Intercontinental Exchange Inc. · NYSE:ICE
Intercontinental Exchange — Q1 2026 Earnings Presentation
25 slides from Intercontinental Exchange's earnings presentation, Apr 30, 2026
Slide 1: 1Q26 Earnings Supplement
1Q26Earnings Supplement April 30, 2026 1
Slide 2: Cautionary statement regarding forward looking statements
Cautionary statement regarding forward looking statements This presentation may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding ICE’s business that are not historical facts are forward-look
Slide 3: ICE First Quarter 2026 Earnings Call Participants
ICE First Quarter 2026 Earnings Call Participants Jeff Sprecher Ben Jackson Warren Gardiner Chris Edmonds Steve Eagerton Daria Mashchenko Chair & CEO President Chief Financial Officer President, Vice President, Senior Analyst, Chair, ICE Mortgage Fixed Income & Investor Relations & Investor Relation
Slide 4: Record 1Q26 ICE Performance
Record 1Q26 ICE Performance in millions except per share amounts +18 % Record net revenues, CC Income statement highlights 1Q26 1Q25 % Chg, CC +26 % Revenues, net $2,977 $2,473 18% Recurring Revenues 1,320 1,236 6% Transaction Revenues, net 1,657 1,237 30% Record adj. op income, CC Adj. Op Expenses
Slide 5: 1Q26 Exchanges Performance
1Q26 Exchanges Performance in millions Revenues, net 1Q26 1Q25 % Chg Const Curr +42 % Record futures & options Energy $814 $557 46% 41% revenues, CC Ags 81 64 26% 25% Financials 256 156 65% 56% +10 Cash Equities & Equity Options, net 123 119 3% 3% OTC & Other 102 103 (1)% (2)% % Data & Connectivity
Slide 6: 1Q26 Fixed Income & Data Services Performance
1Q26 Fixed Income & Data Services Performance in millions +11 % Record data & network Revenues 1Q26 1Q25 % Chg Const technology revenues, CC Curr Fixed Income Execution $31 $31 — — CDS Clearing 112 94 19% 18% +8 % Fixed Income Data & Analytics 322 299 8% 7% Data & Network Technology 192 172 12% 11%
Slide 7: 1Q26 Mortgage Technology Performance
1Q26 Mortgage Technology Performance in millions +6% Total mortgage tech revenues Revenues 1Q26 1Q25 % Chg Origination Tech $192 $175 10% Closing Solutions 57 47 20% +10% Servicing Software 222 221 1% Data & Analytics 68 67 1% Total Revenues $539 $510 6% Origination tech revenues Recurring Revenues
Slide 8: A Leading Global Derivatives Platform Powering Growth Across Asset Classes
A Leading Global Derivatives Platform Powering Growth Across Asset Classes Energy ADV & Revenues Interest Rates ADV Lots in thousands Lots in thousands, $ in millions ADV 6,234 Revenue ADV CAGR +16% 7,500 Rev CAGR +21% $850 +22% CAGR 6,000 $650 4,500 $450 2,345 3,000 $250 1,500 $50 1Q21 1Q26 1Q21 1Q
Slide 9: Comprehensive Platform Driving Record Growth
Comprehensive Platform Driving Record Growth CDS Clearing Revenues Fixed Income & Data Services Annual $125 Subscription Value (ASV) $100 +16% +8% y/y, CAGR $ in millions CC $75 Compounding growth in $2,100 subscription-based revenues $50 $2,000 $25 $1,900 1Q21 1Q26 $1,800 Data & Network Technology
Slide 10: Unifying the Mortgage Workflow Through Technology, Data, and Automation
Unifying the Mortgage Workflow Through Technology, Data, and Automation Servicing Lead generation Manage all aspects of servicing for Generate business and strengthen loans; engage customers and relationships retain business Capital Markets/ Customer acquisition secondary marketing Identify, attract
Slide 11: Consistent Track Record of Growth
Consistent Track Record of Growth 1Q26 Highlights $6.95 Record net revenues +18% y/y, CC Record transaction revenues +30% y/y, CC $6.07 Record recurring revenues +6% y/y, CC $5.62 $5.30 Record adj. op income +26% y/y, CC $5.06 Record adj. EPS +37% y/y $4.41 $3.77 $3.51 $2.93 $2.76 $2.42 $2.35 $1.93
Slide 12: Appendix
Appendix 12
Slide 13: 2026 Guidance
2026 Guidance Revenues Prior Current FY26 Exchanges recurring growth Mid-single digits Mid-single digits FY26 Fixed Income & Data Services recurring growth Mid-single digits Mid-single digits FY26 Total Mortgage Technology growth Low-to-mid single digits Low-to-mid single digits Expenses FY26 adj. e
