# Intercontinental Exchange, Inc. (ICE)

> Source: Nexqual · https://nexqual.com/ICE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Intercontinental Exchange, Inc. (ICE), nexqual.com/ICE" · informational, not investment advice.

**Price:** USD 163.84 (+3.90% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 163.84 · day 159.42–164.03 · 52w 121.79–176.05 · market cap null · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $13.4B, net income $4.04B (30.1% margin), free cash flow $5.08B (SEC filings).
- 7 of 80 tracked superinvestors hold ICE (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 1 new, 1 added, 4 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 17 Form 4 filings, $10.8M; 1 not under a Rule 10b5-1 plan ($1.1M); 6 by opportunistic insiders (0 outside 10b5-1 plans), 5 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.94 on a 1–5 scale) (16 analysts), mean target USD 187.53 (range 160–243).
- Total return with dividends: 1Y +5.4% vs S&P 500 +14.9%; 5Y +33.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 1.97, revenue estimate $2.74B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $9.17B | $9.64B | $9.90B | $11.8B | $12.6B | $13.4B |
| Operating income | $3.45B | $3.64B | $3.69B | $4.31B | $4.93B | $5.47B |
| Net income | $4.06B | $1.45B | $2.37B | $2.75B | $3.31B | $4.04B |
| EPS (diluted) | $7.18 | $2.58 | $4.19 | $4.78 | $5.77 | — |
| Free cash flow | $2.94B | $3.33B | $3.35B | $4.20B | $4.29B | $5.08B |
| Operating margin | 37.6% | 37.8% | 37.3% | 36.6% | 39.0% | 40.7% |
| Net margin | 44.3% | 15.0% | 23.9% | 23.4% | 26.2% | 30.1% |
| Revenue growth | +11.2% | +5.1% | +2.8% | +18.8% | +7.5% | — |
| Cash + short-term investments | $607M | $1.80B | $899M | $844M | $837M | — |
| Total debt | $13.9B | $18.1B | $22.6B | $20.4B | $19.6B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Dec 2025 28.1x, Dec 2024 31.2x, Dec 2023 30.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold ICE (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Ruane Cunniff | Ruane Cunniff LP | 4.90% | $315M | Reduced -3.0% | Q2 2026 |
| Bill Nygren | Oakmark Funds | 2.96% | $2.22B | Added +10.4% | Q2 2026 |
| AKO Capital |  | 2.88% | $124M | Reduced -46.3% | Q2 2026 |
| William Von Mueffling | Cantillon Capital Management | 2.51% | $16.7M | Reduced -95.4% | Q2 2026 |
| John Armitage | Egerton Capital | 2.27% | $223M | New position | Q3 2026 |
| Viking Global | Viking Global Investors | 0.97% | $342M | Reduced -42.6% | Q2 2026 |
| Thomas Gayner | Markel Group | 0.03% | $3.6M | Unchanged | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
16 of 17 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-14 | Foley Douglas | SVP, HR & Administration | 1,600 | $256K | 9.2% | Yes | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-09-01 | Edmonds Christopher Scott | President, Fixed Income & Data | 5,000 | $803K | 25.8% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-01 | Jackson Benjamin | President | 12,862 | $2.1M | 7.3% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-26 | Tirinnanzi Martha A | Director | 1,340 | $216K | 26.3% | Yes | Routine (sold in Aug each year 2023–2025) |
| 2026-08-26 | Surdykowski Andrew J | General Counsel | 4,574 | $740K | 9.6% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-20 | Foley Douglas | SVP, HR & Administration | 1,600 | $256K | 8.4% | Yes | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-08-19 | Gardiner Warren | Chief Financial Officer | 2,491 | $389K | 9.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-13 | Tirinnanzi Martha A | Director | 141 | $22K | 2.7% | Yes | Routine (sold in Aug each year 2023–2025) |
| 2026-08-12 | Kapani Mayur | Chief Technology Officer | 4,271 | $646K | 5.9% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-05 | Foley Douglas | SVP, HR & Administration | 7,300 | $1.1M | 27.7% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-07-16 | Martin Lynn C | President, NYSE Group | 15,882 | $2.2M | 22.6% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-12 | Hague William Jefferson | Director | 1,333 | $186K | 6.2% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-09 | Hague William Jefferson | Director | 91 | $13K | 0.4% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-26 | Surdykowski Andrew J | General Counsel | 4,573 | $693K | 9.1% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-22 | Bowen Sharon | Director | 667 | $101K | 4.2% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-19 | Gardiner Warren | Chief Financial Officer | 2,490 | $390K | 9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-14 | Kapani Mayur | Chief Technology Officer | 4,271 | $664K | 6.2% | Yes | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.94 on a 1–5 scale), 16 analysts; mean target USD 187.53 (low 160, high 243).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Wells Fargo | Target raised | Underweight | $159 → $160 |
| 2026-10-12 | TD Cowen | Target raised | Hold | $166 → $167 |
| 2026-10-09 | Morgan Stanley | Target raised | Equal-Weight | $163 → $173 |
| 2026-10-07 | Barclays | Target raised | Overweight | $182 → $189 |
| 2026-10-05 | TD Cowen | Downgrade | Buy → Hold | $177 → $166 |
| 2026-10-02 | Wells Fargo | Initiated | Underweight | $159 |
| 2026-10-02 | Piper Sandler | Target raised | Overweight | $190 → $195 |
| 2026-07-31 | UBS | Target raised | Buy | $190 → $195 |
| 2026-07-31 | TD Cowen | Target raised | Buy | $159 → $177 |
| 2026-07-31 | Barclays | Target raised | Overweight | $180 → $182 |
| 2026-07-15 | Piper Sandler | Target lowered | Overweight | $211 → $190 |
| 2026-07-10 | Morgan Stanley | Target lowered | Equal-Weight | $187 → $163 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +5.4% | +33.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +5.5% | +5.8% |
| Volatility (annualized) | 25.5% | 22.9% |
| Max drawdown | -29.3% (Jan 2026→Jun 2026) | -34.1% (Oct 2021→Jun 2022) |

