Intercontinental Exchange, Inc.
ice.comWhat Do They Do?
Runs regulated marketplaces for trading, listing and clearing derivatives and securities, and sells related data and connectivity services to financial institutions, corporations and government entities.
10-K for FY2025, filed Feb 5, 2026Intercontinental Exchange, Inc. is a leading global provider of technology and data to a broad range of customers including financial…View ↗
Exchanges: We operate regulated marketplace technology for the listing, trading and clearing of a broad array of derivatives contracts and…View ↗
We operate regulated marketplaces for the listing, trading and clearing of a broad array of derivatives contracts and financial securities…View ↗
Our Exchanges segment includes trading and listings revenue from our global futures network and the New York Stock Exchange and other…View ↗
How Do They Make Money?
ICE charges fees when derivatives are traded or cleared and bills them monthly; companies pay listing fees upfront, while exchange data subscriptions are billed in advance. Fixed-income customers pay recurring fees for pricing, analytics and network tools, and mortgage lenders pay recurring software subscriptions plus added fees tied to loan volumes.
10-K for FY2025, filed Feb 5, 2026Our transaction and clearing revenues are primarily included in our Exchanges segment with the exception of our CDS and fixed income…View ↗
Cash Equities and Equity Options: Revenues in our cash equity and equity options markets represent trade execution fees. Cash trading and…View ↗
our performance obligations of data delivery are met consistently throughout the period. Considering that these contracts primarily consist…View ↗
Fixed Income Execution: Alongside our leading Fixed Income Data and Analytics offerings, ICE Bonds is focused on providing tools to improve…View ↗
Origination Technology: Our origination technology acts as a system of record for the mortgage transaction, automating the gathering…View ↗
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10-K for FY2025, filed Feb 5, 2026
FY2025 revenue by product or service ↗
$12.6B
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10-K for FY2025, filed Feb 5, 2026
$12.6B ↗
| Segment | Share | Revenue |
|---|---|---|
|
Exchanges
|
64%
FY2022: 67%
|
Exchanges, FY2025
$8.1B Sources
|
|
Fixed income and data services
|
19%
FY2022: 22%
|
Fixed income and data services, FY2025
$2.4B Sources
|
|
Mortgage Technology
|
17%
FY2022: 12%
|
Mortgage Technology, FY2025
$2.1B Sources
|
Who Are Their Customers?
Financial institutions, corporations and government entities use ICE’s exchange and data services; mortgage lenders and closing participants use its mortgage tools, while issuers and investors use its listing and trading venues.
10-K for FY2025, filed Feb 5, 2026Intercontinental Exchange, Inc. is a leading global provider of technology and data to a broad range of customers including financial…View ↗
Our Exchanges segment includes trading and listings revenue from our global futures network and the New York Stock Exchange and other…View ↗
Fixed Income Execution: Alongside our leading Fixed Income Data and Analytics offerings, ICE Bonds is focused on providing tools to improve…View ↗
Over the last nine years, ICE has constructed a network aimed at identifying and solving the inefficiencies that exist in the U.S.…View ↗
Closing Solutions: Our closing solutions connect key participants, such as lenders, title and settlement agents and individual county…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 26 cents of every revenue dollar as net income in FY2025 and turned 34 cents into free cash flow.
10-K for FY2025, filed Feb 5, 2026
$4.9BView ↗
10-K for FY2025, filed Feb 5, 2026
$3.3BView ↗
10-K for FY2025, filed Feb 5, 2026
$4.3BView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
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Jul 30, 2026
Agreed to acquire MarketAxess
MarketAxess would become a wholly owned subsidiary, with shareholders receiving $167.00 in cash per share.
Sources
8-K, filed Jul 30, 2026
Pursuant to the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of common stock, par value $0.003…View ↗
Growing. Revenue grew 38% in 4 years, from $9.2B in FY2021 to $12.6B in FY2025, about 8% a year.
Mortgage servicing
The latest report includes mortgage servicing software, supporting loans from setup through final payment or default, alongside origination and closing tools; the older overview described the network from application through closing and the secondary market.
10-K for FY2022, filed Feb 2, 2023 10-K for FY2025, filed Feb 5, 2026Over the last nine years, ICE has constructed a network aimed at identifying and solving the inefficiencies that exist in the U.S.…View ↗
Closing Solutions: Our closing solutions connect key participants, such as lenders, title and settlement agents and individual county…View ↗
Our servicing solutions support first lien mortgages, home equity loans and lines of credit on a single platform to manage all servicing…View ↗
Who Do They Compete With?
Competes with Nasdaq and Cboe
10-K for FY2025, filed Feb 5, 2026We face competition from other exchanges, electronic trading systems, third-party clearing houses, technology firms, market data vendors…View ↗
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