At a glance
Intercontinental Exchange Inc is worth $96.28B, about 30 times its fiscal 2025 earnings. Revenue grew 7.5% to $12.64B in fiscal 2025, with 26.2% kept as profit; over 5 years it has grown 8.9% a year. It pays a 1.18% dividend yield, raised every year for at least 9 years, and returned $6.88B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +19.3% over the past year with dividends reinvested and +5.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.0% in the 2020 crash (S&P 500: 33.7%) and 33.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 20 months after the lows.
The business in plain English
Intercontinental Exchange (ICE) runs financial marketplaces and provides data and technology to financial institutions, corporations and government agencies. It was founded in 2000 as a network for trading energy. It owns the New York Stock Exchange and operates 13 regulated exchanges and six clearing houses across the US, UK, European Union, Canada, Asia Pacific and the Middle East. A clearing house guarantees trades by stepping between the two sides. ICE earns trading and clearing fees, which rise and fall with market activity. It also earns largely recurring fees for data, connectivity and listings.
Exchanges is the biggest segment, with $8.1 billion, or 64% of ICE's $12.6 billion in 2025 revenue. After subtracting transaction-based expenses (costs that rise with trading volume), its share was 55%. Energy futures and options alone brought in $2.2 billion, built around the Brent crude oil benchmark. As of December 31, 2025, about 70% of S&P 500 companies were listed on the NYSE, along with ETFs holding roughly $10.1 trillion.
Fixed Income and Data Services brought in $2.4 billion, or 19%. It prices more than three million bonds, runs indices and electronic bond trading, and clears credit default swaps (contracts that pay out if a borrower defaults). Mortgage Technology added $2.1 billion, or 17%. It provides digital tools that handle US home loans from application through closing and servicing to resale to investors.
Price history
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ICE +19.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Fixed income and data services | $2.42B | 19.1% |
| Energy futures and options | $2.18B | 17.3% |
| Mortgage Technology | $2.10B | 16.6% |
| Fixed income data and analytics | $1.23B | 9.8% |
| Servicing software | $871.0M | 6.9% |
| Origination technology | $738.0M | 5.8% |
| Data and network technology | $722.0M | 5.7% |
| Financial futures and options | $608.0M | 4.8% |
| Listings | $495.0M | 3.9% |
| OTC and other | $395.0M | 3.1% |
| CDS clearing | $338.0M | 2.7% |
| Data and analytics | $269.0M | 2.1% |
| Agricultural and metals futures and options | $233.0M | 1.8% |
By business segment
| Exchanges | $8.12B | 64.2% |
| Fixed Income and Data Services | $2.42B | 19.1% |
| Mortgage Technology | $2.10B | 16.6% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.63B, up 20.7% from a year earlier, and net income was $940.0M (+15.2%).
- For fiscal 2025, revenue was $12.64B (+7.5% year over year; +8.9% a year from FY2020 to FY2025) with a 26.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.9% good |
|---|---|
| Operating margin | 39% good |
| Free cash flow margin | 33.9% good |
| Return on equity (FY2025) | 11.5% watch |
| Return on assets (FY2025) | 2.4% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $8.24B | $2.09B | $2.67B |
| FY2021 | $9.17B | $4.06B | $2.94B |
| FY2022 | $9.64B | $1.45B | $3.33B |
| FY2023 | $9.90B | $2.37B | $3.35B |
| FY2024 | $11.76B | $2.75B | $4.20B |
| FY2025 | $12.64B | $3.31B | $4.29B |
Valuation snapshot
| Market value | $96.28B |
|---|---|
| P/E ratio | 29.9 |
| Dividend yield | 1.18% |
Rank among 1514 US companies
Market value at each year end
Intercontinental Exchange’s market value went from $33.61B at the end of 2016 to $96.28B on Nov 2, 2026, about 2.9 times as much; since the end of 2025 it is up 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $96.28B | +4.3% |
| 2025 | $92.35B | +7.9% |
| 2024 | $85.56B | +16.4% |
| 2023 | $73.51B | +28.3% |
| 2022 | $57.30B | -25.6% |
| 2021 | $77.06B | +19.1% |
| 2020 | $64.71B | +25.6% |
| 2019 | $51.54B | +20.1% |
| 2018 | $42.91B | +3.9% |
| 2017 | $41.28B | +22.8% |
| 2016 | $33.61B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ICE price data to Nov 2, 2026 | +7.5% | +19.3% | +18.9% | +5.8% | +14.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.5% |
| 2025 | +9.9% |
| 2024 | +17.5% |
| 2023 | +27.1% |
| 2022 | -23.9% |
| 2021 | +19.9% |
| 2020 | +26.2% |
| 2019 | +24.5% |
| 2018 | +8.1% |
| 2017 | +27.3% |
| 2016 | +11.5% |
| 2015 | +18.3% |
| 2014 | -1.2% |
| 2013 | +82.2% |
| 2012 | +2.7% |
| 2011 | +1.2% |
| 2010 | +6.1% |
| 2009 | +36.2% |
| 2008 | -57.2% |
| 2007 | +78.4% |
| 2006 | +196.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 62.7% over that stretch · deepest drop along the way 73.9%, back to its old high 58.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.7% over that stretch · deepest drop along the way 33%, back to its old high 4.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31.6% over that stretch · deepest drop along the way 33.8%, back to its old high 19.7 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 26 sales ($10.5M), 25 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 16, 2026 | Lynn C Martin President, NYSE Group | sell (plan) | $1.3M |
| Aug 5, 2026 | Douglas Foley SVP, HR & Administration | sell | $1.1M |
| Sep 1, 2026 | Benjamin Jackson President | sell (plan) | $1000K |
| Sep 1, 2026 | Christopher Scott Edmonds President, Fixed Income & Data | sell (plan) | $803K |
| Sep 1, 2026 | Benjamin Jackson President | sell (plan) | $802K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
| BlackRock, Inc. | 6.8% | Mar 31, 2025 |
ETFs with the most weight in ICE
| JXX Janus Henderson Transformational Growth ETF | 7.27% |
| BCDF Horizon Kinetics Blockchain Development ETF | 5.84% |
| VNSE Natixis Vaughan Nelson Select ETF | 4.81% |
| INFL Horizon Kinetics Inflation Beneficiaries ETF | 4.64% |
| IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 4.5% |
| CWS AdvisorShares Focused Equity ETF | 4.47% |
| LRGG Macquarie Focused Large Growth ETF | 4.26% |
| EQTY Kovitz Core Equity ETF | 4.24% |
What could go wrong
- A clearing member default could cost ICE. ICE's clearing houses guarantee trades. If a member firm fails and its collateral falls short, the $381 million ICE has put into shared guaranty funds is at risk. Default insurance adds only limited cover.
