Intercontinental Exchange, Inc. (ICE)

Intercontinental Exchange (ICE) is not just an exchange operator. It is a three-legged stool of mutually reinforcing businesses: derivatives exchanges (energy and interest rates), fixed income data services, and mortgage technology, the latter built from the 2023 acquisition of Black Knight. Each leg moves at a different speed, and understanding that is essential before you value this company.

The most profitable leg is Exchanges, the energy and interest-rate derivatives business. In Q1 2026, this segment posted net revenue of $1.78 billion, up 27% year-over-year, with an 80% adjusted operating margin, among the highest in the financial industry. High trading volumes in energy and interest-rate derivatives drove this growth.

Fixed Income and Data Services posted record revenue of $657 million, of which $514 million was recurring revenue, the more predictable, higher-value kind of revenue that long-term investors prize.

Mortgage Technology, the former Black Knight business, generated $539 million in revenue, up just 6% year-over-year, with a 39% margin. This segment is the most exposed to the US housing cycle, and management's FY2026 guidance calls for only low-to-mid single-digit growth.

Shariah status: ICE is NON-SHARIAH-COMPLIANT (NON_COMPLIANT). Its core business model depends on conventional interest income, interest-based margin financing, conventional derivatives, and interest-based mortgage lending technology. If Shariah compliance is a requirement for your portfolio, ICE is not investable, regardless of how strong its financial performance looks.

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