Intercontinental Exchange, Inc., together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada. It operates through three segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology. The company operates regulated marketplaces for listing, trading, and clearing an array of derivatives contracts and financial securities, such as commodities, interest rates, foreign exchange, and equities, as well as corporate and exchange-traded funds; and trading venues, including regulated exchanges and clearing houses. It also offers energy, agricultural and metals, and financial futures and options; and cash equities and equity options, and over-the-counter and other markets, as well as listings and data and connectivity services. In addition, the company provides fixed income data and analytic, fixed income execution, CDS clearing, and other multi-asset class data and network services. Further, it offers proprietary and comprehensive mortgage origination platform, which serves residential mortgage loans; closing solutions that provides customers connectivity to the mortgage supply chain and facilitates the secure exchange of information; data and analytics services; and Data as a Service for lenders to access data and origination information. Intercontinental Exchange, Inc. was founded in 2000 and is headquartered in Atlanta, Georgia.

У ICE сильная операционная рентабельность, но рынок уже закладывает очень дорогую оценку. Выручка, EBITDA, операционная прибыль и чистая прибыль за последние годы в целом растут, а маржи остаются выдающимися: gross margin около 98%, operating margin почти 50%, net margin свыше 33%. ROE и ROA тоже улучшаются по годам, что подтверждает качество бизнеса и способность эффективно использовать капитал и активы. При этом мультипликаторы выглядят заметно выше отрасли: P/E, P/S, P/B и P/FCF существенно превышают медианы, а это ограничивает потенциал дальнейшего переоценивания без ускорения роста. Долговая нагрузка умеренная, но debt/equity выше отраслевого уровня, а long-term debt продолжает расти, что добавляет осторожности к оценке. Ликвидность не является сильной стороной: quick ratio равен нулю, current ratio лишь около 1, что для финансовой компании допустимо, но не создает запаса прочности. Денежная позиция сократилась по сравнению с прошлым годом, а дивидендная доходность практически отсутствует, поэтому акционерная доходность сейчас в основном зависит от роста прибыли и мультипликатора. Положительно выглядит рост net worth и собственного капитала, а также стабильность доходов и прибыли по кварталам. В то же время return on tangible equity не информативен и не добавляет аргументов в пользу более высокой оценки. В сумме фундаментал качественный, но уже отражен в цене, поэтому целесообразна умеренная консервативная корректировка прогноза вниз. Для инвестора это история не про глубокую недооценку, а про устойчивый бизнес с хорошими метриками, где upside ограничен дорогой оценкой и отсутствием дивидендной поддержки.

Intercontinental Exchange Inc.

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Слабый индекс, значительно вырос. Рынок не поддерживает быков.

Weak index, significantly up. The market does not support the bulls.

Слабый индекс, незначительно вырос

ICE демонстрирует сильную прибыльность и рост, но дорогие мультипликаторы, слабая ликвидность и почти нулевая дивдоходность сдерживают потенциал переоценки.

CME Group CME recently unveiled four new E-mini contracts in a bid to broaden its benchmark suite of Equity Index Futures. The products are scheduled to launch on June 29, pending regulatory approval.
The new offerings include E-mini Morningstar U.S. Total Market Index futures, E-mini Russell 3000 Index futures, E-mini S&P 1500 Composite Index futures, and E-mini S&P Total Market Index futures. These contracts will provide market participants an opportunity to trade futures on broad market indices covering more than 90% of the investable U.S. investable market capitalization, enabling broad exposure, efficient portfolio hedging and risk management.
The launch is supported by collaborations with Morningstar Indexes, S&P Dow Jones Indices and FTSE Russell, expanding CME Group’s index-based derivatives ecosystem. The new contracts are intended to address growing client demand for unified, all-cap risk management tools. By introducing futures linked to widely followed broad-market benchmarks, the company aims to provide investors with greater precision and capital efficiency in managing all-cap U.S. equity portfolios.
The move underscores the company’s strategy to strengthen its equity index ecosystem and address growing demand for broad-market risk management tools. The expansion aligns with increasing demand for diversified and transparent investment solutions while reinforcing the company’s competitive position in the global equity derivatives market.
How Are Competitors Faring?
Peers like Cboe Global Markets, Inc. CBOE and Intercontinental Exchange, Inc. ICE are also expanding their equity-index derivatives offerings.
Cboe has been broadening its index derivatives portfolio. In May 2026, the company introduced daily expiries for Dow Jones Industrial Average options and earlier launched the S&P 500 Equal Weight Index, providing investors with greater flexibility for short-term hedging and access to diversified market exposure.
ICE continues to strengthen its equity derivatives business through partnerships with MSCI and FTSE. ICE launched MSCI equity index futures on ICE Futures Abu Dhabi and currently offers more than 90 MSCI index futures spanning global and sector benchmarks, reflecting its focus on providing diversified tools for managing equity exposure.
CME’s Price Performance, Valuation & Estimates
Shares of CME have lost 3.2% over the past year compared with the industry’s decline of 12.7%.
Image Source: Zacks Investment Research
From a valuation standpoint, CME Group trades at a forward price-to-earnings ratio of 20.96X, higher than the industry average of 19.73X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CME Group’s 2026 EPS and revenues indicates a year-over-year increase of 9.6% and 8.1%, respectively.
The consensus estimate for 2027 EPS and revenues indicates an increase of 4.3% and 4.7%, respectively, from the corresponding 2026 estimates
The Zacks Consensus Estimate for 2026 and 2027 earnings has moved north 1.2% and 1%, respectively, over the past 60 days.
Image Source: Zacks Investment Research
CME currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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CME Group Adds Four E-mini Futures for Broad Market Exposure

