Intercontinental Exchange vs Moody's
Intercontinental Exchange reported revenue of $12.6 billion in fiscal 2025, 1.6 times Moody's $7.7 billion in fiscal 2025. Intercontinental Exchange's revenue grew 7.5% in its latest year, and Moody's grew 8.9%. Intercontinental Exchange had an operating margin of 39.0%, against 43.4% at Moody's. Free cash flow was $4.3 billion at Intercontinental Exchange and $2.6 billion at Moody's.
Side by side
| Intercontinental Exchange | Moody's | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $12.6B | $7.7B |
| Revenue growth | 7.5% | 8.9% |
| Revenue growth a year, last 5 years | 8.9% | 7.5% |
| Gross margin | — | 74.4% |
| Operating margin | 39.0% | 43.4% |
| Net margin | 26.2% | 31.9% |
| Free cash flow | $4.3B | $2.6B |
| Free cash flow margin | 33.9% | 33.4% |
| Return on capital | 7.7% | 31.1% |
| Net debt to EBITDA | 3.1x | 1.2x |
| Dividends and buybacks | $2.4B | $2.3B |
| Change in diluted share count | −0.2% | −1.5% |
| Last close | $160.05 | $484.45 |
| P/E at the last close | 22.6× | 29.5× |
| Insider trades, last 12 months | sold $91.3 million | sold $13.8 million |
| Piotroski F-score | 8 of 8 | 9 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Intercontinental ExchangeMoody's
Operating margin
Percent of revenue
Intercontinental ExchangeMoody's
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Intercontinental ExchangeMoody's
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Intercontinental Exchange and Moody's pages.