ICE Posts Solid 2025 Growth as Shares Lag the Market
Management sets a 2026 expense range to fund modernization, with analysts projecting upside.
Overview
- Intercontinental Exchange reported 2025 revenue of $9.9 billion, up 7% year over year, with GAAP EPS rising 21% to $5.77 and adjusted EPS up 14% to $6.95.
- Segment performance was broad-based, including a 9% revenue increase in Exchanges, record $2.4 billion in Fixed Income and Data Services, and $2.1 billion in Mortgage Technology with synergy gains from the Black Knight deal.
- For 2026, ICE guided adjusted operating expenses to $4.075 billion–$4.140 billion to support modernization and AI initiatives across its platforms.
- Despite operational strength, the shares have fallen 4.8% over 12 months versus a 16% gain for the S&P 500 and have trailed CME Group, which rose about 27.6% in the same period.
- Analyst sentiment remains favorable with a Strong Buy consensus from 16 analysts and a mean price target near $197, implying roughly 21% upside from recent levels.