Reading the tape
NYSE: ICE
Intercontinental Exchange, Inc.
Financial Services · Financial - Data & Stock Exchanges
Market Cap
$88.12B
52w High
$189.35
52w Low
$143.17
P/E
22.54
Volume
1.85M
Outstanding Shares
565.51M
Price vs Fundamentals
Why The Stock Is Moving
Mixed / unclearLow confidence
1Y Price: -11.7%Revenue (TTM): 7.27%FCF (TTM): 15.07%P/FCF: 15th pct
What changed
The stock fell 11.7% over the last year. Revenue grew 7.27% over the trailing twelve months. Operating margin moved from 36.65% to 40.84%. Free cash flow grew 15.07% over the trailing twelve months.
What the market seems to be pricing
The stock has moved lower against modestly improving underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.
What would invalidate this read
Operating margin currently stands at 40.84%. A decisive move in revenue — currently up 7.27% — would be the clearest signal to resolve the ambiguity.
Company profile
Intercontinental Exchange, Inc., together with its subsidiaries, operates regulated exchanges, clearing houses, and listings venues for commodity, financial, fixed income, and equity markets in the United States, the United Kingdom, the European Union, Singapore, Israel, and Canada.
CEOJeffrey C. Sprecher
SectorFinancial Services
IndustryFinancial - Data & Stock Exchanges
Employees12,842
IPO dateNov 16, 2005
Valuation
Forward P/E—
EV/EBITDA16.85
Enterprise value$111.94B
Price / Book3.05
Stock splits
Nov 4, 2016↑ Forward
Every 1 shares became 5
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth13.53%
Gross margin68.98%▲11.60%vs FY2024
Operating margin40.84%▲5.74%vs FY2024
ROE11.43%▲14.71%vs FY2024
Analyst consensus
RatingBuy
Target price$195.71▲25.60%
33
Buy
3
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Jul 30, 2026
Q3 FY26 · EPS est $1.93 · Revenue est $2.7B
View
Dividends
$2.08/shareQuarterlyDividend Achiever · 12yrSafeICE pays a dividend with a 1.33% declared yield, 12 consecutive years of growth, growing at 9.52% annually, covered 3.9× by free cash flow.
Declared Yield
1.33%
Annual Div / Share
$2.08
TTM $1.96
5yr CAGR
+9.52%
Doubles every ~7.6yr
Payout Ratio
28.67%
Safe
Dividend Growth Rate
3yr CAGR
+7.38%
5yr CAGR
+9.52%
10yr CAGR
+11.83%
Dividend Safety
10/10Safe
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$2.08+8.3%
2025$1.92+6.7%
2024$1.80+7.1%
2023$1.68+10.5%
2022$1.52+15.2%
2021$1.32+10.0%
2020$1.20+9.1%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$13/yr
$1/mo
In 5 yrs
$21/yr+58%
$2/mo
In 10 yrs
$33/yr+148%
$3/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$13/yr $1/mo | $21/yr+58% $2/mo | $33/yr+148% $3/mo |
Yield-on-cost grows from 1.33% → 3.31% over 10yr
Analysis
Dividend Strengths
Dividend Achiever
ICE has raised its dividend for 12 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.
Well-covered by free cash flow
The dividend is covered 3.9× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Strong dividend growth rate
The 5-year CAGR of 9.52% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
No strong risk signal stands out from the latest period pair.
Congressional Activity
Congress Trades in ICE
STOCK Act disclosures from senators and representatives.
Markwayne Mullin
OKsenateRepublicanPurchaseJoint2025-12-29$15,001 - $50,000+17d to disclose