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Side-by-side financial comparison of Intercontinental Exchange (ICE) and Liberty Global Ltd. (LBTYA). Click either name above to swap in a different company.
Intercontinental Exchange is the larger business by last-quarter revenue ($3.7B vs $2.4B, roughly 1.5× Liberty Global Ltd.). Intercontinental Exchange runs the higher net margin — 39.1% vs 15.0%, a 24.1% gap on every dollar of revenue. On growth, Intercontinental Exchange posted the faster year-over-year revenue change (13.5% vs -3.6%). Over the past eight quarters, Liberty Global Ltd.'s revenue compounded faster (12.9% CAGR vs 12.5%).
Intercontinental Exchange, Inc. (ICE) is an American multinational financial services company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the Fortune 500, S&P 500, and Russell 1000, the company owns exchanges for financial and commodity markets, and operates 12 regulated exchanges and marketplaces. This includes ICE futures exchanges in the United States, Canada, and Europe; the Liffe future...
Liberty Global Ltd. is a British-Dutch-American multinational telecommunications company domiciled in Bermuda, with headquarters in London, Amsterdam and Denver. Its respective legal names are Liberty Global Holdings Limited (UK), Liberty Global B.V. (Netherlands) and Liberty Global, Inc., with the first of these being publicly traded. It was formed in 2005 by the merger of the international arm of Liberty Media and UnitedGlobalCom (UGC).
ICE vs LBTYA — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.7B | $2.4B |
| Net Profit | $1.4B | $358.2M |
| Gross Margin | — | — |
| Operating Margin | 45.4% | 1.0% |
| Net Margin | 39.1% | 15.0% |
| Revenue YoY | 13.5% | -3.6% |
| Net Profit YoY | 76.4% | 127.1% |
| EPS (diluted) | $2.48 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $3.7B | $2.4B | ||
| Q4 25 | $3.1B | $1.2B | ||
| Q3 25 | $3.0B | $1.2B | ||
| Q2 25 | $3.3B | $1.3B | ||
| Q1 25 | $3.2B | $1.2B | ||
| Q4 24 | $3.0B | $-1.4B | ||
| Q3 24 | $3.0B | $1.9B | ||
| Q2 24 | $2.9B | $1.9B |
| Q1 26 | $1.4B | $358.2M | ||
| Q4 25 | $851.0M | $-2.9B | ||
| Q3 25 | $816.0M | $-90.7M | ||
| Q2 25 | $851.0M | $-2.8B | ||
| Q1 25 | $797.0M | $-1.3B | ||
| Q4 24 | $698.0M | $2.2B | ||
| Q3 24 | $657.0M | $-1.4B | ||
| Q2 24 | $632.0M | $268.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 66.8% | ||
| Q3 25 | — | 67.5% | ||
| Q2 25 | — | 63.3% | ||
| Q1 25 | — | 65.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 69.4% | ||
| Q2 24 | — | 68.5% |
| Q1 26 | 45.4% | 1.0% | ||
| Q4 25 | 39.4% | -8.6% | ||
| Q3 25 | 39.0% | -0.7% | ||
| Q2 25 | 39.8% | 2.3% | ||
| Q1 25 | 37.8% | 5.2% | ||
| Q4 24 | 35.5% | — | ||
| Q3 24 | 36.4% | 5.2% | ||
| Q2 24 | 36.8% | 1.0% |
| Q1 26 | 39.1% | 15.0% | ||
| Q4 25 | 27.1% | -237.0% | ||
| Q3 25 | 27.1% | -7.5% | ||
| Q2 25 | 26.1% | -220.1% | ||
| Q1 25 | 24.7% | -114.2% | ||
| Q4 24 | 23.0% | -158.9% | ||
| Q3 24 | 21.7% | -74.1% | ||
| Q2 24 | 21.8% | 14.3% |
| Q1 26 | $2.48 | — | ||
| Q4 25 | $1.49 | $-8.66 | ||
| Q3 25 | $1.42 | $-0.27 | ||
| Q2 25 | $1.48 | $-8.09 | ||
| Q1 25 | $1.38 | $-3.84 | ||
| Q4 24 | $1.21 | $6.15 | ||
| Q3 24 | $1.14 | $-3.95 | ||
