Intercontinental Exchange Reports Record First Quarter 2026

Intercontinental Exchange (NYSE: ICE): Record 1Q26 net revenues of $3.0 billion, +20% y/y Jeff Sprecher, ICE Chair & Chief Executive Officer, said, "We are pleased to report record first ...

ATLANTA & NEW YORK: Intercontinental Exchange (NYSE: ICE):

Record 1Q26 net revenues of $3.0 billion, +20% y/y			Jeff Sprecher, ICE Chair & Chief Executive Officer, said, "We are pleased to report record first quarter results, driven by the strength of our diversified platform and the continued trust of our global customers. In a quarter marked by significant macroeconomic and geopolitical uncertainty, our customers increasingly relied on our mission-critical markets, data, and technology to navigate complexity and manage risk. The breadth of our business model, spanning exchanges, fixed income, and mortgage technology, continues to provide resilience and multiple avenues for growth. As we look to the balance of the year and beyond, ICE is well positioned to serve our customers, drive innovation, and create value for our stockholders."

1Q26 GAAP diluted earnings per share (EPS) of $2.48, +80% y/y

1Q26 adj. diluted EPS of $2.35, +37% y/y

Record 1Q26 operating income of $1.7 billion, +36% y/y; record adj. operating income of $1.9 billion, +29% y/y

1Q26 operating margin of 56%; adj. operating margin of 65%

Through March 31, 2026, returned $848 million to stockholders, including over $550 million in share repurchases

Intercontinental Exchange (NYSE: ICE), a leading global provider of technology and data, today reported financial results for the first quarter of 2026. For the quarter ended March 31, 2026, consolidated net income attributable to ICE was $1.4 billion on $3.0 billion of consolidated revenues, less transaction-based expenses. First quarter GAAP diluted EPS were $2.48. Adjusted net income attributable to ICE was $1.3 billion in the first quarter and adjusted diluted EPS were $2.35. 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: "ICE's first quarter results reflect the durability and quality of our business model, delivering record revenues and record operating income. Our strong cash flows enabled us to return $848 million to stockholders, including over $550 million in share repurchases, while also investing in strategic growth initiatives and maintaining leverage within our target range. Looking ahead, we remain focused on disciplined investment, operational rigor, and creating value for our stockholders."

First Quarter 2026 Business Highlights

First quarter consolidated net revenues were $3.0 billion including exchange net revenues of $1.8 billion, fixed income and data services revenues of $657 million and mortgage technology revenues of $539 million. Consolidated operating expenses were $1.3 billion for the first quarter of 2026. On an adjusted basis, consolidated operating expenses were $1.0 billion. Consolidated operating income for the first quarter was $1.7 billion, and the operating margin was 56%. On an adjusted basis, consolidated operating income for the first quarter was $1.9 billion, and the adjusted operating margin was 65%.

$ (in millions)	Net Revenues		Op Margin			Adj Op Margin
	1Q26
Exchanges	$	1,781		79	%	80	%
Fixed Income and Data Services	$	657		42	%	47	%
Mortgage Technology	$	539		(2	)%	39	%
Consolidated	$	2,977		56	%	65	%

		1Q26		1Q25		% Chg
Recurring Revenues	$	1,320	$	1,236		7	%
Transaction Revenues, net	$	1,657	$	1,237		34	%

Exchanges Segment Results

First quarter exchange net revenues were $1.8 billion. Exchange operating expenses were $378 million, and adjusted operating expenses were $362 million in the first quarter. Segment operating income for the first quarter was $1.4 billion, and the operating margin was 79%. On an adjusted basis, operating income was $1.4 billion, and the adjusted operating margin was 80%.

