Intercontinental Exchange (ICE)
Operator of global exchanges, fixed-income data services, and U.S. mortgage technology.
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Intercontinental Exchange is mostly a toll-road operator for financial trading: it runs places where contracts and stocks change hands, guarantees those trades, and sells the resulting data. It is becoming a broader supplier of financial plumbing, with mortgage software already meaningful and a planned MarketAxess purchase aimed at making bond trading the next large network.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 15 more below
Energy Futures and Options
ICE's largest engine lets energy producers, utilities and traders lock in or protect against future prices. It made $2.182B in FY2025, but a 13% drop in the latest quarter shows how quickly exceptional activity can cool.
Competes with WTI and Henry Hub futures (CME Group) · TTF gas, power and emissions contracts (EEX Group)
In plain English
Imagine a farmer agreeing today on the price of next season's crop. ICE runs that kind of marketplace for oil, natural gas, electricity and permits that put a price on pollution: buyers and sellers use standardized promises to make uncertain future prices manageable.
ICE collects a small charge each time one of those promises changes hands, then earns another fee for standing between both sides and making sure payment happens. More trading means more tolls, so price shocks can lift revenue quickly; quieter conditions can reverse it just as fast.
Exchange Data and Connectivity Services
The activity on ICE's own markets becomes a second product: live prices and fast connections sold to trading firms and data vendors. Revenue reached $1.031B in FY2025, and recent growth remained brisk.
Competes with Nasdaq market data and Connectivity (Nasdaq) · Cboe One and Cboe Connect (Cboe)
In plain English
Every order placed on an ICE market leaves behind useful information: what buyers will pay, what sellers will accept and what just traded. Brokers and firms that constantly offer to buy and sell pay to see that stream immediately, much as a busy restaurant pays for a direct line to its suppliers.
Customers also rent tightly controlled connections to ICE's trading systems and space for computers nearby. ICE charges for the data, each connection and continued access. The service keeps earning while customers need speed and reliability, but outages or limits on how market data may be sold can weaken it.
NYSE Cash Equities, Equity Options and Listings
This is the familiar New York Stock Exchange business: companies pay to list, while brokers pay when shares and stock-price protection contracts trade. It produced $962M in FY2025; keeping listed companies and brokers' trades is the watchpoint.
Competes with Nasdaq Stock Market and Listings (Nasdaq) · Cboe U.S. Equities and Options (Cboe)
In plain English
The famous bell is only the front door. Companies pay initial and yearly fees to keep their shares listed on NYSE, and brokers send it orders from investors buying or selling those shares. ICE keeps a small amount from each completed trade.
It also runs markets for contracts that give someone the right to buy or sell a stock later at a preset price. Those bring another stream of trading charges. The business depends on companies continuing to choose NYSE and on brokers finding its prices and execution attractive enough to send orders there.
Financial Futures and Options
Banks and investors use these contracts to soften the impact of changing interest rates and stock indexes. The line grew 21% in the latest quarter, but demand still rises and falls with uncertainty and trading activity.
Competes with SOFR futures and options (CME Group) · EURIBOR, euro short-rate and SARON derivatives (Eurex)
In plain English
A company with a large loan can be hurt when interest rates move the wrong way. ICE sells a place to trade promises tied to future rates, government borrowing costs and broad baskets of shares, letting customers offset that risk before it arrives.
The cash register is simple: ICE charges for every contract traded and for guaranteeing that each side fulfills its promise. Deep pools of willing buyers and sellers draw in more users. Revenue benefits when policy surprises make protection urgent, while calm markets give customers less reason to adjust positions.
Fixed Income Data and Analytics
ICE estimates prices and organizes reference details for millions of bonds and similar IOUs, then licenses that work to banks, investors and fund makers. FY2025 revenue was $1.234B; trusted inputs and pricing methods must hold.
Competes with BVAL (Bloomberg) · Fixed Income Data and FTSE Russell (LSEG)
In plain English
Many bonds do not trade every day, yet a bank or fund still needs a sensible price for each one. ICE gathers market clues and produces a daily estimate, like an appraiser valuing houses even when none on the street sold that morning. It also keeps identifying details and builds rule-based baskets that funds can follow.
Banks, investors and fund sponsors pay recurring license fees to use those prices, records and baskets in their own work. Coverage improves as more sources contribute information, but ICE must keep permission to use the inputs and keep its methods credible.
Data and Network Technology
A private delivery system carries data from many markets and publishers into financial firms' computers. Recent quarterly growth reached 11%; adding capacity creates room to sell, while licenses, security and dependable speed are the constraints.
