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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We are appreciative of our long partnership with such a story institution as the New York Stock Exchange.”
Walmart is leaving the NYSE (owned by Intercontinental Exchange) for Nasdaq, meaning ICE loses a high-profile listing.
“when we look at some of the institutional products offered at CME and ICE, we tend to see very, very large notional amounts and larger, you know, fees per contract, but less relative to the size to the notional amount of exposure.”
An analyst benchmarks IBKR's institutional prediction-market opportunity against the large-notional institutional products at ICE, framing ICE as a reference exchange.
“our WTI share relative to ICE in Q1 was about static, that 73%, paced to be unchanged from last year. Henry Hub about the same in future, 77, 78%. We did see our share actually grow in WTI options relative to ICE to 91%, and we saw an increase in Henry Hub option share up to 71% from 66%.”
CME details competitive share gains against ICE in WTI and Henry Hub options, framing itself as taking share from its energy-benchmark rival.
“This looks like a reaction to the BlackRock Citadel back Texas Stock Exchange and a similar announcement from ICE, which I think already went live three weeks ago.”
An analyst frames Nasdaq's new Dallas regional headquarters as a response to competitive moves in Texas, noting ICE already opened a similar Texas presence roughly three weeks earlier.
“we entered into a partnership with Intercontinental Exchange to develop new data and analytics products for the financial industry.”
ICE partnered with Reddit to build data and analytics products for financial customers from Reddit conversations, opening a new content-licensing vertical for ICE.
“Last month, United Wholesale Mortgage went live on MSP, approximately nine months after signing.”
United Wholesale Mortgage went live on ICE's MSP servicing platform about nine months after signing, cited as a rapid implementation. Read-through is a major mortgage lender adopting ICE mortgage technology.
“such as our recent announcements with BNY and Citi to accept tokenized collateral”
ICE announced arrangements with BNY and Citi to accept tokenized collateral as part of its settlement/tokenization initiatives. Read-through is Citi participating in tokenized-collateral infrastructure.
“such as our recent announcements with BNY and Citi to accept tokenized collateral”
ICE announced arrangements with BNY and Citi to accept tokenized collateral as part of its settlement/tokenization initiatives. Read-through is BNY participating in tokenized-collateral infrastructure.
“following our investment and distribution partnership with Polymarket.”
ICE references an investment and distribution partnership with Polymarket in the context of its tokenized-securities and markets strategy. Read-through is ICE backing and distributing Polymarket.
“We continue to expand our differentiated offering through new data partnerships, including our recent deal with Reddit.”
ICE struck a data partnership with Reddit to offer real-time signals and sentiment scores integrated into its datasets. Read-through is Reddit monetizing its data via an ICE distribution partnership.
“we also welcomed several transfers, including Virtu, Etsy, and the largest transfer in NYSE history, AstraZeneca, who officially transferred to the NYSE this week.”
AstraZeneca transferred its listing to the NYSE, described as the largest listing transfer in NYSE history. Read-through is a marquee listings win for ICE's NYSE franchise.
“annualized expense synergies from our 2023 Black Knight acquisition exited the year at an annualized rate of approximately $230 million, exceeding the updated $200 million target that we set early last year.”
ICE reports its 2023 Black Knight acquisition delivered ~$230M annualized expense synergies, above the $200M target. Read-through is continued successful integration of the acquired mortgage-tech business.
“we're utilizing AI with our new sentiment indicator data sets including Reddit, Dow Jones and [indiscernible] Polymarket, with Google and Meta AI models helping to process these data sets and identify patterns.”
ICE is licensing Dow Jones (News Corp) data as an input to new AI-processed sentiment-indicator data products.
“we're utilizing AI with our new sentiment indicator data sets including Reddit, Dow Jones and [indiscernible] Polymarket, with Google and Meta AI models helping to process these data sets and identify patterns.”
ICE is licensing Reddit data as an input to new AI-processed sentiment-indicator data products.
“using AI models that we thoroughly test for fit-for-purpose and high probabilistic outcomes from Google, Meta, Amazon and several other AI models, achieving over 95% accuracy in extracting reference data from fixed income prospectus.”
