Intercontinental Exchange, Inc 8-K, filed Oct 29, 2026

Intercontinental Exchange, Inc. (ICE)

8-K 2026-10-29 For: 2026-10-29

Added on October 29, 2026

About this 8-K

Intercontinental Exchange, Inc filed this 8-K on October 29, 2026.

Intercontinental Exchange reported 3Q26 net revenues of $2.8 billion, +15% y/y, GAAP diluted EPS of $1.67, +18% y/y, and adjusted diluted EPS of $2.02, +18% y/y. HSR approval for its MarketAxess acquisition moved expected closing to first quarter of 2027. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Delaware	001-36198	46-2286804
(State or other jurisdiction of incorporation)	(Commission File No.)	(I.R.S. Employer Identification Number)

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.01 par value per share	ICE	New York Stock Exchange
		NYSE Texas, Inc.

Exhibit No.	Description
99.1	Press release dated October 29, 2026.
104	The cover page from Intercontinental Exchange, Inc.’s Current Report on Form 8-K, formatted in Inline XBRL.

	INTERCONTINENTAL EXCHANGE, INC.

Date: October 29, 2026	/s/ A. Warren Gardiner
	A. Warren Gardiner
	Chief Financial Officer

•	3Q26 net revenues of $2.8 billion, +15% y/y	Jeff Sprecher, ICE Chair & Chief Executive Officer, said, "We're pleased to report the best third quarter in ICE's history, with revenues, operating income and earnings per share each growing by double digits. Our customers come to ICE to manage risk, to connect with one another, to access our data and to run critical parts of their business on our platforms. They want to trade, hedge and access data whenever markets are moving, and we're building our networks to meet them there. Looking ahead, we'll keep expanding our markets, data and technology to meet our customers' needs, and we enter the fourth quarter with strong momentum."

•	3Q26 GAAP diluted earnings per share (EPS) of $1.67, +18% y/y

•	3Q26 adj. diluted EPS of $2.02, +18% y/y

•	3Q26 operating income of $1.4 billion, +20% y/y; adj. operating income of $1.7 billion, +19% y/y

•	3Q26 operating margin of 51%; adj. operating margin of 61%

•	Through September 30, 2026, returned $2.5 billion to stockholders, including $1.6 billion in share repurchases

$ (in millions)	Net Revenues	Op Margin	Adj Op Margin
	3Q26
Exchanges	$1,542	75%	76%
Fixed Income and Data Services	$674	36%	46%
Mortgage Technology	$549	2%	40%
Consolidated	$2,765	51%	61%

	3Q26	3Q25	% Chg
Recurring Revenues	$1,365	$1,275	7%
Transaction Revenues, net	$1,400	$1,136	23%

	GAAP	Non-GAAP
2026 Exchange Recurring Revenue (% growth)	9%
2026 Fixed Income & Data Services Recurring Revenue (% growth)	8%
4Q26 Operating Expenses	$1.317 - $1.327 billion	$1.082 - $1.092 billion⁽¹⁾
4Q26 Non-Operating Expense	$170 - $180 million	$175 - $185 million⁽²⁾
2026 Capital Expenditures	~$1.050 billion
4Q26 Weighted Average Shares Outstanding	558 - 563 million

	Nine Months Ended September 30,						Three Months Ended September 30,
Revenues:	2026			2025			2026			2025
Exchanges	$	7,286		$	6,118		$	2,407		$	1,861
Fixed income and data services		1,976			1,811			674			618
Mortgage technology		1,645			1,569			549			528
Total revenues		10,907			9,498			3,630			3,007
Transaction-based expenses:
Section 31 fees		571			412			283			—
Cash liquidity payments, routing and clearing		1,928			1,659			582			596
Total revenues, less transaction-based expenses		8,408			7,427			2,765			2,411