Intercontinental Exchange, Inc.’s ICE acquisitions have been its core growth driver, helping the company evolve from an energy-trading marketplace into a diversified operator of exchanges, clearing houses, data services, fixed-income platforms and mortgage technology businesses.
A series of acquisitions—including Interactive Data, MERS, Simplifile, Ellie Mae and Black Knight—allowed ICE to build an end-to-end digital mortgage platform covering loan origination, processing, servicing, registration and analytics. Acquisitions increased ICE's exposure to subscription-based software, data and analytics revenues, which tend to be more stable than transaction-driven exchange revenues.
Intercontinental Exchange's acquisition strategy has consistently targeted businesses with strong network effects, proprietary data and recurring revenue streams. The company's largest recent deals have shifted ICE beyond traditional exchange operations and toward technology and software-driven earnings growth. As a result, acquisitions have become one of the most important drivers of ICE's long-term revenue diversification, margin expansion and competitive advantage. ICE strengthens its competitive position through select acquisitions and strategic relationships.
Intercontinental Exchange has completed many acquisitions, and it expects to continue to pursue acquisitions and joint ventures. The success of the acquisitions will depend on the ability to integrate the businesses and realize anticipated cost savings, revenue synergies and growth opportunities.
ICE recently acquired American Financial Exchange (“AFX”) in January 2025. AFX operates an electronic marketplace that enables U.S. banks and financial institutions to lend and borrow directly from one another. Intercontinental Exchange believes AFX expands ICE's fixed-income and data business and enhances interbank lending market capabilities. The deal also creates opportunities to develop new benchmark and data products, and supports recurring revenue growth from data and network services.
ICE does not typically fund acquisitions solely from cash reserves. Instead, it relies on its strong cash generation and investment-grade credit profile to raise debt, while occasionally issuing stock for part of the purchase price. This approach allowed ICE to complete transformative acquisitions such as Ellie Mae and Black Knight without overly straining its balance sheet.
Through acquisitions, ICE has built a broad financial infrastructure ecosystem that competes with companies such as Nasdaq, Inc. NDAQ, CME Group Inc. CME and Cboe Global Markets across multiple business lines.
What About Its Peers?
Nasdaq: Acquisitions have been a key pillar of Nasdaq's strategy to transform itself from a stock exchange operator into a diversified technology, data, analytics and financial infrastructure company. Through acquisitions, Nasdaq has expanded its presence in market technology, anti-financial-crime solutions, regulatory technology, index businesses and software services.
CME Group: Acquisitions have played a meaningful role in the evolution of CME Group, although the company has generally been more selective and less acquisition-driven than its peers. CME's acquisitions have primarily focused on expanding its derivatives product suite, market infrastructure and data capabilities.
ICE’s Price Performance
Shares of ICE have lost 20.5% in the past year, outperforming the industry.
Image Source: Zacks Investment Research
ICE’s Undervaluation
The stock is undervalued compared with its industry. It is currently trading at a price-to-earnings multiple of 16.81, lower than the industry average of 19.61.
Image Source: Zacks Investment Research
Estimate Movement for ICE
The Zacks Consensus Estimate for ICE’s second-quarter 2026 EPS has moved down 0.5% in the past 30 days. The same for full-year 2026 and 2027 EPS have both moved up 0.5% in the past 30 days.
The consensus estimate for ICE’s 2026 and 2027 EPS and revenues indicates year-over-year increase.
Image Source: Zacks Investment Research
ICE stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

