Security & Commodity Brokers, Dealers, Exchanges & Services · SIC 6200
Intercontinental Exchange, Inc.
ICE
Latest revenue
$3.67B
as of 2026-03-31
Latest net income
$1.41B
as of 2026-03-31
Net margin
38.5%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $86.51B
- Enterprise value
- $106.01B
- P/E (trailing)
- 26.1×
- Forward P/E
- —
- P/B
- 2.93×
- Dividend yield
- 1.3%
- 52-wk high
- $189.35
- 52-wk low
- $143.17
- Beta
- —
- Shares out
- 565.5M
5-year trend
What this company does
Intercontinental Exchange operates global financial marketplaces, clearinghouses, and data platforms covering futures, equities, fixed income, and U.S. residential mortgages. The Exchanges segment generates the bulk of revenue—$2.47 billion of $3.67 billion in Q1 2026—through trading, clearing, and listing fees, supplemented by fixed income data services and mortgage technology. ICE is scaling its mortgage technology franchise built on the Black Knight acquisition while exchange volumes drove 16% revenue growth and a 77% jump in net income year-over-year.
Generated from ICE's filing dated 2026-02-05
Key risks
- Leverage: $18.6B long-term debt plus $1.75B short-term debt against $863M cash; Q1 interest expense of $203M nearly equals interest income 8x over.
- Earnings quality: Q1 2026 net income of $1.43B was boosted by a $389M investment gain; excluding it, growth is far more modest.
- Clearinghouse exposure: $117.6B in margin deposits/guaranty funds (up from $76.8B) creates massive counterparty and liquidity risk during member defaults.
Generated from ICE's filing dated 2026-02-05
Profitability
Operating margin
39.0%
6.4%Net margin
26.2%
12.0%Return on equity
11.5%
15.1%Return on assets
2.4%
22.6%Leverage
Debt / equity
3.73×
7.6%Long-term debt / equity
0.64×
2.6%Debt / assets
78.9%
1.6%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $3.67B | +13.5% | $1.41B | +77.3% | 38.5% |
Q4 2025 2025-12-31 | $3.14B | +3.7% | $851.0M | +21.9% | 27.1% |
Q3 2025 2025-09-30 | $3.01B | -0.9% | $816.0M | +24.2% | 27.1% |
Q2 2025 2025-06-30 | $3.26B | +12.6% | $851.0M | +34.7% | 26.1% |
Q1 2025 2025-03-31 | $3.23B | +15.3% | $797.0M | +3.9% | 24.7% |
Q4 2024 2024-12-31 | $3.03B | — | $698.0M | — | 23.0% |
Q3 2024 2024-09-30 | $3.03B | +24.9% | $657.0M | +21.4% | 21.7% |
Q2 2024 2024-06-30 | $2.90B | +24.0% | $632.0M | -20.9% | 21.8% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Security & Commodity Brokers, Dealers, Exchanges & Services · SIC 6200
Your notes
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Insider activity
Insider buying
$0
Insider selling
$170.2M
Net activity
−$170.2M
Distinct insiders
15
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns ICE
Institutional value
$26.03B
Total shares held
173.0M
Distinct holders
726
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 36.9M | $5.81B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 11.8M | $1.86B | — | New |
| 3 | Mitsubishi UFJ Asset Management Co., Ltd. | 5.7M | $900.7M | — | New |
| 4 | PARNASSUS INVESTMENTS, LLC | 5.0M | $791.4M | — | New |
| 5 | FLOSSBACH VON STORCH SE | 4.9M | $776.7M | — | New |
| 6 | UBS Group AG | 4.4M | $696.3M | — | New |
| 7 | SANDS CAPITAL MANAGEMENT, LLC | 4.4M | $689.6M | — | New |
| 8 | Swedbank AB | 3.8M | $596.9M | — | New |
| 9 | Legal & General Group Plc | 3.6M | $566.8M | — | New |
| 10 | Nuveen, LLC | 3.4M | $540.4M | — | New |
| 11 | Bank of New York Mellon Corp | 3.2M | $506.1M | — | New |
| 12 | VANGUARD FIDUCIARY TRUST CO | 3.2M | $502.9M | — | New |
| 13 | Boston Partners | 3.1M | $493.7M | — | New |
| 14 | Cantillon Capital Management LLC | 2.9M | $462.7M | — | New |
| 15 | WELLS FARGO & COMPANY/MN | 2.8M | $440.8M | — | New |
| 16 | Invesco Ltd. | 2.7M | $428.7M | — | New |
| 17 | DEUTSCHE BANK AG\ | 2.4M | $373.6M | — | New |
| 18 | DIMENSIONAL FUND ADVISORS LP | 2.3M | $355.0M | — | New |
| 19 | AMF Tjanstepension AB | 2.2M | $345.7M | — | New |
| 20 | Mawer Investment Management Ltd. | 2.1M | $327.2M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Operating income jumped 36% but $411M 'other income' included a $389M investment gain—what's the clean organic EPS growth ex that one-timer?
- 2
Mortgage technology revenue grew only 5.7% to $539M despite rate normalization—when does this segment justify the Black Knight acquisition price?
- 3
Margin deposits ballooned from $76.8B to $117.6B in one quarter—what drove this 53% surge and what counterparty concentration risk exists?
Refreshed when ICE files a new report · last from 2026-02-05