Intercontinental Exchange (NYSE: ICE) Q2 net income reaches $958M

Rhea-AI Filing Summary

Intercontinental Exchange, Inc. reported solid results for the quarter ended June 30, 2026. Net revenues were $2.7 billion, up 5% year over year, with consolidated net income attributable to ICE of $958 million. GAAP diluted EPS was $1.69, a 14% increase, and adjusted diluted EPS was $1.90, up 5%.

Consolidated operating income was $1.4 billion with a 52% operating margin; on an adjusted basis, operating income was $1.6 billion with a 61% margin. All three segments contributed: exchanges generated $1.5 billion of net revenues, fixed income and data services $645 million, and mortgage technology $557 million.

ICE continued to generate strong cash and capital returns. Adjusted free cash flow for the first six months of 2026 was $2.6 billion. Through June 30, 2026, ICE returned $1.8 billion to stockholders, including $1.2 billion of share repurchases, and the board approved an increase in share repurchase authorization up to $4.0 billion. Updated 2026 guidance calls for GAAP operating expenses of $5.140–$5.180 billion, non-GAAP operating expenses of $4.190–$4.230 billion, and capital expenditures of approximately $850 million.

Filing Explained

ICE’s Q2 earnings release is furnished rather than filed, and it adds June 30 balance-sheet figures plus third-quarter guidance ranges.

As a Form 8-K, this filing reports ICE’s second-quarter results under Item 2.02; the earnings release is furnished rather than treated as filed under Section 18 or incorporated by reference except by specific reference.

The unaudited balance sheet reports $ 1,067 million of cash and cash equivalents, $ 1,218 million of short-term debt, and $ 18,628 million of long-term debt as of June 30, 2026.

The release provides third-quarter guidance of $1.298–$1.308 billion in GAAP operating expenses and $1.063–$1.073 billion on a non-GAAP basis, plus GAAP non-operating expense of $160–$165 million, non-GAAP non-operating expense of $175–$180 million, and weighted average shares of 560–566 million.

The next results conference call is scheduled for October 29, 2026, providing the next dated point for updated third-quarter information.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 net revenues: $2.7 billion Q2 2026 GAAP diluted EPS: $1.69 Q2 2026 adjusted diluted EPS: $1.90 +5 more

8 metrics

Q2 2026 net revenues $2.7 billion 2Q26 net revenues, +5% year over year

Q2 2026 GAAP diluted EPS $1.69 GAAP diluted earnings per share, +14% year over year

Q2 2026 adjusted diluted EPS $1.90 Adjusted diluted earnings per share, +5% year over year

Q2 2026 operating margin 52% Consolidated operating margin; adjusted operating margin was 61%

Q2 2026 net income attributable to ICE $958 million Consolidated net income attributable to ICE for the quarter ended June 30, 2026

Adjusted free cash flow 6M 2026 $2,600 million Adjusted free cash flow for the six months ended June 30, 2026

Capital returned to stockholders YTD 2026 $1.8 billion Through June 30, 2026, including $1.2 billion in share repurchases

Share repurchase authorization $4.0 billion Board-approved share repurchase authorization effective July 1, 2026

Key Terms

transaction-based expenses, adjusted free cash flow, constant currency, Section 31 fees, +1 more

5 terms

transaction-based expenses financial

"Total revenues, less transaction-based expenses"

adjusted free cash flow financial

"Adjusted free cash flow for the periods presented below are calculated"

Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.

constant currency financial

"Net revenues in constant currency are calculated holding both the pound sterling and euro"

Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.

Section 31 fees regulatory

"Section 31 fees payable"

A Section 31 fee is a small regulatory charge applied to securities trades that helps fund the U.S. Securities and Exchange Commission’s market oversight. Think of it as a mandatory service charge on a purchase that supports the agency that polices markets; investors feel it as a tiny increase in trading costs, especially for frequent traders, because brokers typically pass the fee along on each transaction.

amortization of acquisition-related intangibles financial

"2026 non-GAAP operating expenses excludes amortization of acquisition-related intangibles"

Amortization of acquisition-related intangibles is the routine accounting charge that spreads the purchase cost of non-physical assets acquired in a business deal—like brand names, customer lists, or patents—over their useful life. Think of it like writing off the cost of a recipe or trademark a little each year; it lowers reported profits without using cash, so investors watch it to separate accounting effects from actual cash performance and to assess long-term value from the acquisition.

