Intercontinental Exchange Inc. · NYSE:ICE
Intercontinental Exchange — Q2 2026 Earnings Presentation
32 slides from Intercontinental Exchange's earnings presentation, Jul 30, 2026
Slide 1: 2Q26 Earnings Supplement
2Q26 Earnings Supplement July 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: Participants in the Solicitation
Participants in the Solicitation MarketAxess, ICE and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from MarketAxess stockholders in connection with the Transaction under the rules of the SEC. Information about the intere
Slide 4: ICE Second Quarter 2026 Earnings Call Participants
ICE Second Quarter 2026 Earnings Call Participants Jeff Sprecher Ben Jackson Warren Gardiner Lynn Martin Chris Edmonds Steve Eagerton Daria Mashchenko Chair & CEO President, Chief Financial Officer President, NYSE, President, Vice President, Senior Analyst, Chair, ICE Mortgage Chair, Fixed Income &
Slide 5: ICE to Acquire MarketAxess
ICE to Acquire MarketAxess Transaction Overview • Unites one of the leading institutional credit networks with ICE's retail and wealth distribution, benchmark data, indices and clearing into one connected global fixed income network Strategic • A single connected network creates a larger scaled plat
Slide 6: Fully Integrated Front-to-Back Ecosystem
Fully Integrated Front-to-Back Ecosystem ICE was built on the conviction that opacity and inefficiency in markets are not permanent conditions, they are challenges that technology can solve. Acquiring MarketAxess will carry that strategy forward into one of the largest markets in the world. What ICE
Slide 7: Economies of Scale, for Clients and for ICE
Economies of Scale, for Clients and for ICE As clients consolidate a fragmented stack of venues, data and analytics onto one integrated ICE workflow, they gain access to better execution, liquidity and efficiency, while the relationship expands, expanding wallet share and supporting operating effici
Slide 8: A Direct Distribution Channel Into 2,100+ Institutional Clients
A Direct Distribution Channel Into 2,100+ Institutional Clients Build it once, sell it many times. MarketAxess is a direct channel to cross-sell ICE data and analytics into more than 2,100 institutional clients who today consume ICE data indirectly, through third parties, or not at all. Liquidity Th
Slide 9: Transaction Details and Assumptions
Transaction Details and Assumptions • Transaction valued at an equity value of $6.0 billion or $167/share; enterprise value of $5.7 billion; consideration is all-cash Purchase Price • Enterprise Value / Fully synergized EBITDA multiple of ~10.6x MarketAxess LTM Adj. EBITDA (1) • Full run-rate expens
Slide 10: 2Q26 ICE Performance
2Q26 ICE Performance in millions except per share amounts +8 % Record recurring revenues, CC Income statement highlights 2Q26 2Q25 % Chg, CC Revenues, net $2,666 $2,543 5% Recurring Revenues Transaction Revenues, net 1,353 1,313 1,256 1,287 8% 2% +28 % Record adj. free cash flow, YTD Adj. Op Expense
Slide 11: 2Q26 Exchanges Performance
2Q26 Exchanges Performance in millions Revenues, net 2Q26 2Q25 % Chg Const Curr +12 % Record exchange data and Energy $518 $595 (13)% (14)% connectivity services revenues, CC Ags 87 65 35% 35% Financials 192 158 21% 21% +10 Cash Equities & Equity Options, net 140 123 15% 15% OTC & Other 111 96 15% 1
Slide 12: 2Q26 Fixed Income & Data Services Performance
2Q26 Fixed Income & Data Services Performance in millions +11 % Record data & network Revenues 2Q26 2Q25 % Chg Const technology revenues, CC Curr Fixed Income Execution $31 $32 (4)% (4)% CDS Clearing 83 82 2% 1% +10 % Fixed Income Data & Analytics 333 306 9% 9% Data & Network Technology 198 177 11%
Slide 13: 2Q26 Mortgage Technology Performance
2Q26 Mortgage Technology Performance in millions +14 % Closing solution revenues Revenues 2Q26 2Q25 % Chg Origination Tech $197 $187 5% Closing Solutions 65 58 14% +5 % Servicing Software 226 220 2% Data & Analytics 69 66 6% Total Revenues $557 $531 5% Total mortgage tech revenues Recurring Revenues
Slide 14: Structural Growth Beneath the Energy Cycle
Structural Growth Beneath the Energy Cycle 240 Growth 5-yr Energy vs 1H21 CAGR 220 200 Revenues +128% 18% Index (1H21 = 100) 180 Data subscribers +68% 11% 160 140 Open interest +52% 9% 120 Participation +26% 5% 100 80 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 1H26 14 Figures indexed to 100.
