Intercontinental Exchange Reports Second Quarter 2026

Jul 30, 2026 at 11:30 AM UTC · Yahoo Finance

Watch Intercontinental Exchange explain itIntercontinental Exchange Inc. (ICE) Q2 2026 Earnings Call · Replay · Jul 30

ATLANTA & NEW YORK, July 30, 2026--(BUSINESS WIRE)--Intercontinental Exchange (NYSE: ICE):

2Q26 net revenues of $2.7 billion, +5% y/y

2Q26 GAAP diluted earnings per share (EPS) of $1.69, +14% y/y

2Q26 adj. diluted EPS of $1.90, +5% y/y

2Q26 operating income of $1.4 billion, +7% y/y; adj. operating income of $1.6 billion, +4% y/y

2Q26 operating margin of 52%; adj. operating margin of 61%

Through June 30, 2026, returned $1.8 billion to stockholders, including $1.2 billion in share repurchases

Board approved increase in share repurchase authorization up to $4.0 billion, effective July 1, 2026

Jeff Sprecher,
ICE Chair & Chief Executive Officer, said,
"We are pleased to report our second quarter results, which reflect continued revenue and earnings per share growth and record open interest across our exchange complex. Against a backdrop of rapid change in global markets, our customers continued to turn to ICE's regulated markets, trusted data and mission-critical technology to transfer risk. As markets become more global, digital and continuous, the opportunities for our all-weather model continue to expand. As we look to the second half of the year and beyond, we remain focused on innovation, durable growth and long-term value creation for our stockholders."

Intercontinental Exchange (NYSE: ICE), a leading global provider of technology and data, today reported financial results for the second quarter of 2026. For the quarter ended June 30, 2026, consolidated net income attributable to ICE was $958 million on $2.7 billion of consolidated revenues, less transaction-based expenses. Second quarter GAAP diluted EPS were $1.69. Adjusted net income attributable to ICE was $1.1 billion in the second quarter and adjusted diluted EPS were $1.90. Please refer to the reconciliation of non-GAAP financial measures included in this press release for more information on our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted EPS and adjusted free cash flow.

Warren Gardiner, ICE Chief Financial Officer, added: "Our second quarter results reflect the continued strength and consistency of our business model, with growth across all three of our operating segments and strong free cash flow generation. During the quarter we returned $945 million to stockholders, including $651 million of share repurchases, while continuing to invest across the platform. Share repurchases remain a priority, and the strength of our free cash flow lets us continue them alongside disciplined investment in strategically important opportunities. That balance reflects the capital discipline and financial rigor that have defined ICE's long track record of value creation for our stockholders."

Second Quarter 2026 Business Highlights

Second quarter consolidated net revenues were $2.7 billion including exchange net revenues of $1.5 billion, fixed income and data services revenues of $645 million and mortgage technology revenues of $557 million. Consolidated operating expenses were $1.3 billion for the second quarter of 2026. On an adjusted basis, consolidated operating expenses were $1.0 billion. Consolidated operating income for the second quarter was $1.4 billion, and the operating margin was 52%. On an adjusted basis, consolidated operating income for the second quarter was $1.6 billion, and the adjusted operating margin was 61%.

$ (in millions)	Net Revenues		Op Margin	Adj Op Margin
	2Q26
Exchanges	$	1,464			74	%	75	%
Fixed Income and Data Services	$	645			42	%	46	%
Mortgage Technology	$	557			8	%	43	%
Consolidated	$	2,666			52	%	61	%

		2Q26			2Q25		% Chg
Recurring Revenues	$	1,353		$	1,256		8	%
Transaction Revenues, net	$	1,313		$	1,287		2	%

Exchanges Segment Results

Second quarter exchange net revenues were $1.5 billion. Exchange operating expenses were $386 million, and adjusted operating expenses were $370 million in the second quarter. Segment operating income for the second quarter was $1.1 billion, and the operating margin was 74%. On an adjusted basis, operating income was $1.1 billion, and the adjusted operating margin was 75%.