Earnings Snapshot

Net revenues: $2.7 billion · Guidance included

Quarter ended June 30, 2026

Net revenues $2.7 billion +5% y/y

GAAP diluted EPS $1.69 +14% y/y

Adjusted diluted EPS $1.90 +5% y/y

Operating income $1.4 billion +7% y/y

Adjusted operating income $1.6 billion +4% y/y

Guidance

2026 GAAP operating expenses of $5.140–$5.180 billion, non-GAAP operating expenses of $4.190–$4.230 billion, 2026 capital expenditures of approximately $850 million, and 3Q26 weighted average shares outstanding of 560–566 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/30/2026 - 07:30 AM Accepted by SEC EDGAR 07/30/2026 - 07:30 AM Learn about SEC filing dates

FAQ

How did Intercontinental Exchange (ICE) perform in Q2 2026?

Intercontinental Exchange reported Q2 2026 net revenues of $2.7 billion, up 5% year over year, and net income attributable to ICE of $958 million. GAAP diluted EPS was $1.69 and adjusted diluted EPS was $1.90, both increasing versus Q2 2025.

How did ICE’s business segments contribute to Q2 2026 results?

In Q2 2026, ICE generated $1.5 billion in exchange net revenues, $645 million from fixed income and data services, and $557 million from mortgage technology. Segment operating margins were strong, including a 74% exchange margin and 42% fixed income and data services margin.

What margins did ICE report for Q2 2026?

For Q2 2026, ICE delivered a consolidated operating margin of 52% and an adjusted operating margin of 61%. Segment adjusted operating margins were 75% for exchanges, 46% for fixed income and data services, and 43% for mortgage technology, indicating broad-based profitability.

How much cash flow and shareholder returns did ICE generate in 2026 year-to-date?

For the six months ended June 30, 2026, ICE produced adjusted free cash flow of $2.6 billion. Through the same date, it returned $1.8 billion to stockholders, including $1.2 billion of share repurchases, reflecting significant capital return activity.

What capital return plans and share repurchase authorization does ICE have?

ICE’s board approved an increase in share repurchase authorization up to $4.0 billion, effective July 1, 2026. During Q2 2026 alone, the company returned $945 million to stockholders, including $651 million in share repurchases, alongside ongoing investments in the business.

What 2026 expense and capex guidance did ICE provide?

ICE’s 2026 guidance includes GAAP operating expenses of $5.140–$5.180 billion and non-GAAP operating expenses of $4.190–$4.230 billion. It also projects 2026 capital expenditures of approximately $850 million and guided 3Q26 weighted average shares outstanding to 560–566 million.

false 0001571949 0001571949 2026-07-30 2026-07-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) of THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 30, 2026

Intercontinental Exchange, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware	001-36198	46-2286804
(State or other jurisdiction of incorporation)	(Commission File No.)	(I.R.S. Employer Identification Number)

5660 New Northside Drive, Third Floor, Atlanta, Georgia 30328

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (770) 857-4700

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Common Stock, $0.01 par value per share		ICE		New York Stock Exchange
				NYSE Texas, Inc.

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

On July 30, 2026, Intercontinental Exchange, Inc. (“ICE”) announced its financial results for the fiscal quarter ended June 30, 2026. A copy of ICE’s press release announcing such financial results is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained herein, including the attached press release, is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934 except as may be expressly set forth by specific reference in such filing.

ICE makes references to non-GAAP financial information in the attached press release. A description of the non-GAAP financial information and a reconciliation of the non-GAAP financial information to the comparable GAAP financial measures are contained in the attached press release and ICE’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

Item 9.01 Financial Statements and Exhibits.

(d)  Exhibits

Exhibit No.	Description
99.1	Press release dated July 30, 2026.
104	The cover page from Intercontinental Exchange, Inc.’s Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		INTERCONTINENTAL EXCHANGE, INC.
Date:	July 30, 2026	/s/ A. Warren Gardiner
		A. Warren Gardiner
		Chief Financial Officer

Exhibit 99.1

Intercontinental Exchange Reports Second Quarter 2026

·   2Q26 net revenues of $2.7 billion, +5% y/y		Jeff Sprecher, ICE Chair & Chief Executive Officer, said, "We are pleased to report our second quarter results, which reflect continued revenue and earnings per share growth and record open interest across our exchange complex. Against a backdrop of rapid change in global markets, our customers continued to turn to ICE's regulated markets, trusted data and mission- critical technology to transfer risk. As markets become more global, digital and continuous, the opportunities for our all-weather model continue to expand. As we look to the second half of the year and beyond, we remain focused on innovation, durable growth and long-term value creation for our stockholders."
·   2Q26 GAAP diluted earnings per share (EPS) of $1.69, +14% y/y
·   2Q26 adj. diluted EPS of $1.90, +5% y/y
·   2Q26 operating income of $1.4 billion, +7% y/y; adj. operating income of $1.6 billion, +4% y/y
·  2Q26 operating margin of 52%; adj. operating margin of 61%
·  Through June 30, 2026, returned $1.8 billion to stockholders, including $1.2 billion in share repurchases
·  Board approved increase in share repurchase authorization up to $4.0 billion, effective July 1, 2026