- Mortgage arm depends on US housing. Mortgage Technology brought in $2.1 billion in 2025, all from the US residential mortgage market. Fewer home purchases or refinancings could cut demand for its origination tools, which earned $738 million.
- Trading fees rise and fall with markets. Trading and clearing fees depend on market activity, including $2.2 billion from energy futures and options in 2025. Calmer markets in oil, gas, interest rates or stocks could mean fewer trades and lower fees.
- Regulated in many countries at once. ICE's exchanges and clearing houses answer to regulators in the US, UK, EU, Canada, Asia and the Middle East. New rules on fees, market data or clearing capital could cut revenue or raise costs.
- A large debt load. As of June 30, 2026, ICE owed $19.8 billion against $1.1 billion in cash and investments. An August 2026 filing disclosed a new debt or financial obligation. Repayments compete with dividends for cash.
- Deep share price falls in past crises. The shares fell 73.9% in 2008 and about a third in both 2020 and 2022. The price was 27 times 2025 earnings as of October 28, 2026, so slower growth could weigh on it.
Recent events
- Quarterly results released
- Bylaws or fiscal year changed
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Major agreement signed; Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Other company announcement
For income and retirement investors
ICE has raised its regular dividend at least nine years in a row through fiscal 2025, and the streak may be longer. Dividends per share grew from $1.20 in 2020 to $1.92 in 2025, about 9.9% a year. The 2025 payout used about 33% of earnings and 26% of free cash flow (cash left after capital spending). The yield was 1.31% as of October 28, 2026. Buybacks totaled $2.2 billion from 2021 through 2025, with none in 2023 or 2024. Even so, the share count fell only 0.4% from October 2021 to July 2026.
The stock has fallen hard in downturns. It dropped 73.9% in the 2008 financial crisis and needed about 59 months to recover. It lost 33% in the 2020 COVID crash and recovered in about four and a half months. It lost 33.8% in the 2022 bear market and recovered in about 20 months. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Intercontinental Exchange make money?
ICE earns fees from trading, clearing, data and software. In 2025 its Exchanges segment, which includes the NYSE and futures markets such as Brent crude oil, brought in $8.1 billion of $12.6 billion in total revenue. Fixed Income and Data Services, which prices bonds, runs indices and clears credit default swaps, added $2.4 billion. Mortgage Technology, which provides digital tools for US home loans, added $2.1 billion. Data, connectivity and listing fees are largely recurring. Trading fees rise and fall with market activity.
Does ICE own the New York Stock Exchange?
Yes. The NYSE sits in ICE's Exchanges segment, alongside four other registered securities exchanges and a global futures network. As of December 31, 2025, about 70% of S&P 500 companies were listed on the NYSE. So were ETFs holding roughly $10.1 trillion, or 75% of ETF assets under management. Listing fees brought in $495 million in 2025. That is a small but largely recurring part of ICE's $12.6 billion in total revenue.
Does ICE raise its dividend every year?
Yes, so far. ICE has raised its regular dividend at least nine years in a row through fiscal 2025, and the streak may be longer. Dividends per share rose from $1.20 in 2020 to $1.92 in 2025, about 9.9% a year. The 2025 dividend used about 33% of earnings and 26% of free cash flow, which leaves a cushion. The yield was 1.31% as of October 28, 2026, so the starting income is modest.
How much debt does Intercontinental Exchange have?
ICE had $19.8 billion of total debt as of June 30, 2026, against $1.1 billion in cash and investments. That left net debt of about $18.8 billion. Shareholders' equity was $29.6 billion. An August 2026 filing disclosed a new debt or financial obligation, so the total may have changed since then. For scale, ICE generated $4.3 billion of free cash flow in 2025. That is the cash that pays for dividends, buybacks and debt repayment.
How has ICE stock performed over the long term?
Strongly over 10 years, more slowly over five. As of October 28, 2026, the share price was up 233% over 10 years, about 12.8% a year. Over five years it was up 23%, about 4.2% a year. Calendar 2022 brought a 23.9% loss, and 2026 through October 28 was down 2.7%. The deepest fall was 73.9% in the 2008 financial crisis, which took about 59 months to recover. Past returns don't predict future ones.