Intercontinental Exchange Reports Third Quarter 2026

3Q26 net revenues of $2.8 billion, +15% y/y 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 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." ATLANTA & NEW YORK--(BUSINESS WIRE)-- Intercontinental Exchange (NYSE: ICE), a leading global provider of technology and data, today reported financial results for the third quarter of 2026. For the quarter ended September 30, 2026, consolidated net income attributable to ICE was $940 million on $2.8 billion of consolidated revenues, less transaction-based expenses. Third quarter GAAP diluted EPS were $1.67. Adjusted net income attributable to ICE was $1.1 billion in the third quarter and adjusted diluted EPS were $2.02. Please refer to the reconciliation of non-GAAP financial measures included in this press release for more information on our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted EPS and adjusted free cash flow. Warren Gardiner, ICE Chief Financial Officer, added: "Through the first nine months of the year, we've delivered record revenues, adjusted operating income and adjusted earnings per share, underscoring the strength and durability of our business model. Our strong and growing cash flows enabled us to return a record $2.5 billion to stockholders year to date, including a record $1.6 billion of share repurchases, while continuing to invest in strategic growth initiatives. As we look to the balance of the year and into 2027, we expect to continue returning capital to stockholders alongside our deleveraging plan following the close of MarketAxess, extending our track record of growth and value creation." Third Quarter 2026 Business Highlights Third quarter consolidated net revenues were $2.8 billion including exchange net revenues of $1.5 billion, fixed income and data services revenues of $674 million and mortgage technology revenues of $549 million. Consolidated operating expenses were $1.4 billion for the third quarter of 2026. On an adjusted basis, consolidated operating expenses were $1.1 billion. Consolidated operating income for the third quarter was $1.4 billion, and the operating margin was 51%. On an adjusted basis, consolidated operating income for the third quarter was $1.7 billion, and the adjusted operating margin was 61%. $ (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 % Exchanges Segment Results Third quarter exchange net revenues were $1.5 billion. Exchange operating expenses were $390 million, and adjusted operating expenses were $373 million in the third quarter. Segment operating income for the third quarter was $1.2 billion, and the operating margin was 75%. On an adjusted basis, operating income was $1.2 billion, and the adjusted operating margin was 76%. $ (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 % (1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 3Q25, 1.3488 and 1.1689, respectively. (2) Financials include interest rates and other financial futures and options. (3) OTC & Other includes net interest income and fees on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, exchange member fees, bilateral trading fees, non-exchange execution revenue, electronic trade document confirmation services, and agriculture grading and certification fees. Fixed Income and Data Services Segment Results Third quarter fixed income and data services revenues were $674 million. Fixed income and data services operating expenses were $429 million, and adjusted operating expenses were $365 million in the third quarter. Segment operating income for the third quarter was $245 million, and the operating margin was 36%. On an adjusted basis, operating income was $309 million, and the adjusted operating margin was 46%. $ (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 % (1) Revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 3Q25, 1.3488 and 1.1689, respectively. Mortgage Technology Segment Results Third quarter mortgage technology revenues were $549 million. Mortgage technology operating expenses were $536 million, and adjusted operating expenses were $330 million in the third quarter. Segment operating income for the third quarter was $13 million, and the operating margin was 2%. On an adjusted basis, operating income was $219 million, and the adjusted operating margin was 40%. $ (in millions) 3Q26 3Q25 % Chg Revenues: Origination Technology $ 189 $ 188 1 % Closing Solutions 60 58 4 % Servicing Software 229 216 6 % Data and Analytics 71 66 6 % Segment Revenues $ 549 $ 528 4 % Recurring Revenues $ 405 $ 391 4 % Transaction Revenues $ 144 $ 137 4 % Other Matters Operating cash flow through the third quarter of 2026 was $4.5 billion and adjusted free cash flow was $3.7 billion. Unrestricted cash was $936 million and outstanding debt was $23.3 billion as of September 30, 2026. Through the third quarter of 2026, ICE repurchased $1.6 billion of its common stock and paid $884 million in dividends. On October 21, 2026, the Department of Justice and the Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), effective as of October 21, 2026, satisfying the HSR Act condition in ICE’s acquisition of MarketAxess Holdings Inc. The merger remains subject to the remaining customary closing conditions and approvals and the receipt of other required regulatory approvals. Based on the HSR Act approval, ICE now expects the merger to close in the first quarter of 2027 ahead of the first-half of 2027 timeline ICE announced in July. Updated Financial Guidance 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 (1) 4Q26 non-GAAP operating expenses excludes amortization of acquisition-related intangibles. (2) Adjusted non-operating expense excludes equity earnings from unconsolidated investees and net interest on pre-acquisition-related debt. Earnings Conference Call Information ICE will hold a conference call today, October 29, 2026, at 8:30 a.m. ET to review its third quarter 2026 financial results. A live audio webcast of the earnings call will be available on the company's website at www.ice.com in the investor relations section. Participants may also listen via telephone by