Intercontinental Exchange Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +5.69%.
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 $2.98 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.
- 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
“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.”
Intercontinental Exchange CEO, on the earnings call
Forward Guidance & Outlook
ICE's full year 2026 GAAP operating expenses are expected to be in a range of $5.095 billion to $5.145 billion, with adjusted operating expenses of $4.145 billion to $4.195 billion. Second quarter 2026 GAAP operating expenses are expected to be $1.280 billion to $1.290 billion, with adjusted operating expenses of $1.030 billion to $1.040 billion. Q2 2026 GAAP non-operating expense is expected to be $160 million to $165 million, with adjusted non-operating expense of $180 million to $185 million. Diluted share count for Q2 is expected to be 565 million to 571 million weighted average shares outstanding. Management remains focused on disciplined investment, operational rigor, and creating value for stockholders.
ICE YoY Financials
ICE Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.