Competes with LSEG Real-Time (LSEG) · BT Radianz Cloud (BT)
In plain English
The useful information is scattered across many exchanges and publishers. ICE gathers it and moves it through a private network into banks and trading firms, closer to a dedicated courier route than the open internet. Customers can take a combined stream, use ICE's viewing software or rent the connection itself.
They pay recurring charges for those information streams, screens and routes. More sources and destinations make the network more useful, but growth needs physical computer-room and communications capacity. ICE must also defend the network and retain permission to carry other owners' information.
MarketAxess
ICE agreed to buy this electronic bond marketplace for about $5.7B. Approval and financing come first; afterward, the test is whether joining its trading community to ICE's bond data and network makes both sides more useful.
Competes with Institutional Credit (Tradeweb) · Fixed Income Trading / FIT (Bloomberg)
In plain English
MarketAxess is an online meeting place where large financial firms ask dealers for bond prices and trade with them. ICE wants to add that busy room to the bond information and connections it already sells.
Today it remains a separate company, so ICE earns nothing from its business yet. If the purchase closes, money would come from fees on bond trades and from selling related data and connections across a larger customer network. The plan first depends on approvals, borrowed funding and keeping dealers and customers active through the handover.
ICE Mortgage Technology
Software follows a home loan from application through years of payment collection and final paperwork. Customers have promised $3.4B of future business, mostly here; long conversions support staying power, though lenders can still leave.
Competes with Dara (Sagent) · Mortgage Servicer (FICS) · Empower LOS (Dark Matter) · Home Lending Suite (Blend)
In plain English
This is the machinery behind a mortgage after the branch conversation ends. Encompass moves an application through checks, approval and documents. MSP then keeps the official loan record, helps collect monthly payments and manages problems until the debt is finished. Other tools supply property information and handle closing paperwork.
Lenders and loan servicers sign contracts with minimum payments; ICE can earn more when extra loans close, charges mainly by loans kept on MSP and collects a fee for some closing steps. Once years of records and routines live inside the software, changing systems is slow—but not impossible.
Energy Futures and OptionsICE's largest engine lets energy producers, utilities and traders lock in or protect against future prices. It made $2.182B in FY2025, but a 13% drop in the latest quarter shows how quickly exceptional activity can cool.ICE's largest engine lets energy producers, utilities and traders lock in or protect against future prices. It made $2.182B in FY2025, but a 13% drop in the latest quarter shows how quickly exceptional activity can cool.
In plain English
Imagine a farmer agreeing today on the price of next season's crop. ICE runs that kind of marketplace for oil, natural gas, electricity and permits that put a price on pollution: buyers and sellers use standardized promises to make uncertain future prices manageable.
ICE collects a small charge each time one of those promises changes hands, then earns another fee for standing between both sides and making sure payment happens. More trading means more tolls, so price shocks can lift revenue quickly; quieter conditions can reverse it just as fast.
Competes with WTI and Henry Hub futures (CME Group) · TTF gas, power and emissions contracts (EEX Group)
Exchange Data and Connectivity ServicesThe activity on ICE's own markets becomes a second product: live prices and fast connections sold to trading firms and data vendors. Revenue reached $1.031B in FY2025, and recent growth remained brisk.The activity on ICE's own markets becomes a second product: live prices and fast connections sold to trading firms and data vendors. Revenue reached $1.031B in FY2025, and recent growth remained brisk.
In plain English
Every order placed on an ICE market leaves behind useful information: what buyers will pay, what sellers will accept and what just traded. Brokers and firms that constantly offer to buy and sell pay to see that stream immediately, much as a busy restaurant pays for a direct line to its suppliers.
Customers also rent tightly controlled connections to ICE's trading systems and space for computers nearby. ICE charges for the data, each connection and continued access. The service keeps earning while customers need speed and reliability, but outages or limits on how market data may be sold can weaken it.
Competes with Nasdaq market data and Connectivity (Nasdaq) · Cboe One and Cboe Connect (Cboe)
NYSE Cash Equities, Equity Options and ListingsThis is the familiar New York Stock Exchange business: companies pay to list, while brokers pay when shares and stock-price protection contracts trade. It produced $962M in FY2025; keeping listed companies and brokers' trades is the watchpoint.This is the familiar New York Stock Exchange business: companies pay to list, while brokers pay when shares and stock-price protection contracts trade. It produced $962M in FY2025; keeping listed companies and brokers' trades is the watchpoint.
In plain English
The famous bell is only the front door. Companies pay initial and yearly fees to keep their shares listed on NYSE, and brokers send it orders from investors buying or selling those shares. ICE keeps a small amount from each completed trade.
