ICE
Intercontinental Exchange, Inc.Evidence as of 2026-10-10The desk's Snapshot
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Overview · Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc., together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada. It operates through three segments: Exchanges, Fixed Income and Data Services, and Mort…
Management team
- Mr. Christopher Scott Edmonds · President of ICE Fixed Income & Data ServicesFind on LinkedIn
- Mr. A. Warren Gardiner C.F.A. · Chief Financial OfficerFind on LinkedIn
- Mr. Benjamin R. Jackson · PresidentFind on LinkedIn
- Mr. Jeffrey C. Sprecher · Founder, Chairman & CEOFind on LinkedIn
Start free to see the full management team.
Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it, not a rating or a recommendation.
−0.1 on a −2 to +2 scale (was −0.2 before the debate changed the read).
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled. The rest of the page is the evidence behind it.
The evidence balance is Mixed ( -0.1 of a possible +2; confidence high). Over the 12‑month span the company reduced entity common shares outstanding from 572,423,088 as of 28 July 2025 to 561,394,487 as of 27 July 2026, and disclosed $551,000,000 of common stock repurchases in Q1 2026 (fiscal quarter ended 2026-04-27) as a cash outflow component tied to that reduction. Reported revenue was $3,007,000,000 in Q3 2025 (fiscal quarter ended 2025-10-27) and rose to $3,611,000,000 in Q2 2026 (fiscal quarter ended 2026-07-27), while net income and operating income compressed from Q1 2026 (fiscal quarter ended 2026-04-27) to Q2 2026 (net income $1,413,000,000 to $958,000,000; operating income $1,665,000,000 to $1,391,000,000) and diluted EPS fell from $2.48 to $1.69 across those consecutive quarters.
Market signals are mixed: a golden cross is present with crossover age 8 days and price modestly above the 50‑ and 200‑day SMAs (+0.4% vs SMA50, +1.0% vs SMA200), momentum has diverging horizons (+13.5% over 3 months, -2.7% over 6 months, -9.4% over 12 months), and relative strength versus SPY is negative over 6 and 12 months. Valuation and cash‑flow metrics show price implies an implied FCF growth of 13.2% given TTM FCF of $3,726,000,000 and FCF per share of $6.583 (shares cover 561,394,487), with P/FCF (TTM) 23.73, EV/EBITDA (TTM) 14.79, P/E (TTM) 22.09 (EPS TTM 7.07), and an earnings‑yield around 4.5%.
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else (no outside knowledge, no browsing), so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC (revenue, margins, income, debt and share count, quarter by quarter) and reports which way the trend is running.
Entity common shares outstanding declined from 572,423,088 shares as of 28 July 2025 to 561,394,487 shares as of 27 July 2026, showing a reduction in share count over that 12‑month span.
XBRL companyfacts · 0001571949-26-000011Revenue was $3,007,000,000 in fiscal Q3 2025 (2025-07-01 to 2025-09-30, 3mo) and $3,611,000,000 in fiscal Q2 2026 (2026-04-01 to 2026-06-30, 3mo), indicating higher reported quarterly revenue in Q2 2026 versus that earlier quarter.
XBRL companyfacts · 0001571949-26-000011Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full: its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet; its risk analysis fills in once that lands.
On August 28, 2026 the companyfiled an Eighth Amended and Restated Certificate of Incorporation that "extended existing limitations on stockholder voting and ownership to SBSEFs and expanded existing requirements relating to SEC review of amendments to the Certificate of Incorporation so long as the Company controls, directly or indirectly, an SBSEF."
8-K filed 2026-08-28The Certificate of Incorporation had been approved by the Board of Directors on February 27, 2026 and by the company's stockholders on May 15, 2026 before being filed with the Delaware Secretary of State and becoming effective on August 28, 2026.
8-K filed 2026-08-28Reads the signal panel above (momentum, volatility, drawdown, relative strength and beta) and ranks each against the whole research universe rather than judging it in isolation.
Momentum over the last 3 months is +13.5%, while 6-month momentum is -2.7% and the 12-1 momentum is -9.4%.
Moneyta signal set · 2026-10-09weakened in debateA golden cross is present and the crossover age is 8 days, with price vs SMA50 at +0.4% and price vs SMA200 at +1.0%.
Moneyta signal set · 2026-10-09Reads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
13F-reported institutional holdings totaled "$61.78B" as of 2026-06-30, with the fifteenth-largest reported quarter showing a quarter-over-quarter value change of -20.0% and a holder count of 1676 (holder count change -61 and 198 exited positions reported).
13F holdings · 1676 filers · as of 2026-06-30BlackRock, Inc. was the largest reported 13F holder in the 2026-06-30 filing with a reported value of "$6.25B" (value_qoq_pct -24.9), followed by VANGUARD CAPITAL MANAGEMENT LLC at "$4.55B" (value_qoq_pct -21.7) and STATE STREET CORP at "$3.20B" (value_qoq_pct -20.5).