$ (in millions)		2Q26		2Q25	% Chg		Const Curr(1)
Revenues, net:
Energy	$	518	$	595	(13	)%		(14	)%
Ags and Metals		87		65	35	%		35	%
Financials(2)		192		158	21	%		21	%
Cash Equities and Equity Options, net		140		123	15	%		15	%
OTC and Other(3)		111		96	15	%		15	%
Data and Connectivity Services		287		255	12	%		12	%
Listings		129		123	5	%		5	%
Segment Revenues	$	1,464	$	1,415	3	%		3	%

Recurring Revenues	$	416	$	378	10	%		10	%
Transaction Revenues, net	$	1,048	$	1,037	1	%		1	%

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 2Q25, 1.3353 and 1.1338, respectively.

(2) Financials include interest rates and other financial futures and options.

(3) OTC & Other includes net interest income and fees on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, exchange member fees, bilateral trading fees, non-exchange execution revenue, electronic trade document confirmation services, and agriculture grading and certification fees.

Fixed Income and Data Services Segment Results

Second quarter fixed income and data services revenues were $645 million. Fixed income and data services operating expenses were $377 million, and adjusted operating expenses were $350 million in the second quarter. Segment operating income for the second quarter was $268 million, and the operating margin was 42%. On an adjusted basis, operating income was $295 million, and the adjusted operating margin was 46%.

$ (in millions)		2Q26		2Q25	% Chg		Const Curr(1)
Revenues:
Fixed Income Execution	$	31	$	32	(4	)%		(4	)%
CDS Clearing		83		82	2	%		1	%
Fixed Income Data and Analytics		333		306	9	%		9	%
Data and Network Technology		198		177	11	%		11	%
Segment Revenues	$	645	$	597	8	%		8	%

Recurring Revenues	$	531	$	483	10	%		10	%
Transaction Revenues	$	114	$	114	—	%		—	%

(1) Revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 2Q25, 1.3353 and 1.1338, respectively.

Mortgage Technology Segment Results

Second quarter mortgage technology revenues were $557 million. Mortgage technology operating expenses were $512 million, and adjusted operating expenses were $318 million in the second quarter. Segment operating income for the second quarter was $45 million, and the operating margin was 8%. On an adjusted basis, operating income was $239 million, and the adjusted operating margin was 43%.

$ (in millions)		2Q26		2Q25	% Chg
Revenues:
Origination Technology	$	197	$	187	5	%
Closing Solutions		65		58	14	%
Servicing Software		226		220	2	%
Data and Analytics		69		66	6	%
Segment Revenues	$	557	$	531	5	%

Recurring Revenues	$	406	$	395	3	%
Transaction Revenues	$	151	$	136	11	%

Other Matters

Operating cash flow through the second quarter of 2026 was $3.3 billion and adjusted free cash flow was $2.6 billion.

Unrestricted cash was $1.1 billion and outstanding debt was $19.8 billion as of June 30, 2026.

Through the second quarter of 2026, ICE repurchased $1.2 billion of its common stock and paid $591 million in dividends.

Board approved increase in share repurchase authorization up to $4.0 billion, effective July 1, 2026

Updated Financial Guidance

	GAAP	Non-GAAP
2026 Exchange Recurring Revenue (% growth)	High-single digits
2026 Fixed Income & Data Services Recurring Revenue (% growth)	7% - 8%
2026 Operating Expenses	$5.140 - $5.180 billion	$4.190 - $4.230 billion(1)
3Q26 Operating Expenses	$1.298 - $1.308 billion	$1.063 - $1.073 billion(2)
3Q26 Non-Operating Expense	$160 - $165 million	$175 - $180 million(3)
2026 Capital Expenditures	~$850 million
3Q26 Weighted Average Shares Outstanding	560 - 566 million

(1) 2026 non-GAAP operating expenses excludes amortization of acquisition-related intangibles, integration expenses, and regulatory matters.

(2) 3Q26 non-GAAP operating expenses excludes amortization of acquisition-related intangibles.

(3) Adjusted non-operating expense excludes equity earnings from unconsolidated investees.

Earnings Conference Call Information

ICE will hold a conference call today, July 30, 2026, at 8:30 a.m. ET to review its second quarter 2026 financial results. A live audio webcast of the earnings call will be available on the company's website at www.ice.com in the investor relations section. Participants may also listen via telephone by dialing 833-470-1428 from the United States or 646-844-6383 from outside of the United States. Telephone participants are required to provide the participant entry number 769427 and are recommended to call 10 minutes prior to the start of the call. The call will be archived on the company's website for replay.

