Jun 2026 (Q2 FY26) — Jul 30, 2026
Intercontinental Exchange, Inc. Q2 FY26 — Record Quarter Driven by MarketAxess Acquisition and Strong Recurring Revenue
Read the full callIntercontinental Exchange (ICE) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Intercontinental Exchange earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,611 | +10.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 38.5 | −1.2 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 958 | +12.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
8 of 8 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year capital expenditures | $740 million to $790 million | Dec 2025 | Given our strong free cash flow generation, we've elected to pull forward some of our originally and 2027 CapEx into 2026, and we now anticipate full year CapEx of approximately $850 million. | Revised Down |
| MarketAxess acquisition EPS accretion | immediately accretive to ICE's adjusted EPS in the first year post-close | Jun 2026 | We anticipate the transaction will be immediately accretive to ICE's adjusted earnings per share in the first year post close, with accretion improving as synergies are realized and the combined platform scales. | New |
19 of Intercontinental Exchange, Inc.'s 27 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 25 more targets are in the full ledger.
Claimed
- Reported the best second quarter in company history with adjusted EPS of $1.90, a record.
- Net revenues increased 5% to $2.7 billion, with adjusted operating income at $1.6 billion.
- Recurring revenues reached a record $1.4 billion, up 8%, demonstrating platform resilience.
- Exchanges net revenue was $1.5 billion, with rates business growing 24% and NYSE transaction revenue up 15%.
- Fixed Income and Data Services net revenue grew 8% to $645 million, with recurring revenue up 10% and index AUM reaching $922 billion, up 29% YoY.
Qualified
- Gross leverage is expected to peak temporarily around 3.4x pro forma EBITDA post-MarketAxess acquisition, targeting return to 3x or below within 18 to 24 months.
- Energy volumes were softer this quarter, though total OI across energy markets was up 8% year-to-date.
Price
$158.4 −1.96% · −$3.16
Performance +3.1% 1Y
1Y: $153.6 on 17 Oct 2025 → $158.4. High $175.1 (26 Jan 2026), low $122.91 (29 Jun 2026).
- Previous close
- $161.56
- 52-week range
- $122.91 – $175.1
- One year
- +2.00%
Overview
- Symbol
- ICE
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
8 of 8 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year capital expenditures | $740 million to $790 million | Dec 2025 | Given our strong free cash flow generation, we've elected to pull forward some of our originally and 2027 CapEx into 2026, and we now anticipate full year CapEx of approximately $850 million. | Revised Down |
| MarketAxess acquisition EPS accretion | immediately accretive to ICE's adjusted EPS in the first year post-close | Jun 2026 | We anticipate the transaction will be immediately accretive to ICE's adjusted earnings per share in the first year post close, with accretion improving as synergies are realized and the combined platform scales. | New |
Claimed
- Reported the best second quarter in company history with adjusted EPS of $1.90, a record.
- Net revenues increased 5% to $2.7 billion, with adjusted operating income at $1.6 billion.
- Recurring revenues reached a record $1.4 billion, up 8%, demonstrating platform resilience.
- Exchanges net revenue was $1.5 billion, with rates business growing 24% and NYSE transaction revenue up 15%.
- Fixed Income and Data Services net revenue grew 8% to $645 million, with recurring revenue up 10% and index AUM reaching $922 billion, up 29% YoY.
Qualified
- Gross leverage is expected to peak temporarily around 3.4x pro forma EBITDA post-MarketAxess acquisition, targeting return to 3x or below within 18 to 24 months.
- Energy volumes were softer this quarter, though total OI across energy markets was up 8% year-to-date.
