Exhibit 99.1

 

 

 

Intercontinental Exchange Reports Record First Quarter 2026

 

• Record 1Q26 net revenues of $3.0 billion, +20% y/y

 

• 1Q26 GAAP diluted earnings per share (EPS) of $2.48, +80% y/y

 

• 1Q26 adj. diluted EPS of $2.35, +37% y/y

 

• Record 1Q26 operating income of $1.7 billion, +36% y/y; record adj. operating income of $1.9 billion, +29% y/y

 

• 1Q26 operating margin of 56%; adj. operating margin of 65%

 

• Through March 31, 2026, returned $848 million to stockholders, including over $550 million in share repurchases

 

Jeff Sprecher,

ICE Chair & Chief Executive Officer, said,

"We are pleased to report record first quarter results, driven by the strength of our diversified platform and the continued trust of our global customers. In a quarter marked by significant macroeconomic and geopolitical uncertainty, our customers increasingly relied on our mission-critical markets, data, and technology to navigate complexity and manage risk. The breadth of our business model, spanning exchanges, fixed income, and mortgage technology, continues to provide resilience and multiple avenues for growth. As we look to the balance of the year and beyond, ICE is well positioned to serve our customers, drive innovation, and create value for our stockholders."

 

ATLANTA & NEW YORK, April 30, 2026 - Intercontinental Exchange (NYSE: ICE), a leading global provider of technology and data, today reported financial results for the first quarter of 2026. For the quarter ended March 31, 2026, consolidated net income attributable to ICE was $1.4 billion on $3.0 billion of consolidated revenues, less transaction-based expenses. First quarter GAAP diluted EPS were $2.48. Adjusted net income attributable to ICE was $1.3 billion in the first quarter and adjusted diluted EPS were $2.35. Please refer to the reconciliation of non-GAAP financial measures included in this press release for more information on our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted EPS and adjusted free cash flow.

 

Warren Gardiner, ICE Chief Financial Officer, added: "ICE's first quarter results reflect the durability and quality of our business model, delivering record revenues and record operating income. Our strong cash flows enabled us to return $848 million to stockholders, including over $550 million in share repurchases, while also investing in strategic growth initiatives and maintaining leverage within our target range. Looking ahead, we remain focused on disciplined investment, operational rigor, and creating value for our stockholders."

 

 

 

 

First Quarter 2026 Business Highlights

 

First quarter consolidated net revenues were $3.0 billion including exchange net revenues of $1.8 billion, fixed income and data services revenues of $657 million and mortgage technology revenues of $539 million. Consolidated operating expenses were $1.3 billion for the first quarter of 2026. On an adjusted basis, consolidated operating expenses were $1.0 billion. Consolidated operating income for the first quarter was $1.7 billion, and the operating margin was 56%. On an adjusted basis, consolidated operating income for the first quarter was $1.9 billion, and the adjusted operating margin was 65%.

 

 

$ (in millions)  Net Revenues   Op Margin   Adj Op Margin 
       1Q26      
Exchanges  $1,781    79%   80%
Fixed Income and Data Services  $657    42%   47%
Mortgage Technology  $539    (2)%   39%
Consolidated  $2,977    56%   65%
                
    1Q26   1Q25   % Chg 
Recurring Revenues  $1,320   $1,236    7%
Transaction Revenues, net  $1,657   $1,237    34%

 

 

 

 

Exchanges Segment Results

 

First quarter exchange net revenues were $1.8 billion. Exchange operating expenses were $378 million, and adjusted operating expenses were $362 million in the first quarter. Segment operating income for the first quarter was $1.4 billion, and the operating margin was 79%. On an adjusted basis, operating income was $1.4 billion, and the adjusted operating margin was 80%.

 

$ (in millions)   1Q26   1Q25   % Chg    Const Curr(1) 
Revenues, net:                    
Energy  $814   $557    46%   41%
Ags and Metals   81    64    26%   25%
Financials(2)   256    156    65%   56%
Cash Equities and Equity Options, net   123    119    3%   3%
OTC and Other(3)   102    103    (1)%   (2)%
Data and Connectivity Services   277    246    13%   13%
Listings   128    122    5%   5%
Segment Revenues  $1,781   $1,367    30%   27%
                     
Recurring Revenues  $405   $368    10%   10%
Transaction Revenues, net  $1,376   $999    38%   33%

 

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 1Q25, 1.2609 and 1.0531, respectively.

