Intercontinental Exchange, Inc. Earnings Recaps
Q2 2026
Aug 4, 2026
ICE shares declined modestly by 1.2% following Q2 2026 results, reflecting investor caution despite ongoing strategic initiatives. The market appears hesitant on near-term growth or margin impact amid the pending MarketAxess acquisition and integration challenges.
Key takeaways
- Announced agreement to acquire MarketAxess, expanding ICE’s footprint into global fixed income and institutional credit markets.
- Emphasized building a connected fixed income network combining retail and institutional liquidity pools to improve price discovery and operational efficiency.
- Highlighted ICE's growing treasury futures franchise as its fastest-growing product in the quarter.
- Management framed the acquisition as a long-term growth driver but offered limited near-term financial guidance or margin outlook details.
- Market reaction suggests investors are cautious about integration risks and the timing of benefits from combining these businesses.
Q1 2026
May 1, 2026
ICE shares closed down 0.9% following first quarter 2026 results, as the print and outlook were largely in line with investor expectations across key metrics and segments.
Key takeaways
- Adjusted EPS reached $2.35, up 37% year-over-year; net revenues rose 18% to $3 billion, with record results across all operating segments.
- Exchange segment saw net revenues of $1.8 billion, up 27%; notable drivers included 70% growth in interest rate products and 47% growth in global oil.
- Fixed Income and Data Services delivered $657 million in revenue, up 9%, with CDS Clearing up 18% and recurring revenues advancing 8%.
- Mortgage Technology revenue grew 6% year-over-year to $539 million, marking its highest performance since Q4 2022 on a pro forma basis.
- Adjusted operating expenses were $1.035 billion, aligning with guidance; management expects a similar run-rate in Q2.
Q3 2025
Nov 1, 2025
ICE reported record third quarter results with adjusted earnings per share increasing 10% year-over-year to $1.71. Net revenues reached $2.4 billion, driven by robust growth in recurring revenue streams and disciplined cost management.
Key takeaways
- Adjusted earnings per share of $1.71, the highest in the company’s history, reflecting strong operational performance.
- Net revenues grew 5% year-over-year, supported by a notable 9% increase in exchange data and a 7% rise in fixed income and data services.
- Returned $674 million to shareholders, including approximately $400 million in share repurchases and reduced debt by $175 million, achieving a gross leverage of 2.9x EBITDA.
- Strong performance in the Exchange segment with net revenues of $1.3 billion and significant growth in open interest across futures and options.
- Anticipated fourth quarter revenue growth in the Fixed Income and Data Services segment remains positive, supported by strategic investments and increasing demand for data technology.