Operating expenses:
Compensation and benefits		1,540			1,463			526			483
Professional services		109			120			37			39
Acquisition-related transaction and integration costs		102			51			49			9
Technology and communication		725			647			245			219
Rent and occupancy		72			64			25			23
Selling, general and administrative		222			219			74			77
Depreciation and amortization		1,172			1,171			399			387
Total operating expenses		3,942			3,735			1,355			1,237
Operating income		4,466			3,692			1,410			1,174
Other income/(expense):
Interest income		94			92			43			28
Interest expense		(630	)		(599	)		(222	)		(192	)
Other income, net		496			95			11			71
Total other income/(expense), net		(40	)		(412	)		(168	)		(93	)
Income before income tax expense		4,426			3,280			1,242			1,081
Income tax expense		1,063			772			286			250
Net income	$	3,363		$	2,508		$	956		$	831
Net income attributable to non-controlling interests		(52	)		(44	)		(16	)		(15	)
Net income attributable to Intercontinental Exchange, Inc.	$	3,311		$	2,464		$	940		$	816

Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:
Basic	$	5.87		$	4.30		$	1.68		$	1.43
Diluted	$	5.85		$	4.28		$	1.67		$	1.42
Weighted average common shares outstanding:
Basic		564			573			561			572
Diluted		566			576			563			574

	As of September 30, 2026 (Unaudited)			As of December 31, 2025
Assets:
Current assets:
Cash and cash equivalents	$	936		$	837
Short-term restricted cash and cash equivalents		4,226			748
Short-term restricted investments		1,005			629
Cash and cash equivalent margin deposits and guaranty funds		113,274			76,789
Invested deposits, delivery contracts receivable and unsettled variation margin		2,811			4,437
Customer accounts receivable, net		1,879			1,552
Prepaid expenses and other current assets		756			786
Total current assets		124,887			85,778
Property and equipment, net		2,972			2,691
Other non-current assets:
Goodwill		30,664			30,646
Other intangible assets, net		14,656			15,353
Long-term restricted cash and cash equivalents		260			240
Long-term restricted investments		136			141
Other non-current assets		3,455			2,038
Total other non-current assets		49,171			48,418
Total assets	$	177,030		$	136,887
Liabilities and Equity:
Current liabilities:
Accounts payable and accrued liabilities	$	1,187		$	1,078
Section 31 fees payable		94			—
Accrued salaries and benefits		386			455
Deferred revenue		416			204
Short-term debt		2,959			1,035
Margin deposits and guaranty funds		113,274			76,789
Invested deposits, delivery contracts payable and unsettled variation margin		2,811			4,437
Other current liabilities		174			118
Total current liabilities		121,301			84,116
Non-current liabilities:
Non-current deferred tax liability, net		4,133			3,998
Long-term debt		20,345			18,609
Accrued employee benefits		178			174
Non-current operating lease liability		685			635
Other non-current liabilities		411			364
Total non-current liabilities		25,752			23,780
Total liabilities		147,053			107,896
Commitments and contingencies
Redeemable non-controlling interest in consolidated subsidiaries		30			22
Equity:
Intercontinental Exchange, Inc. stockholders’ equity:
Common stock		7			7
Treasury stock, at cost		(9,505	)		(7,792	)
Additional paid-in capital		16,952			16,643
Retained earnings		22,708			20,281
Accumulated other comprehensive loss		(263	)		(224	)
Total Intercontinental Exchange, Inc. stockholders’ equity		29,899			28,915
Non-controlling interest in consolidated subsidiaries		48			54
Total equity		29,947			28,969
Total liabilities and equity	$	177,030		$	136,887

	Exchanges Segment						Fixed Income and Data Services Segment						Mortgage Technology Segment						Consolidated
	Nine Months Ended September 30,
	2026			2025			2026			2025			2026			2025			2026			2025
Total revenues, less transaction-based expenses	$	4,787		$	4,047		$	1,976		$	1,811		$	1,645		$	1,569		$	8,408		$	7,427
Operating expenses		1,154			1,064			1,188			1,108			1,600			1,563			3,942			3,735
Less: Amortization of acquisition-related intangibles		49			48			109			113			555			594			713			755
Less: Transaction and integration costs		—			—			28			—			70			48			98			48
Less/(Add): Regulatory matters		—			4			(10	)		—			—			—			(10	)		4
Adjusted operating expenses	$	1,105		$	1,012		$	1,061		$	995		$	975		$	921		$	3,141		$	2,928
Operating income	$	3,633		$	2,983		$	788		$	703		$	45		$	6		$	4,466		$	3,692
Adjusted operating income	$	3,682		$	3,035		$	915		$	816		$	670		$	648		$	5,267		$	4,499
Operating margin		76	%		74	%		40	%		39	%		3	%		—%			53	%		50	%
Adjusted operating margin		77	%		75	%		46	%		45	%		41	%		41	%		63	%		61	%

