Intercontinental Exchange, Inc. (ICE)
Intercontinental Exchange operates the New York Stock Exchange and other markets plus mortgage and data services.
ICE vs RJF: how the two businesses compare
- Bigger business: RJF, with $15.9B of yearly revenue, about 1.3× ICE's $12.6B.
- More profitable: ICE keeps 26 cents of each sales dollar as profit, against 13 cents at RJF.
- More cash from each sale: ICE turns 37 cents of each sales dollar into operating cash flow, against 15 cents at RJF.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Raymond James Financial (RJF) is the larger business by reported revenue: $15.9B in its fiscal year ended Sep 2025, about 1.3× ICE's $12.6B (fiscal year ended Dec 2025). ICE's net margin was 26.2% and RJF's 13.4%. The SEC places them in related industries (Security & Commodity Brokers, Dealers, Exchanges & Services; Security Brokers, Dealers & Flotation Companies), and both map to the Rates & central banks research theme.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Financials
- Different
- Separate classifications
- Different
- ICE December 31 · RJF September 30
- Feb 5, 2026
ICE vs RJF: quick comparison
| Company fact | ICE | RJF |
|---|---|---|
| Company | Intercontinental Exchange, Inc. | Raymond James Financial, Inc. |
| Exchange | NYSE | NYSE |
| SEC industry | Security & Commodity Brokers, Dealers, Exchanges & Services | Security Brokers, Dealers & Flotation Companies |
| Fiscal year-end | December 31 | September 30 |
| Latest annual filing | 10-K · 2026-02-05 | 10-K · 2025-11-25 |
ICE vs RJF: audited financials
- Scale: RJF's $15.9B of revenue is about 1.3× ICE's $12.6B.
- Net margin: ICE kept 26.2% of revenue as net income versus 13.4% at RJF.
- Cash flow: operating cash flow is left out of this reading because lending, deposit, and trading balances run through it at banks, brokers, and insurers, so it does not measure earnings quality the way it does for an operating company.
- Periods: the fiscal years end about 3 months apart (2025-12-31 for ICE, 2025-09-30 for RJF), so each figure reflects somewhat different demand and cost conditions.
| Metric | ICE | RJF |
|---|---|---|
| Revenue | $12.6B2025-01-01 to 2025-12-31 · SEC filing | $15.9B2024-10-01 to 2025-09-30 · SEC filing |
| Net income | $3.3B2025-01-01 to 2025-12-31 · SEC filing | $2.1B2024-10-01 to 2025-09-30 · SEC filing |
| Operating cash flow | $4.7B2025-01-01 to 2025-12-31 · SEC filing | $2.4B2024-10-01 to 2025-09-30 · SEC filing |
| Diluted EPS | $5.772025-01-01 to 2025-12-31 · SEC filing | $10.302024-10-01 to 2025-09-30 · SEC filing |
| Net margin | 26.2%2025-01-01 to 2025-12-31 · SEC filing | 13.4%2024-10-01 to 2025-09-30 · SEC filing |
ICE: FY ending 2025-12-31 · RJF: FY ending 2025-09-30. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where ICE and RJF overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 62.
- Shared research theme: Rates & central banks.
Differences
- Different four-digit SIC codes: ICE is 6200 (Security & Commodity Brokers, Dealers, Exchanges & Services); RJF is 6211 (Security Brokers, Dealers & Flotation Companies).
- Offset fiscal calendars: ICE's year ends December 31 and RJF's September 30, about 3 months apart.
- Profitability: net margin of 26.2% for ICE versus 13.4% for RJF.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Raymond James Financial, Inc. (RJF)
Raymond James provides wealth management, investment banking, and brokerage services.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves ICE
We have not yet published a company-specific driver list for ICE. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-05.
What moves RJF
We have not yet published a company-specific driver list for RJF. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2025-11-25.
The investment question
You now know RJF reports about 1.3× ICE's revenue, and ICE keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to rates & central banks, and which evidence in the next filings would prove that assumption wrong.
Members-only research
What members are reading this month
- Issue 07: The Vote That Knocked Almost a Quarter off Data Center Stocks
Texas has frozen new data center approvals since the summer. The vote extends that freeze, but it cannot unplug campuses that already have power. We map who is exposed, test whether the sell-off overshot and say where the real risk sits.
- Citadel bought the AI fire sale. The seller had run out of time.
Up 439% in the first half, down about 67% in July: how an AI hedge fund ended up selling a roughly $16 billion stock book to Citadel at a discount.
The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. ICE's fiscal year ends December 31, while RJF's ends September 30. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 13 matched transaction rows for ICE and 1 matched transaction row for RJF. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
ICE primary filings
RJF primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving ICE or RJF
ICE vs RJF FAQs
Are ICE and RJF direct competitors?
Not necessarily. Intercontinental Exchange files as Security & Commodity Brokers, Dealers, Exchanges & Services and Raymond James Financial as Security Brokers, Dealers & Flotation Companies. The pair is compared because both map to the Rates & central banks research theme, not because the filings show head-to-head competition.
Is ICE or RJF the bigger company by revenue?
Raymond James Financial (RJF) is the larger business by reported revenue: $15.9B in its fiscal year ended Sep 2025, about 1.3× ICE's $12.6B (fiscal year ended Dec 2025). ICE's net margin was 26.2% and RJF's 13.4%. The SEC places them in related industries (Security & Commodity Brokers, Dealers, Exchanges & Services; Security Brokers, Dealers & Flotation Companies), and both map to the Rates & central banks research theme. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, ICE or RJF?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this ICE vs RJF comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Intercontinental Exchange, Inc. and Raymond James Financial, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
ICE vs RJF compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
Members-only research
$39/mo or $249/yr · cancel future renewals anytime · sources included