ICE uses Amazon's AI models in production reference-data extraction, achieving over 95% accuracy on fixed income prospectuses.
“using AI models that we thoroughly test for fit-for-purpose and high probabilistic outcomes from Google, Meta, Amazon and several other AI models, achieving over 95% accuracy in extracting reference data from fixed income prospectus.”
ICE uses Meta's AI models in production reference-data extraction, achieving over 95% accuracy on fixed income prospectuses.
“using AI models that we thoroughly test for fit-for-purpose and high probabilistic outcomes from Google, Meta, Amazon and several other AI models, achieving over 95% accuracy in extracting reference data from fixed income prospectus.”
ICE uses Google's AI models in production reference-data extraction, achieving over 95% accuracy on fixed income prospectuses.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Dan Fannon | Jefferies | 6 (0%) |
| Ken Worthington | JPMorgan | 6 (0%) |
| Ben Budish | Barclays | 5 (0%) |
| Alex Blostein | Goldman Sachs | 5 (0%) |
| Patrick Moley | Piper Sandler | 4 (0%) |
| Simon Clinch | Redburn Atlantic | 3 (0%) |
| Chris Allen | KBW | 3 (33%) |
| Kyle Voigt | KBW | 3 (0%) |
| Craig Siegenthaler | Bank of America | 3 (0%) |
| Alex Kramm | UBS | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 | 6 (0%) |
| Jefferies | 1 | 6 (0%) |
| KBW | 2 | 6 (17%) |
| Goldman Sachs | 1 |
| Barclays | 1 | 5 (0%) |
| Piper Sandler | 1 | 4 (0%) |
| RBC Capital Markets | 2 | 4 (0%) |
| UBS | 1 | 3 (0%) |
ICE closed its 20th consecutive year of revenue growth with Q4 net revenues of $2.5 billion, up 7%, and adjusted EPS of $1.71 growing 13% as Black Knight synergies were raised again to $275 million. The energy complex delivered a 13th consecutive record year, and mortgage technology showed inflection signs. Management introduced FY2026 guidance with IMT revenues at low-to-mid single-digit growth and exchange recurring at mid single digits.
Demand | Revenue Growth | Competitive Dynamics | Innovation & R&D | M&A | Guidance Reliability | Cloud & AI | Subscriber Growth | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 4 | 2 | 1 | 2 | 1 | 1 | |
| 2025Q1 | 7 | 4 | 3 | 1 | 1 | 1 | 1 | |
| 2025Q2 | 3 | 2 | 1 | 2 | 2 | 1 | 1 | 1 |
| 2025Q3 | 2 | 1 | 2 | 3 | 1 | 1 | 2 | |
| 2025Q4 | 4 | 2 | 3 | 2 | 2 | 1 | ||
| 2026Q1 | 2 | 2 | 2 | 1 | 1 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 4 | 7 | 3 | 2 | 4 | 2 |
| Revenue Growth | 4 | 4 | 2 | 1 | 2 | 2 |
| Competitive Dynamics | 2 | 3 | 1 | 2 | 3 | 2 |
| Innovation & R&D | 1 | 1 | 2 | 3 | 2 | 1 |
| M&A | 2 | 1 | 2 | 1 | 1 | |
| Guidance Reliability | 1 | 1 | 1 | 1 | 2 | |
| Cloud & AI | 1 | 2 | 1 | 1 | ||
| Subscriber Growth | 1 | 1 | 1 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ICE Intercontinental Exchange | 9 | +13.5% | |
| CBOE Cboe Global Markets | 10 | +6.5% | |
| CME CME Group | 7 | +14.5% | |
| COIN Coinbase Global | 1 | -30.5% | |
| FDS FactSet | 5 | +6.4% | |
| MCO Moody's Corporation | 7 | +8.1% | |
| MSCI MSCI | 8 | +14.1% | |
| NDAQ Nasdaq, Inc. | 8 | +2.3% | |
| SPGI S&P Global | 8 | +10.4% |