Company Reports

Intercontinental Exchange has diversified its revenue streams through a series of acquisitions to build its position in mortgage technology and fixed-income. Roughly half 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.

Intercontinental Exchange reported decent second-quarter earnings as strong trading volume and accelerated data revenue growth supported earnings growth. Net revenue increased 5% from last year to 2.7 billion, while adjusted earnings per share rose to $1.90 from $1.81.

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.

Intercontinental Exchange reported very strong first-quarter earnings, thanks to record-breaking trading volume in the firm's futures business. Net revenue rose 20% from last year to $3 billion, while adjusted diluted earnings per share increased 37% to $2.35.

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.

Intercontinental Exchange reported a strong end to an excellent 2025, with energy futures and data revenue showing continued momentum in the fourth quarter. Revenue increased 7.8% to $2.5 billion while diluted earnings per share rose to $1.49 from $1.21 last year.

Intercontinental Exchange reported decent earnings as lower transaction revenue from the firm's exchange segment was a drag on bottom-line growth. Net revenue increased 2% from last year to $2.4 billion, while adjusted diluted EPS rose 10%.

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.

Intercontinental Exchange reported strong second-quarter earnings, driven by high market activity that led to double-digit growth in the firm's exchange segment. Net revenue increased 10% from last year to $2.5 billion, while adjusted diluted EPS rose 19%.

Intercontinental Exchange reported solid first-quarter results, with net revenue increasing 8% from last year to $2.47 billion. Adjusted earnings per share increased 16% to $1.72 as the firm benefited from increased operating leverage against its fixed costs.

Intercontinental Exchange's energy futures revenue growth continues to outpace our expectations as secular trends in energy markets favor the firm. This has helped the company nearly achieve its deleveraging targets following the acquisition of Black Knight in 2023.

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.

Intercontinental Exchange reported a solid end to a strong 2024, with fourth-quarter revenue increasing 5% to $2.3 billion. Adjusted earnings per share increased 14% to $1.52 as the firm benefited from margin expansion at its exchanges.

Wide-moat-rated Intercontinental Exchange reported strong third-quarter earnings as high futures trading volume supported results. Net revenue increased 17% from last year to $2.3 billion, or 7% when adjusted for the acquisition of Black Knight. Meanwhile, GAAP diluted earnings per share rose 19% to $1.14. While this was a strong quarter on paper, we knew about the firm's strong trading revenue in advance of the release due to its monthly volume reports. On the other hand, the firm's more reliable recurring revenue saw much lower growth during the quarter, increasing 2% pro forma for the Black Knight purchase. As we incorporate these results, we do not plan to materially alter our $148 fair value estimate. We see the shares as fairly valued.

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.

Wide-moat-rated Intercontinental Exchange reported solid second-quarter earnings, as continued strength in futures trading drove results higher. Net revenue increased 23%, or 7% pro forma for the acquisition of Black Knight, to $2.3 billion. Adjusted diluted EPS grew 6% to $1.52. As we incorporate these results, we do not plan to materially alter our $140 per share fair value estimate.

Wide-moat-rated Intercontinental Exchange reported strong first-quarter results that were in line with our expectations as it benefited from continued strength in energy futures trading. Net revenue increased 21%, or 5% pro forma for the acquisition of Black Knight, to $2.3 billion. Diluted earnings per share increased 14% to $1.33. As we incorporate these results, we do not plan to materially alter our $140 fair value estimate. We see the shares as modestly undervalued at the current price.

Intercontinental Exchange has continued to diversify its revenue streams by using 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.

Wide-moat-rated Intercontinental Exchange reported decent fourth-quarter earnings that were in line with our expectations. Net revenue increased 24% from last year to $2.2 billion, or 7% when adjusted for the firm's acquisition of Black Knight. Meanwhile, net income fell 11.4% to $390 million, mostly due to acquisition-related expenses. As we incorporate these results, we do not plan to materially alter our $136 per share fair value estimate.

While the core exchange business remains highly attractive, generating substantial cash flow while requiring minimal incremental capital, the industry is mature and faces limited growth prospects. This is particularly true for U.S. equity and options exchanges, as increased competition and regulatory pressure further reduce growth potential for trading and market data revenue. Additionally, antitrust considerations leave little room for further industry consolidation.