$ (in millions)		1Q26		1Q25	% Chg		Const Curr(1)
Revenues, net:
Energy	$	814	$	557	46	%	41	%
Ags and Metals		81		64	26	%	25	%
Financials(2)		256		156	65	%	56	%
Cash Equities and Equity Options, net		123		119	3	%	3	%
OTC and Other(3)		102		103	(1	)%	(2	)%
Data and Connectivity Services		277		246	13	%	13	%
Listings		128		122	5	%	5	%
Segment Revenues	$	1,781	$	1,367	30	%	27	%

Recurring Revenues	$	405	$	368	10	%	10	%
Transaction Revenues, net	$	1,376	$	999	38	%	33	%

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 1Q25, 1.2609 and 1.0531, 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

First quarter fixed income and data services revenues were $657 million. Fixed income and data services operating expenses were $382 million, and adjusted operating expenses were $346 million in the first quarter. Segment operating income for the first quarter was $275 million, and the operating margin was 42%. On an adjusted basis, operating income was $311 million, and the adjusted operating margin was 47%.

$ (in millions)		1Q26		1Q25	% Chg		Const Curr(1)
Revenues:
Fixed Income Execution	$	31	$	31	-	%	-	%
CDS Clearing		112		94	19	%	18	%
Fixed Income Data and Analytics		322		299	8	%	7	%
Data and Network Technology		192		172	12	%	11	%
Segment Revenues	$	657	$	596	10	%	9	%

Recurring Revenues	$	514	$	471	9	%	8	%
Transaction Revenues	$	143	$	125	14	%	14	%

(1) Revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 1Q25, 1.2609 and 1.0531, respectively.

Mortgage Technology Segment Results

First quarter mortgage technology revenues were $539 million. Mortgage technology operating expenses were $552 million, and adjusted operating expenses were $327 million in the first quarter. Segment operating loss for the first quarter was $13 million, and the operating margin was (2)%. On an adjusted basis, operating income was $212 million, and the adjusted operating margin was 39%.

$ (in millions)		1Q26		1Q25	% Chg
Revenues:
Origination Technology	$	192	$	175	10	%
Closing Solutions		57		47	20	%
Servicing Software		222		221	1	%
Data and Analytics		68		67	1	%
Segment Revenues	$	539	$	510	6	%

Recurring Revenues	$	401	$	397	1	%
Transaction Revenues	$	138	$	113	22	%

Other Matters

Operating cash flow through the first quarter of 2026 was $1.3 billion and adjusted free cash flow was $1.2 billion.

Unrestricted cash was $863 million and outstanding debt was $20.4 billion as of March 31, 2026.

Through the first quarter of 2026, ICE repurchased $551 million of its common stock and paid $297 million in dividends.

Updated Financial Guidance

ICE's full year 2026 GAAP operating expenses are expected to be in a range of $5.095 billion to $5.145 billion. Adjusted operating expenses(1) are expected to be in a range of $4.145 billion to $4.195 billion.

ICE's second quarter 2026 GAAP operating expenses are expected to be in a range of $1.280 billion to $1.290 billion. Adjusted operating expenses(1) are expected to be in a range of $1.030 billion to $1.040 billion.

ICE's second quarter 2026 GAAP non-operating expense is expected to be in the range of $160 million to $165 million. Adjusted non-operating expense(2) is expected to be in the range of $180 to $185 million.

ICE's diluted share count for the second quarter is expected to be in the range of 565 million to 571 million weighted average shares outstanding.

(1) 2026 and 2Q26 non-GAAP operating expenses exclude amortization of acquisition-related intangibles and integration expenses.

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

Earnings Conference Call Information

ICE will hold a conference call today, April 30, 2026, at 8:30 a.m. ET to review its first 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 404-975-4839 from outside of the United States. Telephone participants are required to provide the participant entry number 319905 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 second quarter 2026 earnings has been scheduled for July 30th, 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)

	Three Months Ended March 31,
Revenues:		2026		2025
Exchanges	$	2,470	$	2,123
Fixed income and data services		657		596
Mortgage technology		539		510
Total revenues		3,666		3,229
Transaction-based expenses:
Section 31 fees		-		262
Cash liquidity payments, routing and clearing		689		494
Total revenues, less transaction-based expenses		2,977		2,473

Operating expenses:
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