Slide 15: The Compounding Power of Our Data Platform
The Compounding Power of Our Data Platform ETF AUM Benchmarked to Fixed Income & Data Services Annual ICE Indices $1,000 Subscription Value (ASV) $850 +8% y/y, +24% $700 $ in billions CAGR CC $550 Compounding growth in $2,100 subscription-based revenues $400 $2,000 $250 $100 $1,900 2Q21 2Q26 $ in mi
Slide 16: A Deepening Network of Record
A Deepening Network of Record ICE Mortgage Technology Network of record Proprietary, permissioned data • ~90% of US mortgages touch our • Each loan crosses the network network many times, creating data only we hold • Encompass and MSP span origination through servicing, end • Role-based access forms
Slide 17: Consistent Track Record of Growth
Consistent Track Record of Growth 1H26 Highlights $6.95 Record net revenues +11% y/y, CC Record recurring revenues +7% y/y, CC $6.07 $5.62 Record adj. free cash flow +28% y/y Record Adj. EPS +20% y/y R 15% $5.06 $5.30 (1) CA G . EPS $4.41 Adj $4.25 25 –’ ’06 $3.51 $3.77 $2.93 $2.76 $2.42 $1.93 $1.68
Slide 18: Appendix
Appendix 18
Slide 19: 2026 Guidance
2026 Guidance Revenues Prior Current FY26 Exchanges recurring growth Mid-single digits High-single digits FY26 Fixed Income & Data Services recurring growth Mid-single digits 7 – 8% FY26 Total Mortgage Technology growth Low-to-mid single digits Low-to-mid single digits Expenses FY26 adj. expenses (1
Slide 20: Adjusted Operating Expenses
Adjusted Operating Expenses Three Months Ended Three Months Ended Six Months Ended Six Months Ended in millions June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 GAAP Adjusted GAAP Adjusted GAAP Adjusted GAAP Adjusted Compensation and benefits $ 509 $ 509 $ 499 $ 499 $ 1,014 $ 1,014 $ 980 $ 98
Slide 21: Adjusted Non-Operating Income/Expense Reconciliation
Adjusted Non-Operating Income/Expense Reconciliation in millions 2Q26 1Q26 4Q25 3Q25 2Q25 Other income/(expense), net $74 $411 $6 $71 $5 Less: Fair value adjustments of equity investments (63) (389) (20) (33) (2) Less: Net income from unconsolidated investees (17) (26) (4) (40) (6) Add: Other — — 15
Slide 22: Adjusted Effective Tax Rate Reconciliation
Adjusted Effective Tax Rate Reconciliation Three Months Ended Three Months Ended Six Months Ended Six Months Ended in millions June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Income before income taxes $1,287 $1,132 $3,184 $2,199 Income tax expense 312 267 777 522 Effective tax rate 24% 24%
Slide 23: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Six Months Ended Six Months Ended in millions June 30, 2026 June 30, 2025 Net cash provided by operating activities $3,324 $2,472 Less: Capital expenditures (208) (145) Less: Capitalized software development costs (230) (211) Free cash flow 2,886 2,116 Less: Se
Slide 24: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Twelve Months Ended in millions June 30, 2026 Adjusted net income attributable to ICE(1) $4,367 Add: Interest expense 804 Add: Adjusted income tax expense (1) 1,351 Add: Adjusted depreciation and amortization (1) 588 Adjusted EBITDA $7,110 Debt, as reported $19,846 Deb
Slide 25: ICE Summary Balance Sheet
ICE Summary Balance Sheet As of As of in millions June 30, 2026 December 31, 2025 Change Assets $1.1B unrestricted cash Unrestricted Cash $1,067 $837 $230 Other Current Assets 120,997 84,941 36,056 Total debt of $19.8B; Debt-to- Current Assets 122,064 85,778 36,286 Adjusted EBITDA(1) of 2.8x PPE (ne
Slide 26: Fixed Income & Data Supplemental Data
Fixed Income & Data Supplemental Data Annual Subscription Value (ASV) in millions 2Q26 1Q26 4Q25 3Q25 2Q25 ASV(1) $2,080 $2,036 $1,990 $1,955 $1,927 Adjusted for: FX — (1) (5) (5) (9) ASV, CC(2) $2,080 $2,035 $1,985 $1,950 $1,918 (1) ASV is defined as the annual value of subscriptions under contract
Slide 27: 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 5,000 2.00 650 2.50 4,500 1.80 550 4,000 1.60 450 2.25 3,500 1.40 350 3,000 1.20 2,500 1.00 250 2.00 2021 2022 2023 2024 2025 2Q26 2021 2022 2023 2024 2025 2Q26 ADV RPC ADV RPC ADV
Slide 28: 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 5,000 70,000 650 5,000 4,500 4,000 60,000 550 4,000 3,000 50,000 450 3,500 2,000 40,000 350 3,000 1,000 2,500 30,000 250 0 2021 2022 2023 2024 2025 2Q26 2021 2022 2023 2024 2025 2Q26 ADV OI
Slide 29: GAAP Results
GAAP Results Income Statement Highlights Three Months Ended Three Months Ended Six Months Ended Six Months Ended in millions except per share amounts June 30, 2026 June 30, 2025 % Change June 30, 2026 June 30, 2025 % Change Net revenues $2,666 $2,543 5% $5,643 $5,016 12% Operating expenses $1,275 $1
Slide 30: 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 Six Months Ended Six Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2026 20
Slide 31: 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 June 30, June 30, June 30, June 30,
Slide 32: Adjusted Net Income & EPS
Adjusted Net Income & EPS Three Months Ended Three Months Ended Six Months Ended Six Months Ended in millions except per share amounts June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income attributable to ICE $ 958 $ 851 $ 2,371 $ 1,648 Add: Amortization of acquisition-related intangibl
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