Analyst Consensus ?
ConsensusBuy36 ratings
Bullish3186.1%
Neutral411.1%
Bearish12.8%
Intercontinental Exchange, Inc. · ICE · FY2026 Q3 · Calendar Q4 2026
ICE posts record Q3 as data, energy and rates growth accelerates
The supplied analysis supports a constructive operating thesis for ICE: diversified growth across energy, rates and data services is being complemented by new compute, blockchain and fixed-income initiatives. The main test is whether execution, regulation and capital investment can convert those opportunities into durable growth.
Reported Before market openNYSEFinancial Services
$87.56B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $1.97
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $2.74B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+5.5%
Event window
SPY move
-0.7%
Same window
Abnormal move
+6.2%
Stock minus SPY
Volume
1.2×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
ICESPY benchmark
Ask FN2 about ICE FY2026 Q3
Transcript, numbers and history already loaded
What drove ICE's +5.5% move after FY2026 Q3 earnings?What changed in ICE's guidance and outlook in FY2026 Q3?Give me the bull and bear case for ICE after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, ICE’s focus broadened from the MarketAxess acquisition and AI-enabled data products to execution: the acquisition moved toward an expected Q1 2027 close, while compute futures, blockchain-based perpetual contracts and expanded data-center investment became more prominent.
Guidance delta
Management’s guidance sentiment remained raised in the supplied current-quarter analysis. No numerical change was provided, so the magnitude of the update is not stated.
Key takeaways
- The analysis describes record Q3 performance, with growth across energy, rates and Fixed Income Data Services.
- MarketAxess financing is complete and DOJ approval was secured; the supplied analysis expects closing in Q1 2027.
- ICE is investing more heavily in data-center capacity and pursuing compute futures and blockchain-related market initiatives.
Management priorities
- Complete and integrate MarketAxess while expanding its electronic fixed-income network.
- Build data-center capacity and develop compute futures and AI-related indices.
- Expand regulated digital-market initiatives, including tokenized securities and perpetual contracts.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$165.42Current
$84Low
$166.58Average
$218High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 29, 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 |
|---|---|---|---|---|
| Wells Fargo | Underweight | Underweight | Maintain | Oct 14, 2026 |
| TD Cowen | Hold | Hold | Maintain | Oct 12, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 9, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 7, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Oct 2, 2026 |
| UBS | Buy | Buy | Maintain | Jul 31, 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 |
| 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 $165.42. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Analyst unavailable | $160 | $156.42 | -3.3% | Oct 14, 2026 |
| Morgan Stanley | Analyst unavailable | $173 | $155.35 | +4.6% | Oct 9, 2026 |
| Barclays | Analyst unavailable | $189 | $153.49 | +14.3% | Oct 7, 2026 |