	Nine Months Ended September 30, 2026			Nine Months Ended September 30, 2025
Net income attributable to ICE	$	3,311		$	2,464
Add: Amortization of acquisition-related intangibles		713			755
Add: Transaction and integration costs		98			48
(Less)/Add: Regulatory matters		(10	)		4
Less: Net income from unconsolidated investees		(59	)		(75	)
Less: Fair value adjustments of equity investments		(452	)		(35	)
Add: Net interest expense on pre-acquisition-related debt		6			—
Less: Income tax effect for the above items		(77	)		(180	)
Add: Deferred tax adjustments on acquisition-related intangibles		18			45
Less: Other tax adjustments		—			(8	)
Adjusted net income attributable to ICE	$	3,548		$	3,018

Diluted earnings per share attributable to ICE common stockholders	$	5.85		$	4.28

Adjusted diluted earnings per share attributable to ICE common stockholders	$	6.27		$	5.24

Diluted weighted average common shares outstanding		566			576

	Three Months Ended September 30, 2026			Three Months Ended September 30, 2025
Net income attributable to ICE	$	940		$	816
Add: Amortization of acquisition-related intangibles		239			249
Add: Transaction and integration costs		48			7
Less: Net income from unconsolidated investees		(16	)		(40	)
Less: Fair value adjustments of equity investments		—			(33	)
Add: Net interest expense on pre-acquisition-related debt		6			—
Less: Income tax effect for the above items		(72	)		(50	)
(Less)/Add: Deferred tax adjustments on acquisition-related intangibles		(9	)		39
Less: Other tax adjustments		—			(8	)
Adjusted net income attributable to ICE	$	1,136		$	980

Diluted earnings per share attributable to ICE common stockholders	$	1.67		$	1.42

Adjusted diluted earnings per share attributable to ICE common stockholders	$	2.02		$	1.71

Diluted weighted average common shares outstanding		563			574

	Nine Months Ended September 30, 2026			Nine Months Ended September 30, 2025
Net cash provided by operating activities	$	4,486		$	3,387
Less: Capital expenditures		(318	)		(207	)
Less: Capitalized software development costs		(346	)		(318	)
Free cash flow	$	3,822		$	2,862
(Less)/Add: Section 31 fees, net		(94	)		316
Adjusted free cash flow	$	3,728		$	3,178

$ (in millions)	3Q26	3Q25	% Chg	Const Curr⁽¹⁾
Revenues, net:
Energy	$603	$482	25%	26%
Ags and Metals	83	51	62%	62%
Financials⁽²⁾	190	139	37%	37%
Cash Equities and Equity Options, net	132	105	25%	25%
OTC and Other⁽³⁾	112	99	13%	14%
Data and Connectivity Services	292	264	10%	10%
Listings	130	125	4%	4%
Segment Revenues	$1,542	$1,265	22%	22%

Recurring Revenues	$422	$389	8%	8%
Transaction Revenues, net	$1,120	$876	28%	28%

$ (in millions)	3Q26	3Q25	% Chg	Const Curr⁽¹⁾
Revenues:
Fixed Income Execution	$34	$33	5%	5%
CDS Clearing	102	90	12%	13%
Fixed Income Data and Analytics	336	311	8%	8%
Data and Network Technology	202	184	10%	10%
Segment Revenues	$674	$618	9%	9%

Recurring Revenues	$538	$495	9%	9%
Transaction Revenues	$136	$123	10%	11%