Intercontinental Exchange — Third Quarter 2026 Earnings Summary

Financial Performance:

• Consolidated net revenues for Q3 2026 were $2.8 billion, a 15% increase year-over-year.
• GAAP diluted earnings per share (EPS) were $1.67, an 18% increase year-over-year; adjusted diluted EPS were $2.02, also up 18% year-over-year.
• Consolidated operating income was $1.4 billion (20% y/y growth) with an operating margin of 51%; adjusted operating income was $1.7 billion (19% y/y growth) with an adjusted operating margin of 61%.
• Consolidated net income attributable to ICE was $940 million; adjusted net income attributable to ICE was $1.1 billion.
• Operating cash flow through the first nine months of 2026 was $4.5 billion; adjusted free cash flow was $3.7 billion.
• Unrestricted cash was $936 million as of September 30, 2026.
• Outstanding debt was $23.3 billion as of September 30, 2026.
• Deferred revenue increased to $416 million as of September 30, 2026, from $204 million as of December 31, 2025.

Guidance and Future Outlook:

• Updated 2026 guidance includes 9% growth for Exchange Recurring Revenue and 8% growth for Fixed Income & Data Services Recurring Revenue.
• Q4 2026 operating expenses are guided to be between $1.317 billion and $1.327 billion (GAAP) or $1.082 billion and $1.092 billion (Non-GAAP).
• Q4 2026 non-operating expense is guided to be between $170 million and $180 million (GAAP) or $175 million and $185 million (Non-GAAP).
• 2026 capital expenditures are expected to be approximately $1.050 billion.
• Q4 2026 weighted average shares outstanding are projected to be between 558 million and 563 million.
• Management expects to continue returning capital to stockholders alongside a deleveraging plan following the close of the MarketAxess acquisition.

Business Segments and Product Lines:

• Exchanges Segment: Generated $1.5 billion in net revenues (22% y/y growth). Operating margin was 75% (adjusted 76%). Energy revenues grew 25% y/y to $603 million; Ags and Metals grew 62% y/y to $83 million; Financials grew 37% y/y to $190 million.
• Fixed Income and Data Services Segment: Generated $674 million in revenues (9% y/y growth). Operating margin was 36% (adjusted 46%). Fixed Income Data and Analytics grew 8% y/y to $336 million; Data and Network Technology grew 10% y/y to $202 million.
• Mortgage Technology Segment: Generated $549 million in revenues (4% y/y growth). Operating margin was 2% (adjusted 40%). Servicing Software grew 6% y/y to $229 million; Origination Technology grew 1% y/y to $189 million.
• Recurring revenues for the consolidated company were $1.365 billion in Q3 2026, up 7% from $1.275 billion in Q3 2025.
• Transaction revenues, net, were $1.4 billion in Q3 2026, up 23% from $1.136 billion in Q3 2025.

Market and Competitive Landscape:

• Management stated the company delivered its "best third quarter in ICE's history."
• The company reported record revenues, adjusted operating income, and adjusted earnings per share for the first nine months of the year.
• The Exchanges segment saw significant growth in Energy (25%) and Ags and Metals (62%) revenues.

Risks and Challenges:

• The press release notes that the MarketAxess merger remains subject to remaining customary closing conditions, approvals, and receipt of other required regulatory approvals.
• Forward-looking statements involve risks and uncertainties, including factors that could cause actual results to differ from projections, as detailed in the company's SEC filings (Form 10-K).

Management Commentary and Tone:

• Jeff Sprecher, Chair & CEO, described the quarter as the "best third quarter in ICE's history," highlighting double-digit growth in revenues, operating income, and EPS.
• Sprecher emphasized building networks to meet customer needs for trading, hedging, and data access as markets move.
• Warren Gardiner, CFO, noted that strong and growing cash flows enabled a record $2.5 billion return to stockholders year-to-date, including $1.6 billion in share repurchases.
• Management expressed confidence in extending the track record of growth and value creation into 2027.

Other Key Points:

• On October 21, 2026, the Department of Justice and the Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Act for the acquisition of MarketAxess Holdings Inc., satisfying the HSR Act condition.
• Based on HSR approval, ICE now expects the MarketAxess merger to close in the first quarter of 2027, ahead of the previously announced first-half 2027 timeline.
• Through September 30, 2026, ICE returned $2.5 billion to stockholders, including $1.6 billion in share repurchases and $884 million in dividends.
• The company held an earnings conference call on October 29, 2026, with the next quarter's call scheduled for February 4, 2027.