 

(2) Financials include interest rates and other financial futures and options.

 

(3) OTC & Other includes net interest income and fees on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, exchange member fees, bilateral trading fees, non-exchange execution revenue, electronic trade document confirmation services, and agriculture grading and certification fees.

 

Fixed Income and Data Services Segment Results

 

First quarter fixed income and data services revenues were $657 million. Fixed income and data services operating expenses were $382 million, and adjusted operating expenses were $346 million in the first quarter. Segment operating income for the first quarter was $275 million, and the operating margin was 42%. On an adjusted basis, operating income was $311 million, and the adjusted operating margin was 47%.

 

$ (in millions)   1Q26   1Q256   % Chg    Const Curr(1) 
Revenues:                    
Fixed Income Execution  $31   $31    %   %
CDS Clearing   112    94    19%   18%
Fixed Income Data and Analytics   322    299    8%   7%
Data and Network Technology   192    172    12%   11%
Segment Revenues  $657   $596    10%   9%
                     
Recurring Revenues  $514   $471    9%   8%
Transaction Revenues  $143   $125    14%   14%

 

(1) Revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 1Q25, 1.2609 and 1.0531, respectively.

 

 

 

 

Mortgage Technology Segment Results

 

First quarter mortgage technology revenues were $539 million. Mortgage technology operating expenses were $552 million, and adjusted operating expenses were $327 million in the first quarter. Segment operating loss for the first quarter was $13 million, and the operating margin was (2)%. On an adjusted basis, operating income was $212 million, and the adjusted operating margin was 39%.

 

$ (in millions)   1Q26   1Q25   % Chg 
Revenues:               
Origination Technology  $192   $175    10%
Closing Solutions   57    47    20%
Servicing Software   222    221    1%
Data and Analytics   68    67    1%
Segment Revenues  $539   $510    6%
                
Recurring Revenues  $401   $397    1%
Transaction Revenues  $138   $113    22%

 

Other Matters

 

Operating cash flow through the first quarter of 2026 was $1.3 billion and adjusted free cash flow was $1.2 billion.
Unrestricted cash was $863 million and outstanding debt was $20.4 billion as of March 31, 2026.
Through the first quarter of 2026, ICE repurchased $551 million of its common stock and paid $297 million in dividends.

 

Updated Financial Guidance

 

ICE's full year 2026 GAAP operating expenses are expected to be in a range of $5.095 billion to $5.145 billion. Adjusted operating expenses(1) are expected to be in a range of $4.145 billion to $4.195 billion.

 

ICE's second quarter 2026 GAAP operating expenses are expected to be in a range of $1.280 billion to $1.290 billion. Adjusted operating expenses(1) are expected to be in a range of $1.030 billion to $1.040 billion.

 

ICE's second quarter 2026 GAAP non-operating expense is expected to be in the range of $160 million to $165 million. Adjusted non-operating expense(2) is expected to be in the range of $180 to $185 million.

 

ICE's diluted share count for the second quarter is expected to be in the range of 565 million to 571 million weighted average shares outstanding.

 

(1) 2026 and 2Q26 non-GAAP operating expenses exclude amortization of acquisition-related intangibles and integration expenses.

 

(2) Adjusted non-operating expense excludes equity earnings from unconsolidated investees.

  

Earnings Conference Call Information

 

ICE will hold a conference call today, April 30, 2026, at 8:30 a.m. ET to review its first quarter 2026 financial results. A live audio webcast of the earnings call will be available on the company's website at www.ice.com in the investor relations section. Participants may also listen via telephone by dialing 833-470-1428 from the United States or 404-975-4839 from outside of the United States. Telephone participants are required to provide the participant entry number 319905 and are recommended to call 10 minutes prior to the start of the call. The call will be archived on the company's website for replay.

 

The conference call for the second quarter 2026 earnings has been scheduled for July 30th, 2026 at 8:30 a.m. ET. Please refer to the Investor Relations website at www.ir.theice.com for additional information.

