Intercontinental Exchange (ICE) Q3 2026 earnings summary

Executive summary

• Q3 net revenue was a record $2.765B, up 15% YoY; adjusted operating income rose 19% to $1.697B and adjusted diluted EPS rose 18% to $2.02.

• 9M adjusted EPS increased 20% to $6.27; adjusted free cash flow reached a record $3.728B, up 17%.

• Records across recurring revenue, adjusted EPS and cash flow reflected broad growth in exchange, data, network and mortgage technology services.

Financial highlights

• GAAP operating income was $1.410B, up 20%; net income attributable to ICE was $940M, up 15%, and diluted EPS was $1.67, up 18%.

• Q3 recurring revenue reached a record $1.4B, up 7%; transaction revenue grew 23%.

• Adjusted operating expenses were $1.068B, at the midpoint of guidance, reflecting incentive compensation, product and technology investment, and higher depreciation.

• 9M operating cash flow was $4.486B and adjusted free cash flow was $3.728B, versus $3.387B and $3.178B in 9M25.

• Q3 capital expenditures were $226M; YTD capital expenditures and capitalized software were $664M.

Outlook and guidance

• FY26 recurring revenue growth guidance increased to 9% for Exchanges and 8% for Fixed Income and Data Services.

• Q4 adjusted operating expense guidance is $1.082B–$1.092B; adjusted non-operating expense is $175M–$185M, and diluted share count is 558M–563M.

• FY26 capital expenditures and capitalized software guidance is ~$1.05B, increased from ~$850M, mainly reflecting an Atlanta campus purchase and additional data center and real estate spending.

• Q4 Mortgage Technology recurring revenue is expected to grow modestly QoQ; transaction revenue is expected to decline QoQ and YoY amid seasonality and elevated mortgage rates.

• MarketAxess acquisition closing is expected in Q1 2027, ahead of the prior first-half timeline, subject to customary conditions and remaining approvals.