Analyst Consensus ?
ConsensusBuy36 ratings
Bullish3391.7%
Neutral38.3%
Bearish00.0%
Intercontinental Exchange, Inc. · ICE · FY2025 Q4 · Calendar Q1 2026
ICE posts record 2025 as AI investment and market volumes support growth
ICE's latest analysis supports a constructive but qualified outlook: broad-based growth and recurring revenue are paired with rising AI investment, while mortgage, competition, regulatory, and volume risks remain.
Reported Before market openNYSEFinancial Services
$85.44B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.71
Consensus $1.68
EPS surprise
+1.8%
Reported versus consensus
Reported revenue
$2.50B
Consensus $2.47B
Revenue surprise
+1.3%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+2.1%
Event window
SPY move
-1.2%
Same window
Abnormal move
+3.3%
Stock minus SPY
Volume
1.5×
Versus trailing sessions
Subsequent drift
-1.2%
Up to 20 sessions
ICESPY benchmark
Ask FN2 about ICE FY2025 Q4
Transcript, numbers and history already loaded
Why did ICE rise 2.1% after beating EPS estimates in FY2025 Q4?What changed in ICE's guidance and outlook in FY2025 Q4?Give me the bull and bear case for ICE after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The latest analysis emphasizes 2026 AI infrastructure and data-center spending, additional ICE Aurora agents, and tokenized-securities initiatives. Guidance remained maintained; compared with the prior analysis, concerns are more specific around Fixed Income Data Services defensibility, mortgage minimums, pricing, and regulation.
Guidance delta
Maintained; the analysis describes 2026 mid-single-digit recurring revenue growth.
Key takeaways
- The analysis describes record 2025 adjusted EPS and net revenue, with growth across exchange, fixed-income data services, and mortgage technology.
- Energy and interest-rate futures volumes benefited from market volatility and geopolitical risk.
- Management is increasing AI infrastructure and data-center investment and expanding ICE Aurora capabilities.
- Tokenization and AI create potential growth avenues, but mortgage, competitive, and regulatory risks remain.
Management priorities
- Expand AI infrastructure and data-center capacity.
- Deploy additional ICE Aurora agents across mortgage origination, servicing, and compliance.
- Continue expanding exchange data services and connectivity.
- Advance tokenized-securities and tokenized-collateral initiatives subject to regulatory requirements.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$152.03Current
$84Low
$166.17Average
$218High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Buy | Buy | Maintain | Jul 31, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 31, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 31, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jul 15, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 10, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jun 30, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 31, 2025 |
| Raymond James | Strong Buy | Outperform | Upgrade | Oct 13, 2025 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | May 2, 2025 |
| B of A Securities | Buy | Buy | Maintain | Apr 2, 2025 |
| RBC Capital | Outperform | Outperform | Maintain | Jan 7, 2025 |
| Deutsche Bank | Hold | Hold | Maintain | Nov 11, 2024 |
