ICE
Intercontinental Exchange, Inc.Evidence as of 2026-09-02Overview · 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
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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.
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; was -0.1 before debate ) · confidence high. Revenue in fiscal Q2 2026 (fiscal quarter ended 2026-07-27) was $ 3,611,000,000 versus $ 3,262,000,000 in fiscal Q2 2025 (fiscal quarter ended 2025-07-28). Operating income fell from $ 1,665,000,000 in fiscal Q1 2026 (fiscal quarter ended 2026-04-27) to $ 1,391,000,000 in fiscal Q2 2026, compressing operating margin from about 45.4% to about 38.5%, and reported net income declined from $ 1,415,000,000 in Q1 2026 to $ 958,000,000 in Q2 2026.
The company’s common shares outstanding declined steadily to 561,394,487 as of 2026-07-27 while repurchases reported were $ 241,000,000 in fiscal Q1 2025 and $ 551,000,000 in fiscal Q1 2026, consistent with share-count reduction. Cash and cash equivalents rose to $ 1,067,000,000 as of 2026-06-30 while long-term debt increased to roughly $ 18,628,000,000 as of 2026-06-30; trailing twelve-month P/E is 22.57 on a market cap of $ 89,598,560,125 and EV of $ 106,653,560,125.
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.
Revenue in fiscal Q2 2026 (2026-04-01 to 2026-06-30, 3mo) was $3,611,000,000 compared with $3,262,000,000 in fiscal Q2 2025 (2025-04-01 to 2025-06-30, 3mo).
XBRL companyfacts · 0001571949-26-000011Operating income was $1,665,000,000 in fiscal Q1 2026 (2026-01-01 to 2026-03-31, 3mo) and declined to $1,391,000,000 in fiscal Q2 2026 (2026-04-01 to 2026-06-30, 3mo); corresponding operating margins were about 45.4% in fiscal Q1 2026 (1,665 / 3,665) and about 38.5% in fiscal Q2 2026 (1,391 / 3,611).
XBRL companyfacts · 0001571949-26-000007Reads 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.
In the Form 10-Q filed 2026-07-30, management states the document contains forward-looking statements and cautions that such statements are based on present beliefs and involve known and unknown risks and uncertainties.
Management's discussion · filed 2026-07-30In the Form 10-Q filed 2026-07-30, management lists conditions in global financial markets, inflation, changes to international trade policies and tariffs, risk of recession, political uncertainty and geopolitical conflicts (including the conflicts in Ukraine and the Middle East) and sanctions laws as factors that may affect performance.
Management's discussion · filed 2026-07-30Reads 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.
Three-month momentum is +12.1% as of 2026-09-01, placing short-term price change positive over that window.
Moneyta signal set · 2026-09-01weakened in debateTwelve-month momentum (12_1) is -17.1% as of 2026-09-01, indicating a negative 12-month excess return measure in the research universe.
Moneyta signal set · 2026-09-01weakened in debateReads 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.
Intercontinental Exchange appears as a holding in multiple major ETFs with the largest reported weights: XLF at 1.26% of that fund and FNCL at 1.24% of that fund (other ETF weights reported include VTV 0.40%, JEPI 0.32%, SCHX 0.18%, VTI 0.18%, SCHB 0.18%, VOO 0.17%, and IVV 0.11%).
ETF constituents · market dataThere are seven Form 4 filings listed with filed dates spanning 7 August 2026 through 28 August 2026, indicating a cluster of insider filing events in that date range.
Form 4 × 7 (90d window not enforced here)Reads 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.
Multiple outlets report that Intercontinental Exchange announced an investment and alliance with tZERO to support tokenized asset infrastructure on the NYSE Digital Trading Platform in articles published 1 September 2026.
News · simplywall.st · 2026-09-01A separate outlet also reported on 1 September 2026 that Intercontinental Exchange invested in tZERO and selected it as a design partner for the NYSE-affiliated Digital Trading Platform, describing tZERO becoming an approved digital transfer agent for the platform.
News · finance.yahoo.com · 2026-09-01Reads 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.
Douglas Foley (SVP, HR & Administration) reported an open filing sale of $1.1M for 7,300 shares on 2026-08-05; the filing does not list a 10b5-1 plan on the transaction.
Form 4 · Foley Douglas (SVP, HR & Administration) · $1.1M sold · 2026-08-05Andrew J. Surdykowski (General Counsel) reported multiple transactions on 2026-08-26 showing a $642k sale for 3,974 shares, a $97k sale for 600 shares, and a separate $118k transaction coded 'M'; the filing states the transactions are under a 10b5-1 plan.
Form 4 · Surdykowski Andrew J (General Counsel) · $118k code M · 2026-08-26Reads 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.
The trailing twelve-month price/earnings ratio is 22.57 based on a share price of 159.6 and EPS (TTM) of 7.07.
Valuation inputs · SEC XBRL + stored EOD closeReported market capitalization is 89,598,560,125 and reported enterprise value is 106,653,560,125, implying an EV premium of 17,055,000,000 over market cap.
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.
The filings show year-over-year revenue growth in fiscal Q2 2026 and a consistent, material reduction in common shares outstanding driven by sizable repurchases — direct SEC-reported items that indicate improving top-line scale and shareholder capital return. Low beta and low correlation to the S&P 500, together with a modest dividend yield and multi-year dividend growth, frame a lower market-sensitivity, income-accretive profile in the provided market metrics. Recent news items about an investment and alliance with tZERO / NYSE Digital are company-originated or widely reported items that support a strategic push into tokenized infrastructure. Several negative points (quarter-to-quarter operating income and net income declines, and elevated short-term volatility) are visible in the same dataset but have contextual qualifiers in the filings (seasonal/quarter effects and management risk disclosures), and many insider transactions are identified as executed under 10b5-1 plans in Form 4s, which reduces the strength of using those sales alone as a negative signal.
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.31
33 surviving claims rest on 17 distinct sources; the heaviest analyst carries 18% of them, and 96% of what the desk raised survived the debate.
The evidence set draws from a moderate number of distinct sources while a relatively small subset of analysts supplies a meaningful share of claims; that implies some concentration risk in the desk’s inputs. The very high post-debate survival rate indicates the claims were largely unchallenged or validated internally, which raises confidence in their persistence but also flags potential confirmation bias — treat the read as informative but not heavy-weight without further independent corroboration.
Peer context · computed, not argued
12-1 momentum ranks 2nd of 5 in Financial Data & Stock Exchanges (as of 2026-09-01).
90-day volatility ranks 5th of 5 in Financial Data & Stock Exchanges (as of 2026-09-01).
dividend yield ranks 3rd of 5 in Financial Data & Stock Exchanges (as of 2026-09-01).
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.
23 filings· 2 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+0.5 to the score
11 documents· 1 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−0.2 to the score
2 holdings records
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+0.0 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
12 filings· 2 cited
Insider filings
Parsed Forms 3/4/5 from EDGAR: named insiders, share counts, prices, and 10b5-1 plan state — stated and inferred flags kept apart.
Read by Talbot−0.6 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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Educational analysis of published data. Moneyta does not give investment advice or make recommendations.