It also runs markets for contracts that give someone the right to buy or sell a stock later at a preset price. Those bring another stream of trading charges. The business depends on companies continuing to choose NYSE and on brokers finding its prices and execution attractive enough to send orders there.
Competes with Nasdaq Stock Market and Listings (Nasdaq) · Cboe U.S. Equities and Options (Cboe)
Financial Futures and OptionsBanks and investors use these contracts to soften the impact of changing interest rates and stock indexes. The line grew 21% in the latest quarter, but demand still rises and falls with uncertainty and trading activity.Banks and investors use these contracts to soften the impact of changing interest rates and stock indexes. The line grew 21% in the latest quarter, but demand still rises and falls with uncertainty and trading activity.
In plain English
A company with a large loan can be hurt when interest rates move the wrong way. ICE sells a place to trade promises tied to future rates, government borrowing costs and broad baskets of shares, letting customers offset that risk before it arrives.
The cash register is simple: ICE charges for every contract traded and for guaranteeing that each side fulfills its promise. Deep pools of willing buyers and sellers draw in more users. Revenue benefits when policy surprises make protection urgent, while calm markets give customers less reason to adjust positions.
Competes with SOFR futures and options (CME Group) · EURIBOR, euro short-rate and SARON derivatives (Eurex)
Fixed Income Data and AnalyticsICE estimates prices and organizes reference details for millions of bonds and similar IOUs, then licenses that work to banks, investors and fund makers. FY2025 revenue was $1.234B; trusted inputs and pricing methods must hold.ICE estimates prices and organizes reference details for millions of bonds and similar IOUs, then licenses that work to banks, investors and fund makers. FY2025 revenue was $1.234B; trusted inputs and pricing methods must hold.
In plain English
Many bonds do not trade every day, yet a bank or fund still needs a sensible price for each one. ICE gathers market clues and produces a daily estimate, like an appraiser valuing houses even when none on the street sold that morning. It also keeps identifying details and builds rule-based baskets that funds can follow.
Banks, investors and fund sponsors pay recurring license fees to use those prices, records and baskets in their own work. Coverage improves as more sources contribute information, but ICE must keep permission to use the inputs and keep its methods credible.
Competes with BVAL (Bloomberg) · Fixed Income Data and FTSE Russell (LSEG)
Data and Network TechnologyA private delivery system carries data from many markets and publishers into financial firms' computers. Recent quarterly growth reached 11%; adding capacity creates room to sell, while licenses, security and dependable speed are the constraints.A private delivery system carries data from many markets and publishers into financial firms' computers. Recent quarterly growth reached 11%; adding capacity creates room to sell, while licenses, security and dependable speed are the constraints.
In plain English
The useful information is scattered across many exchanges and publishers. ICE gathers it and moves it through a private network into banks and trading firms, closer to a dedicated courier route than the open internet. Customers can take a combined stream, use ICE's viewing software or rent the connection itself.
They pay recurring charges for those information streams, screens and routes. More sources and destinations make the network more useful, but growth needs physical computer-room and communications capacity. ICE must also defend the network and retain permission to carry other owners' information.
Competes with LSEG Real-Time (LSEG) · BT Radianz Cloud (BT)
MarketAxessICE agreed to buy this electronic bond marketplace for about $5.7B. Approval and financing come first; afterward, the test is whether joining its trading community to ICE's bond data and network makes both sides more useful.ICE agreed to buy this electronic bond marketplace for about $5.7B. Approval and financing come first; afterward, the test is whether joining its trading community to ICE's bond data and network makes both sides more useful.
In plain English
MarketAxess is an online meeting place where large financial firms ask dealers for bond prices and trade with them. ICE wants to add that busy room to the bond information and connections it already sells.
Today it remains a separate company, so ICE earns nothing from its business yet. If the purchase closes, money would come from fees on bond trades and from selling related data and connections across a larger customer network. The plan first depends on approvals, borrowed funding and keeping dealers and customers active through the handover.
Competes with Institutional Credit (Tradeweb) · Fixed Income Trading / FIT (Bloomberg)
ICE Mortgage TechnologySoftware follows a home loan from application through years of payment collection and final paperwork. Customers have promised $3.4B of future business, mostly here; long conversions support staying power, though lenders can still leave.Software follows a home loan from application through years of payment collection and final paperwork. Customers have promised $3.4B of future business, mostly here; long conversions support staying power, though lenders can still leave.
In plain English
This is the machinery behind a mortgage after the branch conversation ends. Encompass moves an application through checks, approval and documents. MSP then keeps the official loan record, helps collect monthly payments and manages problems until the debt is finished. Other tools supply property information and handle closing paperwork.
