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Side-by-side financial comparison of Intercontinental Exchange (ICE) and Norfolk Southern (NSC). Click either name above to swap in a different company.
Intercontinental Exchange is the larger business by last-quarter revenue ($3.7B vs $3.0B, roughly 1.2× Norfolk Southern). Intercontinental Exchange runs the higher net margin — 39.1% vs 21.7%, a 17.4% gap on every dollar of revenue. On growth, Intercontinental Exchange posted the faster year-over-year revenue change (13.5% vs -1.7%). Intercontinental Exchange produced more free cash flow last quarter ($1.1B vs $334.0M). Over the past eight quarters, Intercontinental Exchange's revenue compounded faster (12.5% CAGR vs -0.5%).
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...
The Norfolk Southern Railway is a Class I freight railroad operating in the Eastern United States. Headquartered in Atlanta, the company was formed in 1982 with the merger of the Norfolk and Western Railway and Southern Railway. The company operates 19,420 route miles (31,250 km) in 22 eastern states and the District of Columbia, and has rights in Canada over the Albany to Montreal route of the Canadian Pacific Kansas City.
ICE vs NSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.7B | $3.0B |
| Net Profit | $1.4B | $644.0M |
| Gross Margin | — | — |
| Operating Margin | 45.4% | 31.5% |
| Net Margin | 39.1% | 21.7% |
| Revenue YoY | 13.5% | -1.7% |
| Net Profit YoY | 76.4% | -12.1% |
| EPS (diluted) | $2.48 | $2.87 |
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 | — | ||
| Q4 25 | $3.1B | $3.0B | ||
| Q3 25 | $3.0B | $3.1B | ||
| Q2 25 | $3.3B | $3.1B | ||
| Q1 25 | $3.2B | $3.0B | ||
| Q4 24 | $3.0B | $3.0B | ||
| Q3 24 | $3.0B | $3.1B | ||
| Q2 24 | $2.9B | $3.0B |
| Q1 26 | $1.4B | — | ||
| Q4 25 | $851.0M | $644.0M | ||
| Q3 25 | $816.0M | $711.0M | ||
| Q2 25 | $851.0M | $768.0M | ||
| Q1 25 | $797.0M | $750.0M | ||
| Q4 24 | $698.0M | $733.0M | ||
| Q3 24 | $657.0M | $1.1B | ||
| Q2 24 | $632.0M | $737.0M |
| Q1 26 | 45.4% | — | ||
| Q4 25 | 39.4% | 31.5% | ||
| Q3 25 | 39.0% | 35.4% | ||
| Q2 25 | 39.8% | 37.8% | ||
| Q1 25 | 37.8% | 38.3% | ||
| Q4 24 | 35.5% | 37.4% | ||
| Q3 24 | 36.4% | 52.3% | ||
| Q2 24 | 36.8% | 37.2% |
| Q1 26 | 39.1% | — | ||
| Q4 25 | 27.1% | 21.7% | ||
| Q3 25 | 27.1% | 22.9% | ||
| Q2 25 | 26.1% | 24.7% | ||
| Q1 25 | 24.7% | 25.1% | ||
| Q4 24 | 23.0% | 24.2% | ||
| Q3 24 | 21.7% | 36.0% | ||
| Q2 24 | 21.8% | 24.2% |
| Q1 26 | $2.48 | — | ||
| Q4 25 | $1.49 | $2.87 | ||
| Q3 25 | $1.42 | $3.16 | ||
| Q2 25 | $1.48 | $3.41 | ||
| Q1 25 | $1.38 | $3.31 | ||
| Q4 24 | $1.21 | $3.24 | ||
| Q3 24 | $1.14 | $4.85 | ||
| Q2 24 | $1.10 | $3.25 |
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 | $1.5B |
| Total DebtLower is stronger | $20.4B | $16.5B |
| Stockholders' EquityBook value | $29.5M | $15.5B |
| Total Assets | $179.2B | $45.2B |
