ICE Posts Best Third Quarter in Its History as Net Revenue Rises 15%

Intercontinental Exchange reported the best third quarter in its history on Thursday, as a 22% jump in exchange revenue drove net revenues up 15% to $2.8 billion and adjusted earnings per share up 18% to $2.02.

GAAP diluted EPS also rose 18%, to $1.67, and net income attributable to ICE was $940 million, according to the earnings release the exchange and data company filed with an 8-K on Thursday. Operating income climbed 20% to $1.4 billion, for an operating margin of 51%, and adjusted operating margin was 61%.

"We're pleased to report the best third quarter in ICE's history, with revenues, operating income and earnings per share each growing by double digits," Chair and CEO Jeff Sprecher said in the release. He said customers "want to trade, hedge and access data whenever markets are moving."

Trading volumes power the exchanges

Exchange segment net revenues rose to $1.542 billion from $1.265 billion. Energy revenues jumped 25% to $603 million, financials, which include interest rate futures and options, climbed 37% to $190 million, and ags and metals surged 62% to $83 million. Cash equities and equity options rose 25%.

Transaction revenues across the company rose 23% to $1.4 billion, while recurring revenues grew 7% to $1.365 billion. The exchange segment posted an operating margin of 75%.

Data and mortgage businesses

Fixed income and data services revenues increased 9% to $674 million, with CDS clearing up 12% and fixed income data and analytics up 8%. Mortgage technology revenues rose 4% to $549 million, led by 6% growth in servicing software and data and analytics.

Mortgage technology's GAAP operating margin was just 2%, though its adjusted operating margin was 40%, as segment operating income came in at $13 million on a GAAP basis and $219 million adjusted.

Capital returns and the MarketAxess deal

Through Sept. 30, ICE returned a record $2.5 billion to stockholders, including a record $1.6 billion of share repurchases and $884 million in dividends. Operating cash flow for the first nine months was $4.5 billion, and adjusted free cash flow was $3.7 billion. Outstanding debt stood at $23.3 billion.

ICE said the Justice Department and Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period on Oct. 21 for its acquisition of MarketAxess. It now expects the deal to close in the first quarter of 2027, ahead of the first-half 2027 timeline it announced in July, though other approvals remain.

CFO Warren Gardiner said ICE expects "to continue returning capital to stockholders alongside our deleveraging plan following the close of MarketAxess."

Updated guidance

ICE now expects 2026 recurring revenue growth of 9% in its exchanges segment and 8% in fixed income and data services. It forecast fourth-quarter adjusted operating expenses of $1.082 billion to $1.092 billion and 2026 capital expenditures of about $1.05 billion.

The company plans to report fourth-quarter results on Feb. 4, 2027.

Sources

1. Intercontinental Exchange Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0001104659-26-119880)

This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.

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