Intercontinental Exchange, Inc. Q3 2026 Earnings Recap

ICE rose 4.5% after earnings, with investors responding to record quarterly results: adjusted EPS grew 18% to $2.02 and net revenue rose 15% to $2.8 billion. The outlook was not uniformly favorable, however: full-year expenses are now expected at the top end of the prior range, and planned CapEx increased to about $1.05 billion.

Key Takeaways

• Adjusted operating income increased 19% to $1.7 billion; recurring revenue reached a record $1.4 billion, up 7%, while transaction revenue grew 23%.
• Exchanges net revenue rose 22% to $1.5 billion. Transaction revenue increased 28%, led by energy (+26%), interest rates (+48%), and agricultural and metal (+62%).
• Fixed Income and Data Services revenue reached a record $674 million, up 9%; recurring revenue was also a record at $538 million, up 9%.
• Fourth-quarter adjusted operating expenses are forecast at $1.082 billion–$1.092 billion, putting full-year expenses at the top end of the range given in July. Full-year CapEx is now expected to be about $1.05 billion, largely reflecting a planned Atlanta campus purchase.
• ICE returned $693 million to shareholders in the quarter through buybacks and dividends. MarketAxess financing is in place, and ICE now expects the acquisition to close in the first quarter of 2027.