The full ledger
Open Intercontinental Exchange, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 27 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Intercontinental Exchange, Inc. Q1 FY26 — Record Performance Across All Segments
Read the full callDec 2025 (Q4 FY25) — Feb 5, 2026
Intercontinental Exchange, Inc. Q4 FY25 — Record Performance Driven by Diversified Growth and Synergy Outperformance
Read the full callEvery analysed call
Intercontinental Exchange earnings calls (ICE)
Financials
What the filings say
Net profit, year on year: +13% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,033 | 3,030 | 3,229 | 3,262 | 3,007 | 3,142 | 3,666 | 3,611 |
| Operating profit | 1,103 | 1,077 | 1,221 | 1,297 | 1,174 | 1,237 | 1,665 | 1,391 |
| Operating margin | 36.4% | 35.5% | 37.8% | 39.8% | 39.0% | 39.4% | 45.4% | 38.5% |
| Other income | -205 | -172 | -154 | -165 | -93 | -171 | 232 | -104 |
| Interest | 223 | 213 | 206 | 201 | 192 | 204 | 203 | 205 |
| Profit before tax | 898 | 905 | 1,067 | 1,132 | 1,081 | 1,066 | 1,897 | 1,287 |
| Tax rate | 25.3% | 21.7% | 23.9% | 23.6% | 23.1% | 19.1% | 24.5% | 24.2% |
| Net profit | 657 | 698 | 797 | 851 | 816 | 851 | 1,413 | 958 |
| EPS ($ per share) | 1.15 | — | 1.39 | 1.49 | 1.43 | — | 2.49 | 1.70 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 6 | 6 | 6 | 6 | 6 | 6 | 7 | 7 |
| Reserves | 8,317 | 9,629 | 11,039 | 14,350 | 14,943 | 16,356 | 18,071 | 20,281 |
| Total liabilities | 75,489 | 77,129 | 106,573 | 170,754 | 171,577 | 110,298 | 111,708 | 107,896 |
| Fixed assets | 1,241 | 1,536 | — | — | — | — | — | — |
| Total assets | 92,791 | 94,493 | 126,200 | 193,502 | 194,338 | 136,084 | 139,428 | 136,887 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,533 | 2,659 | 2,881 | 3,123 | 3,554 | 3,542 | 4,609 | 4,662 |
| Cash from investing | -1,755 | -1,740 | -10,361 | -786 | 677 | -8,797 | -921 | -4,249 |
| Cash from financing | -463 | -424 | 26,000 | 62,026 | -1,841 | -64,345 | 79 | -6,334 |
| Net cash flow | 304 | 499 | 18,528 | 64,357 | 2,367 | -69,593 | 3,753 | -5,889 |
| Capital expenditure | -134 | -153 | -207 | -179 | -225 | -190 | -406 | -373 |
| Free cash flow | 2,399 | 2,506 | 2,674 | 2,944 | 3,329 | 3,352 | 4,203 | 4,289 |
ICE revenue by segment
Exchanges grew from 64% to 67% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Exchanges | 64% | 64% | 66% | 65% | 62% | 64% | 67% | 67% | +12.9% |
| Fixed Income and Data Services | 19% | 19% | 18% | 18% | 21% | 19% | 18% | 18% | +8.0% |
| Mortgage Technology | 17% | 17% | 16% | 16% | 18% | 17% | 15% | 15% | +4.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
ICE operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Assets under management (AUM) ETF benchmarked to ICE indices | $648BIn our index business, ETF AUM benchmarked to our indices has grown to $648 billion at the end of 2024 from less than $100 billion in 2017, a key driver of the double-digit average annual revenue growth over that timeframe.Source: earnings call transcript | $754BIn our fixed income data and analytics business, record third quarter revenues of $311 million increased 5% year-over-year, driven by growth in pricing and reference data in our index business, which reached a record $754 billion in ETF AUM at the end of the third quarter.Source: earnings call transcript | $794BOur fixed income data and analytics business achieved record revenues of $318 million, up 5%, driven