Intercontinental Exchange vs Nasdaq
Intercontinental Exchange reported revenue of $12.6 billion in fiscal 2025, 1.5 times Nasdaq's $8.3 billion in fiscal 2025. Intercontinental Exchange's revenue grew 7.5% in its latest year, and Nasdaq's grew 11.7%. Intercontinental Exchange had an operating margin of 39.0%, against 28.2% at Nasdaq. Free cash flow was $4.3 billion at Intercontinental Exchange and $2.0 billion at Nasdaq.
Side by side
| Intercontinental Exchange | Nasdaq | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $12.6B | $8.3B |
| Revenue growth | 7.5% | 11.7% |
| Revenue growth a year, last 5 years | 8.9% | 8.0% |
| Gross margin | — | 63.5% |
| Operating margin | 39.0% | 28.2% |
| Net margin | 26.2% | 21.6% |
| Free cash flow | $4.3B | $2.0B |
| Free cash flow margin | 33.9% | 24.1% |
| Return on capital | 7.7% | 9.5% |
| Net debt to EBITDA | 3.1x | 3.4x |
| Dividends and buybacks | $2.4B | $1.2B |
| Change in diluted share count | −0.2% | −0.1% |
| Last close | $160.05 | $104.72 |
| P/E at the last close | 22.6× | 28.6× |
| Insider trades, last 12 months | sold $91.3 million | bought $21.7 million, sold $87.0 million |
| Piotroski F-score | 8 of 8 | 9 of 9 |
Amounts in each company's own currency, US$ 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 ExchangeNasdaq
Operating margin
Percent of revenue
Intercontinental ExchangeNasdaq
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Intercontinental ExchangeNasdaq
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 Nasdaq pages.