ICE's earnings are driven almost entirely by fee income, with non-interest income representing roughly 105% of total revenue across recent quarters, which suggests a more predictable economic base than a lending-led model but one tied to transaction volumes.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Non-interest income of roughly $3.0B to $3.6B per quarter against a near-negligible net interest drag of about -$179M in 2026Q1 supports a fee-dominated revenue mix, though provision expense swinging from $454M to over $1.1B suggests earnings quality remains sensitive to acquisition-linked charges.
ICE’s model generates fees from every trade, listing, and data stream, ensuring revenue regardless of market direction. This moat secures a steady income base across market cycles.
Subscriptions and data products now account for more than 50% of ICE’s total revenue, providing high gross margins and predictable cash flow. This shift reduces reliance on volatile trading fees.
The acquisition of Black Knight is expected to strengthen ICE’s mortgage technology segment, positioning it to capture digital mortgage market growth. This move expands ICE’s footprint beyond traditional exchanges.
Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 29, 2026 | $2.02+2.5% vs $1.97 | $3.6B+32.3% vs $2.7B |
Q3 2026 Jul 30, 2026 | $1.90+3.3% vs $1.84 | $2.7B+1.3% vs $2.6B |
Q2 2026 Apr 30, 2026 | $2.35+5.4% vs $2.23 | $3.0B+3.4% vs $2.9B |
Q1 2026 Feb 5, 2026 | $1.71+1.8% vs $1.68 | $2.5B+1.3% vs $2.5B |
Cboe and Citadel Securities filed a lawsuit hours after regulators greenlighted stock perpetual futures for U.S. exchanges, putting billions in potential trading volume in legal limbo and raising questions about whether Hyperliquid's offshore advantage just got bigger.
ATLANTA & NEW YORK & JENKS, Okla.--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today announced that Gateway Mortgage (‘Gateway'), a division of Gateway First Bank, has signed an agreement to implement MSP®, ICE's mortgage servicing system, to support its mortgage servicing operations. Gateway selected MSP to help improve early and late-stage servicing efficiency, stren.
ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today reported October 2026 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet. October highlights include: Total average daily volume (AD.
We seek to purchase our target companies at share prices that incorporate a margin of safety. We estimate that the companies in PSH's investment portfolio will have average annual EPS growth of about 20% over the next three to five years. Our companies also have higher profit margins, better returns on capital, more favorable competitive positioning, and, in our view, more capable management teams than the average company in the S&P 500.
Benchmark ICE against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Intercontinental Exchange, Inc. (ICE)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $172.27 | $97.15B | 23.37 | 9.27% | 33.78% | 14.05% | 1.12% | |
| $305.89 | $109.99B | 24.93 | 7.06% | 63.92% | 16.24% | 3.57% | |
| $353.27 | $36.97B | 24.98 | 15.31% | 28.33% | 26.84% | 0.77% | |
| $107.12 | $59.88B | 28.94 | 9.86% | 23.71% | 17.28% | 0.97% | |
| $165.59 | $5.83B | 20.00 | 3.85% | 33.87% | 23.82% | 1.89% | |
| $127.73 | $27.19B | 29.63 | 19.1% | 39.85% | 12.46% | 0.37% |
Intercontinental Exchange, Inc. (ICE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Intercontinental Exchange, Inc. (ICE) SEC filings — annual & quarterly reports (10-K, 10-Q)
Oct 29, 2026·SEC
Jul 30, 2026·SEC
Jul 30, 2026·SEC
Feb 5, 2026·SEC
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Intercontinental Exchange, Inc. (ICE) stock FAQ — growth, dividends, profitability & financials explained
Intercontinental Exchange, Inc. (ICE) grew revenue by 4.9% over the trailing twelve months, compared with the twelve months before.
Yes. Intercontinental Exchange, Inc. (ICE) earned $4.15B in net income over the trailing twelve months (a 33.8% net margin).
Yes. Intercontinental Exchange, Inc. (ICE) pays a dividend that yields 1.12% at the current price, a moderate yield.
Intercontinental Exchange, Inc. (ICE) had a return on equity (ROE) of 14.0% over the trailing twelve months. That is in line with the market's typical 10-15%.
Intercontinental Exchange, Inc. (ICE) has a net interest margin (NIM) of -0.5%. NIM has been under pressure due to interest rate environment.
Intercontinental Exchange, Inc. (ICE) has an efficiency ratio of 24.7%. This is excellent, indicating strong cost control.