dialing 833-461-5787 from the United States or 585-542-9983 from outside of the United States. Telephone participants are required to provide the participant entry number 272521750 and are recommended to call 10 minutes prior to the start of the call. The call will be archived on the company's website for replay. The conference call for the fourth quarter 2026 earnings has been scheduled for February 4th, 2027 at 8:30 a.m. ET. Please refer to the Investor Relations website at www.ir.theice.com for additional information. Historical futures, options and cash ADV, rate per contract, open interest data and CDS cleared information can be found at: https://ir.theice.com/investor-resources/supplemental-information/default.aspx Consolidated Statements of Income (In millions, except per share amounts) (Unaudited) 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 Consolidated Balance Sheets (In millions) 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 Non-GAAP Financial Measures and Reconciliation We use certain financial measures internally to evaluate our performance and make financial and operational decisions that are presented in a manner that adjusts from their equivalent GAAP measures or that supplement the information provided by our GAAP measures. We use these adjusted results because we believe they more clearly highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our core operating performance. We use these measures in communicating certain aspects of our results and performance, including in our Quarterly Report on Form 10-Q, and believe that these measures, when viewed in conjunction with our GAAP results and the accompanying reconciliation, can provide investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone. In addition, we believe the presentation of these measures is useful to investors for making period-to-period comparisons of results because the adjustments to GAAP are not reflective of our core business performance. These financial measures are not presented in accordance with, or as an alternative to, GAAP financial measures and may be different from non-GAAP measures used by other companies. We encourage investors to review the GAAP financial measures included in our Quarterly Report on Form10-Q, including our consolidated financial statements, to aid in their analysis and understanding of our performance and in making comparisons. The tables below outline our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income attributable to ICE, and adjusted diluted earnings per share attributable to ICE common stockholders, which are non-GAAP measures that are calculated by making adjustments for items we view as not reflective of our cash operations or core business performance. Non-GAAP Liquidity Measures and Reconciliation We consider free cash flow and adjusted free cash flow to be non-GAAP liquidity measures that provide useful information to management and investors to analyze cash resources generated from our operations. We believe that free cash flow and adjusted free cash flow are useful as the bases for comparing our performance to that of our competitors and demonstrates our ability to convert the reinvestment of capital expenditures and capitalized software development costs required to maintain and grow our business, as well as adjust for timing differences related to the payment of Section 31 fees. These non-GAAP liquidity measures are not presented in accordance with, or as an alternative to, GAAP liquidity measures and may be different from non-GAAP measures used by other companies. The table below presents free cash flow and adjusted free cash flow, including the related adjustments. Adjusted Operating Income, Operating Margin and Operating Expense Reconciliation (In millions) (Unaudited) 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 % Adjusted Operating Income, Operating Margin and Operating Expense Reconciliation (In millions) (Unaudited) Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Consolidated Three Months Ended September 30, 2026 2025 2026 2025 2026 2025 2026 2025 Total revenues, less transaction-based expenses $ 1,542 $ 1,265 $ 674 $ 618 $ 549 $ 528 $ 2,765 $ 2,411 Operating expenses 390 357 429 374 536 506 1,355 1,237 Less: Amortization of acquisition-related intangibles 17 16 36 38 186 195 239 249 Less: Transaction and integration costs — — 28 — 20 7 48 7 Adjusted operating expenses $ 373 $ 341 $ 365 $ 336 $ 330 $ 304 $ 1,068 $ 981 Operating income $ 1,152 $ 908 $ 245 $ 244 $ 13 $ 22 $ 1,410 $ 1,174 Adjusted operating income $ 1,169 $ 924 $ 309 $ 282 $ 219 $ 224 $ 1,697 $ 1,430 Operating margin 75 % 72 % 36 % 39 % 2 % 4 % 51 % 49 % Adjusted operating margin 76 % 73 % 46 % 45 % 40 % 42 % 61 % 59 % Adjusted Net Income Attributable to ICE and Diluted EPS (In millions) (Unaudited) 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 Adjusted Net Income Attributable to ICE and Diluted EPS (In millions) (Unaudited) 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 Adjusted Free Cash Flow Calculation (In millions) (Unaudited) 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 About Intercontinental Exchange Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity. Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at https://www.ice.com/privacy-security-center/terms-of-use. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).” Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in Intercontinental Exchange, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026. We caution you not to place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of an unanticipated event. New factors emerge from time to time, and it is not possible for management to predict all factors that may affect our business and prospects. Further, management cannot assess the impact of each factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Category: Corporate ICE Investor Relations Contact: Steve Eagerton +1 904 854 3683 steve.eagerton@ice.com investors@ice.com ICE Media Contact: Rebecca Mitchell +44 207 065 7804 rebecca.mitchell@ice.com media@ice.com Source: Intercontinental Exchange