ICE's Acquisition Strategy Drives Growth and Revenue Diversification

Shares of Intercontinental Exchange Inc. ICE have lost 13.1% over the past year compared with the Securities and Exchange industry’s decline of 8.4%. Its share price, as of Friday, was $152.97, down 19.2% from its 52-week high of $189.35.
Meanwhile, peers like CME Group Inc. CME, Global Markets, Inc. CBOE and Nasdaq, Inc. NDAQ have increased 2.6%, 54.3% and 11.3%, respectively. The S&P 500 Index has also gained 33% during this time.
1-Year Price Performance: ICE, CME, CBOE, NDAQ, Industry & S&P 500
Image Source: Zacks Investment Research
Average Target Price for ICE Suggests Upside
Based on short-term price targets offered by 16 analysts, the Zacks average price target is $200.63 per share. The average suggests a potential 31.2% upside from the last closing price.
Image Source: Zacks Investment Research
ICE’s Valuation
Intercontinental Exchange’s shares are trading at a discount compared with the industry. Intercontinental shares are trading at a forward price-to-earnings of 18.19X, lower than its five-year median of 21.74X and the industry average of 20.78X. Meanwhile, CME, Cboe Global and Nasdaq are trading at 23.32X, 26.38X and 22.47X, respectively.
Image Source: Zacks Investment Research
ICE’s Growth Projection Encourages
The Zacks Consensus Estimate for Intercontinental Exchange’s 2026 earnings per share indicates a year-over-year increase of 17.3%. The estimate for 2026 revenues is pegged at $10.94 billion, implying a year-over-year improvement of 10.1%.
The consensus estimate for 2027 earnings per share and revenues indicates an increase of 7.9% and 4.2%, respectively, from the corresponding 2026 estimates.
Factors Favoring ICE Stock
ICE’s top line is poised to improve on strength in global data services and index business, the ICE Global Network offering, as well as solid desktop, feeds, and derivatives analytics. The company has been achieving expense synergies from strategic acquisitions, which have strengthened its portfolio and expanded its presence. The Black Knight integration is also intended to improve the overall mix of recurring revenues over time, supporting durability as mortgage volumes cycle
ICE boasts the largest mortgage network across the United States and thus remains well-positioned to benefit from accelerated digitization in the residential mortgage industry.
Continued adoption of digital solutions, MSP mortgage servicing system revenues and default management revenues are expected to drive Mortgage Technology’s revenues. For 2026, the company expects total revenue growth in the Mortgage Technology in the low-to-mid single-digit range. The company continues to make strategic investments across the business for future profitable growth opportunities.
ICE’s Fixed Income and Data Services segment continues to expand through pricing, reference data, indices, and network technology. Performance was led by the CDS clearing business and elevated global macroeconomic volatility. For 2026, management anticipates recurring revenue growth in the mid single-digit range, with results expected to trend toward the higher end.
Intercontinental Exchange’s investment in Polymarket signals confidence in prediction markets as a high-growth, data-driven asset class, potentially unlocking new revenue streams. ICE’s new $600 million investment in Polymarket, could create synergies with its existing exchange and data businesses, enhancing its market intelligence offerings and expanding its addressable market.
ICE continuously engages in strategic investments supported by a healthy and minimal risk-based balance sheet, which offers stability and buoyancy over the medium to long term. Its dividend history is also impressive, with the company having more than doubled its dividends in the last six years.
Risks for ICE
Total operating expenses have increased over the last several years, reflecting higher compensation and benefits, technology and communication costs, and acquisition-related integration activity. ICE guided for the second quarter of 2026, adjusted operating expenses in the range of of $1.030 billion to $1.040 billion.
ICE faces competitive and regulatory challenges that could pressure pricing, increase compliance costs, and shift trading volumes, making future growth and profitability more unpredictable.
Conclusion
ICE is poised for growth, banking on the strength of its compelling portfolio and expansive risk-management services, which ensure revenue flow, as well as strategic buyouts, a solid balance sheet, and effective capital deployment. However, rising operating expenses and volatile industry trends raise concerns.
Nevertheless, favorable growth estimates, as well as cheaper valuations, are noteworthy. It is, therefore, wise to retain this Zacks Rank #3 (Hold) stock at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

ICE Stock Declines 13% in a Year: What Should Investors Do Now?

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares U.S. Broker-Dealers & Securities Exchanges ETF (Symbol: IAI) where we have detected an approximate $107.3 million dollar outflow -- that's a 7.1% decrease week over week (from 8,450,000 to 7,850,000). Among the largest underlying components of IAI, in trading today The Charles Schwab Corporation (Symbol: SCHW) is up about 0.4%, Coinbase Global Inc (Symbol: COIN) is up about 0.2%, and Intercontinental Exchange Inc (Symbol: ICE) is up by about 0.4%. For a complete list of holdings, visit the IAI Holdings page » The chart below shows the one year price performance of IAI, versus its 200 day moving average:
Looking at the chart above, IAI's low point in its 52 week range is $151.28 per share, with $191.62 as the 52 week high point — that compares with a last trade of $177.90. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
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Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