13F holdings · 1676 filers · as of 2026-06-30Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
A joint venture filing with the SEC seeks approval for 24/7 trading of tokenized U.S. stocks, with each token representing underlying traditional equity ownership.
News · finance.yahoo.com · 2026-10-08Headlines note public discussion of 24/7 stock trading as a 'game-changer' in coverage linking Intercontinental Exchange and OKX's launch plans.
News · benzinga.com · 2026-10-09Reads parsed Forms 3/4/5: who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
Benjamin Jackson (President) reported multiple open-market sales on 1 September 2026 totaling $2,429k for 19,343 shares across separate Form 4s, and each filing states a 10b5-1 plan.
Form 4 · Jackson Benjamin (President) · $369k code M · 2026-09-01Christopher Scott Edmonds (President, Fixed Income & Data) reported sales on 1 September 2026 totaling $1,090k for 10,000 shares across Form 4s, and the filings state a 10b5-1 plan.
Form 4 · Edmonds Christopher Scott (President, Fixed Income & Data) · $287k code M · 2026-09-01Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
Using the inputs and discount/terminal assumptions in the model, the market price implies an FCF growth rate of 13.2% (implied_growth = 0.132).
Valuation inputs · SEC XBRL + stored EOD closePrice-to-free-cash-flow (TTM) is 23.73 and enterprise-value-to-EBITDA (TTM) is 14.79 at the price of 156.19 on 2026-10-09.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score. The argument is shown, not hidden, so you can judge the reasoning yourself.
Several on-record items point toward a constructive operational and capital-allocation picture: a material share count reduction (fundamentals-0) coupled with a quarter of sizable buybacks (fundamentals-5) provides a clear mechanism for per-share value support, while sequential revenue improvement between the cited quarters (fundamentals-1) and multiple news items highlighting robust trading volumes, product launches and a tokenized-stock JV (news-2, news-3, news-0) indicate demand drivers for fee-based cash generation. Market technicals show a recent bullish crossover and modest positive proximity to moving averages (market-1), and the company’s ETF inclusion and large institutional ownership (ownership-2, ownership-1) imply diversified passive and active investor exposure. Valuation-model outputs (valuation-0, valuation-3, valuation-5) document that the current price embeds a mid-teens implied FCF growth rate, and the filings record that governance amendments were approved by the board and stockholders before filing (filings-1), which mitigates procedural surprise. Strongest bear points — quarter-to-quarter profit and EPS compression and insider sales (fundamentals-2, fundamentals-3, fundamentals-4, insider-0 through insider-5) — are addressable in part by the buyback-driven share reduction and the fact many insider transactions are executed under disclosed 10b5-1 plans (insider claims note the plan status), while the governance change flagged in the filing (filings-0) is preceded by shareholder approval (filings-1).
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.30
37 surviving claims rest on 19 distinct sources; the heaviest analyst carries 16% of them, and 97% of what the desk raised survived the debate.
The evidence set is relatively concentrated: a moderate number of surviving claims (37) rely on a smaller group of distinct sources (19), and one analyst accounts for a meaningful share of those claims. Because 97% of the desk's points survived internal debate, the read is internally coherent but still sensitive to a few high-weight contributors — source concentration and analyst dependence reduce how much standalone confidence to place in any single claim without cross-checks or fresh documents.
Peer context · computed, not argued
12-1 momentum ranks 4th of 7 in Financial Data & Stock Exchanges (as of 2026-10-09).
6-month relative strength ranks 6th of 7 in Financial Data & Stock Exchanges (as of 2026-10-09).
90-day volatility ranks 7th of 7 in Financial Data & Stock Exchanges (as of 2026-10-09).
dividend yield ranks 4th of 7 in Financial Data & Stock Exchanges (as of 2026-10-09).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment. When the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here (no outside knowledge, no browsing), and each card shows who read it and what it contributed to the score.
12 filings· 1 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data, not retyped or estimated.
Read by Mercer+0.0 to the score
12 documents· 3 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes+0.0 to the score
1 signal set
Moneyta signal set
Computed from our own end-of-day price history and ranked against the whole research universe. No AI involved.
Read by Nash+0.1 to the score
3 holdings records· 1 cited
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+0.2 to the score
8 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
9 filings· 2 cited
Insider filings
Parsed Forms 3/4/5 from EDGAR: named insiders, share counts, prices, and 10b5-1 plan state, with stated and inferred flags kept apart.
Read by Talbot−1.0 to the score
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only; it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal; the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
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Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
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Educational analysis of published data. Moneyta does not give investment advice or make recommendations.