 

Historical futures, options and cash ADV, rate per contract, open interest data and CDS cleared information can be found at: https://ir.theice.com/investor-resources/supplemental-information/default.aspx

 

 

 

 

Consolidated Statements of Income

(In millions, except per share amounts)

(Unaudited)

 

 

   Three Months Ended March 31, 
Revenues:  2026   2025 
Exchanges  $2,470   $2,123 
Fixed income and data services   657    596 
Mortgage technology   539    510 
Total revenues   3,666    3,229 
Transaction-based expenses:          
Section 31 fees       262 
Cash liquidity payments, routing and clearing   689    494 
Total revenues, less transaction-based expenses   2,977    2,473 
           
Operating expenses:          
Compensation and benefits   505    481 
Professional services   35    40 
Acquisition-related transaction and integration costs   41    32 
Technology and communication   238    213 
Rent and occupancy   24    21 
Selling, general and administrative   85    76 
Depreciation and amortization   384    389 
Total operating expenses   1,312    1,252 
Operating income   1,665    1,221 
Other income/(expense):          
Interest income   24    33 
Interest expense   (203)   (206)
Other income, net   411    19 
Total other income/(expense), net   232    (154)
Income before income tax expense   1,897    1,067 
Income tax expense   465    255 
Net income  $1,432   $812 
Net income attributable to non-controlling interests   (19)   (15)
Net income attributable to Intercontinental Exchange, Inc.  $1,413   $797 
           
Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:          
Basic  $2.49   $1.39 
Diluted  $2.48   $1.38 
Weighted average common shares outstanding:          
Basic   567    574 
Diluted   570    577 

 

 

 

 

Consolidated Balance Sheets

(In millions)

 

 

As of
March 31, 2026
(Unaudited)

  

As of

December 31, 2025 

 
Assets:        
Current assets:          
Cash and cash equivalents  $863   $837 
Short-term restricted cash and cash equivalents   631    748 
Short-term restricted investments   884    629 
Cash and cash equivalent margin deposits and guaranty funds   117,610    76,789 
Invested deposits, delivery contracts receivable and unsettled variation margin   4,016    4,437 
Customer accounts receivable, net   2,382    1,552 
Prepaid expenses and other current assets   679    786 
Total current assets   127,065    85,778 
Property and equipment, net   2,707    2,691 
Other non-current assets:          
Goodwill   30,634    30,646 
Other intangible assets, net   15,108    15,353 
Long-term restricted cash and cash equivalents   326    240 
Long-term restricted investments   70    141 
Other non-current assets   3,267    2,038 
Total other non-current assets   49,405    48,418 
Total assets  $179,177   $136,887 
Liabilities and Equity:          
Current liabilities:          
Accounts payable and accrued liabilities  $1,311   $1,078 
Accrued salaries and benefits   161    455 
Deferred revenue   640    204 
Short-term debt   1,751    1,035 
Margin deposits and guaranty funds   117,610    76,789 
Invested deposits, delivery contracts payable and unsettled variation margin   4,016    4,437 
Other current liabilities   200    118 
Total current liabilities   125,689    84,116 
Non-current liabilities:          
Non-current deferred tax liability, net   4,136    3,998 
Long-term debt   18,619    18,609 
Accrued employee benefits   173    174 
Non-current operating lease liability   615    635 
Other non-current liabilities   383    364 
Total non-current liabilities   23,926    23,780 
Total liabilities   149,615    107,896 
Commitments and contingencies          
Redeemable non-controlling interest in consolidated subsidiaries   32    22 

 

Equity:        
Intercontinental Exchange, Inc. stockholders’ equity:          
Common stock   7    7 
Treasury stock, at cost   (8,442)   (7,792)
Additional paid-in capital   16,767    16,643 
Retained earnings   21,397    20,281 
Accumulated other comprehensive loss   (251)   (224)
Total Intercontinental Exchange, Inc. stockholders’ equity   29,478    28,915 
Non-controlling interest in consolidated subsidiaries   52    54 
Total equity   29,530    28,969 
Total liabilities and equity  $179,177   $136,887 

 

 

 

 

Non-GAAP Financial Measures and Reconciliation
We use non-GAAP measures internally to evaluate our performance and in making financial and operational decisions. When viewed in conjunction with our GAAP results and the accompanying reconciliation, we believe that our presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparison of results because the items described below as adjustments to GAAP are not reflective of our core business performance. These financial measures are not in accordance with, or an alternative to, GAAP financial measures and may be different from non-GAAP measures used by other companies. We use these adjusted results because we believe they more clearly highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our core operating performance. We strongly recommend that investors review the GAAP financial measures and additional non-GAAP information included in our Quarterly Report on Form 10-Q, including our consolidated financial statements and the notes thereto.