iShares U.S. Broker-Dealers & Securities Exchanges ETF Experiences Big Outflow

Nasdaq, Inc. NDAQ has been trading above its 50-day simple moving average (SMA), signaling a short-term bullish trend. Its share price, as of April 7, was $90.21, down 11.4% from its 52-week high of $101.79.
The 50-day SMA is a key indicator for traders and analysts to identify support and resistance levels. It is considered particularly important as this is the first marker of an uptrend or downtrend.
Image Source: Zacks Investment Research
NDAQ Is an Outperformer
Shares of Nasdaq have gained 11% in the past year against the industry's decline of 7.8%.
Image Source: Zacks Investment Research
NDAQ Shares Are Overvalued
Nasdaq shares are trading at a multiple higher than the Zacks Securities and Exchange industry. Its forward price-to-earnings of 22.38X is higher than the industry average of 20.9X.
Shares of Intercontinental Exchange Inc. ICE are trading at a discount to the industry average, while those of Cboe Global Markets, Inc. CBOE and CME Group Inc. CME are trading at a premium.
Projections for NDAQ
The Zacks Consensus Estimate for Nasdaq’s 2026 earnings per share indicates a year-over-year increase of 10.9%. The consensus estimate for revenues is pegged at $5.73 billion, implying a year-over-year improvement of 9.2%.
The consensus estimate for 2027 earnings per share and revenues indicates increases of 12% and 7.6%, respectively, from the corresponding 2026 estimates.
The long-term earnings growth is expected to be 12.7%, better than the industry average of 12.1%.
Optimist Analyst Sentiment on NDAQ
Eight of the 12 analysts covering the stock have raised estimates for 2026, while nine analysts have done the same for 2027 over the past 30 days. Thus, the Zacks Consensus Estimate for 2026 and 2027 earnings has moved up 1.3% and 1.2%, respectively, over the past 30 days.
Average Target Price for NDAQ Suggests Upside
Based on short-term price targets offered by 17 analysts, the Zacks average price target is $109.65 per share. The average suggests a 22.53% upside from the last closing price.
Image Source: Zacks Investment Research
Nasdaq’s Favorable Return on Capital
Return on equity in the trailing 12 months was 17.5%, better than the industry average of 16%. This highlights the company’s efficiency in utilizing shareholders’ funds.
Also, the return on invested capital (ROIC) has been increasing over the past few quarters, as the company has raised its capital investment over the same time frame, reflecting NDAQ’s efficiency in utilizing funds to generate income. ROIC in the trailing 12 months was 7.9%, better than the industry average of 6.6%.
Key Points to Note for NDAQ
Nasdaq’s organic growth has also been aided by its strategy of accelerating its non-trading revenue base, which includes Trading Services and Marketplace Technology businesses, Data & Listing Services, Index and Workflow & Insights businesses, and Anti-Financial Crime business, thereby infusing dynamism into its business profile.
Growth in non-trading segments was driven by higher Index revenues, demand for IR and ESG solutions, steady analytics solutions sales to asset managers and increasing recurring data revenues. Anti-Financial Crime revenues should continue to gain from solid demand for fraud detection and anti-money laundering solutions, as well as the SaaS-based surveillance solutions.
Nasdaq focuses on cross-selling multiple products to existing clients and integrating acquisitions to broaden its solutions portfolio, thereby increasing customer stickiness and revenue visibility.
Nasdaq has grown meaningfully over the years through a number of strategic expansions. These acquisitions have helped the company gain direct access to the Canadian equities market, expand its technology offering and improve its market surveillance techniques.
Nasdaq boasts a healthy balance sheet and cash position, along with a modest operating cash flow from its diverse business model. A healthy balance sheet ensures the distribution of wealth to shareholders in the form of dividend hikes and share repurchases.
Conclusion
Nasdaq is set to grow on impressive organic growth, an increasing on-trading revenue base and strategic buyouts to capitalize on market opportunities. The company’s focus on Market Technology and Information Services businesses helps explore vast opportunities through its developmental strategies.
NDAQ’s dividend story is impressive. Per its growth strategy, Nasdaq will bring the payout ratio of 35-38% by 2027 and resume share buybacks to offset dilution from the Adenza buyout.
Higher return on capital, favorable growth estimates and attractive valuations should continue to benefit NDAQ over the long term.
It is, therefore, wise to retain this Zacks Rank #3 (Hold) stock in your portfolio at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

NDAQ Stock Trades Above 50-Day SMA: What Should Investors Do Now?

