Intercontinental Exchange Reports Third Quarter 2026
Jeff Sprecher, ICE Chair & Chief Executive Officer, said, "We're pleased to report the best third quarter in ICE's history, with revenues, operating income and earnings per share each growing by double digits. Our customers come to ICE to manage risk, to connect with one another, to access our • 3Q26 net revenues of $2.8 billion, data and to run critical parts of +15% y/y their business on our platforms. They want to trade, hedge and access data whenever markets are moving, and we're building our networks to meet them there. Looking ahead, we'll keep expanding our markets, data and technology to meet our customers' needs, and we enter the fourth quarter with strong momentum." • 3Q26 GAAP diluted earnings per share (EPS) of $1.67, +18% y/y • 3Q26 adj. diluted EPS of $2.02, +18% y/y 3Q26 operating income of $1.4 • billion, +20% y/y; adj. operating income of $1.7 billion, +19% y/y • 3Q26 operating margin of 51%; adj. operating margin of 61% Through • September 30, 2026, returned $2.5 billion to stockholders, including $1.6 billion in share repurchases
ATLANTA & NEW YORK, October 29, 2026 -Intercontinental Exchange (NYSE: ICE), a leading global provider of technology and data, today reported financial results for the third quarter of 2026. For the quarter ended September 30, 2026, consolidated net income attributable to ICE was $940 million on $2.8 billion of consolidated revenues, less transaction-based expenses. Third quarter GAAP diluted EPS were $1.67. Adjusted net income attributable to ICE was $1.1 billion in the third quarter and adjusted diluted EPS were $2.02. 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: "Through the first nine months of the year, we've delivered record revenues, adjusted operating income and adjusted earnings per share, underscoring the strength and durability of our business model. Our strong and growing cash flows enabled us to return a record $2.5 billion to stockholders year to date, including a record $1.6 billion of share repurchases, while continuing to invest in strategic growth initiatives. As we look to the balance of the year and into 2027, we expect to continue returning capital to stockholders alongside our deleveraging plan following the close of MarketAxess, extending our track record of growth and value creation." 1 Third Quarter 2026 Business Highlights
Third quarter consolidated net revenues were $2.8 billion including exchange net revenues of $1.5 billion, fixed income and data services revenues of $674 million and mortgage technology revenues of $549 million. Consolidated operating expenses were $1.4 billion for the third quarter of 2026. On an adjusted basis, consolidated operating expenses were $1.1 billion. Consolidated operating income for the third quarter was $1.4 billion, and the operating margin was 51%. On an adjusted basis, consolidated operating income for the third quarter was $1.7 billion, and the adjusted operating margin was 61%.
$ (in millions) Net Revenues Op Margin Adj Op Margin 3Q26 Exchanges $1,542 75% 76% Fixed Income and Data Services $674 36% 46% Mortgage Technology $549 2% 40% Consolidated $2,765 51% 61% 3Q26 3Q25 % Chg Recurring Revenues $1,365 $1,275 7% Transaction Revenues, net $1,400 $1,136 23%
Third quarter exchange net revenues were $1.5 billion. Exchange operating expenses were $390 million, and adjusted operating expenses were $373 million in the third quarter. Segment operating income for the third quarter was $1.2 billion, and the operating margin was 75%. On an adjusted basis, operating income was $1.2 billion, and the adjusted operating margin was 76%. 2
(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 3Q25, 1.3488 and 1.1689, respectively.
(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.
Third quarter fixed income and data services revenues were $674 million. Fixed income and data services operating expenses were $429 million, and adjusted operating expenses were $365 million in the third quarter. Segment operating income for the third quarter was $245 million, and the operating margin was 36%. On an adjusted basis, operating income was $309 million, and the adjusted operating margin was 46%. 3
$ (in millions) 3Q26 3Q25 % Chg Const Curr(1) Revenues: Fixed Income Execution $34 $33 5% 5% CDS Clearing 102 90 12% 13% Fixed Income Data and Analytics 336 311 8% 8% Data and Network Technology 202 184 10% 10% Segment Revenues $674 $618 9% 9% Recurring Revenues $538 $495 9% 9% Transaction Revenues $136 $123 10% 11%
(1) Revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 3Q25, 1.3488 and 1.1689, respectively.
