Companies · ICE
Intercontinental Exchange
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Latest analysis
Updated Oct 29, 2026
ICE posts record Q3 2026 with 15% net revenue growth and 18% EPS growth, accelerates MarketAxess close to Q1 2027, and launches blockchain-based retail perpetual futures via Trade[XYZ]/Hyperliquid.
ICE delivered its strongest third quarter in company history, with net revenues of $2.8 billion up 15% year-over-year and adjusted EPS of $2.02 up 18%, driven by record exchange volumes across energy, rates, and agricultural markets amid renewed geopolitical volatility. The MarketAxess acquisition received DOJ approval and is now expected to close in Q1 2027, ahead of the previously guided first-half timeline, while the MarketAxess shareholder vote was confirmed positive during the call. Most significantly, ICE announced a strategic agreement with Trade[XYZ] to become the exclusive operator of regulated real-world asset perpetual futures markets on the Hyperliquid blockchain, a structural expansion into global retail participation that represents a new business model layer entirely absent from prior filings.
Tone: bullishRevenue
$12.6B
ICE 10-K · FY 2025
Employees
12,844
Revenue FY2024
$11.8B
Founded
2000
Profile
ICE 10-K Item 1 · Feb 5, 2026Intercontinental Exchange (ICE) is a leading global provider of technology and data spanning exchange trading and clearing, fixed income data and analytics, and U.S. residential mortgage technology. The company operates 13 regulated exchanges, six clearing houses, and a comprehensive end-to-end mortgage platform serving financial institutions, corporations, and government entities worldwide. Its business model blends high-margin recurring data and listings revenues with transaction-based exchange and mortgage revenues.
Read filing description ↓ Collapse description ↑
Intercontinental Exchange, Inc. is a leading global provider of technology and data to a broad range of customers including financial institutions, corporations and government entities. Our products, which span major asset classes including futures, equities, fixed income and U.S. residential mortgages, provide our customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency. Although we report our results in three reportable business segments, we operate as one business, leveraging the collective expertise, particularly in data services and technology, that exists across our platforms to inform and enhance our operations. Our segments are as follows: Exchanges, which operates regulated marketplace technology for the listing, trading and clearing of a broad array of derivatives contracts and financial securities as well as data and connectivity services related to our exchanges and clearing houses; Fixed Income and Data Services, which provides fixed income pricing, reference data, indices, analytics and execution services as well as global credit default swaps, or CDS, clearing and multi-asset class data delivery technology; and Mortgage Technology, which provides a technology platform that offers customers comprehensive, digital workflow tools that aim to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle, from application through closing, servicing and the secondary market. In 2000, ICE was founded with the idea of transforming energy markets by creating a network that removed barriers and provided greater transparency, efficiency and access. Today, we are a Fortune 500 company, providing our customers with an array of technology solutions and data services that span a diverse set of asset classes.
Primary products
- Energy Futures and Options
- Agricultural & Metals Futures and Options
- Financial Futures and Options
- Cash Equities and Equity Options
- OTC and Other
- Data and Connectivity Services
Business segments
End markets
Geographies
Named customers
No customer accounted for more than 10% of our consolidated revenues, less transaction-based expenses during 2025, 2024, or 2023.
Named competitors
“We believe that we compete favorably based on numerous factors, and that our deep, liquid markets, technology offerings, breadth of product offerings, new product development, highly differentiated proprietary data, customer relationships, efficient, secure settlement, clearing and other support services and our reputation distinguish us from our competitors.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from $11.761 billion in 2024 to $12.640 billion in 2025, driven primarily by growth in the Exchanges segment on higher energy, financial futures, and cash equities volumes, with more modest gains in Fixed Income and Data Services and Mortgage Technology.
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