by our pricing and reference data offering, which posted its best quarter for net new business since 2020 and our index business, which ended the year with a record $794 billion in ETF AUM tracking ICE indices, up over 20% versus last year.Source: earnings call transcript | $829BWithin Fixed Income Data & Analytics, we achieved record revenues of $322 million, up 7%, aided by strong net new business trends in our pricing and reference data offering and continued momentum in our Index business, which ended the quarter with a record $829 billion in ETF AUM, up 21% year-over-year.Source: earnings call transcript | $922BWithin fixed income and Data Services, record revenues were aided by strong net new business and pricing and reference data, deepening consumption of our fixed income data sets including early signs of engagement by clients building AI-driven workflows and continued momentum in our index business, which ended the quarter with a record $922 billion in ETF assets under management, up 29% year-over-year.Source: earnings call transcript | +11.2% |
| Retention rate NYSE listings | — | — | 99%+In addition, our retention rate remained above 99% while we also welcomed several transfers, including Virtu, Etsy and the largest transfer in NYSE history, AstraZeneca, who officially transferred to the NYSE this week.Source: earnings call transcript | 99%+In the first quarter, we welcomed 25 new operating companies, facilitated the largest transfer in our history with AstraZeneca and maintained a retention rate above 99%.Source: earnings call transcript | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
166 filings between Nov 11, 2025 and Sep 14, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$91.33M
64 sales by 12 insiders
98% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 32
- Award — granted as compensation
- 19
- Option exercise — converted options into shares
- 47
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Sprecher Jeffrey C | — | $66.35M | Feb 18, 2026 |
| Jackson Benjamin | — | $5.41M | Sep 1, 2026 |
| Kapani Mayur | — | $4.51M | Aug 12, 2026 |
| Martin Lynn C | — | $4.31M | Jul 16, 2026 |
| Surdykowski Andrew J | — | $2.76M | Aug 26, 2026 |
| Edmonds Christopher Scott | — | $2.54M | Sep 1, 2026 |
| Foley Douglas | — | $2.12M | Sep 14, 2026 |
| Gardiner Warren | — | $1.40M | Aug 19, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 14, 2026 | Foley Douglas SVP, HR & Administration | Sale 10b5-1 plan | 1,600 | $256.0K |
| Sep 1, 2026 | Jackson Benjamin President | Sale 10b5-1 plan | 5,020 | $801.6K |
| Sep 1, 2026 | Jackson Benjamin President | Sale 10b5-1 plan | 1,600 | $257.7K |
| Sep 1, 2026 | Jackson Benjamin President | Sale 10b5-1 plan | 6,242 | $999.8K |
| Sep 1, 2026 | Jackson Benjamin President | Option exercise 10b5-1 plan | 6,431 | $368.6K |
| Sep 1, 2026 | Jackson Benjamin President | Option exercise 10b5-1 plan | 6,431 | $368.6K |
| Sep 1, 2026 | Edmonds Christopher Scott President, Fixed Income & Data | Sale 10b5-1 plan | 5,000 | $803.0K |
| Sep 1, 2026 | Edmonds Christopher Scott President, Fixed Income & Data | Option exercise 10b5-1 plan | 5,000 | $286.6K |
| Aug 26, 2026 | Surdykowski Andrew J General Counsel | Sale 10b5-1 plan | 600 | $97.4K |
| Aug 26, 2026 | Surdykowski Andrew J General Counsel | Sale 10b5-1 plan | 3,974 | $642.5K |
| Aug 26, 2026 | Tirinnanzi Martha A Director | Sale 10b5-1 plan | 1,340 | $216.0K |