Third quarter mortgage technology revenues were $549 million. Mortgage technology operating expenses were $536 million, and adjusted operating expenses were $330 million in the third quarter. Segment operating income for the third quarter was $13 million, and the operating margin was 2%. On an adjusted basis, operating income was $219 million, and the adjusted operating margin was 40%.
$ (in millions) 3Q26 3Q25 % Chg Revenues: Origination Technology $189 $188 1% Closing Solutions 60 58 4% Servicing Software 229 216 6% Data and Analytics 71 66 6% Segment Revenues $549 $528 4% Recurring Revenues $405 $391 4% Transaction Revenues $144 $137 4%
• Operating cash flow through the third quarter of 2026 was $4.5 billion and adjusted free cash flow was $3.7 billion.
• Unrestricted cash was $936 million and outstanding debt was $23.3 billion as of September 30, 2026.
Through the third quarter of 2026, ICE repurchased $1.6 billion of its • common stock and paid $884 million in dividends.
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 Antitrust Improvements Act of 1976, as amended (the “HSR Act”), effective as of October 21, 2026, satisfying the HSR Act condition in ICE’s acquisition of MarketAxess Holdings Inc. The merger remains subject to the remaining customary closing conditions and approvals and the receipt of other required regulatory approvals. Based on the HSR Act approval, ICE now expects the merger to close in the first quarter of 2027 ahead of the first-half of 2027 • timeline ICE announced in July. ──────────────────────────────────────────────────────────────────────────────
GAAP Non-GAAP 2026 Exchange Recurring 9% Revenue (% growth) 2026 Fixed Income & Data Services Recurring 8% Revenue (% growth) 4Q26 Operating Expenses $1.317 - $1.327 billion $1.082 - $1.092 billion(1) 4Q26 Non-Operating $170 - $180 million $175 - $185 million(2) Expense 2026 Capital ~$1.050 billion Expenditures 4Q26 Weighted Average 558 - 563 million Shares Outstanding
(1) 4Q26 non-GAAP operating expenses excludes amortization of acquisition- related intangibles.
(2) Adjusted non-operating expense excludes equity earnings from unconsolidated investees and net interest on pre-acquisition-related debt. 5 Earnings Conference Call Information
ICE will hold a conference call today, October 29, 2026, at 8:30 a.m. ET to review its third 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 833-461-5787 from the United States or 585-542-9983 from outside of the United States. Telephone participants are required to provide the participant entry number 272521750 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 fourth quarter 2026 earnings has been scheduled for February 4th, 2027 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 6
As of September 30, 2026 As of December 31, (Unaudited) 2025 ────────────────────────────────────────────────────────────────────────────── Assets: Current assets: Cash and cash $ 936 $ 837 equivalents Short-term restricted cash 4,226 748 and cash equivalents Short-term restricted 1,005 629 investments Cash and cash equivalent margin 113,274 76,789 deposits and guaranty funds Invested deposits, delivery contracts receivable and 2,811 4,437 unsettled variation margin Customer accounts 1,879 1,552 receivable, net Prepaid expenses and other current 756 786 assets Total current 124,887 85,778 assets Property and 2,972 2,691 equipment, net Other non-current assets: Goodwill 30,664 30,646 Other intangible 14,656 15,353 assets, net Long-term restricted cash 260 240 and cash equivalents Long-term restricted 136 141 investments Other non-current 3,455 2,038 assets Total other 49,171 48,418 non-current assets Total assets $ 177,030 $ 136,887 Liabilities and Equity: Current liabilities: Accounts payable and accrued $ 1,187 $ 1,078 liabilities Section 31 fees 94 — payable Accrued salaries 386 455 and benefits Deferred revenue 416 204 Short-term debt 2,959 1,035 Margin deposits 113,274 76,789 and guaranty funds Invested deposits, delivery contracts payable and 2,811 4,437 unsettled variation margin Other current 174 118 liabilities Total current 121,301 84,116 liabilities Non-current liabilities: Non-current deferred tax 4,133 3,998 liability, net Long-term debt 20,345 18,609 Accrued employee 178 174 benefits Non-current operating lease 685 635 liability Other non-current 411 364 liabilities Total non-current 25,752 23,780 liabilities Total liabilities 147,053 107,896 Commitments and contingencies Redeemable non-controlling interest in 30 22 consolidated subsidiaries Equity: Intercontinental Exchange, Inc. stockholders’ equity:
Common stock 7 7 Treasury stock, at (9,505 ) (7,792 ) cost Additional paid-in 16,952 16,643 capital Retained earnings 22,708 20,281 Accumulated other (263 ) (224 ) comprehensive loss Total Intercontinental Exchange, Inc. 29,899 28,915 stockholders’ equity Non-controlling interest in 48 54 consolidated subsidiaries Total equity 29,947 28,969 Total liabilities $ 177,030 $ 136,887 and equity
