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StoneX Group vs Intercontinental Exchange: SNEX and ICE compared
StoneX Group is the larger company: $40.2B of revenue in its latest quarter (Q3 FY26) against $3.6B for Intercontinental Exchange (Q3 2026). Intercontinental Exchange is growing faster (+21% against +15% a year earlier). Intercontinental Exchange is more profitable, with an operating margin of 38.8% against 0.4%.
Where the money goes: SNEX and ICE
StoneX Group (SNEX) · Q3 FY26
StoneX Group, Q3 FY26: revenue $40.2B (+15% year over year), operating margin 0.4%, net earnings $128M, operating cash flow −$1.2B. The chart follows the revenue to costs, profit and cash.
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.
| StoneX Group (SNEX) | Intercontinental Exchange (ICE) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q3 2026 |
| Revenue | $40.2B | $3.6B |
| Revenue growth, Y/Y | +15% | +21% |
| Gross margin | 3.7% | — |
| Operating margin | 0.4% | 38.8% |
| Net earnings | $128M | $940M |
| Net margin | 0.3% | 25.9% |
| Operating cash flow | −$1.2B | $1.2B |
| Free cash flow | — | $1.1B |
| Market value | $6.7B | $98.0B |
| P/E | 12.7× | 23.7× |
| Analysts’ mean target | $66.00 | $192.20 |
Where the revenue comes from
StoneX Group
- Sales of physical commodities: $38.8B (96%)
- Interest income: $616M (2%)
- Principal gains, net: $405M (1%)
- Total sales-based commission: $232M (1%)
Intercontinental Exchange
- Exchanges: $2.4B (66%)
- Mortgage technology: $549M (15%)
- Fixed income data and analytics: $336M (9%)
- Listings: $130M (4%)
Questions
Which is bigger, StoneX Group or Intercontinental Exchange?
StoneX Group is the larger company: $40.2B of revenue in its latest quarter (Q3 FY26) against $3.6B for Intercontinental Exchange (Q3 2026).
Is StoneX Group or Intercontinental Exchange growing faster?
Intercontinental Exchange is growing faster (+21% against +15% a year earlier).
Which is more profitable, StoneX Group or Intercontinental Exchange?
Intercontinental Exchange is more profitable, with an operating margin of 38.8% against 0.4%.
More: StoneX Group earnings · how StoneX Group makes money · Intercontinental Exchange earnings · how Intercontinental Exchange makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 5, 2026; 10-Q filed Oct 29, 2026). Fiscal quarters can end on different dates. Not investment advice.