Credit and interest ratesmixed · 5 filings
“The increase was primarily due to higher outstanding commercial paper borrowings during the period.”10-Q · Jul 30, 2026 ↗
Intercontinental Exchange, Inc.
ICE
Market read
Intercontinental Exchange, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 30 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
What changed
- Revenue increased 13.5% versus the comparable filing period.
Company-0.4% todayVolume comparison unavailable
Market group0 of 30 activeMixed Multi-Sector · unavailable
Disclosed network0 of 6 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Cash paid for equity investments increased $829 million, primarily attributed to investments in Polymarket and OKX during the period.
Invalidation: The isolated read changes if ICE's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 30 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 13.5% versus the comparable filing period.
- Operating margin improved 7.6 percentage points.
- Net income increased 77.3% versus the comparable filing period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Cash paid for equity investments increased $829 million, primarily attributed to investments in Polymarket and OKX during the period.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations601
Usable filing statements239
Verified relationships9
Evidence supporting the case
- Latest annual revenue changed +7.5% year over year.
- Operating margin changed +2.4 percentage points in the latest annual period.
- Net margin changed +2.8 percentage points in the latest annual period.
- Demand and volume has repeated favorable evidence across 5 filings.
Evidence challenging the case
- Credit and interest rates has repeated adverse evidence across 5 filings.
Questions before a position
No credible peer-relative valuation comparison is available yet.
Longer-term price context
Price as of Sep 10, 2026
155.846m-0.8%12m-10.2%24m-4.1%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$9.2B+11.2%$7.18+1.8%
2022-12-31$9.6B+5.1%$2.58-0.7%
2023-12-31$9.9B+2.8%$4.19+0.7%
2024-12-31$11.8B+18.8%$4.78+1.9%
2025-12-31$12.6B+7.5%$5.77-0.2%
What management says matters
Persistent and emerging business drivers
Demand and volumepositive · 5 filings
“The increase was primarily due to higher volumes traded during the six months ended June 30, 2026 as compared to the comparable period in 2025.”10-Q · Jul 30, 2026 ↗
Legal and regulatory exposurenegative · 4 filings
“This was partially offset by a $4 million accrual related to a regulatory matter during the three months ended March 31, 2025 which did not recur in 2026.”10-Q · Apr 30, 2026 ↗
Macroeconomic conditionsmixed · 4 filings
“The decrease in oil volumes for the three month period ended June 30, 2026 was due to a confluence of prior period geopolitical risks and macroeconomic uncertainty.”10-Q · Jul 30, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 7.1× · EV/sales 8.5×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Scenarios are withheld for Financial Services until sector-specific earnings and capital metrics are available; generic revenue/P/S scaffolds would be misleading.
Price action
How the market is pricing the story
155.84-0.4% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for ICE. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
Fundamentals strengthened in the latest filing
10-Q filed 2026-04-30 against the comparable filing from 2025-05-01.
OperationsconstructiveEvidence score +3
liquidityneutralEvidence score 0
valuationmixed
What improved
- Revenue increased 13.5% versus the comparable filing period.
- Operating margin improved 7.6 percentage points.
- Net income increased 77.3% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“Financing Activities The $38.6 billion increase in cash provided by financing activities during the three months ended March 31, 2026 from the comparable period in 2025 was primarily driven by the following: • The change in cash and cash equivalent margin deposits and guaranty fund liability increased $38.1 billion due to increased volatility; • During the three months ended March 31, 2026, we had net proceeds of commercial paper of $716 million as compared to net redemptions of $96 million during the three months ended March 31, 2025; and • Cash paid for repurchases of common stock increased $310 million during the three months ended March 31, 2026 from the comparable period in 2025.”
“54 Investing Activities The $733 million decrease in cash used in investing activities during the three months ended March 31, 2026 from the comparable period in 2025 was primarily driven by the following: • During the three months ended March 31, 2026, we had net purchases of $300 million of invested margin deposits compared to net purchases of $1.9 billion during the three months ended March 31, 2025.”
“The effective tax rate for the three months ended March 31, 2026 was higher than the effective tax rate for the comparable period in 2025 primarily due to a deferred tax expense increase from state apportionment changes and reduced tax benefits from non-cash compensation, partially offset by tax benefits associated with prior year refund claims.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind ICE
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
Depended on by
CMECME Group Inc.competitorFeb 26, 2026 ▾
“Our competitors include, among other entities, exchanges such as Intercontinental Exchange, Inc.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 3 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
ICE is currently a Participant in the organic co-movement group Mixed Multi-Sector. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for ICE; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.