For Immediate Release
Chicago, IL – May 7, 2026 – Today, Zacks Equity Research discusses S&P Global SPGI, CME Group CME, Intercontinental Exchange ICE, Nasdaq Inc. NDAQ and Cboe Global Markets CBOE.
Industry: Securities & Exchanges
Link: https://www.zacks.com/commentary/2915977/5-stocks-to-watch-from-the-prospering-securities-exchanges-industry
A compelling and diversified product portfolio helps drive the revenues of Zacks Securities and Exchanges industry players. A rise in trading volumes, product expansion through prudent acquisitions and the increased adoption of a greater number of crypto assets are expected to benefit S&P Global, CME Group, Intercontinental Exchange, Nasdaq Inc. and Cboe Global Markets. Increased focus on accelerating their non-trading revenue base, which comprises market technology, listing and information revenues, infuses dynamism in the business profile of the industry players. The industry is also witnessing increased retail trading. However, alterations in investment patterns and priorities and compliance with regulations pose challenges. With the increasing digitization of financial markets, cyber threats and data breaches continue to pose serious risks.
Mergers and acquisitions are gaining momentum across the industry, with companies leveraging strategic partnerships and acquisitions to fuel growth and innovation. These initiatives help unlock new markets, protect domestic market share, diversify product offerings and reinforce trading platforms. Deloitte observes that exchanges are increasingly embracing consolidation to adapt to rapidly changing technological, regulatory and competitive environments
About the Industry
The Zacks Securities and Exchanges industry comprises companies that operate electronic marketplaces, which facilitate the buying and selling of stocks, stock options and bonds or commodity contracts. They facilitate trading across a diverse range of products in multiple asset classes and geographies. The companies generate revenues from fees received from the listed companies on their exchanges.
They also provide a range of data and listing services to global financial and commodity markets, including pricing and reference data, exchange data, analytics, feeds, index services, investments, risk management, desktops, and connectivity solutions, as well as corporate and ETF listing services, on the cash equity exchanges. The industry is witnessing increased adoption of crypto assets. Yet, industry players have to comply with a number of regulations, resulting in challenges.
4 Trends Shaping the Future of the Securities and Exchanges Industry
Volatility Fueling Trading Volume: Industry revenues are largely generated through trade execution, securities and commodities clearing and settlement, listing services and trading infrastructure solutions. Rising market volatility often increases trading volumes, driving higher transaction and clearing fees. A favorable cryptocurrency environment, supported by lighter regulations and wider digital asset adoption, is further expected to enhance trading activity and fee generation.
Profitability depends on maximizing transaction-based revenues while maintaining cost efficiency. Industry participants are increasingly focusing on tokenization, converting traditional assets such as stocks, bonds, ETFs, and private equity into blockchain-based digital tokens. Growth in stablecoins and digital payment systems is also strengthening the integration of traditional finance with digital assets. Technavio projects the global securities exchanges market to reach $49.6 billion by 2028, expanding at a 12.1% CAGR.
Diversification Into Other Recurring Revenue Sources: Securities exchanges are increasingly focusing on recurring revenues to lower reliance on unpredictable trading-driven income. With market volumes often fluctuating, stable revenue streams from data services, listings, clearing, and technology platforms offer consistent cash flows and stronger earnings stability. These revenues also support growth by addressing rising demand for market data, compliance, ESG offerings and digital asset infrastructure.
The players are strengthening their presence in the evolving landscape and thereby enhancing scalability and margins. Increasing focus on accelerating the non-trading revenue base also infuses dynamism in the business profiles of the industry participants. In fact, exchanges are focusing on market data monetization and earning more from data feeds and analytics.
Mergers and Acquisitions: Mergers and acquisitions are gaining momentum across the industry, with companies leveraging strategic partnerships and acquisitions to fuel growth and innovation. These initiatives help unlock new markets, protect domestic market share, diversify product offerings and reinforce trading platforms. Deloitte observes that exchanges are increasingly embracing consolidation to adapt to rapidly changing technological, regulatory and competitive environments.
Continuous Investment in Technology, AI in particular: Industry players are intensifying technology investments to enhance competitiveness and adaptability. There is growing emphasis on creating strategic market models through advanced tools, especially AI, while continually upgrading products and services. Exchanges are increasingly leveraging AI and blockchain to strengthen efficiency and resilience.
Recent advancements use machine learning, automation and algorithms to improve trading accuracy, reduce cyber threats and limit human errors, thereby accelerating trading speed. Moreover, industry players are focusing on automating non-trading operations, which significantly contribute to revenue generation and support sustainable long-term growth.
Zacks Industry Rank Indicates Bright Prospects
The Zacks Securities and Exchanges industry is housed within the broader Zacks Finance sector. It carries a Zacks Industry Rank #23, which places it in the top 9% of the 243 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, reflects encouraging near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.
The industry’s positioning in the top 50% of the Zacks-ranked industries is a result of a positive earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts have been gaining confidence in this group’s earnings growth potential. Estimates for 2026 have increased 5.5% in a year.
Before we present a few securities and exchanges stocks worth considering for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.
Industry Underperforms Sector and S&P 500
The Zacks Securities and Exchanges industry has underperformed the broader Zacks Finance sector as well as the Zacks S&P 500 composite year to date. The industry has lost 7.3% against the broader sector’s increase of 1.2% and the Zacks S&P 500 composite’s rise of 6% in the said time frame.
Industry's Current Valuation
On the basis of trailing 12-month price-to-earnings (P/E), which is commonly used for valuing exchange stocks, the industry is currently trading at 21.14X compared with the S&P 500’s 21.73X and the sector’s 15.61X.
Over the last five years, the industry has traded as high as 29.62X, as low as 20.4X and at the median of 24.55X.
5 Securities and Exchanges Stocks to Keep an Eye On
We are presenting one Zacks Rank #1 (Strong Buy) stock and four Zacks Rank #3 (Hold) stocks from the Securities and Exchanges industry. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cboe Global Markets: Based in Chicago, IL, Cboe Global is one of the largest stock exchange operators by volume in the United States and globally for ETP trading. This Zacks Rank #1 stock is poised for growth, given its expanding product line across asset classes, broadening geographic reach and a diversifying business mix with recurring revenues and technology.
The Zacks Consensus Estimate for the company’s 2026 and 2027 EPS indicates a year-over-year increase of 17.5% and 4.9%, respectively. The expected long-term earnings growth rate is pegged at 15.6%, better than the industry average of 11.9%. The consensus mark for 2026 and 2027 earnings has moved 6.3% and 4.6% north, respectively, in the past 30 days. It came up with a four-quarter average earnings surprise of nearly 5.35%.
S&P Global: Headquartered in New York, this Zacks Rank #3 company is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. It remains well-positioned to gain from the growing demand for business information services. While buyouts help it innovate, increase differentiated content and develop products, continued service launches have been aiding the company's growth and enhancing its market reach.
The Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates an increase of 9.9% and 12.4% year over year, respectively. SPGI came up with a four-quarter average earnings surprise of 3.60%. The expected long-term earnings growth rate is pegged at 11.9%. The consensus mark for 2026 and 2027 earnings has moved 0.3% and 0.4% north, respectively, in the past 30 days.
Nasdaq: Headquartered in New York, Nasdaq is a leading provider of trading, clearing, marketplace technology, regulatory, securities listing, information, and public and private company services. Its strategy of accelerating its non-trading revenue base, successfully maximizing opportunities as a technology and analytics provider, growing core marketplace businesses and intensifying its focus on Market Technology and Information Services businesses should continue to drive this Zacks Rank #3 stock.
The Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates an increase of 10.9% and 12%, respectively, year over year. NDAQ came up with a four-quarter average earnings surprise of 4.93%. The expected long-term earnings growth rate is pegged at 12.7%, better than the industry average. The consensus mark for 2026 and 2027 earnings has moved 1% and 1.2% north, respectively, in the past 30 days.
CME Group: Headquartered in Chicago, IL, CME Group is the largest futures exchange in the world in terms of trading volume as well as notional value traded. Its efforts to expand future products in emerging markets, non-transaction-related opportunities, OTC offerings, cross-selling through alliances, global presence and liquidity should drive growth.
The Zacks Consensus Estimate for this Zacks Rank #3 company’s 2026 and 2027 EPS indicates a year-over-year increase of 9.5% and 4.1%, respectively. It came up with a four-quarter average earnings surprise of 1.01%. The expected long-term earnings growth rate is pegged at 6.7%. The consensus mark for 2026 and 2027 earnings has moved 1.8% and 1.2% north, respectively, in the past 30 days.
Intercontinental Exchange: This Atlanta, GA-based company is a leading global operator of regulated exchanges, clearing houses and listings venues and a provider of data services for commodity, financial, fixed-income and equity markets. Its compelling portfolio, expansive risk-management services, strategic buyouts and a solid balance sheet bode well. It is the second-largest global fixed-income provider. This Zacks Rank #3 company, with the largest mortgage network across the United States, remains well-positioned to benefit from accelerated digitization in the U.S. residential mortgage industry.
The Zacks Consensus Estimate for this Zacks Rank #3 company’s 2026 and 2027 EPS indicates a year-over-year increase of 17.4% and 7.3%, respectively. It came up with a four-quarter average earnings surprise of 3.44%. The expected long-term earnings growth rate is pegged at 12.4%. The consensus mark for 2026 and 2027 earnings has moved 4.7% and 1.7% north, respectively, in the past 30 days.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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Zacks Industry Outlook Highlights S&P Global, CME Group, Intercontinental Exchange, Nasdaq and Cboe Global Markets

