Intercontinental Exchange In

ICE makes money by charging transaction fees on trades executed across its exchanges and clearing houses. The company owns the New York Stock Exchange, operates energy and agricultural futures markets, and runs mortgage technology platforms. Beyond trading fees, ICE generates substantial recurring revenue from market data subscriptions sold to financial institutions, traders, and technology vendors. The business splits between Exchanges (equities, futures, options trading), Fixed Income and Data Services (bond trading platforms and reference data), and Mortgage Technology (loan origination software).

ICE combines recurring subscription revenue with transaction-based income, creating more stable earnings than pure trading venues. The company benefits from market volatility driving trading volumes while data services provide downside protection. Profit margins are strong due to the scalable nature of electronic trading platforms. Risks include regulatory changes affecting market structure, competition from alternative trading venues, and potential declines in trading activity during prolonged low-volatility periods. The stock historically trades at premium valuations reflecting its infrastructure-like qualities and data moat.

In equity markets, ICE competes with Nasdaq and Cboe Global Markets. For derivatives trading, CME Group is the primary rival in futures and options. London Stock Exchange Group competes in European markets and data services. In mortgage technology, Black Knight (now part of ICE) was historically the main competitor. The competitive dynamics vary significantly across ICE's different business lines, with the company holding near-monopoly positions in certain product categories.

ICE pays a quarterly dividend yielding approximately 1.2%, with a track record of consistent annual increases since initiating dividends. The payout ratio remains moderate, balancing shareholder returns with capital for strategic acquisitions and technology investments. The company has raised its dividend every year since 2013, though growth rates have moderated as the business has matured. Management views the dividend as complementary to share buybacks in returning capital to shareholders.

ICE last closed at $156.83, up 0.65% in the most recent trading session. Over the past 52 weeks, the stock has traded between a low of $143.17 and a high of $189.35. The current price represents 30% of its 52-week range, which helps investors gauge where the stock sits relative to its recent trading history.

Among 21 analysts covering ICE, the consensus rating is Strong Buy — 17 rate it a buy, 4 hold, and 0 sell. The average price target sits at $215.43, implying 37% upside from the current price. Keep in mind that analyst targets reflect 12-month expectations and can shift quickly after earnings reports or major company events.

Intercontinental Exchange In generated $12.59B in revenue during fiscal year 2026, with $3.30B reaching the bottom line as net income. The net profit margin of 26.2% is strong by most industry standards.

ICE trades at a P/E ratio of 27.51 on trailing earnings of $5.77 per share. That's roughly in line with the broader market average of ~20-25x. Comparing this multiple against Financial Services sector peers gives better context than the broad market alone, since P/E norms vary significantly across industries.

Performance varies across timeframes, reflecting shifting market conditions. Returns by timeframe: -4.09% (3M), -6.64% (6M), -10.77% (1Y), -1.98% (YTD). Comparing these figures against the S&P 500 and sector benchmarks helps determine whether ICE is outperforming or lagging the broader market.