| Aug 26, 2026 | Surdykowski Andrew J General Counsel | Option exercise 10b5-1 plan | 2,065 | $118.3K |
| Aug 20, 2026 | Foley Douglas SVP, HR & Administration | Sale 10b5-1 plan | 1,600 | $256.0K |
| Aug 19, 2026 | Gardiner Warren Chief Financial Officer | Sale 10b5-1 plan | 2,491 | $389.3K |
| Aug 13, 2026 | Tirinnanzi Martha A Director | Sale 10b5-1 plan | 141 | $21.9K |
| Aug 12, 2026 | Kapani Mayur Chief Technology Officer | Sale 10b5-1 plan | 3,771 | $570.7K |
| Aug 12, 2026 | Kapani Mayur Chief Technology Officer | Sale 10b5-1 plan | 400 | $59.9K |
| Aug 12, 2026 | Kapani Mayur Chief Technology Officer | Option exercise 10b5-1 plan | 4,271 | $286.2K |
| Aug 12, 2026 | Kapani Mayur Chief Technology Officer | Sale 10b5-1 plan | 100 | $15.2K |
| Aug 12, 2026 | Kapani Mayur Chief Technology Officer | Option exercise 10b5-1 plan | 3,028 | $173.5K |
| Aug 5, 2026 | Foley Douglas SVP, HR & Administration | Sale | 7,300 | $1.09M |
| Jul 16, 2026 | Martin Lynn C President, NYSE Group | Sale 10b5-1 plan | 200 | $28.5K |
| Jul 16, 2026 | Martin Lynn C President, NYSE Group | Sale 10b5-1 plan | 3,200 | $450.9K |
| Jul 16, 2026 | Martin Lynn C President, NYSE Group | Sale 10b5-1 plan | 9,482 | $1.34M |
| Jul 16, 2026 | Martin Lynn C President, NYSE Group | Option exercise 10b5-1 plan | 15,882 | $910.2K |
| Jul 16, 2026 | Martin Lynn C President, NYSE Group | Sale 10b5-1 plan | 3,000 | $419.2K |
| Jun 12, 2026 | Hague William Jefferson Director | Sale 10b5-1 plan | 1,333 | $185.9K |
| Jun 9, 2026 | Hague William Jefferson Director | Sale 10b5-1 plan | 91 | $12.6K |
| May 26, 2026 | Surdykowski Andrew J General Counsel | Option exercise 10b5-1 plan | 2,065 | $118.3K |
| May 26, 2026 | Surdykowski Andrew J General Counsel | Sale 10b5-1 plan | 1,965 | $296.7K |
| May 26, 2026 | Surdykowski Andrew J General Counsel | Sale 10b5-1 plan | 2,608 | $396.4K |
| May 22, 2026 | Bowen Sharon Director | Sale 10b5-1 plan | 667 | $100.9K |
| May 19, 2026 | Gardiner Warren Chief Financial Officer | Sale 10b5-1 plan | 2,490 | $390.0K |
| May 18, 2026 | Mulhern Mark F Director | Award | 1,538 | $0 |
| May 18, 2026 | Pinto Daniel E Director | Award | 1,538 | $0 |
| May 18, 2026 | Silver Caroline Louise Director | Tax withheld | 64 | $0 |
| May 18, 2026 | Silver Caroline Louise Director | Award | 1,698 | $0 |
| May 18, 2026 | Tirinnanzi Martha A Director | Award | 1,698 | $0 |
| May 18, 2026 | Cooper Shantella E. Director | Award | 1,538 | $0 |
| May 18, 2026 | NOONAN THOMAS E Director | Award | 1,538 | $0 |
| May 18, 2026 | Bowen Sharon Director | Award | 1,538 | $0 |
| May 18, 2026 | Hill Jonathan Hopkin Director | Award | 1,698 | $0 |
| May 18, 2026 | Hill Jonathan Hopkin Director | Tax withheld | 27 | $0 |
| May 18, 2026 | Farooqui Duriya M Director | Award | 1,538 | $0 |
| May 18, 2026 | Hague William Jefferson Director | Tax withheld | 50 | $0 |
| May 18, 2026 | Hague William Jefferson Director | Award | 1,538 | $0 |
| May 14, 2026 | Kapani Mayur Chief Technology Officer | Sale 10b5-1 plan | 1,371 | $213.5K |
| May 14, 2026 | Kapani Mayur Chief Technology Officer | Sale 10b5-1 plan | 2,900 | $450.3K |
| May 14, 2026 | Kapani Mayur Chief Technology Officer | Option exercise 10b5-1 plan | 4,271 | $286.2K |
| Mar 10, 2026 | Jackson Benjamin President | Option exercise | 770 | $99.9K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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