Cboe Global Markets, Inc. CBOE reported first-quarter 2026 adjusted earnings of $3.70 per share, which beat the Zacks Consensus Estimate by 9.8%. The bottom line increased 48% year over year.
The quarterly results reflected solid performance in Derivatives Markets, Data Vantage, and Cash and Spot Markets.
Cboe Global Markets, Inc. Price, Consensus and EPS Surprise
Operational Details
Total adjusted revenues of CBOE Global were a record $728.9 million, up 29% year over year, as a result of increases across all net revenue captions. The top line beat the consensus mark by 5.9%.
Options revenues climbed 33% year over year to $467.6 million. The improvement was driven by an increase in net transaction and clearing fees, higher multi-listed options revenue per contract, growing Market data fees, and access and capacity fees.
Revenues of North American Equities totaled $111.2 million, up 18% year over year, reflecting higher net transaction and clearing fees, access and capacity fees, and market data fees.
Europe and Asia Pacific revenues increased 32% year over year to $84.9 million, reflecting growth in net transaction and clearing fees and non-transaction revenues.
Futures net revenues increased 8% year over year to $35.8 million, driven by an 11% increase in net transaction and clearing fees.
Global FX net revenues rose 38% year over year to $29.4 million due to higher net transaction and clearing fees.
Adjusted operating expenses were $200.9 million, which rose 4.4% year over year, driven by an increase in compensation and benefits, driven by an increase in accrued bonuses as a result of strong company performance, a rise in payroll benefits, and an increase in salaries primarily due to merit increases.
Adjusted operating income grew 41.6% year over year to $528 million.
Adjusted operating margin was 72.4%, which expanded 640 basis points (bps) year over year. Our estimate was 61.4%. Adjusted EBITDA margin of 74.7% expanded 680 bps year over year.
Financial Update
CBOE Global exited the first quarter of 2026 with cash and cash equivalents of $2.1 billion, which decreased 3.7% from the 2025-end level.
As of March 31, 2026, total assets of $8.7 billion rose 19% from the 2025-end figure. CBOE’s long-term debt was $793.9 million, which declined 45% from the 2025-end level. Total shareholders’ equity was $5.3 billion, up 4.6% from the figure as of Dec. 31, 2025.
Share Repurchase and Dividend Update
In the first quarter, Cboe Global paid out cash dividends worth $75.8 million or 72 cents per share, and bought back shares worth $45.1 million. As of March 31, 2026, CBOE had $569.4 million left under its current share repurchase authorization.
Execution of Strategic Realignment
Following a thorough strategic review and the adoption of a more rigorous financial and strategic framework in the second half of 2025, Cboe Global declared a realignment to increase focus and investment in the core businesses that drive earnings. CBOE reoriented the portfolio, wound down non–core initiatives, optimized resource allocation across the organization, and agreed to sell Cboe Canada and Cboe Australia.
Cboe Global declared to realign the organization to build better teams positioned to operate effectively in a rapidly evolving environment. Its earlier actions to sell, wind down, and optimize certain businesses, combined with the current strategic realignment, are expected to reduce the workforce by approximately 20%.
CBOE’s 2026 Guidance
Cboe Global expects Organic total net revenue growth to be in the low double-digit to mid-teens range, up from prior guidance of mid-single-digit.
CBOE expects Organic net revenue growth from Data Vantage to be in the low double-digit range, up from prior guidance of mid to high single-digit.
Adjusted operating expenses are projected to be in the range of $838 million to $853 million, down from $864 million to $879 million. This guidance incorporates roughly $20-$25 million of expected savings in 2026 as a result of the additional actions related to the strategic realignment. The guidance excludes the expected amortization of acquired intangible assets of $63 million.
Cboe Global reaffirms that depreciation and amortization expense is expected to be in the range of $56-$60 million, excluding the expected amortization of acquired intangible assets.
CBOE reaffirms the effective tax rate on adjusted earnings is expected to be in the range of 27.5% to 29.5%.
CBOE reaffirms that capital expenditures for 2026 are expected to be in the range of $73-$83 million.
Zacks Rank
CBOE currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Performance of Other Industry Players
Intercontinental Exchange Inc. ICE delivered adjusted earnings of $2.35 per share for the first quarter of 2026, beating the Zacks Consensus Estimate by 3.52%. The bottom line increased 37% year over year. ICE generated revenues, less transaction-based expenses, of $2.98 billion, up 20.4% from the year-ago quarter and ahead of the consensus mark by 3.25%.
Transaction revenues, net, surged 34% to $1.7 billion, reflecting strong activity across key markets. The Exchanges segment produced net revenues of $1.78 billion, up 30% year over year. Energy was the standout performer, with net revenues rising 46% to $814 million, while Financials climbed 65% to $256 million. Agriculture and Metals improved 26% to $81 million, and cash equities and equity options were up 3% to $123 million. Data and connectivity services also supported the mix, increasing 13% to $277 million.
Nasdaq, Inc. NDAQ posted non-GAAP earnings of 96 cents per share for the first quarter of fiscal 2026, up 22% from 79 cents a year ago. The figure beat the Zacks Consensus Estimate by 3.23%. Net revenues came in at $1.407 billion, up 13.7% year over year. Revenues topped the Zacks Consensus Estimate of $1.367 billion by 2.9%. The quarter was powered by double-digit growth across the company’s three divisions, alongside continued expansion in recurring revenues.
The Nasdaq stock market welcomed 176 new company listings in the first quarter of 2026, including 63 initial public offerings. The number of listed companies was 4,570 at the end of the quarter. Solutions revenues reached $1.082 billion, up 14% on both a reported and organic basis, showing that demand remained solid across Nasdaq’s higher-value, recurring businesses. Within Capital Access Platforms, revenues rose to $565 million, supported by gains across Data and Listing Services, Index and Workflow and Insights.
CME Group Inc. CME delivered first-quarter 2026 adjusted earnings per share of $3.36, up 20% from the year-ago quarter’s $2.80. The bottom line was just shy of the Zacks Consensus Estimate of $3.37, a miss of 0.3%. Revenues rose 14% year over year to $1.9 billion but missed the consensus mark of $1.914 billion by 1.8%. The quarter’s standout driver was heavier client activity, with average daily volume (ADV) reaching 36.2 million contracts, up 22% from first-quarter 2025.
CME’s revenue growth was led by clearing and transaction fees, which climbed to $1,542.6 million in the first quarter of 2026 from $1,337.3 million a year ago. CME Group also posted solid growth in market data and information services, with revenues rising to $224.1 million from $194.5 million in the year-ago period.
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Cboe Global Beats Q1 Earnings Estimates, Raises Revenue Guidance

