ICE
Updated: 25/09/2026, 08:59:47
Intercontinental Exchange, Inc. (ICE) manages a global network of regulated financial venues, encompassing exchanges, clearing houses, and listing platforms. These operations serve diverse markets, including commodities, financial instruments, fixed income products, and equities, with a geographical footprint spanning key financial centers such as the United States, United Kingdom, European Union, Singapore, Israel, and Canada. The company's business is segmented into three core areas: Exchanges, Fixed Income and Data Services, and Mortgage Technology. Within its Exchanges segment, ICE oversees a robust network comprising 13 regulated exchanges and 6 clearing houses. These extensive marketplaces enable the listing, trading, and clearing of a wide spectrum of derivatives contracts and financial securities. This includes futures and options across diverse sectors such as energy, agriculture, metals, financials, and equities, in addition to providing critical listing, market data, and connectivity solutions. The Fixed Income and Data Services division provides comprehensive analytics and execution services for fixed income products, manages Credit Default Swap (CDS) clearing, and offers multi-asset class data and network solutions. Furthermore, its Mortgage Technology segment delivers an advanced, proprietary platform designed for residential mortgage origination. This division also provides closing solutions that streamline connections across the mortgage supply chain and facilitate secure information exchange, alongside data analytics and "Data as a Service" offerings for lenders to access vital origination insights. Intercontinental Exchange, Inc. was established in 2000 and maintains its headquarters in Atlanta, Georgia.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$12.6B
FY 2025 · Reported
Net income
$3.3B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$4.3B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$1.3B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Global technology and data provider across futures, equities, fixed income and U.S. residential mortgages; assets mainly in U.S. and U.K.
“We are a leading global provider of technology and data to a broad range of customers including financial institutions, corporations and government entities.”
Mortgage life cycle coverage across origination, closing, servicing, data
End-to-end U.S. residential mortgage technology platform spanning origination, network, closing, servicing and data/analytics
“We also provide solutions that provide clients, third-party providers and their developers access to our growing catalog of APIs across the mortgage life cycle.”
Fixed Income and Data Services competition
ICE Bonds competes with electronic venues and bilateral trading; data services face intense competition from global market data suppliers
“Our data services offerings face intense competition in all aspects of the business.”
Mortgage Technology competition
Mortgage technology competes with client proprietary systems and third-party digital mortgage providers
“Our origination technology, closing solutions, and servicing software compete with our clients' proprietary systems and other third-party digital mortgage solution providers.”
Mortgage technology customer ecosystem
Lenders, title and settlement agents, county recorders, third-party service providers, investors and servicers
“Our closing solutions connect key participants, such as lenders, title and settlement agents and individual county recorders, to digitize the closing and recording process.”
Servicing software (MSP)
Subscription-based servicing platform supporting first liens and HELOCs; default servicing transaction-based on foreclosure volume
“Revenues from servicing solutions are largely subscription-based and recurring in nature based on number of loans serviced.”
ICE Mortgage Technology origination technology
SaaS subscription fees with additive transaction-based or success-based pricing as lenders exceed included monthly loan closings, plus professional services
“These revenues are based on recurring Software as a Service, or SaaS, subscription fees, with an additive transaction-based or success-based pricing fee as lenders exceed the number of loans closed that are included with their monthly base subscription”
Closing solutions (MERS, Simplifile)
Transaction-based closing solutions connecting lenders, title/settlement agents and county recorders; MERS database tracks servicing rights and beneficial ownership in U.S. residential loans
“Closing solutions also include revenues from our MERS database, which provides a system of record for recording and tracking changes, servicing rights and beneficial ownership interests in loans secured by U.S. residential real estate.”
Mortgage data and analytics solutions
Data & Document Automation, Mortgage Analyzer, benchmarking, credit/prepayment models, valuation, MLS solutions and de-identified origination data; largely subscription-based
“Revenues related to our data products are largely subscription-based and recurring in nature.”
Exchanges segment offering
Regulated marketplace technology for listing, trading and clearing; exchange/clearing data and connectivity services
“We operate 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 offering
Fixed income pricing, reference data, indices, analytics, execution, global CDS clearing, multi-asset data delivery
“We provide fixed income pricing, reference data, indices, analytics and execution services as well as global CDS clearing and multi-asset class data delivery technology.”
Mortgage Technology offering
Digital mortgage workflow platform: application through closing, servicing, secondary market
“We provide 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.”
