Filing Flows › Comparisons › ICE vs NDAQ
Intercontinental Exchange vs Nasdaq: ICE and NDAQ compared
Intercontinental Exchange is the larger company: $3.6B of revenue in its latest quarter (Q3 2026) against $2.4B for Nasdaq (Q3 2026). Nasdaq is growing faster (+21% against +21% a year earlier). Intercontinental Exchange is more profitable, with an operating margin of 38.8% against 30.6%.
Where the money goes: ICE and NDAQ
Intercontinental Exchange (ICE) · Q3 2026
Intercontinental Exchange, Q3 2026: revenue $3.6B (+21% year over year), operating margin 38.8%, net earnings $940M, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.
Nasdaq (NDAQ) · Q3 2026
Nasdaq, Q3 2026: revenue $2.4B (+21% year over year), operating margin 30.6%, net earnings $539M, operating cash flow $521M. The chart follows the revenue to costs, profit and cash.
| Intercontinental Exchange (ICE) | Nasdaq (NDAQ) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $3.6B | $2.4B |
| Revenue growth, Y/Y | +21% | +21% |
| Gross margin | — | 61.9% |
| Operating margin | 38.8% | 30.6% |
| Net earnings | $940M | $539M |
| Net margin | 25.9% | 22.5% |
| Operating cash flow | $1.2B | $521M |
| Free cash flow | $1.1B | $459M |
| Market value | $98.0B | $60.4B |
| P/E | 23.7× | 29.3× |
| Analysts’ mean target | $192.20 | $115.38 |
Where the revenue comes from
Intercontinental Exchange
- Exchanges: $2.4B (66%)
- Mortgage technology: $549M (15%)
- Fixed income data and analytics: $336M (9%)
- Listings: $130M (4%)
Questions
Which is bigger, Intercontinental Exchange or Nasdaq?
Intercontinental Exchange is the larger company: $3.6B of revenue in its latest quarter (Q3 2026) against $2.4B for Nasdaq (Q3 2026).
Is Intercontinental Exchange or Nasdaq growing faster?
Nasdaq is growing faster (+21% against +21% a year earlier).
Which is more profitable, Intercontinental Exchange or Nasdaq?
Intercontinental Exchange is more profitable, with an operating margin of 38.8% against 30.6%.
More: Intercontinental Exchange earnings · how Intercontinental Exchange makes money · Nasdaq earnings · how Nasdaq makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Oct 22, 2026). Fiscal quarters can end on different dates. Not investment advice.