| Q2 24 | $1.10 | $0.71 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $863.0M | $-387.3M |
| Total DebtLower is stronger | $20.4B | — |
| Stockholders' EquityBook value | $29.5M | — |
| Total Assets | $179.2B | — |
| Debt / EquityLower = less leverage | 689.81× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $863.0M | $-387.3M | ||
| Q4 25 | $837.0M | $2.2B | ||
| Q3 25 | $850.0M | $1.7B | ||
| Q2 25 | $1.0B | $3.1B | ||
| Q1 25 | $783.0M | $2.0B | ||
| Q4 24 | $844.0M | $2.2B | ||
| Q3 24 | $755.0M | $3.3B | ||
| Q2 24 | $885.0M | $3.2B |
| Q1 26 | $20.4B | — | ||
| Q4 25 | — | $7.8B | ||
| Q3 25 | — | $7.8B | ||
| Q2 25 | — | $7.8B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | — | $8.2B | ||
| Q3 24 | — | $14.9B | ||
| Q2 24 | — | $14.7B |
| Q1 26 | $29.5M | — | ||
| Q4 25 | $28.9B | $9.7B | ||
| Q3 25 | $28.6B | $12.7B | ||
| Q2 25 | $28.4B | $13.0B | ||
| Q1 25 | $28.0B | $12.6B | ||
| Q4 24 | $27.6B | $12.4B | ||
| Q3 24 | $27.2B | $18.7B | ||
| Q2 24 | $26.7B | $18.3B |
| Q1 26 | $179.2B | — | ||
| Q4 25 | $136.9B | $22.6B | ||
| Q3 25 | $140.9B | $25.4B | ||
| Q2 25 | $144.2B | $27.2B | ||
| Q1 25 | $142.9B | $26.0B | ||
| Q4 24 | $139.4B | $25.4B | ||
| Q3 24 | $135.2B | $41.8B | ||
| Q2 24 | $137.7B | $40.8B |
| Q1 26 | 689.81× | — | ||
| Q4 25 | — | 0.80× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.66× | ||
| Q3 24 | — | 0.80× | ||
| Q2 24 | — | 0.80× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.3B | $107.6M |
| Free Cash FlowOCF − Capex | $1.1B | — |
| FCF MarginFCF / Revenue | 31.4% | — |
| Capex IntensityCapex / Revenue | — | 1.5% |
| Cash ConversionOCF / Net Profit | 0.93× | 0.30× |
| TTM Free Cash FlowTrailing 4 quarters | $4.6B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.3B | $107.6M | ||
| Q4 25 | $1.3B | $630.9M | ||
| Q3 25 | $915.0M | $301.8M | ||
| Q2 25 | $1.5B | $149.2M | ||
| Q1 25 | $966.0M | $129.2M | ||
| Q4 24 | $1.5B | $791.6M | ||
| Q3 24 | $898.0M | $449.5M | ||
| Q2 24 | $1.2B | $546.1M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $193.3M | ||
| Q3 25 | $853.0M | $-41.1M | ||
| Q2 25 | $1.4B | $-170.1M | ||
| Q1 25 | $881.0M | $-114.1M | ||
| Q4 24 | $1.3B | $712.9M | ||
| Q3 24 | $819.0M | $102.4M | ||
| Q2 24 | $1.1B | $256.8M |
| Q1 26 | 31.4% | — | ||
| Q4 25 | 35.3% | 15.7% | ||
| Q3 25 | 28.4% | -3.4% | ||
| Q2 25 | 44.3% | -13.4% | ||
| Q1 25 | 27.3% | -9.7% | ||
| Q4 24 | 43.3% | -50.5% | ||
| Q3 24 | 27.0% | 5.3% | ||
| Q2 24 | 38.7% | 13.7% |
| Q1 26 | — | 1.5% | ||
| Q4 25 | 5.3% | 35.5% | ||
| Q3 25 | 2.1% | 28.4% | ||
| Q2 25 | 1.8% | 25.2% | ||
| Q1 25 | 2.6% | 20.8% | ||
| Q4 24 | 6.4% | -5.6% | ||
| Q3 24 | 2.6% | 17.9% | ||
| Q2 24 | 2.6% | 15.4% |
| Q1 26 | 0.93× | 0.30× | ||
| Q4 25 | 1.50× | — | ||
| Q3 25 | 1.12× | — | ||
| Q2 25 | 1.77× | — | ||
| Q1 25 | 1.21× | — | ||
| Q4 24 | 2.16× | 0.35× | ||
| Q3 24 | 1.37× | — | ||
| Q2 24 | 1.89× | 2.04× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ICE
| Exchanges | $2.5B | 67% |
| Fixed income and data services | $657.0M | 18% |
| Mortgage technology | $539.0M | 15% |
LBTYA
| Mobile Service | $775.2M | 32% |
| Fixed Service | $772.0M | 32% |
| Business | $308.7M | 13% |
| Wholesale | $256.9M | 11% |
| Business Service | $233.2M | 10% |