Third-party data, hosting and service supplier dependency
Depends on third-party hosting (a large international telecommunications company), data suppliers (some exclusive) and other vendors; interruption could be materially adverse
“we rely on a large international telecommunications company for the provision of hosting services”
Growth strategy pillars
Three-part growth strategy: network expansion, technology/risk infrastructure, selective M&A
“We seek to advance our leadership position by focusing our efforts on the following key strategies for growth”
Volatility boosts trading across products
2025 market/rate volatility increased trading in energy, interest rate and equity futures, CDS and bonds
“due to market and interest rate volatility, including market volatility during 2025, we have seen increased trading across a number of our products, such as energy, interest rate and equity futures, credit default swaps and bonds”
Mortgage industry loan volume drives revenues
Revenues tied to mortgage loan closing volumes and industry volume trends, with exposure to client attrition
“y offset by client attrition”
Artificial intelligence leverage
ICE is leveraging AI to enable customer automation and invests in mortgage technology including AI
“Leveraging artificial intelligence has been a natural extension of our growth strategy... We also expect to continue to invest in mortgage technology, including through artificial intelligence, to streamline and automate more workflows”
Acquisition-driven consolidation
ICE intends to continue pursuing acquisitions and strategic partnerships to strengthen competitive position, measured by ROIC, earnings accretion and cash flow growth
“enhancing stockholder value as measured by return on invested capital, earnings accretion and cash flow growth”
Refinancing at higher interest rates
Higher rates raise refinancing costs; 2025 interest expense $803M, interest income $119M
“higher interest rates have resulted, and may continue to result, in higher interest rates for our debt instruments as we refinance our existing indebtedness”
Macroeconomic environment outlook
Macro environment expected to remain dynamic; monitoring rates, inflation, tariffs/trade policy, volatility, government shutdowns, geopolitics
“We expect the macroeconomic environment to remain dynamic in the near-term, and we continue to monitor macroeconomic conditions, including interest rates, inflation rates, changes in tariffs and trade policies, market volatility, prolonged U.S. government shutdowns, geopolitical events and military conflicts”
FX effects on results
2025 revenue gain included $54M favorable FX; other expense includes $803M interest expense, $79M equity earnings, $15M pension expense
“The increase in revenues includes $54 million in favorable foreign exchange effects arising from fluctuations in the U.S. dollar in 2025 as compared to 2024.”
Derivatives venue regulators
Detailed per-venue regulation: CFTC, FCA, DNB/AFM, MAS, FSRA, ASC, BOE, ESMA across ICE derivatives and clearing venues
“In the U.K., ICE Futures Europe is a Recognized Investment Exchange, or RIE, in accordance with the Financial Services and Markets Act 2000.”
Cybersecurity risk from role in global financial system
ICE's role in the global financial system positions it at greater risk for cyberattacks and cyberterrorism
“Our role in the global financial system positions us at a greater risk for cyberattacks, cyberterrorism and other cybersecurity risks.”
Goodwill and intangible impairment risk
Goodwill $30.6B, net intangibles $15.4B, equity investments $1.6B at Dec 31, 2025; impairments in 2024 and 2023
“As of December 31, 2025, we had goodwill of $30.6 billion and net other intangible assets of $15.4 billion relating to our acquisitions, including our acquisition of Black Knight in September 2023.”
System failure incident - NYSE/SIAC June 2024
June 3, 2024 SIAC software defect caused incorrect trade price bands, trading pauses and NYSE member claims; possible SEC/third-party claims
“on June 3, 2024, a defect in a new software release by NYSE subsidiary Securities Industry Automation Corporation, or SIAC, caused incorrect calculation of industry-wide trade price bands”
Macroeconomic and geopolitical volatility
2025 macro conditions (rates, inflation, tariffs, Ukraine/Middle East conflicts, Venezuela) created uncertainty; ICE expects impacts may continue in 2026
“During 2025, macroeconomic conditions, including changes in the interest rate environment, inflation, and increased market volatility... contributed to continued economic and political uncertainty and volatility in global markets.”
Clearing house ownership risks
Owning clearing houses exposes ICE to clearing member defaults and collateral/margin risks
“Owning clearing houses exposes us to risks, including risks related to defaults by clearing members, risks related to investing margin and guaranty funds”
Cybersecurity threats
Vulnerable to cyberattacks; typical incidents experienced in 2025 (DDoS, phishing, cyber fraud), none material to date
“we experienced DDoS attempts, brand misuse, cyber fraud attempts, and phishing attempts directed toward employee systems and employee email accounts during 2025”
Mortgage rate sensitivity
Higher mortgage rates have reduced mortgage demand and adversely impacted Mortgage Tech transaction revenues
“increases in mortgage interest rates over the past several years have resulted in reduced consumer and investor demand for mortgages and adversely impacted the transaction-based revenues in our Mortgage Technology segment”
Digital asset custody business risk - ICE Digital Trust
Acquired digital asset custody business (ICE Digital Trust, LLC) in May 2025; NYDFS-regulated NY limited purpose trust company with custody security and regulatory risks
“In May 2025, we acquired a digital asset custody business now known as ICE Digital Trust, LLC.”
