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1. Company Snapshot

1.a. Company Description

Intercontinental Exchange, Inc., together with its subsidiaries, operates regulated exchanges, clearing houses, and listings venues for commodity, financial, fixed income, and equity markets in the United States, the United Kingdom, the European Union, Singapore, Israel, and Canada.It operates through three segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology.The company operates marketplaces for listing, trading, and clearing an array of derivatives contracts and financial securities, such as commodities, interest rates, foreign exchange, and equities, as well as corporate and exchange-traded funds; trading venues, including 13 regulated exchanges and 6 clearing houses; and offers futures and options products for energy, agricultural and metals, financial, cash equities and equity, over-the-counter, and other markets, as well as listings and data and connectivity services.


It also provides fixed income data and analytic, fixed income execution, CDS clearing, and other multi-asset class data and network services.In addition, the company offers proprietary and comprehensive mortgage origination platform, which serves residential mortgage loans; closing solutions that provides customers connectivity to the mortgage supply chain and facilitates the secure exchange of information; data and analytics services; and Data as a Service for lenders to access data and origination information.Intercontinental Exchange, Inc.


was founded in 2000 and is headquartered in Atlanta, Georgia.

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1.b. Last Insights on ICE

Breaking News: Intercontinental Exchange Inc reported a record trading month in January 2026 with 245.8 million contracts traded, including 199 million futures and 46.9 million options. This marks the strongest month in the company's history. Additionally, the New York Stock Exchange achieved a record daily average notional of $202.5 billion. The company also announced a collaboration with Beeline to integrate its digital quality control platform into the Encompass system, expanding access to over 3,100 mortgage lenders. Analysts at Goldman Sachs recommend a buy.

1.c. Company Highlights

2. Intercontinental Exchange's Strong 2025 Performance Driven by Diversified Business Model

Intercontinental Exchange (ICE) reported a robust financial performance for 2025, with record adjusted earnings per share of $6.95, representing a 14% year-over-year increase. Full-year net revenues reached a record $9 billion, while adjusted operating expenses were managed effectively at $3.9 billion. In the fourth quarter, adjusted earnings per share totaled $1.71, beating estimates of $1.68, and net revenues of $2.5 billion increased 7% year over year. The company's disciplined approach to expense management and diversified business model contributed to its strong performance.

Publication Date: Feb -06

📋 Highlights
  • Record Adjusted EPS:: 2025 adjusted EPS reached $6.95, up 14% YoY, driven by strong performance across diversified segments.
  • Full-Year Revenue Growth:: Net revenues hit $9 billion, with Exchange segment net revenue rising 9% to $1.7 billion and recurring revenue hitting $391 million (11% YoY growth).
  • Capital Deployment:: Deployed $4.2 billion in free cash flow for $1.32 billion in stock buybacks, 6% dividend increase, and leverage reduction.
  • Mortgage Tech Progress:: Revenue grew 5% to $532 million YoY, with 32 new Encompass clients and AI agents streamlining workflows.
  • Energy & Data Moats:: Energy business surged 30% YoY, driven by TTF contracts up 100% YoY, while proprietary data and AI tools reinforced competitive advantages.

Segment Performance

The Exchange segment delivered outstanding results, with a 9% year-over-year growth in net revenues to $1.7 billion. The segment's recurring revenue streams reached a record $391 million, up 11% year over year. The Fixed Income and Data Services segment also performed well, with revenues totaling $608 million. The Mortgage Technology segment achieved revenues of $532 million, up 5% year over year, driven by the company's efforts to modernize the mortgage technology tech stack through blockchain-enabled capabilities and AI tools.

Guidance and Outlook

ICE expects 2026 adjusted operating expenses to grow between 4-5% and 2026 investments to be between $740 million and $790 million. The company guides for mid-single-digit growth in Exchange recurring revenues, after growing 11% in 2025. Analysts estimate next year's revenue growth at 6.0%. The company's focus on innovation and customer needs is expected to drive continued growth.

Valuation

ICE's current valuation metrics indicate a premium, with a P/E Ratio of 28.94 and an EV/EBITDA of 17.53. The company's ROE is 11.76%, and its ROIC is 7.34%. The Dividend Yield is 1.14%, and the Free Cash Flow Yield is 4.58%. These metrics suggest that the market has priced in ICE's strong performance and growth prospects. As Jeffrey Sprecher noted, "We're building an all-weather business model, working to generate growth on top of growth, and continue to innovate for our customers."

Future Growth Drivers

ICE's growth drivers include the increasing demand for connectivity and colocation, driven by the growth of AI and the need for trusted infrastructure. The company's mortgage technology business is expected to benefit from the modernization of the mortgage tech stack and the adoption of AI tools. The energy business is also expected to continue growing, driven by geopolitical flashpoints, supply chain evolution, and energy security concerns.