 

Adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income attributable to ICE common stockholders, adjusted diluted earnings per share and adjusted free cash flow for the periods presented below are calculated by adding or subtracting the adjustments described below, which are not reflective of our cash operations and core business performance, and their related income tax effect and other tax adjustments (in millions, except for per share amounts):

 

 

 

 

Adjusted Operating Income, Operating Margin and Operating Expense Reconciliation

(In millions)

(Unaudited)

 

   Exchanges Segment   Fixed Income and Data Services Segment   Mortgage Technology  Segment   Consolidated 
   Three Months Ended March 31, 
   2026   2025   2026   2025   2026   2025   2026   2025 
Total revenues, less transaction-based expenses  $1,781   $1,367   $657   $596   $539   $510   $2,977   $2,473 
Operating expenses   378    354    382    361    552    537    1,312    1,252 
Less: Amortization of acquisition-related intangibles   16    16    36    38    185    199    237    253 
Less: Transaction and integration costs                   40    31    40    31 
Less: Regulatory matter       4                        4 
Adjusted operating expenses  $362   $334   $346   $323   $327   $307   $1,035   $964 
Operating income/(loss)  $1,403   $1,013   $275   $235   $(13)  $(27)  $1,665   $1,221 
Adjusted operating income  $1,419   $1,033   $311   $273   $212   $203   $1,942   $1,509 
Operating margin   79%   74%   42%   39%   (2)%   (5)%   56%   49%
Adjusted operating margin   80%   76%   47%   46%   39%   40%   65%   61%

  

 

 

 

Adjusted Net Income Attributable to ICE and Diluted EPS

(In millions)

(Unaudited)

 

   Three Months Ended March 31, 2026   Three Months Ended March 31, 2025 
Net income attributable to ICE  $1,413   $797 
Add: Amortization of acquisition-related intangibles   237    253 
Add: Transaction and integration costs   40    31 
Add: Regulatory matter       4 
Less: Net income from unconsolidated investees   (26)   (29)
Less: Fair value adjustments of equity investments   (389)    
Add/(less): Income tax effect for the above items   39    (64)
Add: Deferred tax adjustments on acquisition-related intangibles   24    3 
Adjusted net income attributable to ICE  $1,338   $995 
           
Diluted earnings per share attributable to ICE common stockholders  $2.48   $1.38 
           
Adjusted diluted earnings per share attributable to ICE common stockholders  $2.35   $1.72 
           
Diluted weighted average common shares outstanding   570    577 

  

 

 

 

Adjusted Free Cash Flow Calculation

(In millions)

(Unaudited)

 

   Three Months Ended March 31, 2026   Three Months Ended March 31, 2025 
Net cash provided by operating activities  $1,326   $966 
Less: Capital expenditures   (64)   (85)
Less: Capitalized software development costs   (112)   (104)
Free cash flow  $1,150   $777 
Add: Section 31 fees, net       56 
Adjusted free cash flow  $1,150   $833 

 

 

 

 

About Intercontinental Exchange

 

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.

 

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at https://www.ice.com/privacy-security-center/terms-of-use. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

 

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in Intercontinental Exchange, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026. We caution you not to place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of an unanticipated event. New factors emerge from time to time, and it is not possible for management to predict all factors that may affect our business and prospects. Further, management cannot assess the impact of each factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

 

SOURCE: Intercontinental Exchange

 

Category: Corporate

 

 

ICE Investor Relations Contact:

Steve Eagerton

+1 904 854 3683

steve.eagerton@ice.com

 

investors@ice.com

 

ICE Media Contact:

Rebecca Mitchell

+44 207 065 7804

rebecca.mitchell@ice.com

 

media@ice.com