Intercontinental Exchange ICE delivered adjusted earnings of $2.35 per share for the first quarter of 2026, beating the Zacks Consensus Estimate by 3.52%. The bottom line increased 37% year over year.
ICE generated revenues, less transaction-based expenses, of $2.98 billion, up 20.4% from the year-ago quarter and ahead of the consensus mark by 3.25%. Transaction revenues, net, surged 34% to $1.7 billion, reflecting strong activity across key markets.
Shares gained 1.5% in the pre-market trading session to reflect the outperformance.
Intercontinental Exchange Inc. Price, Consensus and EPS Surprise
ICE Exchange Revenues Rise on Energy and Financials Strength
The Exchanges segment produced net revenues of $1.78 billion, up 30% year over year. Energy was the standout performer, with net revenues rising 46% to $814 million, while Financials climbed 65% to $256 million.
Ags and Metals improved 26% to $81 million, and cash equities and equity options were up 3% to $123 million. Data and connectivity services also supported the mix, increasing 13% to $277 million. Listings improved 5% to $128 million. Segment operating income reached $1.4 billion, translating into a 79% operating margin.
Intercontinental Exchange’s Fixed Income and Data Grows
Fixed income and data services revenues increased 10% from the prior-year quarter to $657 million. Fixed Income Data and Analytics rose 8% to $322 million. Data and Network Technology advanced 12% to $192 million.
CDS Clearing revenues grew 19% to $112 million, underscoring continued demand for clearing services, while Fixed Income Execution was steady at $31 million. Segment operating income was $275 million, with the operating margin at 42%. On an adjusted basis, operating income improved to $311 million.
ICE Mortgage Technology Revenues Up, GAAP Loss Persists
Mortgage technology revenues grew 6% year over year to $539 million, driven by Origination Technology, which increased 10% to $192 million. Closing Solutions rose 20% to $57 million, while Servicing Software was essentially flat at $222 million.
The segment posted an operating loss of $13 million as operating expenses totaled $552 million. However, adjusted operating income was $212 million, reflecting a 39% adjusted operating margin and highlighting the gap between GAAP results and ICE’s non-GAAP presentation for this business.
Intercontinental Exchange Lifts Margins Despite Costs Rise
Consolidated operating income climbed 36% year over year to a record $1.665 billion while adjusted operating income increased 287% to $1.9 billion. The operating margin was 56%. Adjusted operating margin expanded to 65% (up 500 basis points).
Total operating expenses increased 4.8% to $1.312 billion, reflecting higher compensation and benefits, technology and communication costs, and selling, general and administrative expenses. Adjusted operating expense increased 7.4% to $1 billion.
ICE Updates 2026 Expense Guidance
For full-year 2026, ICE expects GAAP operating expenses in the range of $5.095 billion to $5.145 billion. Adjusted operating expenses are projected between $4.145 billion and $4.195 billion.
For the second quarter of 2026, GAAP operating expenses are expected to be between $1.28 billion and $1.29 billion, while adjusted operating expenses are forecast in the range of $1.03 billion to $1.04 billion. ICE also sees second-quarter GAAP non-operating expense of $160 million to $165 million and adjusted non-operating expense of $180 million to $185 million, with outstanding share count expected between 565 million and 571 million weighted average shares.
Intercontinental Exchange Cash Flow, Capital Deployment
Operating cash flow was $1.326 billion in the first quarter, and adjusted free cash flow totaled $1.150 billion, up from $833 million a year ago. Capital expenditures were $64 million, and capitalized software development costs were $112 million.
The company returned $848 million to stockholders through March 31, 2026, including $551 million of share repurchases and $297 million in dividends. Intercontinental Exchange ended the quarter with $863 million of unrestricted cash and total debt of $20.4 billion, translating into debt-to-adjusted EBITDA of 2.9x.
Zacks Rank
ICE Group currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Players
CME Group CME delivered first-quarter 2026 adjusted earnings per share of $3.36, up 20% from the year-ago quarter’s $2.80. The bottom line was just shy of the Zacks Consensus Estimate of $3.37, a miss of 0.3%.
Revenues rose 14% year over year to $1.9 billion but missed the consensus mark of $1.914 billion by 1.8%. The quarter’s standout driver was heavier client activity, with average daily volume (ADV) reaching 36.2 million contracts, up 22% from first-quarter 2025.
Nasdaq NDAQ posted non-GAAP earnings of 96 cents per share for the first quarter of fiscal 2026, up 22% from 79 cents a year ago. The figure beat the Zacks Consensus Estimate by 3.23%.
Net revenues came in at $1.407 billion, up 13.7% year over year. Revenues topped the Zacks Consensus Estimate of $1.367 billion by 2.9%. The quarter was powered by double-digit growth across the company’s three divisions, alongside continued expansion in recurring revenues.
The Nasdaq stock market welcomed 176 new company listings in the first quarter of 2026, including 63 initial public offerings. The number of listed companies was 4,570 at the end of the quarter. Nasdaq updated its second-quarter non-GAAP operating expense outlook to a range of $2.485 billion to $2.545 billion.
Upcoming Release
Cboe Global Markets, Inc. CBOE is set to release first-quarter 2026 earnings on May 1. The Zacks Consensus Estimate for first-quarter earnings per share is pegged at $3.19, indicating an increase of 27.6% from the year-ago reported figure.
CBOE delivered an earnings surprise in each of the last four reported quarters.
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Intercontinental Q1 Earnings and Revenues Beat Estimates, Rise Y/Y