Extensive multi-jurisdictional regulation
Extensive regulation in U.S., U.K. and EU; risks include fines, FRAND pricing restrictions and new or substantially higher taxes
“We are and will continue to be subject to extensive regulation in many jurisdictions around the world, and in particular in the U.S., the U.K. and the EU.”
Litigation and enforcement liability risk
Substantial litigation and regulatory enforcement risks including claims from error trades and overlapping multi-jurisdiction regulator claims
“the scope of our business and operations increases the risk of different regulators across multiple jurisdictions bringing overlapping claims”
Climate and energy transition exposure
Climate-related physical, regulatory and reputational risks; energy transition policy uncertainty may impact trading on our markets
“The risks associated with extreme weather events and other natural disasters may evolve rapidly and we expect that climate-related risks may increase over time.”
EU energy market regulatory intervention
EU gas price-limiting mechanisms and market abuse framework changes could impact ICE Endex and ICE Clear Europe volumes
“Trading volumes on ICE Endex, the primary European exchange for the benchmark European gas contract, and ICE Clear Europe, which clears ICE Endex contracts, could be impacted.”
Data/content licensing loss risk
Loss of exclusive data/content licenses or third-party data interruption could be materially adverse
“An interruption or cessation of an important service, data or content supplied by any third party, or the loss of an exclusive license, could have a material adverse effect on our business.”
Pandemic and public health emergency risk
Pandemics could close offices, disrupt hardware supply chains and cause vendor failures; COVID-19 precedent
“COVID-19 has in the past resulted, and another pandemic or public health emergency could in the future result, in disruptions to global supply chains”
Acquisition and new product execution risk
Risk of failing to execute growth via new products or M&A amid sector consolidation and high barriers to entry
“in light of consolidation in the exchange, data services, clearing and mortgage technology sectors and competition for opportunities, we may be unable to identify strategic opportunities”
Capacity and peak trading volume risk
Systems must handle anticipated peak trading volume; volatility-driven heavy use could exceed capacity
“Our regulated business operations generally require that our trade execution and communications systems be able to handle anticipated present and future peak trading volume.”
ICE Futures U.S., ICE Clear Credit, ICE Clear U.S. and ICE NGX are extensively regulated by the CFTC under the CEA
“Our U.S. futures exchange, ICE Futures U.S., is subject to extensive regulation by the Commodity Futures Trading Commission, or CFTC, under the Commodity Exchange Act”
Some licensed data is exclusive to particular suppliers and interruption or license loss could have a material adverse effect on the business.
“Some of this data is exclusive to particular suppliers and may not be obtained from other suppliers.”
Closing solutions revenue growth attributed to higher industry volume impacting MERS and Simplifile; revenues largely transaction-based on volume of loans closed.
“primarily driven by higher industry volume impacting MERS and Simplifile”
Market and interest rate volatility drove increased trading in energy, interest rate, equity futures, CDS and bonds, boosting transaction revenues.
“due to market and interest rate volatility, including market volatility during 2025, we have seen increased trading across a number of our products, such as energy, interest rate and equity futures, credit default swaps and bonds”
Central bank caution on rate cuts due to inflation could adversely affect revenues for portions of the business (notably mortgage activity)
“In 2026, if inflation and the cost of living continue to increase, central banks may continue to be hesitant to reduce interest rates, which could continue having an adverse effect on revenues for certain portions of our business.”
Higher mortgage rates depressed Mortgage Tech transaction revenues; higher rates also raise refinancing costs on ICE debt.
“increases in mortgage interest rates over the past several years have resulted in reduced consumer and investor demand for mortgages and adversely impacted the transaction-based revenues in our Mortgage Technology segment”
Nasdaq is principal competitor in U.S. equity options, corporate listings and ETF listings
“their principal U.S. competitors are Nasdaq, Inc., or Nasdaq, and Cboe Global Markets, Inc., or Cboe.”
ICE Clear Credit designated systemically-important financial market utility under Dodd-Frank Title VIII, giving access to the Federal Reserve system
“ICE Clear Credit has access to the Federal Reserve system.”
EU pricing-limiting mechanisms on exchange-traded gas and strengthened market abuse framework could reduce trading volumes on ICE Endex and cleared volumes at ICE Clear Europe.