We use certain financial measures internally to evaluate our performance and make financial and operational decisions that are presented in a manner that adjusts from their equivalent GAAP measures or that supplement the information provided by our GAAP measures. We use these adjusted results because we believe they more clearly highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our core operating performance. We use these measures in communicating certain aspects of our results and performance, including in our Quarterly Report on Form 10-Q, and believe that these measures, when viewed in conjunction with our GAAP results and the accompanying reconciliation, can provide investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone. In addition, we believe the presentation of these measures is useful to investors for making period-to-period comparisons of results because the adjustments to GAAP are not reflective of our core business performance.These financial measures are not presented in accordance with, or as an alternative to, GAAP financial measures and may be different from non-GAAP measures used by other companies. We encourage investors to review the GAAP financial measures included in our Quarterly Report on Form10-Q, including our consolidated financial statements, to aid in their analysis and understanding of our performance and in making comparisons. The tables below outline our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income attributable to ICE, and adjusted diluted earnings per share attributable to ICE common stockholders, which are non-GAAP measures that are calculated by making adjustments for items we view as not reflective of our cash operations or core business performance.
We consider free cash flow and adjusted free cash flow to be non-GAAP liquidity measures that provide useful information to management and investors to analyze cash resources generated from our operations. We believe that free cash flow and adjusted free cash flow are useful as the bases for comparing our performance to that of our competitors and demonstrates our ability to convert the reinvestment of capital expenditures and capitalized software development costs required to maintain and grow our business, as well as adjust for timing differences related to the payment of Section 31 fees. These non-GAAP liquidity measures are not presented in accordance with, or as an alternative to, GAAP liquidity measures and may be different from non-GAAP measures used by other companies. The table below presents free cash flow and adjusted free cash flow, including the related adjustments. 9
Adjusted Operating Income, Operating Margin and Operating Expense Reconciliation
Adjusted Operating Income, Operating Margin and Operating Expense Reconciliation
Nine Months Ended Nine Months Ended September 30, 2026 September 30, 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 3,311 $ 2,464 attributable to ICE Add: Amortization of acquisition-related 713 755 intangibles Add: Transaction and 98 48 integration costs (Less)/Add: (10 ) 4 Regulatory matters Less: Net income from unconsolidated (59 ) (75 ) investees Less: Fair value adjustments of (452 ) (35 ) equity investments Add: Net interest expense on 6 — pre-acquisition-rel… debt Less: Income tax effect for the above (77 ) (180 ) items Add: Deferred tax adjustments on 18 45 acquisition-related intangibles Less: Other tax — (8 ) adjustments Adjusted net income $ 3,548 $ 3,018 attributable to ICE Diluted earnings per share attributable $ 5.85 $ 4.28 to ICE common stockholders Adjusted diluted earnings per share $ 6.27 $ 5.24 attributable to ICE common stockholders Diluted weighted average common 566 576 shares outstanding
Three Months Ended Three Months Ended September 30, 2026 September 30, 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 940 $ 816 attributable to ICE Add: Amortization of acquisition-related 239 249 intangibles Add: Transaction and 48 7 integration costs Less: Net income from unconsolidated (16 ) (40 ) investees Less: Fair value adjustments of — (33 ) equity investments Add: Net interest expense on 6 — pre-acquisition-rel… debt Less: Income tax effect for the above (72 ) (50 ) items (Less)/Add: Deferred tax adjustments on (9 ) 39 acquisition-related intangibles Less: Other tax — (8 ) adjustments Adjusted net income $ 1,136 $ 980 attributable to ICE Diluted earnings per share attributable $ 1.67 $ 1.42 to ICE common stockholders Adjusted diluted earnings per share $ 2.02 $ 1.71 attributable to ICE common stockholders Diluted weighted average common 563 574 shares outstanding
14 About Intercontinental Exchange Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long- term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at https://www.ice.com/privacy-security-center/terms-of-use. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in Intercontinental Exchange, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026. We caution you not to place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of an unanticipated event. New factors emerge from time to time, and it is not possible for management to predict all factors that may affect our business and prospects. Further, management cannot assess the impact of each factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. SOURCE: Intercontinental Exchange
Full text with the tables
Exhibit 99.1
Intercontinental Exchange Reports Third Quarter 2026
Jeff Sprecher,
ICE Chair & Chief Executive
Officer, said,
"We're pleased to report the best
third quarter in ICE's history,
with revenues, operating income and
earnings per share each growing by
double digits. Our customers come
to ICE to manage risk, to connect
with one another, to access our
• 3Q26 net revenues of $2.8 billion, data and to run critical parts of
+15% y/y their business on our platforms.
