01—Abstract
Summary
Summary of the 10-Q filed April 30, 2026. Cited figures are marked; the original filing is the authoritative source.
Intercontinental Exchange, Inc. (ICE) reported strong financial performance for the first quarter of 2026, with total revenues, less transaction-based expenses, increasing by 20% year-over-year to $2,977 milliona.
This growth was driven by robust performance across its Exchanges and Fixed Income and Data Services segments, reflecting higher trading volumes and increased demand for data and analytics. The company's operating income saw a significant jump of 36% to $1,665 millionb, indicating improved operational efficiency and strong revenue growth outpacing expense increases. The company's balance sheet reflects substantial growth in assets, largely due to an increase in cash and cash equivalent margin deposits and guaranty funds, now standing at $117,610 million.
This reflects the significant collateral managed by its clearing operations. Despite increased short-term debt, the company's overall debt levels remain manageable, with a focus on strategic capital allocation including share repurchases and dividends. ICE's diversified business model continues to demonstrate resilience and adaptability to changing market conditions.
02—Key points
Key Highlights
- Total revenues, less transaction-based expenses, increased 20% to $2,977 million for Q1 2026, up from $2,473 million in Q1 2025.
- Operating income surged 36% to $1,665 million in Q1 2026, compared to $1,221 million in Q1 2025, demonstrating strong profitability.
- The Exchanges segment saw revenues increase by 16% to $2,470 million, driven by energy, financial futures, and data services.
- Fixed Income and Data Services segment revenues grew 10% to $657 million, supported by strong performance in fixed income data and analytics and CDS clearing.
- Mortgage Technology segment revenues increased 6% to $539 million, showing resilience despite market headwinds.
- Net income attributable to Intercontinental Exchange, Inc. more than doubled to $1,413 million in Q1 2026, compared to $797 million in Q1 2025.
- The company repurchased $551 million of common stock in Q1 2026 under its approved share repurchase program, signaling confidence and commitment to returning capital to shareholders.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed April 30, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $3.67B$3.23B | +13.5% |
| SG&A Expenses | $85.00M$76.00M | +11.8% |
| Operating Expenses | $1.31B$1.25B | +4.8% |
| Operating Income | $1.67B$1.22B | +36.4% |
| Net Income | $1.41B$797.00M | +77.3% |
| EPS (Basic) | $2.49$1.39 | +79.1% |
| EPS (Diluted) | $2.48$1.38 | +79.7% |
| Shares Outstanding (Basic) | 567.00M574.00M | −1.2% |
| Shares Outstanding (Diluted) | 570.00M577.00M | −1.2% |
05—Questions
Frequently Asked Questions
What were the main drivers of revenue growth in the first quarter of 2026?
Revenue growth was primarily driven by strong performance in the Exchanges segment, which saw a 16% increase due to higher trading volumes in energy, financial futures, and increased demand for data and connectivity services. The Fixed Income and Data Services segment also contributed with a 10% revenue increase, fueled by growth in fixed income data and analytics and CDS clearing. The Mortgage Technology segment showed a 6% increase, indicating resilience.
How has the company's financial position evolved in terms of assets and liabilities?
Total assets increased significantly to $179,177 million as of March 31, 2026, largely driven by a substantial rise in 'Cash and cash equivalent margin deposits and guaranty funds' to $117,610 million. Total liabilities also increased to $149,615 million, mainly due to higher margin deposits and guaranty funds. Despite an increase in short-term debt, the company maintains a strong equity position.
What is the outlook for the Mortgage Technology segment, given market interest rate changes?
The Mortgage Technology segment revenue grew 6% to $539 million, demonstrating continued demand for its services. While the company notes that higher mortgage interest rates have adversely impacted transaction-based revenues, the segment's performance suggests its comprehensive workflow tools remain valuable to the mortgage market. Management continues to monitor interest rate impacts and other mortgage industry trends.
What is the company doing with its excess cash and capital?
Intercontinental Exchange is actively returning capital to shareholders through share repurchases and dividends. The company repurchased $551 million of common stock in the first quarter of 2026 under its $3.0 billion repurchase program. Additionally, it declared and paid $297 million in dividends during the quarter. The company also continues to invest in technology and its business operations, with expected capital expenditures between $740 million and $790 million for 2026.
06—Continue