| Citigroup | Buy | Buy | Maintain | Jul 9, 2024 |
| Argus Research | Buy | Buy | Maintain | May 21, 2024 |
| Rosenblatt | Buy | Buy | Maintain | May 3, 2024 |
| Jefferies | Buy | Buy | Maintain | Sep 19, 2023 |
| Atlantic Equities | Overweight | Overweight | Maintain | Aug 19, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | May 6, 2022 |
| Oppenheimer | Perform | Outperform | Downgrade | Aug 18, 2020 |
| Wells Fargo | Overweight | Overweight | Maintain | May 1, 2020 |
| Berenberg | Buy | Hold | Upgrade | Apr 20, 2020 |
| Compass Point | Buy | Buy | Maintain | Jun 22, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Bernstein | Outperform | Outperform | Maintain | Apr 10, 2018 |
| Bank of America | Buy | Buy | Maintain | Feb 8, 2018 |
| Keefe Bruyette & Woods | Outperform | Outperform | Maintain | Aug 4, 2016 |
| Sterne Agee CRT | Buy | Buy | Maintain | May 20, 2016 |
| Buckingham Research | Buy | Buy | Maintain | May 19, 2016 |
| BMO Capital | Outperform | Market Perform | Upgrade | Nov 18, 2013 |
| Macquarie | Outperform | Neutral | Upgrade | May 21, 2013 |
| ISI Group | Buy | Neutral | Upgrade | Jan 30, 2013 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jan 4, 2013 |
| Stifel | Buy | Buy | Maintain | Jan 4, 2013 |
| BGB Securities | Buy | Buy | Maintain | Oct 15, 2012 |
| Evercore Partners | Overweight | Overweight | Maintain | Feb 9, 2012 |
| Evercore ISI Group | Overweight | Overweight | Maintain | Feb 9, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $152.03. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Raymond James | Patrick O\'Shaughnessy | $218 | $160.7 | +43.4% | Sep 1, 2026 |
| Deutsche Bank | Brian Bedell | $178 | $154.55 | +17.1% | Jul 31, 2026 |
| Piper Sandler | Patrick Moley | $190 | $137.61 | +25.0% | Jul 15, 2026 |
| Morgan Stanley | Analyst unavailable | $163 | $135.76 | +7.2% | Jul 10, 2026 |
| Barclays | Analyst unavailable | $180 | $133.08 | +18.4% | Jul 9, 2026 |
| UBS | Alex Kramm | $190 | $137.57 | +25.0% | Jul 7, 2026 |
| Raymond James | Analyst unavailable | $208 | $135.26 | +36.8% | Jul 6, 2026 |
| Goldman Sachs | Analyst unavailable | $180 | $122.91 | +18.4% | Jun 30, 2026 |
| Redburn Partners | Analyst unavailable | $177 | $140.34 | +16.4% | Jun 11, 2026 |
| UBS | Alex Kramm | $205 | $152.94 | +34.8% | May 20, 2026 |
| Piper Sandler | Analyst unavailable | $211 | $162.04 | +38.8% | Apr 15, 2026 |
| Morgan Stanley | Michael Cyprys | $187 | $158.98 | +23.0% | Apr 10, 2026 |
| Deutsche Bank | Brian Bedell | $188 | $163.71 | +23.7% | Mar 6, 2026 |
| Morgan Stanley | Analyst unavailable | $183 | $165.82 | +20.4% | Feb 10, 2026 |
| UBS | Alex Kramm | $200 | $169.5 | +31.6% | Feb 9, 2026 |
| Barclays | Analyst unavailable | $193 | $168.29 | +26.9% | Feb 6, 2026 |
| Morgan Stanley | Analyst unavailable | $180 | $173.19 | +18.4% | Jan 15, 2026 |
| Piper Sandler | Patrick Moley | $195 | $166.69 | +28.3% | Jan 14, 2026 |
| Barclays | Benjamin Budish | $182 | $161.92 | +19.7% | Jan 8, 2026 |
| UBS | Analyst unavailable | $195 | $165.04 | +28.3% | Jan 7, 2026 |
| RBC Capital | Ashish Sabadra | $180 | $166.53 | +18.4% | Jan 6, 2026 |
| Raymond James | Patrick O\'Shaughnessy | $211 | $166.5 | +38.8% | Jan 6, 2026 |
| Morgan Stanley | Analyst unavailable | $174 | $160.3 | +14.5% | Dec 22, 2025 |
| Barclays | Analyst unavailable | $183 | $148.52 | +20.4% | Oct 31, 2025 |