## Peers (Financial Data & Stock Exchanges)
MCO (Moody's Corporation) USD 491.05 +2.08% · CME (CME Group Inc.) USD 305.98 +3.45% · SPGI (S&P Global Inc.) USD 453.1 +2.24% · NDAQ (Nasdaq, Inc.) USD 103.3 +7.47% · COIN (Coinbase Global, Inc.) USD 169.09 -4.51% · MSCI (MSCI Inc.) USD 620.24 +2.61%

## More
Full page: https://nexqual.com/ICE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name ICE in their own reports (relationship from ICE's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Bakkt, Inc. (BKKT) | 10-K 2026-03-19 | "On March 17, 2025, we entered into an agreement with ICE, a significant stockholder of ours, whereby ICE agreed to purchase all of the outstanding equity interests of Bakkt Trust in exchange for $1.5 …" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Exchanges | $2.41B | 66.7% | +12.9% | $1.08B | 44.7% |
| Fixed Income and Data Services | $645.0M | 17.9% | +8.0% | $268.0M | 41.6% |
| Mortgage technology | $557.0M | 15.4% | +4.9% | $45.0M | 8.1% |
| Total revenue | $3.61B | 100% | — | $1.39B | 38.5% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Exchanges | $2.41B | 66.7% | +12.9% |
| — Cash equities and equity options (part of Exchanges) | $1.08B | 30.0% | +28.9% |
| — Fixed income and data services (part of Exchanges) | $645.0M | 17.9% | +8.0% |
| — Data and connectivity services (part of Exchanges) | $287.0M | 7.9% | +12.5% |
| — Financial futures and options (part of Exchanges) | $192.0M | 5.3% | +21.5% |
| — OTC and other (part of Exchanges) | $111.0M | 3.1% | +15.6% |
| — Agricultural and metals futures and options (part of Exchanges) | $87.0M | 2.4% | +33.8% |
| Mortgage technology | $557.0M | 15.4% | +4.9% |
| Energy futures and options | $518.0M | 14.3% | -12.9% |
| Listings | $129.0M | 3.6% | +4.9% |
| Total revenue | $3.61B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.97 | $1.88 | +4.8% | $2.74B | 13 |
| Next quarter (ends 2026-12-31) | $1.97 | $1.94 | +1.4% | $2.73B | 12 |
| Current fiscal year (ends 2026-12-31) | $8.18 | $8.03 | +2.0% | $11.08B | 15 |
| Next fiscal year (ends 2027-12-31) | $8.88 | $8.72 | +1.9% | $11.72B | 15 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-29): ±4.5%; last 8 reports averaged ±2.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 37.6% | ±4.5% |
| 2026-11-06 | 14 | 31.5% | ±5.2% |
| 2026-11-13 | 21 | 29.5% | ±5.8% |
| 2026-11-20 | 28 | 28.6% | ±6.5% |
| 2026-11-27 | 35 | 28.7% | ±7.2% |
| 2026-12-04 | 42 | 27.8% | ±7.6% |
| 2026-12-18 | 56 | 27.2% | ±8.6% |
| 2027-01-15 | 84 | 26.0% | ±10.0% |