They want to trade, hedge and
access
data whenever markets are moving,
and we're building our networks to
meet them there. Looking ahead,
we'll keep expanding our markets,
data and technology to meet our
customers' needs, and we enter the
fourth quarter with strong
momentum."
• 3Q26 GAAP diluted earnings per
share (EPS) of $1.67, +18% y/y
• 3Q26 adj. diluted EPS of $2.02,
+18% y/y
3Q26 operating income of $1.4
• billion, +20% y/y; adj. operating
income of $1.7 billion, +19% y/y
• 3Q26 operating margin of 51%; adj.
operating margin of 61%
Through
• September 30, 2026, returned $2.5
billion to stockholders, including
$1.6 billion in share repurchases
ATLANTA & NEW YORK, October 29, 2026 -Intercontinental Exchange (NYSE: ICE), a
leading global provider of technology and data, today reported financial results
for the third quarter of 2026. For the quarter ended September 30, 2026,
consolidated net income attributable to ICE was $940 million
on $2.8 billion of consolidated revenues, less transaction-based expenses. Third
quarter GAAP diluted EPS were $1.67. Adjusted net income
attributable to ICE was $1.1 billion in the third quarter and adjusted diluted
EPS were $2.02. 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: "Through
the first nine months of the year, we've delivered record revenues, adjusted
operating income and adjusted earnings per share, underscoring
the strength and durability of our business model. Our strong and growing cash
flows enabled us to return a record $2.5 billion to stockholders
year to date, including a record $1.6 billion of share repurchases, while
continuing to invest in strategic growth initiatives. As we
look to the balance of the year and into 2027, we expect to continue returning
capital to stockholders alongside our deleveraging plan
following the close of MarketAxess, extending our track record of growth and
value creation."
1
Third Quarter 2026 Business Highlights
Third quarter consolidated net revenues were $2.8 billion including
exchange net revenues of $1.5 billion, fixed income and data services revenues
of $674 million and mortgage technology revenues of $549
million. Consolidated operating expenses were $1.4 billion for the third quarter
of 2026. On an adjusted basis, consolidated operating
expenses were $1.1 billion. Consolidated operating income for the third quarter
was $1.4 billion, and the operating margin was 51%. On
an adjusted basis, consolidated operating income for the third quarter was $1.7
billion, and the adjusted operating margin was 61%.
$ (in millions) Net Revenues Op Margin Adj Op Margin
3Q26
Exchanges $1,542 75% 76%
Fixed Income and Data Services $674 36% 46%
Mortgage Technology $549 2% 40%
Consolidated $2,765 51% 61%
3Q26 3Q25 % Chg
Recurring Revenues $1,365 $1,275 7%
Transaction Revenues, net $1,400 $1,136 23%
Exchanges Segment Results
Third quarter exchange net revenues were $1.5 billion. Exchange operating
expenses were $390 million, and adjusted operating expenses were $373 million in
the third quarter. Segment operating income for the third
quarter was $1.2 billion, and the operating margin was 75%. On an adjusted
basis, operating income was $1.2 billion, and the adjusted
operating margin was 76%.
