Intercontinental Exchange, Inc. (ICE)
Intercontinental Exchange operates the New York Stock Exchange and other markets plus mortgage and data services.
ICE vs SCHW: how the two businesses compare
- Bigger business: SCHW, with $23.9B of yearly revenue, about 1.9× ICE's $12.6B.
- More cash from each sale: SCHW turns 39 cents of each sales dollar into operating cash flow, against 37 cents at ICE.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Charles Schwab (SCHW) is the larger business by reported revenue: $23.9B in its fiscal year ended Dec 2025, about 1.9× ICE's $12.6B (fiscal year ended Dec 2025). 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
- December 31
- Same calendar
- Feb 25, 2026
ICE vs SCHW: quick comparison
| Company fact | ICE | SCHW |
|---|---|---|
| Company | Intercontinental Exchange, Inc. | The Charles Schwab Corporation |
| Exchange | NYSE | NYSE |
| Headquarters | — | Westlake, Texas |
| Founded | — | 1971 |
| SEC industry | Security & Commodity Brokers, Dealers, Exchanges & Services | Security Brokers, Dealers & Flotation Companies |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-05 | 10-K · 2026-02-25 |
ICE vs SCHW: audited financials
- Scale: SCHW's $23.9B of revenue is about 1.9× ICE's $12.6B.
- 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: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | ICE | SCHW |
|---|---|---|
| Revenue | $12.6B2025-01-01 to 2025-12-31 · SEC filing | $23.9B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $3.3B2025-01-01 to 2025-12-31 · SEC filing | — |
| Operating cash flow | $4.7B2025-01-01 to 2025-12-31 · SEC filing | $9.3B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $5.772025-01-01 to 2025-12-31 · SEC filing | $4.652025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 26.2%2025-01-01 to 2025-12-31 · SEC filing | — |
ICE: FY ending 2025-12-31 · SCHW: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where ICE and SCHW overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 62.
- Shared research theme: Rates & central banks.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different four-digit SIC codes: ICE is 6200 (Security & Commodity Brokers, Dealers, Exchanges & Services); SCHW is 6211 (Security Brokers, Dealers & Flotation Companies).
- Scale: SCHW reported about 1.9× the annual revenue of ICE.
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.
The Charles Schwab Corporation (SCHW)
Charles Schwab is a leading brokerage and wealth-management firm serving individual investors and advisors. Its earnings blend trading and advisory fees with interest income earned on client cash.
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 SCHW
We have not yet published a company-specific driver list for SCHW. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-25.
The investment question
You now know SCHW reports about 1.9× ICE's revenue. 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.
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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. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 13 matched transaction rows for ICE and 19 matched transaction rows for SCHW. 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
SCHW 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 SCHW
ICE vs SCHW FAQs
Are ICE and SCHW direct competitors?
Not necessarily. Intercontinental Exchange files as Security & Commodity Brokers, Dealers, Exchanges & Services and Charles Schwab 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 SCHW the bigger company by revenue?
Charles Schwab (SCHW) is the larger business by reported revenue: $23.9B in its fiscal year ended Dec 2025, about 1.9× ICE's $12.6B (fiscal year ended Dec 2025). 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 SCHW?
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 SCHW 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 The Charles Schwab Corporation 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 SCHW 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.
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