0001104659-26-088462
SEC filingICE二季度营收与EPS双增，交易所业务创纪录持仓，回购加码至40亿美元。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Revenues | $2,666M | $2,543M | +5% |
| Operating Income (GAAP) | $1,391M | $1,297M | +7% |
| Adjusted Operating Income | $1,628M | $1,560M | +4% |
| Operating Margin (GAAP) | 52% | 51% | +1pp |
| Adjusted Operating Margin | 61% | 61% | 0pp |
| Net Income Attributable to ICE (GAAP) | $958M | $851M | +13% |
| Adjusted Net Income | $1,074M | $1,043M | +3% |
| Diluted EPS (GAAP) | $1.69 | $1.48 | +14% |
| Adjusted Diluted EPS | $1.90 | $1.81 | +5% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Operating Expenses | $5.140 - $5.180B | GAAP |
| FY2026 | Operating Expenses | $4.190 - $4.230B | Non-GAAP |
| 3Q26 | Operating Expenses | $1.298 - $1.308B | GAAP |
| 3Q26 | Operating Expenses | $1.063 - $1.073B | Non-GAAP |
| 3Q26 | Non-Operating Expense | $160 - $165M | GAAP |
| 3Q26 | Non-Operating Expense | $175 - $180M | Non-GAAP |
| FY2026 | Capital Expenditures | ~$850M | — |
| 3Q26 | Weighted Average Shares Outstanding | 560 - 566M | — |
简评
ICE 二季度业绩稳健，净营收 $2.7B(+5% y/y) 与调整后 EPS $1.90(+5% y/y) 均实现增长，GAAP EPS $1.69 增速更高(+14%)，主要受益于交易所业务创纪录的未平仓合约及固收数据服务强劲表现。分部来看，交易所净营收 $1,464M(+3%)，其中 Ags and Metals(+35%)、Financials(+21%) 与 Cash Equities(+15%) 领涨，但能源收入下滑 13% 形成拖累；固收与数据服务营收 $645M(+8%)，Data and Network Technology 增长 11%；抵押贷款科技营收 $557M(+5%)，调整后营业利润率 43%，盈利能力显著改善。合并调整后营业利润率维持 61% 高位，显示费用管控有效。
管理层强调"全天候模式"在全球化、数字化市场中的扩张机会，CFO 指出三大分部全面增长与强劲自由现金流。上半年经营现金流 $3.3B、调整后自由现金流 $2.6B，支撑公司上半年返还股东 $1.8B(含 $1.2B 回购)，并新增最高 $4.0B 回购授权(7/1 生效)，彰显资本回报承诺。指引方面，2026 全年 GAAP 营业费用 $5.140-$5.180B、非 GAAP $4.190-$4.230B，3Q26 费用区间亦已给出，整体符合市场预期。主要风险点在于能源交易收入同比下滑及抵押贷款市场复苏节奏的不确定性。