Intercontinental Exchange Inc.
ICE · NYSE
Sep 2026
Next quarter
Expected to report Oct 29, 2026 — estimated from last year’s reporting date.
Consensus is $1.90 EPS for Sep 2026 across 7 estimates, ranging $1.78 to $1.97.
ICE Jun 2026
- 3.26%
- -2.43%
- $1.84
- $1.90
- —
- $3.61B
Reported results
- $3.61B
- $1.39B
- 38.52%
- $958.00M
- $1.69
Highlights
- Adjusted EPS: Second-quarter adjusted diluted EPS was $1.90, up 5% year over year and 3.26% above the $1.84 consensus; GAAP diluted EPS was $1.69, up 14% from $1.48.
- Core revenue: Net revenues less transaction-based expenses rose 5% year over year to $2.666 billion, comprising $1.353 billion of recurring revenue, up 8%, and $1.313 billion of transaction revenue, up 2%.
- Segment breadth: All three segments grew: Exchanges revenue increased 3% to $1.464 billion, Fixed Income and Data Services rose 8% to $645 million, and Mortgage Technology rose 5% to $557 million.
- Fixed income momentum: Fixed Income and Data Services operating income increased 20% to $268 million, lifting the operating margin to 42% from 37%; recurring revenue rose 10% to $531 million.
- Exchange activity: Exchanges operating income increased 2% to $1.078 billion on a 74% margin, while financial futures and options revenue rose 21% to $192 million and agricultural and metals revenue rose 35% to $87 million.
- Mortgage improvement: Mortgage Technology adjusted operating income increased 8% to $239 million, with a 43% adjusted margin; reported operating income was $45 million versus $11 million a year earlier.
- Cash generation and returns: Six-month operating cash flow was $3.324 billion and adjusted free cash flow was $2.600 billion; ICE returned $945 million in the quarter and $1.8 billion year to date through buybacks and dividends.
- Capital allocation: ICE repurchased $651 million of stock in the quarter and $1.2 billion year to date, and raised its repurchase authorization to $4.0 billion effective July 1.
- MarketAxess acquisition: After quarter-end, ICE agreed to acquire MarketAxess for approximately $6.0 billion in cash, supported by a potential $6.2 billion bridge facility, with closing expected in the first half of 2027.
Analysis
ICE delivered a solid operating quarter, with adjusted diluted EPS of $1.90 beating the $1.84 consensus by 3.26%. Net revenue less transaction-based expenses rose 5% year over year to $2.666 billion, while adjusted operating income increased 4% to $1.628 billion and the adjusted margin held at 61%. GAAP net income attributable to ICE was $958 million, or $1.69 per diluted share, versus $851 million and $1.48 a year earlier. Relative to the first quarter, however, reported revenue declined from $3.67 billion to $3.61 billion, operating income fell from $1.67 billion to $1.39 billion, and net income declined from $1.41 billion to $958 million; the comparison is distorted by substantial investment gains recognized in the first quarter.
The print was defined by broad segment growth and a more favorable mix. Fixed Income and Data Services was the standout, combining 8% revenue growth with a five-point margin expansion, while Mortgage Technology continued its recovery and produced $239 million of adjusted operating income. Exchanges remained highly profitable at a 74% reported margin, although energy revenue fell 13% as second-quarter energy volumes declined 21%. Strong cash generation supported $945 million of quarterly capital returns, while the MarketAxess agreement added a major strategic and financing event immediately after quarter-end.
Consolidated performance
- Revenue: Net revenues less transaction-based expenses increased 5% year over year to $2.666 billion. Recurring revenue grew 8% to $1.353 billion, while transaction revenue increased 2% to $1.313 billion.
- Profitability: Reported operating income rose 7% to $1.391 billion, producing a 52% operating margin versus 51% a year earlier. Adjusted operating income increased 4% to $1.628 billion, with the adjusted margin unchanged at 61%.
- Earnings: Adjusted net income attributable to ICE was $1.074 billion, up 3% from $1.043 billion, and adjusted diluted EPS was $1.90 versus $1.81. GAAP net income was $958 million versus $851 million.
- Quarterly comparison: Gross revenue was $3.611 billion versus $3.262 billion a year earlier and $3.67 billion in the first quarter. GAAP EPS declined from $2.48 in the first quarter because first-quarter results included substantially larger investment-related gains.
Exchange performance
- Segment results: Exchanges net revenue rose 3% to $1.464 billion. Operating income was $1.078 billion, up 2%, and the operating margin was 74%, down one point year over year.
- Product mix: Financial futures and options revenue increased 21% to $192 million, agricultural and metals revenue rose 35% to $87 million, and cash equities and equity options revenue increased 15% to $140 million. Energy revenue fell 13% to $518 million.
- Recurring base: Data and connectivity revenue increased 12% to $287 million, and listings revenue grew 5% to $129 million. Total recurring Exchanges revenue increased 10% to $416 million.
- Activity: Second-quarter financial futures and options volume rose 23%, agricultural and metals volume increased 36%, and energy volume declined 21%. Quarter-end open interest across the exchange complex reached 118.1 million contracts, up 20% year over year.
Fixed income and data
- Revenue growth: Fixed Income and Data Services revenue rose 8% to $645 million. Fixed income data and analytics increased 9% to $333 million, while data and network technology rose 11% to $198 million.
- Recurring visibility: Recurring revenue increased 10% to $531 million. Annual subscription value reached $2.080 billion at June 30, up 7.9% year over year and representing nearly all of the segment’s data-services revenue.
- Margin expansion: Operating income increased 20% to $268 million, lifting the reported margin to 42% from 37%. Adjusted operating income rose 13% to $295 million and the adjusted margin expanded to 46% from 44%.
- Clearing: CDS clearing revenue increased 2% to $83 million in the quarter, with notional CDS cleared rising to $6.2 trillion from $5.8 trillion.
Mortgage technology
- Revenue: Mortgage Technology revenue grew 5% to $557 million. Origination technology increased 5% to $197 million, closing solutions rose 14% to $65 million, servicing software increased 2% to $226 million, and data and analytics rose 6% to $69 million.
- Profitability: Reported operating income increased to $45 million from $11 million, raising the reported margin to 8% from 2%. Adjusted operating income increased 8% to $239 million, with a 43% adjusted margin versus 42% a year earlier.
- Revenue mix: Recurring revenue increased 3% to $406 million, while transaction revenue rose 11% to $151 million, reflecting higher origination and closing activity as well as new client implementations and renewal expansions.
Capital allocation and MarketAxess
- Cash flow: Through six months, operating cash flow increased 34% to $3.324 billion, free cash flow rose 36% to $2.886 billion, and adjusted free cash flow increased 28% to $2.600 billion.
- Shareholder returns: ICE repurchased 4.4 million shares for $651 million in the second quarter and paid $294 million in dividends. Year-to-date repurchases totaled $1.2 billion and dividends totaled $591 million.
- Balance sheet: June 30 unrestricted cash was $1.1 billion, while total debt was $19.8 billion, including $18.6 billion of senior notes and $1.2 billion of commercial paper.
- Strategic transaction: ICE agreed on July 29 to acquire MarketAxess for approximately $6.0 billion, or $167 per share, entirely in cash. The company secured a commitment for a $6.2 billion bridge facility, though permanent financing may replace it before the expected first-half 2027 closing.
