ICE
Intercontinental Exchange, Inc.
Financial Services · Financial Data & Stock Exchanges · United States · Stock
Score Breakdown
Scored for Dividend Income profile
Sub-scores are 0–20 each; Model Score is weighted by your selected investment goal. How it works →
Why Ranked Here
- The composite score of 71.9/100 reflects strong contributions from momentum, dividend, profitability, and financial health factors, each scoring in the mid-to-high range.
- Consistent dividend growth from $1.52 to $1.92 per share over four years and a 33.3% payout ratio anchored the dividend score, while the 2026Q1 earnings surge drove a high momentum score.
- The medium risk rating is consistent with manageable leverage (debt-to-equity of 0.68) and a large, diversified asset base of $136.9 billion, balanced against moderate top-line growth.
Why Not Higher
- The theme factor contributes zero points because ICE is not currently assigned to any of the 24 tracked macro themes, representing a significant gap in the scoring model.
- Moderate revenue growth of 7.5% and a return on equity of only 11.5% tempered the growth and profitability scores, preventing a higher composite result.
Data Confidence
10 / 10
Very High — full data coverage
Why This Score
Grounded in figures from this company's SEC EDGAR filings — not a restatement of the score itself.
Revenue grew 7.5% from FY2024 to FY2025 (from $11,761,000,000 to $12,640,000,000), while net income rose 20.4% over the same period (from $2,754,000,000 to $3,315,000,000) and diluted EPS increased 20.7% from FY2024 to FY2025 (from $4.78 to $5.77).
The model rewarded the strong bottom-line expansion, but the more moderate top-line growth rate of 7.5% likely tempered the overall growth score, placing it in the mid-range rather than the highest tier.
In FY2025, ICE reported an operating margin of 39.0%, a net margin of 26.2%, and a return on equity of 11.5%.
The model rewarded the notably high operating margin and solid net margin as indicators of efficient, scalable operations, while the comparatively moderate return on equity of 11.5% in FY2025 likely prevented a perfect score.
In FY2025, ICE reported a debt-to-equity ratio of 0.68 and total assets of $136,887,000,000.
The model rewarded a debt-to-equity ratio of 0.68 in FY2025 as a sign of manageable leverage relative to equity, and the large total asset base reflects the scale of the business; the score is high but not perfect, consistent with the limited number of health metrics available.
After relatively stable quarterly revenue of $3,262,000,000 in 2025Q2, $3,007,000,000 in 2025Q3, and $3,142,000,000 in 2025Q4, revenue accelerated sharply to $3,666,000,000 in 2026Q1. Net income followed a similar pattern, holding near $851,000,000, $816,000,000, and $851,000,000 across 2025Q2–Q4 before surging to $1,413,000,000 in 2026Q1, with operating income likewise jumping from $1,237,000,000 in 2025Q4 to $1,665,000,000 in 2026Q1.
The model rewarded the pronounced acceleration in revenue, net income, and operating income in 2026Q1 following a period of relative stability, signaling strong recent business momentum.
ICE has grown its dividends per share every year from $1.52 in FY2022 to $1.68 in FY2023, $1.80 in FY2024, and $1.92 in FY2025, while maintaining a dividend payout ratio of 33.3% in FY2025.
The model rewarded the consistent multi-year dividend growth trend alongside a conservative payout ratio of 33.3% in FY2025, which suggests the dividend is well-covered by earnings and has room to continue growing.
ICE is not currently assigned to any of the 24 tracked macro themes.
The absence of a macro theme assignment means the model did not apply any thematic tailwind to this security's score; this reflects the current classification state and is not an indicator of the company's quality or prospects.
Research Summary
AI-generated analysis reflects data and conditions as of the report date shown above. Verify any specific figures through primary sources before acting on this analysis.
Intercontinental Exchange (ICE) demonstrates a compelling combination of strong profitability, consistent dividend growth, and accelerating recent momentum. Revenue grew 7.5% year-over-year to $12.64 billion in FY2025, while net income surged 20.4% to $3.315 billion, reflecting meaningful operating leverage with a 39.0% operating margin and 26.2% net margin. The company maintains a conservative balance sheet with a debt-to-equity ratio of 0.68 and showed a pronounced acceleration in 2026Q1, with revenue reaching $3.666 billion and net income jumping to $1.413 billion. The one notable gap in the model score is the absence of a macro theme assignment, which leaves thematic tailwind points on the table.
Plain English
ICE is a large financial exchange business that is growing its profits faster than its revenues, pays a steadily rising dividend, and just posted its strongest quarterly results in recent memory — though it doesn't currently fit into any of the model's special investment themes, which holds its overall score back.
Bull Case vs. Bear Case
Bull Case
- Earnings power is expanding rapidly: net income rose 20.4% and diluted EPS grew 20.7% in FY2025, well ahead of the 7.5% revenue growth rate, demonstrating strong operating leverage.
- Recent momentum is striking — revenue jumped from a stable range near $3.0–3.3 billion per quarter to $3.666 billion in 2026Q1, while net income nearly doubled sequentially from ~$851 million to $1.413 billion.
- The dividend track record is consistent and well-covered: dividends per share have grown every year from $1.52 in FY2022 to $1.92 in FY2025, supported by a conservative 33.3% payout ratio that leaves ample room for continued increases.
Bear Case
- Top-line growth is moderate at 7.5% for FY2025, which may limit the upside narrative for investors seeking high-revenue-growth opportunities.
- Return on equity of 11.5% in FY2025, while positive, is relatively modest for a business with such high operating margins, suggesting the large asset and equity base may be diluting capital efficiency.
- ICE is not assigned to any of the 24 tracked macro themes, meaning the model applies no thematic tailwind, and the theme factor contributes zero points to the composite score.
What Could Change the Picture
Bullish Triggers
- If the 2026Q1 acceleration in revenue and net income proves to be the start of a sustained re-acceleration rather than a one-quarter spike, the growth score could improve materially.
- Assignment to one or more macro themes — such as financial infrastructure or data services — could add meaningful points to the composite score and broaden investor interest.
Bearish Triggers
- If operating margins compress from the current 39.0% level or net income growth reverts toward the more modest revenue growth rate, the profitability and momentum scores could deteriorate.
- A significant increase in leverage beyond the current debt-to-equity ratio of 0.68 could weaken the financial health assessment.
Risk Profile
Medium RiskICE carries a medium risk rating, supported by a manageable debt-to-equity ratio of 0.68 and a substantial total asset base of $136.887 billion in FY2025. The sharp 2026Q1 acceleration in both revenue and net income adds positive momentum but also introduces some uncertainty about whether that pace is sustainable.
Key Catalysts to Watch
The pronounced jump in revenue to $3.666 billion and net income to $1.413 billion in 2026Q1, following several quarters of relative stability, represents a potential inflection point that could attract renewed investor attention.
This report is for educational and research purposes only. It does not constitute financial, investment, legal, or tax advice — always conduct your own due diligence before making investment decisions.