent growth driver, with ICE investing heavily in globalizing natural gas markets and developing environmental trading products. The company has achieved eight consecutive quarters of record energy revenues, driven by new contract innovations like the Midland WTI HOU contract and expanded global LNG trading capabilities. Management estimates that 45% of energy revenues now come from cleaner energy sources, positioning ICE to benefit from the global energy transition. Technology and AI integration has emerged as a key focus area, with ICE establishing an AI Center of Excellence and investing in AI-powered document analysis, income verification, and trading analytics. The company has enhanced its Encompass mortgage platform with artificial intelligence capabilities and developed comprehensive data analytics services that leverage its unique position across multiple financial markets. Market infrastructure investments include the launch of NYSE Texas Exchange and continued expansion of fixed income trading capabilities. ICE has focused on digitizing traditionally analog markets and building network effects that increase switching costs for customers. The company has also expanded its index business, with ETF assets under management benchmarked to ICE indices growing to $648 billion.
ICE company profile · for informational purposes only — not investment advice.
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