| Debt / EquityLower = less leverage | 689.81× | 1.06× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $863.0M | — | ||
| Q4 25 | $837.0M | $1.5B | ||
| Q3 25 | $850.0M | $1.4B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $783.0M | $1.0B | ||
| Q4 24 | $844.0M | $1.6B | ||
| Q3 24 | $755.0M | $975.0M | ||
| Q2 24 | $885.0M | $659.0M |
| Q1 26 | $20.4B | — | ||
| Q4 25 | — | $16.5B | ||
| Q3 25 | — | $16.5B | ||
| Q2 25 | — | $16.5B | ||
| Q1 25 | — | $16.7B | ||
| Q4 24 | — | $16.7B | ||
| Q3 24 | — | $16.6B | ||
| Q2 24 | — | $16.9B |
| Q1 26 | $29.5M | — | ||
| Q4 25 | $28.9B | $15.5B | ||
| Q3 25 | $28.6B | $15.1B | ||
| Q2 25 | $28.4B | $14.8B | ||
| Q1 25 | $28.0B | $14.5B | ||
| Q4 24 | $27.6B | $14.3B | ||
| Q3 24 | $27.2B | $13.8B | ||
| Q2 24 | $26.7B | $13.0B |
| Q1 26 | $179.2B | — | ||
| Q4 25 | $136.9B | $45.2B | ||
| Q3 25 | $140.9B | $44.6B | ||
| Q2 25 | $144.2B | $44.2B | ||
| Q1 25 | $142.9B | $43.8B | ||
| Q4 24 | $139.4B | $43.7B | ||
| Q3 24 | $135.2B | $43.3B | ||
| Q2 24 | $137.7B | $42.6B |
| Q1 26 | 689.81× | — | ||
| Q4 25 | — | 1.06× | ||
| Q3 25 | — | 1.09× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | — | 1.16× | ||
| Q3 24 | — | 1.21× | ||
| Q2 24 | — | 1.30× |
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 | $1.1B |
| Free Cash FlowOCF − Capex | $1.1B | $334.0M |
| FCF MarginFCF / Revenue | 31.4% | 11.2% |
| Capex IntensityCapex / Revenue | — | 24.5% |
| Cash ConversionOCF / Net Profit | 0.93× | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $4.6B | $2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $1.1B | ||
| Q3 25 | $915.0M | $1.3B | ||
| Q2 25 | $1.5B | $1.1B | ||
| Q1 25 | $966.0M | $950.0M | ||
| Q4 24 | $1.5B | $951.0M | ||
| Q3 24 | $898.0M | $1.2B | ||
| Q2 24 | $1.2B | $1.0B |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $334.0M | ||
| Q3 25 | $853.0M | $720.0M | ||
| Q2 25 | $1.4B | $602.0M | ||
| Q1 25 | $881.0M | $501.0M | ||
| Q4 24 | $1.3B | $276.0M | ||
| Q3 24 | $819.0M | $645.0M | ||
| Q2 24 | $1.1B | $468.0M |
| Q1 26 | 31.4% | — | ||
| Q4 25 | 35.3% | 11.2% | ||
| Q3 25 | 28.4% | 23.2% | ||
| Q2 25 | 44.3% | 19.4% | ||
| Q1 25 | 27.3% | 16.7% | ||
| Q4 24 | 43.3% | 9.1% | ||
| Q3 24 | 27.0% | 21.1% | ||
| Q2 24 | 38.7% | 15.4% |
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | 24.5% | ||
| Q3 25 | 2.1% | 17.8% | ||
| Q2 25 | 1.8% | 15.3% | ||
| Q1 25 | 2.6% | 15.0% | ||
| Q4 24 | 6.4% | 22.3% | ||
| Q3 24 | 2.6% | 19.0% | ||
| Q2 24 | 2.6% | 18.7% |
| Q1 26 | 0.93× | — | ||
| Q4 25 | 1.50× | 1.65× | ||
| Q3 25 | 1.12× | 1.79× | ||
| Q2 25 | 1.77× | 1.40× | ||
| Q1 25 | 1.21× | 1.27× | ||
| Q4 24 | 2.16× | 1.30× | ||
| Q3 24 | 1.37× | 1.12× | ||
| Q2 24 | 1.89× | 1.41× |
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% |
NSC
| Railway Operating Revenues Market Group Merchandise | $1.9B | 63% |
| Metals And Construction | $404.0M | 14% |
| Railway Operating Revenues Market Group Coal | $347.0M | 12% |
| Automotive | $293.0M | 10% |