Lenders and loan servicers sign contracts with minimum payments; ICE can earn more when extra loans close, charges mainly by loans kept on MSP and collects a fee for some closing steps. Once years of records and routines live inside the software, changing systems is slow—but not impossible.
Competes with Dara (Sagent) · Mortgage Servicer (FICS) · Empower LOS (Dark Matter) · Home Lending Suite (Blend)
Named in filings, launches and programs
- OTC and OtherProduct lineDeals negotiated away from the main listed markets plus interest-linked income; $395M in FY2025.
- Agricultural and Metals Futures and OptionsProduct linePrice-protection contracts for crops, food ingredients and metals brought in $233M in FY2025.
- ICE Clear CreditServiceStands between buyers and sellers of insurance-like contracts against debt trouble; $338M in FY2025.
- ICE BondsPlatformICE's existing online bond-trading venue earned $125M in FY2025 and is the base for the planned MarketAxess combination.
- ICE Private Credit IntelligenceService · RampingA controlled document-and-data workspace launched with Apollo; pricing and analysis tools were described as later additions.
- Servicing Software (MSP)PlatformThe main loan-servicing record system inside Mortgage Technology; fees largely follow loans kept on it, producing $871M in FY2025.
- Origination Technology (Encompass)PlatformGuides mortgage applications through approval and documents; contract minimums and extra closed-loan fees produced $738M in FY2025.
- Mortgage Data and AnalyticsProduct lineProperty details, loan-payment performance and home-value information generated $269M in FY2025.
- Closing SolutionsServiceDigital closing, official recording and loan-registration workflows generated $223M in FY2025, mainly through per-closing charges.
- United Wholesale Mortgage MSP implementationCustomer programA long-term servicing-software customer that went live around January 2026 after roughly nine months of conversion work.
- NYSE tokenized securities platformPlatform · Pre-revenueA proposed always-open market with immediate ownership transfer, awaiting approval; Securitize is the first intended design partner.
- Polymarket strategic investment and data relationshipEcosystemICE invested $1.64B and held roughly 22% by June 2026; this is an investment and data relationship, not a disclosed revenue line.
- OKX strategic investment and joint ventureEcosystem · AnnouncedICE invested $200M for less than 1% and announced a shared venture; no separate ICE revenue was disclosed.
- Bakkt equity interestEcosystemA reduced ownership stake of less than one-fifth as of June 2026, not an ICE operating subsidiary.
- OCC interestEcosystemA 40% stake in Options Clearing Corporation, kept outside ICE's reported revenue.
OTC and OtherProduct line
Deals negotiated away from the main listed markets plus interest-linked income; $395M in FY2025.
Agricultural and Metals Futures and OptionsProduct line
Price-protection contracts for crops, food ingredients and metals brought in $233M in FY2025.
ICE Clear CreditService
Stands between buyers and sellers of insurance-like contracts against debt trouble; $338M in FY2025.
ICE BondsPlatform
ICE's existing online bond-trading venue earned $125M in FY2025 and is the base for the planned MarketAxess combination.
ICE Private Credit IntelligenceService · Ramping
A controlled document-and-data workspace launched with Apollo; pricing and analysis tools were described as later additions.
Servicing Software (MSP)Platform
The main loan-servicing record system inside Mortgage Technology; fees largely follow loans kept on it, producing $871M in FY2025.
Origination Technology (Encompass)Platform
Guides mortgage applications through approval and documents; contract minimums and extra closed-loan fees produced $738M in FY2025.
Mortgage Data and AnalyticsProduct line
Property details, loan-payment performance and home-value information generated $269M in FY2025.
Closing SolutionsService
Digital closing, official recording and loan-registration workflows generated $223M in FY2025, mainly through per-closing charges.
United Wholesale Mortgage MSP implementationCustomer program
A long-term servicing-software customer that went live around January 2026 after roughly nine months of conversion work.
NYSE tokenized securities platformPlatform · Pre-revenue
A proposed always-open market with immediate ownership transfer, awaiting approval; Securitize is the first intended design partner.
Polymarket strategic investment and data relationshipEcosystem
ICE invested $1.64B and held roughly 22% by June 2026; this is an investment and data relationship, not a disclosed revenue line.
OKX strategic investment and joint ventureEcosystem · Announced
ICE invested $200M for less than 1% and announced a shared venture; no separate ICE revenue was disclosed.
Bakkt equity interestEcosystem
A reduced ownership stake of less than one-fifth as of June 2026, not an ICE operating subsidiary.
OCC interestEcosystem
A 40% stake in Options Clearing Corporation, kept outside ICE's reported revenue.