Intercontinental Exchange Inc

Intercontinental Exchange Inc

ICE

Get informed when a big investor buys or sells

+ Follow
Market Cap$85.6B
Close$

Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Intercontinental Exchange IncIntercontinental Exchange Inc21.41.31%14%6.90.7

Earnings Call Q2 2026

July 30, 2026 - AI Summary

Record Q2 performance (good + surprising durability): - ICE reported its best second quarter in company history: Adj. EPS $1.90 (record, 2nd best quarter ever), net revenues $2.7B (+5% YoY), adj. operating income $1.6B. - Recurring revenues $1.4B (+8% YoY)—notably strong even as episodic volatility moderated, signaling durability of the recurring/platform model. - Expenses in-line with guidance: Adj. operating expenses $1.038B; expense growth largely performance comp + investments (data center + D&A from product dev).
Guidance + near-term expense/capex outlook (what investors should forecast): - Q3 adj. operating expenses: $1.063B–$1.073B. - Full-year adj. operating expenses: $4.190B–$4.230B (increase driven by performance comp crystallization + accelerated data center program + product investment). - CapEx: $262M in Q2; ICE pulled forward some previously planned 2027 CapEx into 2026, now expecting full-year CapEx ~ $850M (to be ready for incremental demand). - Segment guidance update: FIDS recurring revenue growth raised to 7%–8% (from mid-single-digits), with 2H growth expected toward the low end due to tough comps (Hall 5 sell-through timing in 2025) but capacity (Hall 6) begins selling early 2027.
Major strategic move: acquisition of MarketAxess (opportunity + key details): - ICE entered a definitive agreement to acquire MarketAxess for $167/share, implying enterprise value $5.7B and a 33% premium to July 29 close. - ICE expects synergy-driven accretion to adj. EPS in year 1, improving as synergies realize and the platform scales. - Expense synergies ~ $100M annualized: ~1/3 in year 1, 2/3 in year 2, full run-rate by year 3. - Financing: fully in cash via new bonds + term loan + commercial paper; close targeted 1H 2027 (regulatory approvals/customary conditions). - Valuation/return framing: EV to adjusted EBITDA ~10.6x on fully synergized basis; ICE targets return to ≤3x leverage within 18–24 months.

Exclusive for Stockcircle Pro members

Sign upSign Up
$188.09

Target Price by Analysts

23.9% upsideIntercontinental Exchange Target Price DetailsTarget Price
$129.91

Current Fair Value

14.4% downside

Overvalued by 14.4% based on the discounted cash flow analysis.

Share Statistics

Market cap$85.60 Billion
Enterprise Value$105.63 Billion
Dividend Yield$2.00 (1.31%)
Earnings per Share$5.8
Beta0.95
Outstanding Shares564,000,000

Return

Return on Equity13.87%ROE
Return on Assets2.35%
Return on Invested Capital9.94%

Valuation & Multiples

P/E Ratio21.45P/E Ratio
PEG170.56PEG
Price to Sales6.9Price to Sales
Price to Book Ratio2.92Price to Book Ratio
Enterprise Value to Revenue8.19
Enterprise Value to EBIT19.81
Enterprise Value to Net Income25
Total Debt to Enterprise0.2
Debt to Equity0.71Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
July 30, 2026
EPS Estimate
$1.84
Average shareholder expectation
Revenue Estimate
$2.63 B
Average shareholder expectation

Next Earnings Call

Expected Date
October 29, 2026
EPS Estimate
$1.87
Average shareholder expectation
Revenue Estimate
$2.68 B
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio0.0000▼ 52.11%
Total Calls400▼ 99.97%
Total Puts-▼ 100.00%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %6.58%▼ 83.61%
Total Invested$4.57B▼ 94.36%
Investors Holding682▼ 1088.00%

ESG Score

No data

About Intercontinental Exchange Inc

CEO: Jeffrey Sprecher

Relevant Senate Committees

Finance

As the most powerful economic committee, it controls taxation, trade, and entitlement spending. Tax policy directly impacts ICE's corporate profitability and capital structure, while trade policy significantly influences global commodity and financial markets that ICE operates.

Agriculture, Nutrition, and Forestry

This committee oversees the CFTC (Commodity Futures Trading Commission), which is the primary regulator for commodity exchanges and derivatives markets where ICE is a major player. Its role in defining cryptocurrencies as digital commodities is also directly relevant to ICE's expanding digital asset initiatives.

Banking, Housing, and Urban Affairs

This committee is the primary regulator for the entire financial system, including the Federal Reserve and SEC. It directly impacts bank capital requirements, cryptocurrency regulation, and general oversight of financial markets, which are core to ICE's operations as a securities and commodity exchange.

Energy and Natural Resources

This committee directly impacts national energy policy, public lands, and the Department of Energy. ICE operates significant energy commodity exchanges (e.g., crude oil, natural gas futures), so policy changes and regulations from this committee directly affect the products traded on ICE's platforms.

Foreign Relations

This committee's role in U.S. foreign policy, treaties, and sanctions directly impacts global markets, energy prices, and international banking access. As ICE operates global commodity and financial exchanges, these policies have a direct and material effect on its trading volumes, pricing, and overall market stability.