ATLANTA & NEW YORK, July 30, 2026 - Intercontinental Exchange (NYSE: ICE), a leading global provider of technology and data, today reported financial results for the second quarter of 2026. For the quarter ended June 30, 2026, consolidated net income attributable to ICE was $958 million on $2.7 billion of consolidated revenues, less transaction-based expenses. Second quarter GAAP diluted EPS were $1.69. Adjusted net income attributable to ICE was $1.1 billion in the second quarter and adjusted diluted EPS were $1.90. 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: "Our second quarter results reflect the continued strength and consistency of our business model, with growth across all three of our operating segments and strong free cash flow generation. During the quarter we returned $945 million to stockholders, including $651 million of share repurchases, while continuing to invest across the platform. Share repurchases remain a priority, and the strength of our free cash flow lets us continue them alongside disciplined investment in strategically important opportunities. That balance reflects the capital discipline and financial rigor that have defined ICE's long track record of value creation for our stockholders."

1

Second Quarter 2026 Business Highlights

Second quarter consolidated net revenues were $2.7 billion including exchange net revenues of $1.5 billion, fixed income and data services revenues of $645 million and mortgage technology revenues of $557 million. Consolidated operating expenses were $1.3 billion for the second quarter of 2026. On an adjusted basis, consolidated operating expenses were $1.0 billion. Consolidated operating income for the second quarter was $1.4 billion, and the operating margin was 52%. On an adjusted basis, consolidated operating income for the second quarter was $1.6 billion, and the adjusted operating margin was 61%.

$ (in millions)		Net Revenues				Op Margin				Adj Op Margin
			2Q26
Exchanges		$	1,464				74	%			75	%
Fixed Income and Data Services		$	645				42	%			46	%
Mortgage Technology		$	557				8	%			43	%
Consolidated		$	2,666				52	%			61	%
			2Q26				2Q25				% Chg
Recurring Revenues		$	1,353			$	1,256				8	%
Transaction Revenues, net		$	1,313			$	1,287				2	%

Exchanges Segment Results

Second quarter exchange net revenues were $1.5 billion. Exchange operating expenses were $386 million, and adjusted operating expenses were $370 million in the second quarter. Segment operating income for the second quarter was $1.1 billion, and the operating margin was 74%. On an adjusted basis, operating income was $1.1 billion, and the adjusted operating margin was 75%.

2

$ (in millions)			2Q26				2Q25				% Chg				Const Curr(1)
Revenues, net:
Energy		$	518			$	595				(13	)%			(14	)%
Ags and Metals			87				65				35	%			35	%
Financials(2)			192				158				21	%			21	%
Cash Equities and Equity Options, net			140				123				15	%			15	%
OTC and Other(3)			111				96				15	%			15	%
Data and Connectivity Services			287				255				12	%			12	%
Listings			129				123				5	%			5	%
Segment Revenues		$	1,464			$	1,415				3	%			3	%
Recurring Revenues		$	416			$	378				10	%			10	%
Transaction Revenues, net		$	1,048			$	1,037				1	%			1	%

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 2Q25, 1.3353 and 1.1338, 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

Second quarter fixed income and data services revenues were $645 million. Fixed income and data services operating expenses were $377 million, and adjusted operating expenses were $350 million in the second quarter. Segment operating income for the second quarter was $268 million, and the operating margin was 42%. On an adjusted basis, operating income was $295 million, and the adjusted operating margin was 46%.

3

$ (in millions)			2Q26				2Q25				% Chg				Const Curr(1)
Revenues:
Fixed Income Execution		$	31			$	32				(4	)%			(4	)%
CDS Clearing			83				82				2	%			1	%
Fixed Income Data and Analytics			333				306				9	%			9	%
Data and Network Technology			198				177				11	%			11	%
Segment Revenues		$	645			$	597				8	%			8	%
Recurring Revenues		$	531			$	483				10	%			10	%
Transaction Revenues		$	114			$	114				—%				—%

(1) Revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 2Q25, 1.3353 and 1.1338, respectively.