3. NewsRoom

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ICE Launches FTSE® South Korea RIC Capped Index Futures

00:00

Source: businesswire.com

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Nearly a thousand Google workers sign letter urging company to divest from ICE, CBP

Feb -07

Source: cnbc.com

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5 Securities & Exchanges Stocks to Watch Amid Increased Volatility

Feb -06

Source: zacks.com

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Global Participants Hedge Oil Risk at Record Levels Across ICE's Canadian Crude and Midland WTI (HOU) Markets Through January 2026

Feb -06

Source: businesswire.com

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Intercontinental Exchange Inc (ICE) Q4 2025 Earnings Call Highlights: Record Growth and Strategic Advances

Feb -05

Source: gurufocus.com

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Intercontinental Exchange, Inc. (ICE) Q4 2025 Earnings Call Transcript

Feb -05

Source: seekingalpha.com

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ICE's Q4 Earnings and Revenues Top Estimates, Dividend Raised

Feb -05

Source: zacks.com

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ICE (ICE) Reports Q4 Earnings: What Key Metrics Have to Say

Feb -05

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.81%)

6. Segments

Exchanges Segment

Expected Growth: 4.5%

Increasing adoption of derivatives, growth in emerging markets, and rising demand for risk management solutions drive the growth of Intercontinental Exchange, Inc.’s Exchanges business, which operates regulated marketplaces for futures and equities exchanges.

Fixed Income and Data Services Segment

Expected Growth: 4.5%

Growing demand for fixed income data and analytics, coupled with Intercontinental Exchange, Inc.’s proprietary indices and execution capabilities, drives market growth.

Mortgage Technology Segment

Expected Growth: 10.5%

Strong demand for ICE’s exchange-traded derivatives and fixed income & credit trading platforms, driven by increasing adoption of derivatives for risk management and investment purposes.

7. Detailed Products

ICE Futures

A leading global futures exchange offering a range of futures contracts on energy, agricultural, metals, and financial products.

ICE Clear US

A leading central counterparty (CCP) providing clearing services for futures, options, and OTC markets.

ICE Bonds

A leading electronic platform for fixed income securities, offering real-time prices and trading capabilities.

ICE Data Services

A comprehensive data and analytics platform providing real-time and historical data, news, and analytics.

ICE Benchmark Administration

A leading administrator of financial benchmarks, including LIBOR and others.

NYSE

A leading global stock exchange, offering listings, trading, and market data services.

NYSE American

A fully electronic exchange offering trading in equities, options, and ETFs.

NYSE Arca

A leading electronic exchange offering trading in ETFs, options, and equities.

NYSE National

A fully electronic exchange offering trading in equities and options.

8. Intercontinental Exchange, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Intercontinental Exchange, Inc. is medium due to the presence of alternative platforms and products that can substitute for its services.

Bargaining Power Of Customers

The bargaining power of customers for Intercontinental Exchange, Inc. is low due to the company's strong brand reputation and the lack of alternative options for customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Intercontinental Exchange, Inc. is medium due to the presence of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants for Intercontinental Exchange, Inc. is high due to the low barriers to entry and the increasing trend of fintech companies entering the market.

Intensity Of Rivalry

The intensity of rivalry for Intercontinental Exchange, Inc. is high due to the presence of strong competitors and the company's need to constantly innovate and improve its services to stay competitive.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 47.12%
Debt Cost 4.19%
Equity Weight 52.88%
Equity Cost 9.09%
WACC 6.78%
Leverage 89.09%

11. Quality Control: Intercontinental Exchange, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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CME Group

A-Score: 7.2/10

Value: 2.3

Growth: 5.9

Quality: 8.6

Yield: 8.0

Momentum: 8.5

Volatility: 10.0

1-Year Total Return ->

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Nasdaq

A-Score: 5.6/10

Value: 1.8

Growth: 5.7

Quality: 7.0

Yield: 3.0

Momentum: 7.0

Volatility: 9.3

1-Year Total Return ->

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ICE

A-Score: 5.6/10

Value: 2.5

Growth: 6.1

Quality: 6.9

Yield: 2.0

Momentum: 6.0

Volatility: 10.0

1-Year Total Return ->

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MSCI

A-Score: 5.5/10

Value: 2.8

Growth: 7.9

Quality: 7.5

Yield: 2.0

Momentum: 5.0

Volatility: 7.7

1-Year Total Return ->

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Capital One

A-Score: 5.5/10

Value: 4.1

Growth: 6.3

Quality: 5.4

Yield: 3.0

Momentum: 7.0

Volatility: 7.0

1-Year Total Return ->

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S&P Global

A-Score: 5.3/10

Value: 1.6

Growth: 6.7

Quality: 8.1

Yield: 1.0

Momentum: 5.0

Volatility: 9.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

169.0$

Current Price

169$

Potential

-0.00%

Expected Cash-Flows