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Intercontinental Exchange, Inc.
S&P 500
🏹 Trader: 🎯 Near 52W High View all →
$89.1B
Market Cap
28.1
P/E
2.18
PEG
8.0%
ROCE
11.9%
ROE
0.70
D/E
50.2%
OPM
-9.5%
% from 52W High
52
α RS
🔍 ICE is showing a near-52W-high setup because it's within 9.5% of its 52-week high, it matches 2 of 39 tracked screener presets, and it's hugging the 21 EMA. Net: Broad signal stack, not a recommendation. ? 52W High Conviction Technicals
Sources
9.5% from 52W high · Conviction 2/39 · hugging 21 EMA
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🌏 Global Investor Returns
Currency-adjusted total returns for ICE including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

Intercontinental Exchange, Inc., together with its subsidiaries, provides technology and data to financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Canada, Asia Pacific, and the Middle East. It operates through three segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology. The Exchanges segment operates regulated marketplace technology for the listing, trading, and clearing of an array of derivatives contracts and financial securities, such as commodities, interest rates, foreign exchange and equities, and corporate and exchange-traded funds, as well as data and connectivity services related to its exchanges and clearing houses. The Fixed Income and Data Services segment provides fixed income pricing, reference data, indices, analytics, and execution services, as well as global CDS clearing and multi-asset class data delivery technology. The Mortgage Technology segment offers a technology platform that provides customers comprehensive and digital workflow tools to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle from application through closing, servicing, and the secondary market. The company was founded in 2000 and is headquartered in Atlanta, Georgia.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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⭐ Superinvestors Holding ICE
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Manager Shares Value % of Fund Period
Andreas Halvorsen Viking Global Investors 4.84M $760.7M 2.13% Mar 2026
Steve Cohen Point72 Asset Management 304.7K $47.9M 0.06% Mar 2026
Cathie Wood ARK Investment Management 29.2K $4.6M 0.04% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$2.7B
+5% YoY
Adjusted EPS
$1.90
+5% YoY
Adjusted Operating Income
$1.6B
+4% YoY
Adjusted Operating Margin
61%
Not stated
What Went Right
  • Record Q2 adjusted EPS of $1.90 and record net revenue of $2.7B, +5% YoY
  • Record recurring revenue of $1.4B, +8% YoY, with FIDS recurring revenue +10% and NYSE recurring revenue +10%
  • Rates franchise delivered strong growth: financials OI up 40% into Q3 and futures/options OI up 20% YoY
  • Announced $5.7B acquisition of MarketAxess to create a global fixed-income network and extend into institutional credit
What to Watch
  • Energy net revenues fell 13% YoY on softer volumes, though OI was up 8% YTD
  • MarketAxess integration and leverage: gross leverage to peak ~3.4x pro forma EBITDA, with a return to 3x targeted in 18-24 months
  • Fixed-income execution competition remains intense; management acknowledged pricing pressure and the need to accelerate MarketAxess' growth trajectory
  • One-time items of approximately $8M in FIDS and $3M in mortgage recurring revenues added to reported growth
Management Guidance
  • Q3 2026 adjusted operating expenses expected in the range of $1.063B-$1.073B
  • Full-year 2026 adjusted operating expenses now expected to be between $4.190B and $4.230B, up on performance comp, data center acceleration, and product investment
  • Full-year 2026 CapEx raised to approximately $850M due to accelerated 2027 investments
  • FIDS recurring revenue growth guidance raised to 7%-8% for full year 2026; Exchange recurring revenue expected to grow high single digits
  • MarketAxess transaction expected to close in H1 2027, with ~$100M annualized expense synergies, one-third in year one, two-thirds by year two, full run-rate by year three
Investor Lens
The thesis is stronger after this call: ICE delivered record results while raising full-year guidance, and the MarketAxess acquisition materially expands its fixed-income addressable market, connecting retail/wealth and institutional liquidity. The deal is expected to be immediately accretive and supported by $100M of synergies, though leverage will temporarily rise to ~3.4x. Management's track record of integrating acquisitions and cross-selling data should help offset the near-term execution risk. AI-driven demand for data and network services is another clear tailwind for recurring revenue growth.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Record Q2 with $2.7B revenue, +5% YoY, and strong recurring revenue growth
Revenue
Second-quarter net revenues were $2.7 billion, up 5% YoY, with exchanges at $1.5 billion, fixed income and data services at $645 million (+8%), and mortgage technology at $557 million (+5%). Recurring revenues were a record $1.4 billion, up 8%, driven by exchanges data and services, FIDS pricing and reference data, and mortgage technology adoption.
Profitability
Net income attributable to ICE was $958 million, with GAAP diluted EPS of $1.69, up 14% YoY. Adjusted diluted EPS was $1.90, up 5% and a second-quarter record. Adjusted operating income was $1.6 billion, up 4% YoY.
Margins
Adjusted operating margin was 61%, with adjusted operating income of $1.6 billion and adjusted operating expenses of $1.038 billion, in line with guidance. Interest rate, data center, and product-development investments drove expense growth, but were more than offset by revenue strength. Exchanges adjusted operating margin was 75%, FIDS 46%, and mortgage technology 43%.
Balance Sheet
Leverage ended the quarter at 2.8x, within target. CapEx was $262 million in Q2, with full-year CapEx now expected at approximately $850 million due to accelerated investment. The company returned $945 million to shareholders in the quarter, including $651 million of share repurchases, and $1.8 billion in the first half.
Key Risks
Energy revenue declined 13% YoY on softer volumes, though open interest remained resilient. The MarketAxess acquisition adds integration and leverage risk, with gross leverage expected to peak at ~3.4x. Management also highlighted ongoing competitive and pricing pressure in fixed-income execution. Regulatory uncertainty around tokenization and AI data governance remains a watch item.
Outlook
For Q3, adjusted operating expenses are guided to $1.063B-$1.073B, and full-year adjusted opex to $4.190B-$4.230B. FIDS recurring revenue growth guidance was raised to 7%-8% for 2026, with second-half growth expected to trend toward the lower end. The MarketAxess deal is expected to close in H1 2027 and be immediately accretive to adjusted EPS.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 & Acquisition 2026-07-30
Record Q2 results with 5% revenue growth and $1.90 adjusted EPS, driven by strong recurring revenues and robust segment performance. Announced $5.7B MarketAxess acquisition to create a global fixed-income network, with $100M in expected synergies and immediate EPS accretion.
Q1 2026 Q1 2026 2026-04-30
Record quarterly results with double-digit growth in revenue, EPS, and all major segments, driven by strong recurring revenues, robust market activity, and continued investment in technology and data infrastructure. Capital returns and innovation initiatives further support long-term growth.
Q4 2025 Q4 2025 2026-02-05
Record 2025 results with adjusted EPS up 14% and net revenues up 6% year-over-year, driven by strong growth across all segments, robust capital returns, and strategic tech investments. 2026 guidance calls for continued revenue and earnings growth, with expense discipline and further AI-driven innovation.
Q3 2025 Q3 2025 2025-10-30
Record Q3 results featured 10% EPS growth, strong recurring revenue, and robust segment performance. Strategic AI investments and the Polymarket partnership are driving innovation, while disciplined capital allocation and cost management support continued growth.
Q2 2025 Q2 2025 2025-07-31
Record Q2 and first half results were driven by double-digit growth in revenue, operating income, and EPS, with strong performance across all segments. Capital returns exceeded $1 billion, leverage hit target levels, and guidance for recurring revenues was raised.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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