2
$ (in millions) 3Q26 3Q25 % Chg Const
Curr(1)
Revenues, net:
Energy $603 $482 25% 26%
Ags and Metals 83 51 62% 62%
Financials(2) 190 139 37% 37%
Cash Equities and Equity Options, 132 105 25% 25%
net
OTC and Other(3) 112 99 13% 14%
Data and Connectivity Services 292 264 10% 10%
Listings 130 125 4% 4%
Segment Revenues $1,542 $1,265 22% 22%
Recurring Revenues $422 $389 8% 8%
Transaction Revenues, net $1,120 $876 28% 28%
(1) Net revenues in constant currency are calculated holding
both the pound sterling and euro at the average exchange rate from 3Q25, 1.3488
and 1.1689, 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
Third quarter fixed income and data services revenues were $674 million.
Fixed income and data services operating expenses were $429 million, and
adjusted operating expenses were $365 million in the third quarter.
Segment operating income for the third quarter was $245 million, and the
operating margin was 36%. On an adjusted basis, operating income
was $309 million, and the adjusted operating margin was 46%.
3
$ (in millions) 3Q26 3Q25 % Chg Const Curr(1)
Revenues:
Fixed Income Execution $34 $33 5% 5%
CDS Clearing 102 90 12% 13%
Fixed Income Data and Analytics 336 311 8% 8%
Data and Network Technology 202 184 10% 10%
Segment Revenues $674 $618 9% 9%
Recurring Revenues $538 $495 9% 9%
Transaction Revenues $136 $123 10% 11%
(1) Revenues in constant currency are calculated holding
both the pound sterling and euro at the average exchange rate from 3Q25, 1.3488
and 1.1689, respectively.
Mortgage Technology Segment Results
Third quarter mortgage technology revenues were $549 million. Mortgage
technology operating expenses were $536 million, and adjusted operating expenses
were $330 million in the third quarter. Segment operating
income for the third quarter was $13 million, and the operating margin was 2%.
On an adjusted basis, operating income was $219 million,
and the adjusted operating margin was 40%.
$ (in millions) 3Q26 3Q25 % Chg
Revenues:
Origination Technology $189 $188 1%
Closing Solutions 60 58 4%
Servicing Software 229 216 6%
Data and Analytics 71 66 6%
Segment Revenues $549 $528 4%
Recurring Revenues $405 $391 4%
Transaction Revenues $144 $137 4%
4
Other Matters
• Operating cash flow through the third quarter of 2026 was $4.5 billion
and adjusted free cash flow was $3.7 billion.
• Unrestricted cash was $936 million and outstanding debt was $23.3 billion
as of September 30, 2026.
Through the third quarter of 2026, ICE repurchased $1.6 billion of its
• common stock and paid
$884 million in dividends.
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 Antitrust Improvements Act of 1976, as amended (the
“HSR Act”), effective as of October 21, 2026, satisfying
the HSR Act condition in ICE’s acquisition of MarketAxess Holdings Inc.
The merger remains subject to the remaining customary closing
conditions and approvals and the receipt of other required regulatory
approvals. Based on the HSR Act approval, ICE now expects the merger
to close in the first quarter of 2027 ahead of the first-half of 2027
• timeline ICE announced in July.
──────────────────────────────────────────────────────────────────────────────
Updated Financial Guidance
GAAP Non-GAAP
2026 Exchange Recurring 9%
Revenue (% growth)
2026 Fixed Income & Data
Services Recurring 8%
Revenue (% growth)
4Q26 Operating Expenses $1.317 - $1.327 billion $1.082 - $1.092
billion(1)
4Q26 Non-Operating $170 - $180 million $175 - $185 million(2)
Expense
2026 Capital ~$1.050 billion
Expenditures
4Q26 Weighted Average 558 - 563 million
Shares Outstanding
(1) 4Q26 non-GAAP operating expenses excludes amortization of acquisition-
related
intangibles.
(2) Adjusted non-operating expense excludes equity earnings from unconsolidated
investees and net interest on pre-acquisition-related debt.
