As the Q4 earnings season wraps, let’s dig into this quarter’s best and worst performers in the financial exchanges & data industry, including Intercontinental Exchange (NYSE: ICE) and its peers.

Financial exchanges and data providers operate trading platforms and sell market information. They enjoy relatively stable revenue from trading fees and subscriptions, increasing demand for data analytics, and expansion opportunities in emerging markets. Challenges include regulatory oversight of market structure, competition from alternative trading venues, and substantial technology investments needed to maintain low-latency trading infrastructure and data security.

The 10 financial exchanges & data stocks we track reported a satisfactory Q4. As a group, revenues beat analysts’ consensus estimates by 0.8%.

In light of this news, share prices of the companies have held steady as they are up 4.5% on average since the latest earnings results.

Intercontinental Exchange (NYSE: ICE)

Starting as an energy trading platform in 2000 before acquiring the iconic New York Stock Exchange in 2013, Intercontinental Exchange (NYSE: ICE) operates global financial exchanges, clearing houses, and provides data services and mortgage technology solutions to financial institutions and corporations.

Intercontinental Exchange reported revenues of $2.50 billion, up 7.8% year on year. This print exceeded analysts’ expectations by 1.2%. Overall, it was a satisfactory quarter for the company with a narrow beat of analysts’ revenue estimates.

The market was likely pricing in the results, and the stock is flat since reporting. It currently trades at $165.52.

Is now the time to buy Intercontinental Exchange? Access our full analysis of the earnings results here, it’s free.

Best Q4: Morningstar (NASDAQ: MORN)

Founded in 1984 by Joe Mansueto with just $80,000 in personal savings, Morningstar (NASDAQ: MORN) provides independent investment data, research, and analysis tools that help investors, advisors, and institutions make informed financial decisions.

Morningstar reported revenues of $641.1 million, up 8.5% year on year, outperforming analysts’ expectations by 2.2%. The business had an exceptional quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

Morningstar delivered the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 16.6% since reporting. It currently trades at $179.61.

Is now the time to buy Morningstar? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: S&P Global (NYSE: SPGI)

Tracing its roots back to 1860 when it published the first railroad industry manual, S&P Global (NYSE: SPGI) provides credit ratings, market intelligence, commodity data, automotive analytics, and financial indices that help investors and businesses make decisions.

S&P Global reported revenues of $3.92 billion, up 9% year on year, in line with analysts’ expectations. It was a slower quarter as it posted full-year EPS guidance missing analysts’ expectations significantly and a miss of analysts’ EPS estimates.

As expected, the stock is down 3% since the results and currently trades at $430.95.

Read our full analysis of S&P Global’s results here.

FactSet (NYSE: FDS)

Founded in 1978 when financial data was still primarily delivered through paper reports, FactSet (NYSE: FDS) provides financial data, analytics, and technology solutions that investment professionals use to research, analyze, and manage their portfolios.

FactSet reported revenues of $611 million, up 7.1% year on year. This number surpassed analysts’ expectations by 1.1%. More broadly, it was a mixed quarter as it also produced a narrow beat of analysts’ revenue estimates but full-year EPS guidance slightly missing analysts’ expectations.

The stock is up 12.3% since reporting and currently trades at $229.81.

Read our full, actionable report on FactSet here, it’s free.

Tradeweb Markets (NASDAQ: TW)

Founded in 1996 as one of the pioneers in electronic bond trading, Tradeweb Markets (NASDAQ: TW) builds and operates electronic marketplaces that connect financial institutions for trading across rates, credit, equities, and money markets.

Tradeweb Markets reported revenues of $521.2 million, up 12.5% year on year. This result beat analysts’ expectations by 0.8%. Overall, it was a satisfactory quarter as it also put up a solid beat of analysts’ EBITDA estimates.

The stock is up 19.7% since reporting and currently trades at $120.73.

Read our full, actionable report on Tradeweb Markets here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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