ICE · Intercontinental Exchange, Inc.

Intercontinental Exchange delivered record first quarter 2026 results, with consolidated net revenues reaching $3.0 billion, a 20% year-over-year increase, propelled by robust performance across segments. The Exchanges segment led with $1.8 billion in net revenues, up 30% y/y (27% constant currency), driven by 46% growth in Energy, 65% in Financials, and 38% in transaction revenues. Fixed Income and Data Services grew 10% to $657 million, supported by 19% CDS clearing and 8% data/analytics expansion. Mortgage Technology revenues rose 6% to $539 million, with transaction revenues up 22%, though GAAP expenses yielded a -2% margin; adjusted margin improved to 39%. GAAP operating income hit a record $1.7 billion (56% margin), with adjusted at $1.9 billion (65% margin). Net income attributable to ICE was $1.4 billion, boosting GAAP diluted EPS to $2.48 (+80% y/y). CEO Jeff Sprecher highlighted the diversified platform's resilience amid macroeconomic uncertainty, with customers relying on ICE's markets, data, and technology. CFO Warren Gardiner emphasized strong cash flows enabling $848 million returned to shareholders ($551 million repurchases, $297 million dividends) while investing in growth and maintaining leverage. Balance sheet shows $863 million unrestricted cash against $20.4 billion debt. Updated guidance projects FY2026 adjusted operating expenses at $4.145-$4.195 billion and Q2 at $1.030-$1.040 billion, signaling disciplined cost management.