5
Earnings Conference Call Information
ICE will hold a conference call today, October 29, 2026, at 8:30
a.m. ET to review its third 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 833-461-5787 from the
United States or 585-542-9983 from outside of the United States. Telephone
participants are required to provide the participant entry number 272521750 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 fourth quarter 2026 earnings has been scheduled
for February 4th, 2027 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
6
Consolidated Statements of Income
(In millions, except per share amounts)
(Unaudited)
Nine Three
Mont… Mont…
Ended Ended
Sept… Sept…
Rev… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Exc… $ 7,286 $ 6,118 $ 2,407 $ 1,861
Fix…
inc…
and 1,976 1,811 674 618
data
ser…
Mor… 1,645 1,569 549 528
tec…
Tot… 10,9… 9,498 3,630 3,007
rev…
Tra…
exp…
Sec…
31 571 412 283 —
fees
Cash
liq…
pay… 1,928 1,659 582 596
rou…
and
cle…
Tot…
rev…
less 8,408 7,427 2,765 2,411
tra…
exp…
Ope…
exp…
Com…
and 1,540 1,463 526 483
ben…
Pro… 109 120 37 39
ser…
Acq…
tra…
and 102 51 49 9
int…
cos…
Tec…
and 725 647 245 219
com…
Rent
and 72 64 25 23
occ…
Sel…
gen… 222 219 74 77
and
adm…
Dep…
and 1,172 1,171 399 387
amo…
Tot…
ope… 3,942 3,735 1,355 1,237
exp…
Ope… 4,466 3,692 1,410 1,174
inc…
Oth…
inc…
Int… 94 92 43 28
inc…
Int… (630 ) (599 ) (222 ) (192 )
exp…
Oth…
inc… 496 95 11 71
net
Tot…
oth… (40 ) (412 ) (168 ) (93 )
inc…
net
Inc…
bef…
inc… 4,426 3,280 1,242 1,081
tax
exp…
Inc…
tax 1,063 772 286 250
exp…
Net $ 3,363 $ 2,508 $ 956 $ 831
inc…
Net
inc…
att… (52 ) (44 ) (16 ) (15 )
to
non…
int…
Net
inc…
att…
to $ 3,311 $ 2,464 $ 940 $ 816
Int…
Exc…
Inc.
Ear…
per
sha…
att…
to
Int…
Exc…
Inc.
com…
sto…
Bas… $ 5.87 $ 4.30 $ 1.68 $ 1.43
Dil… $ 5.85 $ 4.28 $ 1.67 $ 1.42
Wei…
ave…
com…
sha…
out…
Bas… 564 573 561 572
Dil… 566 576 563 574
7
Consolidated Balance Sheets
(In millions)
As of September 30,
2026 As of December 31,
(Unaudited) 2025
──────────────────────────────────────────────────────────────────────────────
Assets:
Current assets:
Cash and cash $ 936 $ 837
equivalents
Short-term
restricted cash 4,226 748
and cash
equivalents
Short-term
restricted 1,005 629
investments
Cash and cash
equivalent margin 113,274 76,789
deposits
and guaranty funds
Invested deposits,
delivery contracts
receivable and 2,811 4,437
unsettled
variation
margin
Customer accounts 1,879 1,552
receivable, net
Prepaid expenses
and other current 756 786
assets
Total current 124,887 85,778
assets
Property and 2,972 2,691
equipment, net
Other non-current
assets:
Goodwill 30,664 30,646
Other intangible 14,656 15,353
assets, net
Long-term
restricted cash 260 240
and cash
equivalents
Long-term
restricted 136 141
investments
Other non-current 3,455 2,038
assets
Total other 49,171 48,418
non-current assets
Total assets $ 177,030 $ 136,887
Liabilities and
Equity:
Current
liabilities:
Accounts payable
and accrued $ 1,187 $ 1,078
liabilities
Section 31 fees 94 —
payable
Accrued salaries 386 455
and benefits
Deferred revenue 416 204
Short-term debt 2,959 1,035
Margin deposits 113,274 76,789
and guaranty funds
Invested deposits,
delivery contracts
payable and 2,811 4,437
unsettled
variation margin
Other current 174 118
liabilities
Total current 121,301 84,116
liabilities
Non-current
liabilities:
Non-current
deferred tax 4,133 3,998
liability, net
Long-term debt 20,345 18,609
Accrued employee 178 174
benefits
Non-current
operating lease 685 635
liability
Other non-current 411 364
liabilities
Total non-current 25,752 23,780
liabilities
Total liabilities 147,053 107,896
Commitments and
contingencies
Redeemable
non-controlling
interest in 30 22
consolidated
subsidiaries
Equity:
Intercontinental
Exchange, Inc.