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ICE Q1 2026 Earnings Call Transcript

The Board of Directors of Hershey today announced quarterly dividends of $1.452 on the Common Stock and $1.320 on the Class B Common Stock. The dividends were declared April 29, 2026, and are payable June 15, 2026, to stockholders of record as of May 15, 2026. It is the 385th consecutive regular dividend on the Common Stock and the 166th consecutive regular dividend on the Class B Common Stock.
ConocoPhillips declared a second-quarter ordinary dividend of $0.84 per share, payable June 1, 2026, to stockholders of record at the close of business on May 11, 2026.
Corning's Board of Directors today declared a quarterly dividend of $0.28 per share. The dividend will be payable on June 29, 2026, to shareholders of record on May 29, 2026.
EBAY declared a second quarter 2026 cash dividend of $0.31 per share of the company's common stock. The dividend is payable on June 12, 2026 to stockholders of record as of May 29, 2026.
Intercontinental Exchange, one of the world's leading providers of financial market technology and data powering global capital markets, announced today a $0.52 per share dividend for the second quarter of 2026, which is up 8% from the $0.48 per share dividend paid in the second quarter of 2025. The cash dividend is payable on June 30, 2026 to stockholders of record as of June 15, 2026. The ex-dividend date is June 15, 2026.
VIDEO: Daily Dividend Report: HSY,COP,GLW,EBAY,ICE
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Intercontinental Exchange Inc.

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