Intercontinental Exchange, Inc.

Overview

Intercontinental Exchange (ICE) is a global technology and data provider serving financial institutions, corporations, and government entities. Its products cover major asset classes, including futures, equities, fixed income, and U.S. residential mortgages. The company reports results in three segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology.

Business segments and offerings

Exchanges

• Operates 13 regulated exchanges and six clearing houses (ICE Clear Credit is included in Fixed Income and Data Services).
• Includes NYSE and related data and connectivity services.
• Revenue mix includes transaction-based revenues and recurring data and listings revenues.
• Key product areas:
  • Energy futures and options (global benchmarks such as Brent, natural gas, LNG, and environmental markets)
  • Agricultural and metals futures and options
  • Financial futures and options (including index contracts and interest-rate futures)
  • Cash equities and equity options (including NYSE)
  • OTC and bilateral energy markets, and trade confirmations
  • Data and connectivity services (real-time and historical pricing, order book data, connectivity)
  • Listings (NYSE and ETF listings)

Fixed Income and Data Services

• Provides fixed income pricing, reference data, indices, analytics, and execution services.
• Includes CDS clearing (ICE Clear Credit), data and network services, and a multi-asset FIX/analytics ecosystem.
• Revenue categories:
  • Fixed Income Execution (ICE Bonds)
  • CDS Clearing (ICE Clear Credit)
  • Fixed Income Data and Analytics (pricing, reference data, analytics, ETF Hub)
  • Data and Network Technology (ICE Global Network, consolidated data feeds, APIs)
• Generates large recurring revenues from data, analytics, and connectivity and serves thousands of customers across global fixed income markets.

Mortgage Technology

• Modernizes the U.S. residential mortgage lifecycle from origination through closing, servicing, and the secondary market.
• Offerings include origination technology, closing solutions (including MERS), servicing software, and data and analytics.
• Revenue categories:
  • Origination Technology (SaaS/subscription with add-on usage fees)
  • Closing Solutions (volume-based, including MERS)
  • Servicing Software (loan boarding, servicing, investor reporting, APIs)
  • Data and Analytics (DDA, Analyzer, real-time benchmarking, valuation, MLS solutions)
• Revenue is largely transaction- or subscription-based, with a focus on workflow efficiency and risk management.

Customers and workforce

• Total employees: 12,844 as of December 31, 2025
  • U.S. employees: 7,551
  • International employees: 5,293 (including 3,512 in India, 799 in the U.K., 377 in the rest of Europe)
• Fixed Income and Data Services serves thousands of customers across global fixed income markets.

Geographic and asset footprint

• Majority of identifiable assets are in the U.S. and the U.K.
• Facilities include approximately 250,000 square feet of production, non-production, and disaster recovery space, and about 4.0 million square feet of office space globally (U.S., U.K., India, and other locations).
• Principal offices: Atlanta, Georgia; New York, New York. ICE Mortgage Technology is headquartered in Jacksonville, Florida.

Financial highlights (2025)

• Total revenue, less transaction-based expenses, by segment:
  • Exchanges: $5.4 billion (55% of consolidated revenues, less transaction-based expenses)
  • Fixed Income and Data Services: $2.4 billion (24% of consolidated revenues, less transaction-based expenses)
  • Mortgage Technology: $2.1 billion (21% of consolidated revenues, less transaction-based expenses)
• Aggregate 2025 revenues (less transaction-based expenses) across all segments: $9.9 billion.
• Clearing-house contributions and backing:
  • ICE contributed $381 million of its own cash to guaranty funds.
  • Default insurance coverage: ICE Clear Europe $100 million; ICE Clear U.S. $25 million; ICE Clear Credit $75 million.
  • ICE NGX (Canada) guaranty fund: $215 million (financed by a $200 million letter of credit and $15 million restricted cash to fund first loss; ICE NGX also set aside $30 million of its own capital for liquidity).
  • Clearing-house contributions (as of December 31, 2025):
    • ICE Clear Europe: $297 million
    • ICE Clear U.S.: $100 million
    • ICE Clear Credit: $125 million
    • ICE Clear Netherlands: $13 million
    • ICE Singapore: $1 million
    • ICE NGX: $245 million
• Debt and liquidity:
  • Outstanding debt: $19.6 billion (as of December 31, 2025)
    • Approximately $18.6 billion in senior notes
    • Approximately $1.0 billion in commercial paper

Growth strategy (highlights)

• Innovate and expand networks to enhance transparency and efficiency
• Develop technology and risk management infrastructure to grow the customer base
• Pursue selective acquisitions and strategic relationships to expand offerings
• Emphasize AI-enabled automation and data capabilities across segments

Regulatory context (highlights)

• Operates across the U.S., U.K., EU, Canada, Singapore, and Abu Dhabi under extensive regulatory oversight (CFTC, FCA, ESMA/DNB/AFM, MAS, FSRA, and others).
• Regulation affects clearing, market data, benchmarks, mortgage technology, custody of digital assets, and data privacy.
• Ongoing and prospective regulatory changes could affect volumes, pricing, and product availability.

Intercontinental Exchange operates an integrated ecosystem of regulated exchanges and clearing houses, fixed-income data, indices and analytics, and a comprehensive mortgage technology platform, supported by substantial recurring revenues and a broad international footprint.