ICE
Intercontinental Exchange, Inc.
ICE's fundamentals are strong: revenue grew 12% and earnings per share grew 34%. At 24x earnings, it's trading below its usual 29x. Analysts expect earnings growth.
ICE Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
ICE's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like ICE.
ICE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 21x | $178 | — |
| Cheap | 22x | $165 | -7.5% |
| Current | 24x | $178 | — |
| Fair | 28x | $209 | +17% |
| Expensive | 37x | $271 | +52% |
Historical ranges are pointers, not guarantees.
ICE's PE is in its cheap range at 24x. If earnings grow as analysts expect, today's price would be 21x next year's earnings.
ICE Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for ICE, with profitability improving.
ICE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.59 | +17% |
| Q3 2026 | $7.33 | +34% |
| Q2 2026 | $7.08 | +36% |
| Q1 2026 | $6.87 | +42% |
| Q4 2025 | $5.77 | +21% |
| Q3 2025 | $5.49 | +30% |
| Q2 2025 | $5.21 | +29% |
| Q1 2025 | $4.83 | +11% |
| Q4 2024 | $4.78 | +14% |
ICE's earnings per share have climbed steadily: $7.33 over the past year, up 34% from the year before, and higher year over year for eight quarters in a row.
ICE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.6B | +21% |
| Q2 2026 | $3.6B | +11% |
| Q1 2026 | $3.7B | +14% |
| Q4 2025 | $3.1B | +3.7% |
| Q3 2025 | $3B | -0.9% |
| Q2 2025 | $3.3B | +13% |
| Q1 2025 | $3.2B | +15% |
| Q4 2024 | $3B | +14% |
ICE's revenue has grown year over year for four quarters in a row: $3.6B last quarter, up 21% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 39% | -0.2 points |
| Q2 2026 | 39% | -1.2 points |
| Q1 2026 | 45% | +7.6 points |
| Q4 2025 | 39% | +3.8 points |
| Q3 2025 | 39% | +2.7 points |
| Q2 2025 | 40% | +3 points |
| Q1 2025 | 38% | -0.1 points |
| Q4 2024 | 36% | +0.8 points |
ICE's operating margin was 39% last quarter, about level with the same quarter a year ago.
ICE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.1B | +23% |
| Q2 2026 | $1.9B | +28% |
| Q1 2026 | $1.3B | +43% |
| Q4 2025 | $1.1B | -15% |
| Q3 2025 | $853M | +4.2% |
| Q2 2025 | $1.4B | +29% |
| Q1 2025 | $881M | -7.4% |
| Q4 2024 | $1.3B | +49% |
ICE's free cash flow was $5.3B over the past year, up 17% from the year before. Free cash flow isn't a meaningful measure for financial services companies like ICE.
ICE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -3M shares |
| 1 year | -1.9% | -11M shares |
| 3 years | -0.4% | -2M shares |
| 5 years | -0.5% | -3M shares |
| Available history | -0.4% | -2M shares |
ICE has 563M diluted shares, down 1.9% from a year ago, with $2B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $400M |
| Q2 2026 | $651M |
| Q1 2026 | $551M |
| Q4 2025 | $400M |
| Q3 2025 | $398M |
| Q2 2025 | $255M |
| Q1 2025 | $241M |
| Q4 2023 | — |
ICE spent $2B buying back its own shares over the past year.
ICE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.5x | Elevated |
| Q2 2026 | 3.0x | Elevated |
| Q1 2026 | 3.3x | Elevated |
| Q4 2025 | 3.2x | Elevated |
| Q3 2025 | 3.2x | Elevated |
| Q2 2025 | 3.3x | Elevated |
| Q1 2025 | 3.8x | Elevated |
| Q4 2024 | 4.0x | Elevated |
ICE's net debt is about 3.5 years of its operating earnings (EBITDA), up from 3.2 years a year ago. Net leverage isn't a meaningful measure for financial services companies like ICE.
ICE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.5 | Neutral |
| Stochastic | 88.9 | Overbought |
ICE's weekly RSI is 68 (neutral) and its Stochastic is 89 (overbought).
ICE PE vs Financial Services Sector
| Metric | ICE | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 13x | 86% above |
| PE % | 28 | 63 | 35 pts below |
ICE is trading at 24x earnings, a 86% premium to the Financial Services sector's median of 13x.
ICE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $163.0 | 9.1% above |
| 20 week MA | $155.6 | 14% above |
| 50 week MA | $156.6 | 14% above |
| 100 week MA | $162.0 | 9.8% above |
| 200 week MA | $144.9 | 23% above |
ICE is in an uptrend: it's above all five of its weekly moving averages, and 23% above its 200-week average.
ICE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $93.0 | $112.7 | +21% |
| 2021 | $112.7 | $135.8 | +21% |
| 2022 | $135.8 | $102.8 | -24% |
| 2023 | $102.8 | $128.4 | +25% |
| 2024 | $128.4 | $150.3 | +17% |
| 2025 | $150.3 | $163.5 | +8.8% |
| 2026 YTD | $163.5 | $177.9 | +8.8% |
ICE has finished higher in five of the last six years. It's up 8.8% so far in 2026.