Intercontinental Exchange Inc

ICE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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ICE's Strong Futures Trading More Than Offsetting Mortgage Technology Headwinds

Michael Miller

Feb 13, 2026

Business Strategy and Outlook

Intercontinental Exchange has diversified its revenue streams through a series of acquisitions to build its position in mortgage technology and fixed-income data. Roughly half of ICE’s revenue is recurring, reducing reliance on exchange fees, which is a positive, given the competition facing its equity trading business and the volatility of some of its mortgage technology revenue.

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Intercontinental Exchange Inc

ICE's Strong Futures Trading More Than Offsetting Mortgage Technology Headwinds

Business Strategy and Outlook

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