“EU policymakers continue to adopt and propose changes to regulatory intervention related to energy markets, including pricing-limiting mechanisms on exchange-traded gas products”
Mortgage Technology segment transaction revenues are sensitive to mortgage rates and lending practices; segment moved from $(276)M loss in 2023 to $14M operating income in 2025.
“If mortgage rates further increase, or if mortgage lending practices change, our Mortgage Technology segment revenues may be further impacted.”
Cboe is principal competitor in U.S. equity options and ETF listings
“their principal U.S. competitors are Nasdaq, Inc., or Nasdaq, and Cboe Global Markets, Inc., or Cboe.”
Network revenue is largely transaction-based, providing originators connectivity to the mortgage supply chain and facilitating millions of loan transactions annually.
“facilitates the secure exchange of information between our customers and a broad ecosystem of third-party service providers”
ICE Futures Europe is an FCA-regulated RIE and authorized benchmark administrator under U.K. BMR; Creditex Brokerage and ICE Markets Limited also FCA-regulated
“ICE Futures Europe is also authorized and regulated by the Financial Conduct Authority, or FCA, for the regulated activity of administering a benchmark”
Conflict catalyzed European energy crisis; interventions such as the Market Correction Mechanism price cap and sanctions have negatively impacted ICE's energy markets business
“Government interventions related to the energy crisis resulting from the Russia-Ukraine conflict, such as the Market Correction Mechanism (price cap), sanctions”
Default management revenues driven by higher foreclosure transactions and loss mitigation revenue; default servicing revenues transaction-based on foreclosure volume.
“Revenues from default servicing solutions are largely transaction-based and are based on foreclosure volume.”
Evolving global financial reform, Brexit, MiFID II and inconsistent non-U.S. regulations create operational, regulatory and business risk that could affect trading volumes and data demand.
“Brexit, MiFID II and other regulations have resulted in operational, regulatory and/or business risk.”
Overlapping claims from different regulators across jurisdictions could result in fines, penalties or damages from a single incident; NYSE/SIAC may face additional SEC claims from the June 2024 event.
“NYSE and/or SIAC may also potentially be subject to additional claims from the SEC or other third parties as a result of this event.”
Data and Analytics revenue growth driven by adoption of data solutions and increased purchases by existing customers; largely subscription-based recurring.
“driven by continued adoption of data solutions and increased purchases by existing customers”
HFCAA delisting risk for NYSE-listed Chinese companies and trade disputes/tariffs could impact listings business and future opportunities
“U.S. trade and diplomatic tensions, including trade disputes and tariffs as well as U.S. government policies toward China and Chinese government policies toward the U.S., are likely to impact our existing business and future opportunities.”
Adverse economic conditions could reduce customer demand for ICE's products and services, straining management and resources.
“Adverse economic conditions could reduce customer demand for our products and services, which may place a significant strain on our management and resources”
USD fluctuations created $54M favorable revenue FX effect in 2025 and $18M in 2024, plus remeasurement losses.
“The increase in revenues includes $54 million in favorable foreign exchange effects arising from fluctuations in the U.S. dollar in 2025 as compared to 2024.”
Emerging technology initiatives including AI and machine learning are cited among business environment trends shaping markets and offerings; rising demand for speed, data and connectivity necessitates increased technology investment.
“emerging technology initiatives and offerings in our markets, including the use of artificial intelligence and machine learning”
ICE Digital Trust is a New York limited purpose trust company subject to extensive NYDFS regulation, increasing regulatory burden and costs.
“ICE Digital Trust is a New York limited purpose trust company that is subject to extensive regulation by the NYDFS.”
Extreme weather events could impact ICE's activities, customers, vendors and underlying physical commodities in its markets.
“The physical commodities and assets underlying certain of our markets may also be impacted by climate-related risks and extreme weather events, which could impact users of our markets.”
OBBBA provisions shifted the tax provision mix from current to deferred expense via immediate R&D/capex expensing and accelerated R&D deductions, without material ETR change.
“a decrease in current income tax expenses, offset by an increase in deferred income tax expenses, primarily due to immediate expensing of current year domestic research and development costs”
Events in Ukraine, the Middle East and Venezuela have not materially negatively impacted operations; geopolitical events monitored as ongoing risk.
“our businesses, including our exchanges, clearing houses, listings venues, data services businesses and mortgage platforms, have not suffered a material negative impact as a result of the events in Ukraine, the Middle East and surrounding regions and Venezuela”
Uncertainty in the transition away from fossil fuels, including U.S. energy policy changes and subsidies, may negatively impact trading on ICE markets and customer activity.
“the uncertainty related to the transition to clean and renewable energy and away from fossil fuels... may negatively impact trading on our markets”
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