ICE reported third-quarter adjusted EPS of $2.02, up 18% year-over-year, and net revenues of $2.8 billion, up 15%, while expecting the market access acquisition to close in the first quarter of 2027.
ICE · Intercontinental Exchange, Inc.
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ICE’s MarketAxess acquisition satisfied the HSR Act condition effective October 21, 2026. The company expects the merger to close in the first quarter of 2027, subject to remaining customary closing conditions, approvals and other required regulatory approvals.
Intercontinental Exchange reported third-quarter 2026 net revenues of $2.8 billion, up 15% y/y, GAAP diluted EPS of $1.67 and adjusted diluted EPS of $2.02. It now expects the MarketAxess merger to close in the first quarter of 2027.
Metrics snapshot
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Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q3 FY26 earnings call · Oct 29, 2026TL;DR. ICE delivered its best third quarter ever, with strong revenue, earnings, margins, trading activity, cash returns and higher exchange and fixed income recurring-revenue outlooks; it also expects approximately $270 million of annualized mortgage-technology expense synergies and plans to close MarketAxess in 1Q27. Offsets included higher operating expenses and capital expenditures, a forecast decline in mortgage transaction revenue, and remaining closing conditions and regulatory approvals for MarketAxess.
- + Trading momentum remained strong, with futures and options ADV up 31% and total open interest up 13%.
- + ICE generated record year-to-date adjusted free cash flow and returned a record $2.5 billion to stockholders.
- + ICE expects to exit 2026 with approximately $270 million of annualized mortgage-technology expense synergies, above the original target.
- − Fourth-quarter adjusted operating-expense guidance of $1.082 billion to $1.092 billion places full-year adjusted operating expenses at the top end of July's range.
- − Full-year capital-expenditure guidance increased to approximately $1.050 billion because of a new Atlanta campus and additional data-center and real-estate spending.
- − Mortgage-technology transaction revenue is expected to decline in 4Q from both 3Q and the prior year.
- − Third-quarter interest expense increased to $222 million from $192 million in the prior-year quarter.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Research
our published analysis of this companyEquibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Strong BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted diluted earnings per share attributable to ICE common stockholders non-GAAP | $4.25 | Six Months Ended June 30, 2026 | — |
| Adjusted free cash flow non-GAAP | $2.6B | Six Months Ended June 30, 2026 | — |
| Adjusted net income attributable to ICE non-GAAP | $2.41B | Six Months Ended June 30, 2026 | — |
| Adjusted operating income non-GAAP | $3.57B | Six Months Ended June 30, 2026 | — |
| Adjusted operating margin non-GAAP | 63% | Six Months Ended June 30, 2026 | — |
| Average daily volume of contracts traded | 10M | Three Months Ended June 30, 2026 filing | — |
| Capital returned to stockholders | $1.8B | Through June 30, 2026 | — |
| Cash equities rate per contract (per 100 shares) | $0.04 | the three months ended June 30, 2026 filing | — |
| Equity options rate per contract | $0.04 | the three months ended June 30, 2026 filing | — |
| Free cash flow | $2.89B | Six Months Ended June 30, 2026 | — |
| Notional value of CDS cleared | 6.2T | the three months ended June 30, 2026 filing | — |
| Number of contracts traded — Agricultural and metals futures and options | 39M | the three months ended June 30, 2026 filing | — |
| Number of contracts traded — Energy futures and options | 271M | the three months ended June 30, 2026 filing | — |
| Number of contracts traded — Financial futures and options | 314M | the three months ended June 30, 2026 filing | — |
| NYSE cash equities — Total cash handled volume (ADV) | 4.1B | the three months ended June 30, 2026 filing | — |
| NYSE cash equities — Total cash market share matched | 19.9% | the three months ended June 30, 2026 filing | — |
| NYSE equity options volume (ADV) | 14.11M | the three months ended June 30, 2026 filing | — |
| NYSE share of total equity options | 21.2% | the three months ended June 30, 2026 filing | — |
| Recurring revenues | $416M | Three Months Ended June 30, 2026 filing | — |
| Share repurchases | $1.2B | Through June 30, 2026 | — |
| Shares repurchased | 4.4M | the three months ended June 30, 2026 filing | — |
| Total number of contracts traded | 624M | Three Months Ended June 30, 2026 filing | — |
| Transaction revenues, net | $1.05B | Three Months Ended June 30, 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Financial Data & Stock Exchanges — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
ICE
this stock
Intercontinental Exchange, Inc.
|
$99.76B | +10.2% | -2.1% | 24.4 | 1.1% |
|
SPGI
S&P Global Inc.
|
$137.29B | — | +7.1% | 29.7 | 1.5% |
|
CME
Cme Group Inc.
|
$113.81B | +16.4% | +6.4% | 26.1 | 1.5% |
|
MCO
Moodys Corp
|
$87.61B | -0.5% | +16.6% | 31.0 | 1.8% |
|
LSEGY
London Stock Exchange Group plc
|
$61.88B | +5.8% | — | — | 0.0% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Oct 29, 2026
- This year
- 22
Intercontinental Exchange reported third-quarter 2026 net revenues of $2.8 billion, up 15% y/y, GAAP diluted EPS of $1.67 and adjusted diluted EPS of $2.02. It now expects the MarketAxess merger to close in the first quarter of 2027.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| ICE | +3.6% | +10.5% | +18.5% | +5.7% | +10.2% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | +1.0% | +11.7% | +18.0% | +5.9% | -0.4% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.