Intercontinental Exchange Inc
ICE - Insider Information
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+ FollowMarket Cap$96.5B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Strong Q3 performance + momentum into Q4 (good)
- Q3 adjusted EPS: $2.02, +18% YoY (best third quarter in ICE history; second-best quarter ever).
- Q3 net revenues: $2.8B, +15% YoY; transaction revenues +23%; recurring revenues +7% to $1.4B (record).
- Q3 adjusted operating income: $1.7B, +19% YoY; expense growth was offset by revenue strength.
- 9-month adjusted EPS: $6.27, +20% YoY on 12% revenue growth with margin expansion.
Full-year outlook updated upward in key areas (good)
- Exchange recurring revenue growth (full year): now expected ~9% (upper end of prior high-single-digit range), supported by strength through the first 9 months.
- FIDS recurring revenue growth (full year): now expected ~8% (top of prior range), citing stronger consumption trends, net new sales, and growth in index assets.
- OTC/other revenues: Q4 expected around $100M (noted lower regulatory fees as a driver).
- Q4 adjusted EPS not explicitly guided in transcript, but operating and tax/cost guidance implies continued profitability.
Costs, CapEx, and cash returns—capital intensity rising (watch item / mixed)
- Q3 capex: $226M; YTD: $664M.
- Full-year CapEx forecast: now ~$1.05B (up vs July guidance), mainly from expected Q4 purchase of a new Atlanta campus plus some additional data center/real-estate spend.
- Q4 adjusted operating expenses: $1.082B–$1.092B (midpoint implies full-year at the top end of the July range).
- Adjusted free cash flow: $1.1B in Q3; $3.7B YTD (record), +17%.
- Shareholder returns: repurchased $400M in Q3 and $293M dividends ($693M total returned); $2.5B YTD (over 40% above prior-year period; record).
- Dividend/buyback takeaway: continuing large capital returns, but investors should note higher capex and possible future leverage/capital effects from acquisitions.
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$124.21
28.6% downside
Current Fair Value
28.6% downsideOvervalued by 28.6% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $96.50 Billion |
|---|---|
| Enterprise Value | $116.53 Billion |
| Annual dividend | $2.04 |
| Dividend yield | 1.21% |
| Earnings per Share | $5.8 |
| Beta | 0.94 |
| Outstanding Shares | 561,000,000 |
Return
| Return on Equity | 14.12% |
|---|---|
| Return on Assets | 2.39% |
| Return on Invested Capital | 10.54% |
Valuation & Multiples
| P/E Ratio | 22.94 |
|---|---|
| PEG | 275.51 |
| Price to Sales | 7.25 |
| Price to Book Ratio | 3.35 |
| Enterprise Value to Revenue | 8.42 |
| Enterprise Value to EBIT | 20.6 |
| Enterprise Value to Net Income | 27 |
| Total Debt to Enterprise | 0.18 |
| Debt to Equity | 0.71 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$1.97
Consensus analyst estimateRevenue Estimate
$2.74 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$1.93
Consensus analyst estimateRevenue Estimate
$2.73 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 51.13% |
|---|---|
| Total Calls | 6,500▼ 99.60% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 7.32%▼ 85.46% |
|---|---|
| Total Invested | $6.26B▼ 90.33% |
| Investors Holding | 635▼ 1091.00% |
About Intercontinental Exchange Inc
12,844 employees
CEO: Jeffrey Sprecher
Intercontinental Exchange, Inc. (ICE) is a diversified global enterprise that provides essential infrastructure for financial markets. Operating through its subsidiaries, it manages a network of regulated exchanges, clearing houses, and ...