Q1 26 EPS
$2.35
BEAT +3.92%
Est. $2.26
Q1 26 Revenue
$2.98B
BEAT +1.04%
Est. $2.95B
vs S&P Since Q1 26
-10.2%
TRAILING MARKET
ICE -2.6% vs S&P +7.6%
Market Reaction
Did ICE Beat Earnings? Q1 2026 Results
Intercontinental Exchange posted a convincing first-quarter 2026 beat, with adjusted diluted EPS of $2.35 clearing the $2.26 consensus by 3.92% and marking the fourth consecutive quarter the company has exceeded earnings expectations. Revenue of $2.9… Read more Intercontinental Exchange posted a convincing first-quarter 2026 beat, with adjusted diluted EPS of $2.35 clearing the $2.26 consensus by 3.92% and marking the fourth consecutive quarter the company has exceeded earnings expectations. Revenue of $2.98 billion edged past the $2.95 billion estimate, though it reflected a 7.8% decline year-over-year on a reported basis. The standout driver was the Exchanges segment, which generated $1.78 billion in net revenues, up 30% year-over-year, as heightened geopolitical and macroeconomic uncertainty pushed customers toward ICE's risk management infrastructure, particularly in energy and interest rate products. Free cash flow reached $1.15 billion, enabling $848 million in capital returns to stockholders, a commitment underscored by a subsequent 8% dividend increase to $0.52 per share for the second quarter. Looking ahead, ICE guided full-year 2026 adjusted operating expenses to a range of $4.14 billion to $4.20 billion, with second-quarter adjusted operating expenses projected at $1.03 billion to $1.04 billion, signaling continued cost discipline as management navigates a volatile macro environment.
Key Takeaways
- • 46% surge in energy trading revenues driven by macroeconomic and geopolitical uncertainty
- • 65% growth in financials (interest rates and other financial futures and options)
- • Broad-based transaction revenue growth of 34% year-over-year
- • Recurring revenues grew 7% to $1.32 billion reflecting durable subscription-based business
- • CDS Clearing revenues up 19% reflecting increased credit risk hedging demand
- • Adjusted operating margin expansion to 65% from 61% a year ago
ICE YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ICE Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Jeff Sprecher, Q1 2026 Earnings Press Release
ICE Earnings Trends
ICE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ICE EPS Trend
Earnings per share: estimate vs actual
ICE Revenue Trend
Quarterly revenue: estimate vs actual
ICE Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $1.84 | $1.90 | +3.36% | $2.67B | +1.69% |
| Q1 26 BEAT | $2.26 | $2.35 | +3.92% | $2.98B | +1.04% |
| Q4 25 BEAT FY | $1.67 | $1.71 | +2.22% | $2.50B | +0.81% |
| FY Full Year | $6.92 | $6.95 | +0.49% | $9.93B | +0.25% |
| Q3 25 BEAT | $1.61 | $1.71 | +6.44% | $2.41B | -0.12% |
| Q2 25 BEAT | $1.77 | $1.81 | +2.25% | $2.54B | +0.17% |
| Q1 25 BEAT | $1.70 | $1.72 | +0.99% | $2.47B | +0.29% |