Intercontinental Exchange Inc. (ICE) Stock Price & How to Invest
Last updated July 2026
Short answer
Intercontinental Exchange (ICE) is a global financial-infrastructure company that owns the New York Stock Exchange plus large derivatives, fixed-income data, and US mortgage-technology businesses, so investors typically approach it as a diversified, toll-booth-style exchange operator with recurring data revenue rather than a single-market bet.
ICE stock price
As of 2026-07-24, Intercontinental Exchange Inc. (ICE) last closed at $145.79, down 21.0% over the past year. Over the past 52 weeks it has traded between $122.91 and $188.45.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Intercontinental Exchange Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Intercontinental Exchange Inc. (ICE) do?
Intercontinental Exchange operates through three segments: Exchanges (which includes the NYSE, energy and interest-rate derivatives, and clearing houses), Fixed Income and Data Services (pricing, reference data, indices, analytics, and execution), and Mortgage Technology (digital workflow tools spanning the US residential mortgage lifecycle from application through closing, servicing, and the secondary market). In 2025 the Exchanges business was roughly 54% of net revenue, Fixed Income and Data Services about 24%, and Mortgage Technology about 22%, giving ICE a mix of transaction-based and recurring subscription revenue.
The investment picture centers on a business with high barriers to entry, strong free cash flow, and a long dividend-growth record, balanced against a large debt load taken on to fund the Black Knight mortgage acquisition and a mortgage-technology segment tied to US housing and refinancing activity. Recent results have been record-setting on the exchange and data side, while the stock has been pressured by valuation compression, slower mortgage growth, and competitive noise from newer trading venues. ICE trades at a lower earnings multiple than many capital-markets peers, which frames it as a value-versus-growth debate within the exchange group.
What's driving Intercontinental Exchange Inc. (ICE)?
1. Diversified exchange and clearing franchise
ICE runs the NYSE alongside global energy, interest-rate, and financial derivatives markets plus clearing houses, producing transaction and data revenue that tends to rise with market volatility and trading volume. In Q1 2026 the Exchanges segment grew net revenues 27% year over year with transaction revenues up 33%. This breadth reduces reliance on any single asset class or product.
2. Recurring fixed-income and data revenue
The Fixed Income and Data Services segment sells pricing, reference data, indices, analytics, and execution, much of it on subscription contracts that recur regardless of trading activity. Q1 2026 brought record segment revenues of about $657 million. This recurring base gives the overall company more revenue stability than a pure trading venue.
3. Mortgage technology platform
Through the Black Knight and Ellie Mae assets, ICE offers workflow software across the US mortgage lifecycle, an attempt to digitize a historically manual industry. The segment is cyclical, tied to origination and refinancing volumes, but management is layering in automation and AI tooling. Long-term the pitch is higher recurring revenue as lenders adopt more of the platform.
4. Cash generation and shareholder returns
ICE produces substantial free cash flow (a record roughly $1.2 billion adjusted in Q1 2026) and has raised its dividend for 14 consecutive years while also repurchasing shares. In Q1 2026 it returned about $848 million to stockholders, including over $550 million in buybacks. Debt reduction from the mortgage deal has been a competing use of that cash.
What are the risks to Intercontinental Exchange Inc. (ICE)?
Mortgage Technology revenue is sensitive to US housing activity, mortgage rates, and refinancing volumes, so a prolonged slow-origination environment weighs on that segment. ICE carries elevated debt from the Black Knight acquisition, which raises interest costs and constrains flexibility until it is paid down. Trading and clearing revenue can be volatile because it depends partly on market volatility that ICE does not control. Competition is intense across derivatives, listings, and data from CME Group, Nasdaq, Cboe, LSEG, and Deutsche Boerse, plus newer venues such as event-contract and perpetual-futures platforms. Regulatory scrutiny of exchanges, market data pricing, and clearing is an ongoing overhang.
How is Intercontinental Exchange Inc. (ICE) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Intercontinental Exchange Inc.'s investor relations page or your broker.
- Net revenue (2025): ~$9.9B
- Net revenue (Q1 2026): ~$3.0B
- Net income (Q1 2026): ~$1.4B
- Adjusted diluted EPS (Q1 2026): ~$2.35
- Market cap: ~$85B
- P/E (TTM): ~20x
ICE reported record Q1 2026 results, with net revenues around $3.0 billion (up about 18% year over year) and adjusted EPS up sharply. The stock trades at roughly 19x to 22x trailing earnings, below the broader capital-markets industry average, after a share-price decline from its 2025 peak. Figures are approximate and drawn from company reports and market data; the company is scheduled to report Q2 2026 results in late July 2026.