The conference call for the third quarter 2026 earnings has been scheduled for October 29th, 2026 at 8:30 a.m. ET. Please refer to the Investor Relations website at www.ir.theice.com for additional information.

Historical futures, options and cash ADV, rate per contract, open interest data and CDS cleared information can be found at: https://ir.theice.com/investor-resources/supplemental-information/default.aspx

Consolidated Statements of Income
(In millions, except per share amounts)
(Unaudited)
	Six Months Ended June 30,	Three Months Ended June 30,
Revenues:		2026			2025			2026			2025
Exchanges	$	4,879		$	4,257		$	2,409		$	2,134
Fixed income and data services		1,302			1,193			645			597
Mortgage technology		1,096			1,041			557			531
Total revenues		7,277			6,491			3,611			3,262
Transaction-based expenses:
Section 31 fees		288			412			288			150
Cash liquidity payments, routing and clearing		1,346			1,063			657			569
Total revenues, less transaction-based expenses		5,643			5,016			2,666			2,543

Operating expenses:
Compensation and benefits		1,014			980			509			499
Professional services		72			81			37			41
Acquisition-related transaction and integration costs		53			42			12			10
Technology and communication		480			428			242			215
Rent and occupancy		47			41			23			20
Selling, general and administrative		148			142			63			66
Depreciation and amortization		773			784			389			395
Total operating expenses		2,587			2,498			1,275			1,246
Operating income		3,056			2,518			1,391			1,297
Other income/(expense):
Interest income		51			64			27			31
Interest expense		(408	)		(407	)		(205	)		(201	)
Other income, net		485			24			74			5
Total other income/(expense), net		128			(319	)		(104	)		(165	)
Income before income tax expense		3,184			2,199			1,287			1,132
Income tax expense		777			522			312			267
Net income	$	2,407		$	1,677		$	975		$	865
Net income attributable to non-controlling interests		(36	)		(29	)		(17	)		(14	)
Net income attributable to Intercontinental Exchange, Inc.	$	2,371		$	1,648		$	958		$	851

Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:
Basic	$	4.19		$	2.87		$	1.70		$	1.49
Diluted	$	4.18		$	2.86		$	1.69		$	1.48
Weighted average common shares outstanding:
Basic		566			574			564			573
Diluted		568			576			566			575

Consolidated Balance Sheets
(In millions)

	As of
	June 30, 2026		As of
	(Unaudited)		December 31, 2025
Assets:
Current assets:
Cash and cash equivalents	$	1,067		$	837
Short-term restricted cash and cash equivalents		627			748
Short-term restricted investments		886			629
Cash and cash equivalent margin deposits and guaranty funds		114,599			76,789
Invested deposits, delivery contracts receivable and unsettled variation margin		2,313			4,437
Customer accounts receivable, net		1,869			1,552
Prepaid expenses and other current assets		703			786
Total current assets		122,064			85,778
Property and equipment, net		2,884			2,691
Other non-current assets:
Goodwill		30,632			30,646
Other intangible assets, net		14,870			15,353
Long-term restricted cash and cash equivalents		260			240
Long-term restricted investments		136			141
Other non-current assets		3,401			2,038
Total other non-current assets		49,299			48,418
Total assets	$	174,247		$	136,887
Liabilities and Equity:
Current liabilities:
Accounts payable and accrued liabilities	$	1,159		$	1,078
Section 31 fees payable		286			—
Accrued salaries and benefits		280			455
Deferred revenue		567			204
Short-term debt		1,218			1,035
Margin deposits and guaranty funds		114,599			76,789
Invested deposits, delivery contracts payable and unsettled variation margin		2,313			4,437
Other current liabilities		154			118
Total current liabilities		120,576			84,116
Non-current liabilities:
Non-current deferred tax liability, net		4,125			3,998
Long-term debt		18,628			18,609
Accrued employee benefits		179			174
Non-current operating lease liability		681			635
Other non-current liabilities		406			364
Total non-current liabilities		24,019			23,780
Total liabilities		144,595			107,896
Commitments and contingencies
Redeemable non-controlling interest in consolidated subsidiaries		32			22

Equity:
Intercontinental Exchange, Inc. stockholders' equity:
Common stock	7		7
Treasury stock, at cost	(9,100	)	(7,792	)
Additional paid-in capital	16,840		16,643
Retained earnings	22,061		20,281	...