Intercontinental Exchange
Operator of global exchanges, fixed-income data services, and U.S. mortgage technology.
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Profile
Runs global futures and securities exchanges, including the New York Stock Exchange, while selling fixed-income data, analytics, connectivity, and U.S. mortgage software. Transaction fees are balanced by recurring data, listings, and technology revenue, with Exchanges contributing most of the business.
Operates through Exchanges, Fixed Income and Data Services, and Mortgage Technology. Exchanges runs futures and options markets for energy, financial, agricultural, and metals products, plus the New York Stock Exchange, clearing houses, listings, market data, and connectivity. Fixed Income and Data Services supplies pricing, reference data, indices, analytics, network technology, bond execution, and credit-default-swap clearing worldwide.
Mortgage Technology provides Encompass loan-origination tools and MSP servicing software alongside closing, data, and analytics products for U.S. lenders and servicers. The platform links venues with clearing, data, and connectivity while combining transaction fees with recurring data, listings, and software revenue; Exchanges contributes most revenue. Operations depend on regulatory authorization across multiple jurisdictions, and mortgage volumes affect origination-related revenue.
Company facts
Key statistics
Year to date +1.5% · Average volume (30d) 3.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 31, 2026 | Deutsche Bank | Reiterate | Buy | $188 | $178 |
| Jul 15, 2026 | Piper Sandler | Reiterate | Overweight | $211 | $190 |
| Jul 10, 2026 | Morgan Stanley | Reiterate | Equal Weight | $187 | $163 |
| Jul 9, 2026 | Barclays | Reiterate | Overweight | $193 | $180 |
| Jul 7, 2026 | UBS | Reiterate | Buy | $205 | $190 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $1.84 | $1.90 | +3.3% | $2.63B | $2.67B | +1.3% | +1.29% |
| Apr 30, 2026Q1 FY26 | $2.23 | $2.35 | +5.4% | $2.88B | $2.98B | +3.4% | −2.11% |
| Feb 5, 2026Q4 FY25 | $1.68 | $1.71 | +1.8% | $2.47B | $2.50B | +1.3% | +0.42% |
| Oct 30, 2025Q3 FY25 | $1.60 | $1.71 | +6.9% | $2.41B | $3.01B | +24.6% | −1.50% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $3.23B | $3.26B | $3.01B | $3.14B | $3.67B | $3.61B | |
| Gross profit | $1.78B | $1.83B | $1.71B | $2.50B | $2.98B | $2.67B | |
| Operating income | $1.22B | $1.30B | $1.17B | $1.20B | $1.67B | $1.99B | |
| Net income | $797.0M | $851.0M | $816.0M | $840.0M | $1.41B | $958.0M | |
| Diluted EPS | $1.38 | $1.48 | $1.42 | $1.49 | $2.48 | $1.69 | |
| Gross margin | 55.1% | 56.1% | 56.8% | 79.7% | 81.2% | 73.8% | |
| Operating margin | 37.8% | 39.8% | 39.0% | 38.3% | 45.4% | 55.0% |
Fiscal years (4-quarter sums)FY21 $9.17B · FY22 $9.64B · FY23 $9.90B · FY24 $11.76B · FY25 $12.64B
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $1.95B · Total debt $20.53B · Total assets $174.25B · Shareholders' equity $29.55B
Dividends
Raised for 11 straight years — most recently to $0.52 from $0.48 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 30 | $0.52 | |
| Mar 17, 2026 | Mar 17 | Mar 31 | $0.52 | raised from $0.48 |
| Dec 16, 2025 | Dec 16 | Dec 31 | $0.48 | |
| Sep 16, 2025 | Sep 16 | Sep 30 | $0.48 | |
| Jun 13, 2025 | Jun 13 | Jun 30 | $0.48 | |
| Mar 17, 2025 | Mar 17 | Mar 31 | $0.48 | raised from $0.45 |
| Dec 16, 2024 | Dec 16 | Dec 31 | $0.45 | |
| Sep 16, 2024 | Sep 16 | Sep 30 | $0.45 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 561.40M · Float 557.95M · 99.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 50.73M | 9.04% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 36.94M | 6.58% | 13F | Aug 13, 2026 |
| State Street Corp | 25.97M | 4.63% | 13F | Aug 7, 2026 |
| Harris Associates L P | 18.05M | 3.22% | 13F | Aug 14, 2026 |
| Morgan Stanley | 13.12M | 2.34% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 26, 2026 | Martha A. Tirinnanzi | director | −1,340 | $161.16 |
| Aug 26, 2026 | Andrew J. Surdykowski | officer: General Counsel | −4,574 | $161.77 |
| Aug 20, 2026 | Douglas Foley | officer: SVP, HR & Administration | −1,600 | $160.00 |
| Aug 19, 2026 | Warren Gardiner | officer: Chief Financial Officer | −2,491 | $156.30 |
| Aug 13, 2026 | Martha A. Tirinnanzi | director | −141 | $155.00 |
Peers
- CME Group
Dominant US derivatives exchange competing on energy, ag, rates, and clearing.
- Nasdaq
Primary rival for US equity listings, market data, and exchange technology.
- Cboe Global Markets
ICE's 10-K-named principal options rival; also contests equities and Europe.
- S&P Global
Rival in financial data, index licensing, and fixed income benchmarks.
- Tradeweb
Leads electronic fixed income execution, directly contesting ICE Bonds.
- MSCI
Competes in index licensing, fixed income analytics, and ESG data.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Intercontinental Exchange | $162.37 | +0.02% | $91.13B | 22.9 | 19.7 | 6.8 | −18.3% |
| CME Group | $269.56 | −5.68% | $102.77B | 24.2 | 23.0 | 15.2 | +0.8% |
| Nasdaq | $99.31 | +0.02% | $55.51B | 29.0 | 22.7 | 6.4 | −28.2% |
| Cboe Global Markets | $310.51 | −0.05% | $32.49B | 24.2 | 21.8 | 6.4 | −37.7% |
| S&P Global | $442.90 | +0.00% | $130.56B | 27.0 | 23.4 | 8.1 | −2.1% |
| Tradeweb | $108.87 | 0.00% | $23.18B | 26.0 | 25.6 | 10.5 | +9.0% |
| MSCI | $570.77 | −0.01% | $41.49B | 31.4 | 27.1 | 12.4 | +12.2% |
| Median | 26.5 | 23.2 | 9.3 | −0.6% |