stockholders’
equity:
Common stock 7 7
Treasury stock, at (9,505 ) (7,792 )
cost
Additional paid-in 16,952 16,643
capital
Retained earnings 22,708 20,281
Accumulated other (263 ) (224 )
comprehensive loss
Total
Intercontinental
Exchange, Inc. 29,899 28,915
stockholders’
equity
Non-controlling
interest in 48 54
consolidated
subsidiaries
Total equity 29,947 28,969
Total liabilities $ 177,030 $ 136,887
and equity
8
Non-GAAP Financial Measures and Reconciliation
We use certain financial measures internally to evaluate our performance and
make financial and operational decisions that are presented in a manner that
adjusts from their equivalent GAAP measures or that supplement the information
provided by our GAAP measures. We use these adjusted results because we believe
they more clearly highlight trends in our business that may not otherwise be
apparent when relying solely on GAAP financial measures, since these measures
eliminate from our results specific financial items that have less bearing on
our core operating performance. We use these measures in communicating certain
aspects of our results and performance, including in our Quarterly Report on
Form 10-Q, and believe that these measures, when viewed in conjunction with our
GAAP results and the accompanying reconciliation, can provide investors with
greater transparency and a greater understanding of factors affecting our
financial condition and results of operations than GAAP measures alone. In
addition, we believe the presentation of these measures is useful to investors
for making period-to-period comparisons of results because the adjustments to
GAAP are not reflective of our core business performance.These financial
measures are not presented in accordance with, or as an alternative to, GAAP
financial measures and may be different from non-GAAP measures used by other
companies. We encourage investors to review the GAAP financial measures included
in our Quarterly Report on Form10-Q, including our consolidated financial
statements, to aid in their analysis and understanding of our performance and in
making comparisons. The tables below outline our adjusted operating expenses,
adjusted operating income, adjusted operating margin, adjusted net income
attributable to ICE, and adjusted diluted earnings per share attributable to ICE
common stockholders, which are non-GAAP measures that are calculated by making
adjustments for items we view as not reflective of our cash operations or core
business performance.
Non-GAAP Liquidity Measures and Reconciliation
We consider free cash flow and adjusted free cash flow to be non-GAAP
liquidity measures that provide useful information to management and investors
to analyze cash resources generated from our operations.
We believe that free cash flow and adjusted free cash flow are useful as the
bases for comparing our performance to that of our competitors
and demonstrates our ability to convert the reinvestment of capital expenditures
and capitalized software development costs required to
maintain and grow our business, as well as adjust for timing differences related
to the payment of Section 31 fees. These non-GAAP liquidity
measures are not presented in accordance with, or as an alternative to, GAAP
liquidity measures and may be different from non-GAAP measures
used by other companies. The table below presents free cash flow and adjusted
free cash flow, including the related adjustments.
9
Adjusted Operating Income, Operating Margin and Operating Expense Reconciliation
(In millions)
(Unaudited)
…
… …
… …
… …
… … …
… … …
… … … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ …
… … … …
… … … …
— — … …
4 ) — — ) 4
$ … $ … $ … $ …
$ … $ … $ 6 $ …
$ … $ … $ … $ …
% … % … % … % …
% … % … % … % …
10
Adjusted Operating Income, Operating Margin and Operating Expense Reconciliation
(In millions)
(Unaudited)
…
… …
… …
… …
… … …
… … …
… … … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ …
… … … …
… … … …
— — 7 7
$ … $ … $ … $ …
$ … $ … $ … $ …
$ … $ … $ … $ …
% … % … % 4 % …
% … % … % … % …
11
Adjusted Net Income Attributable to ICE and Diluted EPS
(In millions)
(Unaudited)
Nine Months Ended Nine Months Ended
September 30, 2026 September 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 3,311 $ 2,464
attributable to ICE
Add: Amortization of
acquisition-related 713 755
intangibles
Add: Transaction and 98 48
integration costs
(Less)/Add: (10 ) 4
Regulatory matters
Less: Net income
from unconsolidated (59 ) (75 )
investees
Less: Fair value
adjustments of (452 ) (35 )
equity
investments
Add: Net interest
expense on 6 —
pre-acquisition-rel…
debt
Less: Income tax
effect for the above (77 ) (180 )
items
Add: Deferred tax
adjustments on 18 45
acquisition-related
