| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 42 | 22.2x | 17.8x | Around median | |
Growth | 52 | 6.9% | 7.1% | Around median | |
Quality | 79 | — | — | Top tier | |
Safety | 23 | — | — | Bottom tier | |
Capital Return | 47 | 1.27% | 2.12% | Around median | |
Momentum | 46 | -13.4% | 2.9% | Around median | |
Sentiment | 44 | 10 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Intercontinental Exchange operates financial-market infrastructure that combines exchanges, clearing, data, connectivity networks, and mortgage technology. The company generates revenue from futures and options trading, clearing and listing fees, recurring subscriptions to pricing data, indices, and connectivity, as well as the Encompass and MSP platforms for mortgage origination and servicing. In Q2 FY2026, segment net revenues were distributed across $1.5 billion for Exchanges, $645 million for Fixed Income and Data Services, and $557 million for Mortgage Technology.
In Q2 FY2026, ICE reported revenue of $3.6 billion, net income of $958 million, and earnings per share of $1.69, according to EDGAR data, equivalent to a calculated net income margin of approximately 26.6%. On the adjusted basis presented by management, net revenues after transaction-based expenses reached $2.7 billion, up 5%, while adjusted operating income reached $1.6 billion, equivalent to an adjusted operating margin of approximately 59%. Adjusted earnings per share were $1.90, and recurring revenues rose 8% to a record $1.4 billion.
The financial statements show a broader earnings base compared with FY2025, when the company reported revenue of $12.6 billion, net income of $3.3 billion, and earnings per share of $5.77. In Q2 FY2026, the Exchanges segment made the largest contribution to net revenues, while Fixed Income and Data Services and Mortgage Technology provided a mix of recurring subscription and transaction revenues. The company returned $945 million to shareholders during the quarter, including $651 million in share repurchases, and ended the period with leverage of 2.8 times.
The average analyst price target is $183.25, within a wide range of $163 to $208, with a consensus rating of “Buy.” The average target is only approximately 2.3% above the 52-week range high of $179.20, while the highest target exceeds that high by approximately 16%, reflecting differing assessments of the impact of the MarketAxess transaction and recurring growth. The data do not provide a valid comparable price-to-earnings multiple, so the risk assessment is based on the target range relative to the 52-week range of $121.79–$179.20 and on the expected increase in leverage to 3.4 times before savings and debt reduction.
Figures in the text are as of 2026-08-26; the live price is shown at the top of the page.
ICE reported revenue of $3.6 billion, net income of $958 million, and earnings per share of $1.69, according to EDGAR. On management's adjusted measures, net revenues reached $2.7 billion, up 5%, and adjusted operating income was $1.6 billion. Adjusted earnings per share reached $1.90, while recurring revenues rose 8% to $1.4 billion. Management described these results as the best second-quarter performance in the company's history.
On July 30, 2026, ICE announced a definitive agreement to acquire MarketAxess for $167 per share at an enterprise value of $5.7 billion. The transaction aims to connect ICE Bonds, which serves wealth and retail desks, with a network comprising more than 2,100 financial institutions. Management expects the transaction to be accretive to adjusted earnings per share in the first year after closing and to generate annual savings of $100 million by the third year. The expected closing in the first half of 2027 remains subject to regulatory approvals and customary conditions.
The Exchanges segment generated net revenues of $1.5 billion in Q2 FY2026, driven by 24% growth in interest-rate activity and 15% growth in NYSE transaction revenues. Fixed Income and Data Services recorded $645 million, with recurring revenues rising 10% to $531 million. Mortgage Technology generated $557 million, with transaction revenues growing 11% and recurring revenues reaching $406 million. This mix reflects the contribution of trading, data, subscriptions, and mortgage technology to the results.
Automated analysis for informational purposes only — not investment advice.
In Q2 FY2026, the company launched ICE Compass, a pre-trade bond analytics platform, with T. Rowe Price as an anchor client. ICE is also integrating ICE Aurora artificial-intelligence agents within Encompass and MSP for tasks including fee calculations, disclosure issuance, borrower servicing, and escrow settlements. Management says these tools operate within defined permissions, audit logs, and human approvals, and the company has begun generating revenue from some of their uses. In the mortgage servicing business, the number of API and web-service calls rose 39% to 10.7 billion in the same quarter.
The greatest risk relates to executing the MarketAxess transaction and accelerating the growth of a business that has faced pressure on market share and trading fees, according to issues raised by analysts during the July 30, 2026 call. The transaction's cash funding will temporarily increase total leverage to approximately 3.4 times, with a target of returning to 3 times or less within 18 to 24 months. Management also raised its FY2026 adjusted operating expense forecast to $4.190–$4.230 billion and capital expenditures to approximately $850 million. In addition, the transaction is subject to regulatory approvals and an announced investigation into the fairness of the offer price for MarketAxess shareholders.
In Q2 FY2026, interest-rate activity grew 24%, and total futures and options open interest rose 20% year over year. Open interest in the interest-rate franchise reached 53 million contracts in June 2026, while the notional value of positions in Euribor, SONIA, and ESTR reached $62.3 trillion. In energy, quarterly volumes were weaker, but open interest rose 8% since the beginning of FY2026, and Brent options volume increased 46%. ICE's share of the crude-options market also exceeded 68%, while options accounted for 40% of energy open interest compared with approximately one-quarter in 2021.