| Barclays | Benjamin Budish | $201 | $161.98 | +32.2% | Oct 8, 2025 |
| Morgan Stanley | Analyst unavailable | $188 | $163.82 | +23.7% | Oct 1, 2025 |
| Raymond James | Patrick O'Shaughnessy | $185 | $162.57 | +21.7% | Oct 14, 2024 |
| Bank of America Securities | Craig Siegenthaler | $175 | $160.92 | +15.1% | Oct 3, 2024 |
| RBC Capital | Ashish Sabadra | $200 | $158.62 | +31.6% | Sep 27, 2024 |
| Goldman Sachs | Alexander Blostein | $167 | $136.89 | +9.8% | Jul 1, 2024 |
| Morgan Stanley | Michael Cyprys | $142 | $136.88 | -6.6% | Apr 9, 2024 |
| Deutsche Bank | Brian Bedell | $158 | $136.7 | +3.9% | Apr 5, 2024 |
| Barclays | Benjamin Budish | $148 | $128.41 | -2.7% | Jan 8, 2024 |
| Rosenblatt Securities | Analyst unavailable | $168 | $108.33 | +10.5% | Feb 3, 2023 |
| Morgan Stanley | Analyst unavailable | $120 | $107.24 | -21.1% | Jan 11, 2023 |
| Raymond James | Analyst unavailable | $130 | $107.05 | -14.5% | Dec 6, 2022 |
| Piper Sandler | Arvind Ramnani | $84 | $93.41 | -44.7% | Oct 6, 2022 |
| UBS | Alex Kramm | $116 | $93.41 | -23.7% | Oct 6, 2022 |
| Deutsche Bank | Brian Bedell | $124 | $106.31 | -18.4% | Aug 23, 2022 |
| Atlantic Equities | Simon Clinch | $125 | $112.62 | -17.8% | Aug 19, 2022 |
| Deutsche Bank | Analyst unavailable | $131 | $109.22 | -13.8% | Aug 12, 2022 |
| Morgan Stanley | Analyst unavailable | $110 | $105.23 | -27.6% | Aug 8, 2022 |
| Morgan Stanley | Analyst unavailable | $109 | $95.31 | -28.3% | Jul 19, 2022 |
| Raymond James | Analyst unavailable | $126 | $93.81 | -17.1% | Jun 22, 2022 |
| Argus Research | Stephen Biggar | $138 | $100.86 | -9.2% | Jun 7, 2022 |
| Jefferies | Analyst unavailable | $134 | $97.61 | -11.9% | May 20, 2022 |
| Deutsche Bank | Analyst unavailable | $117 | $96.72 | -23.0% | May 19, 2022 |
| Credit Suisse | Analyst unavailable | $143 | $99.25 | -5.9% | May 6, 2022 |
| Morgan Stanley | Analyst unavailable | $134 | $100.14 | -11.9% | May 6, 2022 |
| Deutsche Bank | Analyst unavailable | $143 | $100.14 | -5.9% | May 6, 2022 |
| Raymond James | Analyst unavailable | $142 | $101.63 | -6.6% | May 6, 2022 |
| Rosenblatt Securities | Sean Horgan | $157 | $129.56 | +3.3% | Mar 10, 2022 |
| J.P. Morgan | Ken Worthington | $155 | $129.38 | +2.0% | Feb 4, 2022 |
| Jefferies | Daniel Fannon | $161 | $131.12 | +5.9% | Jan 10, 2022 |
| Compass Point | Christopher Allen | $150 | $137.72 | -1.3% | Oct 29, 2021 |
| Piper Sandler | Richard Repetto | $138 | $133 | -9.2% | Oct 26, 2021 |
| Wells Fargo | Christopher Harris | $135 | $115.69 | -11.2% | Jun 23, 2021 |
| Goldman Sachs | Alexander Blostein | $141 | $115.69 | -7.3% | Jun 23, 2021 |
| Argus Research | Stephen Biggar | $133 | $114.19 | -12.5% | May 3, 2021 |
Track every rating change on ICE the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationIntercontinental 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.…
Historical context
All ICE earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
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Get the ICE recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-09-30T21:36:07.038525+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-30T21:36:07.035324+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-30. For educational purposes only; not investment advice.