intangibles
Less: Other tax — (8 )
adjustments
Adjusted net income $ 3,548 $ 3,018
attributable to ICE
Diluted earnings per
share attributable $ 5.85 $ 4.28
to ICE common
stockholders
Adjusted diluted
earnings per share $ 6.27 $ 5.24
attributable to ICE
common stockholders
Diluted weighted
average common 566 576
shares
outstanding
12
Adjusted Net Income Attributable to ICE and Diluted EPS
(In millions)
(Unaudited)
Three Months Ended Three Months Ended
September 30, 2026 September 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 940 $ 816
attributable to ICE
Add: Amortization of
acquisition-related 239 249
intangibles
Add: Transaction and 48 7
integration costs
Less: Net income
from unconsolidated (16 ) (40 )
investees
Less: Fair value
adjustments of — (33 )
equity
investments
Add: Net interest
expense on 6 —
pre-acquisition-rel…
debt
Less: Income tax
effect for the above (72 ) (50 )
items
(Less)/Add: Deferred
tax adjustments on (9 ) 39
acquisition-related
intangibles
Less: Other tax — (8 )
adjustments
Adjusted net income $ 1,136 $ 980
attributable to ICE
Diluted earnings per
share attributable $ 1.67 $ 1.42
to ICE common
stockholders
Adjusted diluted
earnings per share $ 2.02 $ 1.71
attributable to ICE
common stockholders
Diluted weighted
average common 563 574
shares
outstanding
13
Adjusted Free Cash Flow Calculation
(In millions)
(Unaudited)
Nine Months Ended Nine Months Ended
September 30, 2026 September 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net cash provided by
operating $ 4,486 $ 3,387
activities
Less: Capital (318 ) (207 )
expenditures
Less: Capitalized
software development (346 ) (318 )
costs
Free cash flow $ 3,822 $ 2,862
(Less)/Add: Section (94 ) 316
31 fees, net
Adjusted free cash $ 3,728 $ 3,178
flow
14
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is
a Fortune 500 company that designs, builds and operates digital networks that
connect people to opportunity. We provide financial technology
and data services across major asset classes helping our customers access
mission-critical workflow tools that increase transparency and
efficiency. ICE’s futures, equity, and options exchanges – including the New
York Stock Exchange – and clearing houses
help people invest, raise capital and manage risk. We offer some of the world’s
largest markets to trade and clear energy and environmental
products. Our fixed income, data services and execution capabilities provide
information, analytics and platforms that help our customers
streamline processes and capitalize on opportunities. At ICE Mortgage
Technology, we are transforming U.S. housing finance, from initial
consumer engagement through loan production, closing, registration and the long-
term servicing relationship. Together, ICE transforms,
streamlines and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include
Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock
Exchange. Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its affiliates is
located at https://www.ice.com/privacy-security-center/terms-of-use.
Key Information Documents for certain products covered by the EU Packaged Retail
and Insurance-based Investment Products Regulation can
be accessed on the relevant exchange website under the heading “Key Information
Documents (KIDS).”
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995 - Statements in this press release regarding ICE's
business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion of additional
risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking statements, see
ICE's Securities and Exchange Commission (SEC)
filings, including, but not limited to, the risk factors in Intercontinental
Exchange, Inc.’s Annual Report on Form 10-K for the
year ended December 31, 2025, as filed with the SEC on February 5, 2026. We
caution you not to place undue reliance
on these forward-looking statements. Any forward-looking statement speaks only
as of the date on which such statement is made, and we
undertake no obligation to update any forward-looking statement or statements to
reflect events or circumstances after the date on which
such statement is made or to reflect the occurrence of an unanticipated event.
New factors emerge from time to time, and it is not possible
for management to predict all factors that may affect our business and
prospects. Further, management cannot assess the impact of each
factor on the business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from
those contained in any forward-looking statements.
SOURCE: Intercontinental Exchange
Category: Corporate
ICE Investor Relations Contact:
Steve Eagerton
+1 904 854 3683
investors@ice.com
ICE Media Contact:
Rebecca Mitchell
+44 207 065 7804
media@ice.com
15