← Holdings
ICE

INTERCONTINENTAL EXCHANGE IN

5 managers · $3.1B total
Data: SEC EDGAR 13F · 2026Q2
Manager holders · last 5 qtrsⓘ
4
2025Q2 – 2026Q2 · flat QoQ
Total position
$3.1B
Combined value across tracked managers
Net move this quarter
↑ Adding
Weighted by holders' share change
HolderQ actionValue% of port.Style
Harris (Oakmark)Add+10.45%$2.2B2.95%Deep value / Contrarian long-term
SandsⓘTrim-7.49%$499M1.85%High-conviction growth / Innovation-led
EgertonNew$223M2.27%Global growth-value
Horizon KineticsⓘAdd+17.38%$121M1.37%Contrarian / Real assets
AKOTrim-46.27%$0M2.88%Quality growth / Concentrated long-term
What managers sayⓘ
2026-09-30Oakmark FundsBull与股东对话|Oakmark 2026年第三季度美国股票市场评论Detail →
2026-08-28The Capital Cycle (Marathon)NeutralExchange Trade (August 2026)Detail →
2025-07-23Colossus (Invest Like the Best / Business Breakdowns)NeutralCME Group: The House Always Wins - [Business Breakdowns, EP.224]Detail →
2025-03-31Oakmark FundsBullOakmark Fund: First Calendar Quarter 2025Detail →
2024-12-31Third PointBearThird Point Q4 2024 Investor LetterDetail →
2024-06-30Third PointBullThird Point Q2 2024 Investor LetterDetail →
2017-10-31Colossus (Invest Like the Best / Business Breakdowns)BearBrad Katsuyama - What Happens When You Hit “Buy” - [Invest Like the Best, EP.61]Detail →
Earnings Callsⓘ
Q2 2026August 3, 2026
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### At a GlanceICE recorded its best-ever second-quarter performance in Q2 2026 and announced the acquisition of MarketAxess for approximately $5.7 billion, aiming to build a global fixed-income network that integrates retail and institutional liquidity pools. Management believes the transaction will be immediately accretive to adjusted earnings per share.
Key Data: Adjusted EPS of $1.90 (Q2 record); net revenues of $2.7 billion, up 5% year-over-year; record recurring revenues of $1.4 billion, up 8% year-over-year.
Business Progress: In the exchange business, open interest in interest rate futures and options grew 20% year-over-year, with notional value of European and UK interest rate contracts reaching $62.3 trillion, surpassing the U.S. interest rate market for the first time. Fixed Income & Data Services (FIDS) recurring revenue grew 10%, and ETF assets under management in the index business reached $922 billion, up 29% year-over-year. Mortgage technology transaction revenue grew 11%, and the AI agent (ICE Aurora) has been embedded in Encompass and MSP to automate loan processing and customer service. The company also announced a partnership with Apollo to expand into the private credit market.
Guidance & Outlook: The acquisition of MarketAxess is expected to generate approximately $100 million in annualized cost synergies in the first year, with the transaction expected to close in the first half of 2027. Full-year FIDS recurring revenue growth guidance was raised to 7%-8% (previously mid-single digits). Q3 adjusted operating expenses are expected to be $1.063 billion to $1.073 billion, and full-year capital expenditures were raised to approximately $850 million. Management expects leverage to return to below 3x within 18-24 months.
Risk/Highlight Signals: Management emphasized that AI is enhancing, rather than diminishing, the value of its data, but energy trading volumes have slowed due to declining volatility. The MarketAxess acquisition faces regulatory approval risks, and integration execution remains uncertain.
Q1 2026April 30, 2026
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Q4 2026February 5, 2026
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FinancialsⓘFY2025 · Source: SEC EDGAR 10-K

5y revenue CAGR 8% · latest net margin 26.2% · FCF consistently positive

Revenue$12.6B
Rev. YoY+7.5%
Gross margin—
Net margin26.2%
Net income$3.31B
Free cash flow$4.29B
Operating cash flow$4.66B
ROE11.5%

Source: SEC EDGAR company filings (10-K). Foreign issuers (20-F/IFRS) not yet covered.