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

Jul 6, 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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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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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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