Slide 14: Adjusted Operating Expenses
Adjusted Operating Expenses Three Months Ended Three Months Ended in millions March 31, 2026 March 31, 2025 GAAP Adjusted GAAP Adjusted Compensation and benefits $ 505 $ 505 $ 481 $ 481 Professional services 35 35 40 40 Acquisition-related transaction and integration costs 41 1 32 1 Technology and c
Slide 15: Adjusted Non-Operating Income/Expense Reconciliation
Adjusted Non-Operating Income/Expense Reconciliation in millions 1Q26 4Q25 3Q25 2Q25 1Q25 Other income/(expense), net $411 $6 $71 $5 $19 Less: Fair value adjustments of equity investments (389) (20) (33) (2) — Less: Net income from unconsolidated investees (26) (4) (40) (6) (29) Add: Other — 15 — —
Slide 16: Adjusted Effective Tax Rate Reconciliation
Adjusted Effective Tax Rate Reconciliation Three Months Ended Three Months Ended in millions March 31, 2026 March 31, 2025 Income before income taxes $1,897 $1,067 Income tax expense 465 255 Effective tax rate 25% 24% Income before income taxes $1,897 $1,067 Add: Amortization of acquisition-related
Slide 17: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended Three Months Ended in millions March 31, 2026 March 31, 2025 Net cash provided by operating activities $1,326 $966 Less: Capital expenditures (64) (85) Less: Capitalized software development costs (112) (104) Free cash flow 1,150 777 Add: Sec
Slide 18: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Twelve Months Ended in millions March 31, 2026 Adjusted net income (1) $4,336 Add: Interest expense 800 Add: Adjusted income tax expense (1) 1,328 Add: Adjusted depreciation and amortization (1) 578 Adjusted EBITDA $7,042 Debt, as reported $20,370 Debt-to-adjusted EBIT
Slide 19: ICE Summary Balance Sheet
ICE Summary Balance Sheet As of As of in millions March 31, 2026 December 31, 2025 Change Assets ▪ $863M unrestricted cash Unrestricted Cash $863 $837 $26 Other Current Assets 126,202 84,941 41,261 ▪ Total debt of $20.4B; Debt-to- Current Assets 127,065 85,778 41,287 Adjusted EBITDA(1) of 2.9x PPE (
Slide 20: Fixed Income & Data Supplemental Data
Fixed Income & Data Supplemental Data Annual Subscription Value (ASV) in millions 1Q26 4Q25 3Q25 2Q25 1Q25 ASV(1) $2,036 $1,990 $1,955 $1,927 $1,883 Adjusted for: FX — (4) (4) (8) 9 ASV, CC(2) $2,036 $1,986 $1,951 $1,919 $1,892 (1) ASV is defined as the annual value of subscriptions under contract f
Slide 21: Average Daily Volume & Rate Per Contract (RPC) Trends
Average Daily Volume & Rate Per Contract (RPC) Trends lots in thousands Energy ADV & RPC ADV Ags ADV & RPC RPC ADV RPC 7,500 2.00 650 2.50 6,500 1.80 550 5,500 1.60 450 2.25 4,500 1.40 350 3,500 1.20 2,500 1.00 250 2.00 2021 2022 2023 2024 2025 1Q26 2021 2022 2023 2024 2025 1Q26 ADV RPC ADV RPC Inte
Slide 22: Average Daily Volume & Open Interest (OI) Trends
Average Daily Volume & Open Interest (OI) Trends lots in thousands ADV Energy ADV & OI OI ADV Ags ADV & OI OI 7,500 70,000 650 5,000 6,500 4,000 60,000 550 5,500 3,000 50,000 450 4,500 2,000 40,000 350 3,500 1,000 2,500 30,000 250 0 2021 2022 2023 2024 2025 1Q26 2021 2022 2023 2024 2025 1Q26 ADV OI
Slide 23: GAAP Results
GAAP Results Income Statement Highlights Three Months Ended Three Months Ended in millions except per share amounts March 31, 2026 March 31, 2025 % Change Net revenues $2,977 $2,473 20% Operating Expenses $1,312 $1,252 5% Operating Income $1,665 $1,221 36% Operating Margin 56% 49% 7 pts Net Income a
Slide 24: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation Fixed Income and Data Mortgage Technology in millions Exchanges Segment Services Segment Segment Consolidated Three Months Ended Three Months Ended Three Months Ended Three Months Ended March 31, March 31, March 31, March
Slide 25: Adjusted Net Income & EPS
Adjusted Net Income & EPS Three Months Ended Three Months Ended in millions except per share amounts March 31, 2026 March 31, 2025 Net income attributable to ICE $ 1,413 $ 797 Add: Amortization of acquisition-related intangibles 237 253 Add: Transaction and integration costs 40 31 Add: Regulatory ma
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