| Wells Fargo | Analyst unavailable | $159 | $151.47 | -3.9% | Oct 1, 2026 |
| Raymond James | Patrick O\'Shaughnessy | $218 | $160.7 | +31.8% | Sep 1, 2026 |
| Deutsche Bank | Brian Bedell | $178 | $154.55 | +7.6% | Jul 31, 2026 |
| Piper Sandler | Patrick Moley | $190 | $137.61 | +14.9% | Jul 15, 2026 |
| Morgan Stanley | Analyst unavailable | $163 | $135.76 | -1.5% | Jul 10, 2026 |
| Barclays | Analyst unavailable | $180 | $133.08 | +8.8% | Jul 9, 2026 |
| UBS | Alex Kramm | $190 | $137.57 | +14.9% | Jul 7, 2026 |
| Raymond James | Analyst unavailable | $208 | $135.26 | +25.7% | Jul 6, 2026 |
| Goldman Sachs | Analyst unavailable | $180 | $122.91 | +8.8% | Jun 30, 2026 |
| Redburn Partners | Analyst unavailable | $177 | $140.34 | +7.0% | Jun 11, 2026 |
| UBS | Alex Kramm | $205 | $152.94 | +23.9% | May 20, 2026 |
| Piper Sandler | Analyst unavailable | $211 | $162.04 | +27.6% | Apr 15, 2026 |
| Morgan Stanley | Michael Cyprys | $187 | $158.98 | +13.0% | Apr 10, 2026 |
| Deutsche Bank | Brian Bedell | $188 | $163.71 | +13.7% | Mar 6, 2026 |
| Morgan Stanley | Analyst unavailable | $183 | $165.82 | +10.6% | Feb 10, 2026 |
| UBS | Alex Kramm | $200 | $169.5 | +20.9% | Feb 9, 2026 |
| Barclays | Analyst unavailable | $193 | $168.29 | +16.7% | Feb 6, 2026 |
| Morgan Stanley | Analyst unavailable | $180 | $173.19 | +8.8% | Jan 15, 2026 |
| Piper Sandler | Patrick Moley | $195 | $166.69 | +17.9% | Jan 14, 2026 |
| Barclays | Benjamin Budish | $182 | $161.92 | +10.0% | Jan 8, 2026 |
| UBS | Analyst unavailable | $195 | $165.04 | +17.9% | Jan 7, 2026 |
| RBC Capital | Ashish Sabadra | $180 | $166.53 | +8.8% | Jan 6, 2026 |
| Raymond James | Patrick O\'Shaughnessy | $211 | $166.5 | +27.6% | Jan 6, 2026 |
| Morgan Stanley | Analyst unavailable | $174 | $160.3 | +5.2% | Dec 22, 2025 |
| Barclays | Analyst unavailable | $183 | $148.52 | +10.6% | Oct 31, 2025 |
| Barclays | Benjamin Budish | $201 | $161.98 | +21.5% | Oct 8, 2025 |
| Morgan Stanley | Analyst unavailable | $188 | $163.82 | +13.7% | Oct 1, 2025 |
| Raymond James | Patrick O'Shaughnessy | $185 | $162.57 | +11.8% | Oct 14, 2024 |
| Bank of America Securities | Craig Siegenthaler | $175 | $160.92 | +5.8% | Oct 3, 2024 |
| RBC Capital | Ashish Sabadra | $200 | $158.62 | +20.9% | Sep 27, 2024 |
| Goldman Sachs | Alexander Blostein | $167 | $136.89 | +1.0% | Jul 1, 2024 |
| Morgan Stanley | Michael Cyprys | $142 | $136.88 | -14.2% | Apr 9, 2024 |
| Deutsche Bank | Brian Bedell | $158 | $136.7 | -4.5% | Apr 5, 2024 |
| Barclays | Benjamin Budish | $148 | $128.41 | -10.5% | Jan 8, 2024 |
| Rosenblatt Securities | Analyst unavailable | $168 | $108.33 | +1.6% | Feb 3, 2023 |
| Morgan Stanley | Analyst unavailable | $120 | $107.24 | -27.5% | Jan 11, 2023 |
| Raymond James | Analyst unavailable | $130 | $107.05 | -21.4% | Dec 6, 2022 |
| Piper Sandler | Arvind Ramnani | $84 | $93.41 | -49.2% | Oct 6, 2022 |
| UBS | Alex Kramm | $116 | $93.41 | -29.9% | Oct 6, 2022 |
| Deutsche Bank | Brian Bedell | $124 | $106.31 | -25.0% | Aug 23, 2022 |
| Atlantic Equities | Simon Clinch | $125 | $112.62 | -24.4% | Aug 19, 2022 |
| Deutsche Bank | Analyst unavailable | $131 | $109.22 | -20.8% | Aug 12, 2022 |
| Morgan Stanley | Analyst unavailable | $110 | $105.23 | -33.5% | Aug 8, 2022 |