Who competes with Intercontinental Exchange Inc. (ICE)?
Derivatives and listings exchanges
CME Group, Nasdaq, Cboe Global Markets, Deutsche Boerse, Euronext, and London Stock Exchange Group compete with ICE across futures, options, equity listings, and clearing. CME is the largest futures-focused rival, while Nasdaq and Cboe compete on listings and equity-options market share.
Fixed income data and analytics
London Stock Exchange Group (via Refinitiv), Bloomberg, S&P Global, MSCI, and FactSet compete in pricing, reference data, indices, and analytics, the recurring-revenue businesses that overlap with ICE's Fixed Income and Data Services segment.
Mortgage technology
In the fragmented US mortgage-software market ICE competes with nCino, Blend, Snapdocs, and other loan-origination and workflow providers, as well as in-house lender systems that ICE's platform aims to replace.
How to invest in Intercontinental Exchange Inc. (ICE)
There are three common ways to get ICE exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so ICE sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where ICE fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Intercontinental Exchange Inc. (ICE)
ICE offers exposure to a wide-moat exchange and market-data franchise diversified across trading, data, and mortgage technology, with the mortgage cycle and its post-acquisition debt load as the main variables to weigh.
More on Intercontinental Exchange Inc. (ICE)
Whether ICE is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is ICE a buy?, and where the stock could go from here in the ICE stock forecast.
For income investors, whether ICE pays a dividend and how the payout looks is covered in does ICE pay a dividend?
Build a basket around ICE with Walnut
Use Intercontinental Exchange Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does Intercontinental Exchange (ICE) do?
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ICE is a global financial-infrastructure company that operates exchanges and clearing houses (including the New York Stock Exchange), sells fixed-income pricing, data, indices, and analytics, and provides technology for the US residential mortgage lifecycle. It earns money from trading fees, recurring data subscriptions, and mortgage software.
Does ICE own the New York Stock Exchange?
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Yes. ICE acquired the New York Stock Exchange in 2013, and NYSE listings, trading, and data are part of its Exchanges segment. That segment also includes energy, interest-rate, and financial derivatives markets plus clearing houses.
What are ICE's business segments?
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ICE reports three segments: Exchanges (trading, listings, clearing, and connectivity), Fixed Income and Data Services (pricing, reference data, indices, analytics, and execution), and Mortgage Technology (digital workflow tools across the US mortgage lifecycle). In 2025 Exchanges was about 54% of net revenue, data about 24%, and mortgage technology about 22%.
How did ICE perform in its most recent quarter?
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For Q1 2026 (quarter ended March 31, 2026), ICE reported record net revenues of about $3.0 billion, up roughly 18% year over year, and net income near $1.4 billion. The Exchanges segment led growth, and adjusted free cash flow reached a record of about $1.2 billion.
How is ICE valued?
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As of July 2026 ICE carries a market capitalization near $85 billion and trades at roughly 19x to 22x trailing earnings, below the broader capital-markets industry average. Its multiple has compressed from 2025 levels, which has framed the stock as a value-versus-growth debate among exchange peers.
Who are ICE's main competitors?
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In exchanges and derivatives ICE competes with CME Group, Nasdaq, Cboe Global Markets, Deutsche Boerse, Euronext, and LSEG. In data it overlaps with LSEG, Bloomberg, S&P Global, and MSCI, and in mortgage technology it faces nCino, Blend, Snapdocs, and lenders' in-house systems.
What are the biggest risks for ICE?
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Key risks include a mortgage-technology segment tied to US housing and refinancing cycles, elevated debt from the Black Knight acquisition, trading revenue that depends on market volatility, intense competition across all segments, and regulatory scrutiny of exchanges, market-data pricing, and clearing.
Does ICE pay a dividend?
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Yes. ICE pays a quarterly dividend and has raised it for 14 consecutive years as of 2026. It also returns cash through share repurchases, returning about $848 million to stockholders in Q1 2026, while balancing those returns against paying down acquisition-related debt.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Intercontinental Exchange Inc.'s investor relations page or your broker before making investment decisions.