| Morgan Stanley | Analyst unavailable | $109 | $95.31 | -34.1% | Jul 19, 2022 |
| Raymond James | Analyst unavailable | $126 | $93.81 | -23.8% | Jun 22, 2022 |
| Argus Research | Stephen Biggar | $138 | $100.86 | -16.6% | Jun 7, 2022 |
| Jefferies | Analyst unavailable | $134 | $97.61 | -19.0% | May 20, 2022 |
| Deutsche Bank | Analyst unavailable | $117 | $96.72 | -29.3% | May 19, 2022 |
| Credit Suisse | Analyst unavailable | $143 | $99.25 | -13.6% | May 6, 2022 |
| Morgan Stanley | Analyst unavailable | $134 | $100.14 | -19.0% | May 6, 2022 |
| Deutsche Bank | Analyst unavailable | $143 | $100.14 | -13.6% | May 6, 2022 |
| Raymond James | Analyst unavailable | $142 | $101.63 | -14.2% | May 6, 2022 |
| Rosenblatt Securities | Sean Horgan | $157 | $129.56 | -5.1% | Mar 10, 2022 |
| J.P. Morgan | Ken Worthington | $155 | $129.38 | -6.3% | Feb 4, 2022 |
| Jefferies | Daniel Fannon | $161 | $131.12 | -2.7% | Jan 10, 2022 |
| Compass Point | Christopher Allen | $150 | $137.72 | -9.3% | Oct 29, 2021 |
| Piper Sandler | Richard Repetto | $138 | $133 | -16.6% | Oct 26, 2021 |
| Wells Fargo | Christopher Harris | $135 | $115.69 | -18.4% | Jun 23, 2021 |
| Goldman Sachs | Alexander Blostein | $141 | $115.69 | -14.8% | Jun 23, 2021 |
| Argus Research | Stephen Biggar | $133 | $114.19 | -19.6% | 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 |
|---|---|---|---|---|
| TW Tradeweb Markets Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -0.3% | Tradeweb posts 14.9% growth as electronic trading expands |
| BBVA Banco Bilbao Vizcaya Argentaria, S.A. | FY2026 Q3 · Calendar Q4 2026 | — | -2.5% | BBVA sustains strong growth and profitability in Q3 |
| TROW T. Rowe Price Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +1.3% | T. Rowe Price pairs Q4 flow hopes with ETF and SMA momentum |
| ING ING Groep N.V. | FY2026 Q3 · Calendar Q4 2026 | — | -2.1% | ING pairs strong Q3 execution with costly wholesale restructuring |
| SAN Banco Santander, S.A. | FY2026 Q3 · Calendar Q4 2026 | 0.0% | -6.3% | Santander reaffirms guidance as transformation and integrations progress |
| AON Aon plc | FY2026 Q3 · Calendar Q4 2026 | +1.8% | +4.4% | Aon Q3: 6% organic growth; USI synergies add execution focus |
Latest beats and misses
Who reports nextBeat on EPS
- STRLFY2026 Q3 · October 28, 2026+22.3% EPS-0.4% move
- KGCFY2026 Q3 · October 28, 2026+8.7% EPS-6.1% move
- GENFY2027 Q2 · October 28, 2026+2.9% EPS+11.2% move
- KLACFY2027 Q1 · October 28, 2026+2.5% EPS+7.3% move
- SANFY2026 Q3 · October 28, 20260.0% EPS-6.3% move
- FFY2026 Q3 · October 28, 2026+19.5% EPS+1.4% move
Missed on EPS
- AWKFY2026 Q3 · October 28, 2026-2.0% EPS+1.1% move
- CPFY2026 Q3 · October 28, 2026-3.2% EPS-1.9% move
- LIIFY2026 Q3 · October 28, 2026-7.1% EPS-10.6% move
- EXRFY2026 Q3 · October 27, 2026-1.7% EPS+0.1% move
- NOWFY2026 Q3 · October 28, 2026-2.0% EPS-3.0% move
- CMGFY2026 Q3 · October 28, 2026-7.1% EPS+2.7% move
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 · 2026-10-29T18:13:09.199800+00:00
- FN2 earnings calendar · 2026-10-29T01:23:20.584741+00:00
- Polygon adjusted daily market bars · 2026-10-29T19:00:43.668518+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-29T19:00:43.665893+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 2026-10-29. For educational purposes only; not investment advice.