Mortgage Technology Segment Results

Second quarter mortgage technology revenues were $557 million. Mortgage technology operating expenses were $512 million, and adjusted operating expenses were $318 million in the second quarter. Segment operating income for the second quarter was $45 million, and the operating margin was 8%. On an adjusted basis, operating income was $239 million, and the adjusted operating margin was 43%.

$ (in millions)			2Q26				2Q25				% Chg
Revenues:
Origination Technology		$	197			$	187				5	%
Closing Solutions			65				58				14	%
Servicing Software			226				220				2	%
Data and Analytics			69				66				6	%
Segment Revenues		$	557			$	531				5	%
Recurring Revenues		$	406			$	395				3	%
Transaction Revenues		$	151			$	136				11	%

4

Other Matters

· Operating cash flow through the second quarter of 2026 was $3.3 billion and adjusted free cash flow was $2.6 billion.

· Unrestricted cash was $1.1 billion and outstanding debt was $19.8 billion as of June 30, 2026.

· Through the second quarter of 2026, ICE repurchased $1.2 billion of its common stock and paid $591 million in dividends.

· Board approved increase in share repurchase authorization up to $4.0 billion, effective July 1, 2026

Updated Financial Guidance

	GAAP	Non-GAAP
2026 Exchange Recurring Revenue           (% growth)	High-single digits
2026 Fixed Income & Data Services Recurring Revenue (% growth)	7% - 8%
2026 Operating Expenses	$5.140 - $5.180 billion	$4.190 - $4.230 billion(1)
3Q26 Operating Expenses	$1.298 - $1.308 billion	$1.063 - $1.073 billion(2)
3Q26 Non-Operating Expense	$160 - $165 million	$175 - $180 million(3)
2026 Capital Expenditures	~$850 million
3Q26 Weighted Average Shares Outstanding	560 - 566 million

(1) 2026 non-GAAP operating expenses excludes amortization of acquisition-related intangibles, integration expenses, and regulatory matters.

(2) 3Q26 non-GAAP operating expenses excludes amortization of acquisition-related intangibles.

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

5

Earnings Conference Call Information

ICE will hold a conference call today, July 30, 2026, at 8:30 a.m. ET to review its second 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 646-844-6383 from outside of the United States. Telephone participants are required to provide the participant entry number 769427 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 third quarter 2026 earnings has been scheduled for October 29th, 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

6

Consolidated Statements of Income

(In millions, except per share amounts)

(Unaudited)

		Six Months Ended June 30,								Three Months Ended June 30,
		2026				2025				2026				2025
Revenues:
Exchanges		$	4,879			$	4,257			$	2,409			$	2,134
Fixed income and data services			1,302				1,193				645				597
Mortgage technology			1,096				1,041				557				531
Total revenues			7,277				6,491				3,611				3,262
Transaction-based expenses:
Section 31 fees			288				412				288				150
Cash liquidity payments, routing and clearing			1,346				1,063				657				569
Total revenues, less transaction-based expenses			5,643				5,016				2,666				2,543
Operating expenses:
Compensation and benefits			1,014				980				509				499
Professional services			72				81				37				41
Acquisition-related transaction and integration costs			53				42				12				10
Technology and communication			480				428				242				215
Rent and occupancy			47				41				23				20
Selling, general and administrative			148				142				63				66
Depreciation and amortization			773				784				389				395
Total operating expenses			2,587				2,498				1,275				1,246
Operating income			3,056				2,518				1,391				1,297
Other income/(expense):
Interest income			51				64				27				31
Interest expense			(408	)			(407	)			(205	)			(201	)
Other income, net			485				24				74				5
Total other income/(expense), net			128				(319	)			(104	)			(165	)
Income before income tax expense			3,184				2,199				1,287				1,132
Income tax expense			777				522				312				267
Net income		$	2,407			$	1,677			$	975			$	865
Net income attributable to non-controlling interests			(36	)			(29	)			(17	)			(14	)
Net income attributable to Intercontinental Exchange, Inc.		$	2,371			$	1,648			$	958			$	851
Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:
Basic		$	4.19			$	2.87			$	1.70			$	1.49
Diluted		$	4.18			$	2.86			$	1.69			$	1.48
Weighted average common shares outstanding:
Basic			566				574				564				573
Diluted			568				576				566				575

7

Consolidated Balance Sheets

(In millions)

		As of
		June 30, 2026				As of
		(Unaudited)				December 31, 2025
Assets:
Current assets:
Cash and cash equivalents		$	1,067			$	837
Short-term restricted cash and cash equivalents			627				748
Short-term restricted investments			886				629
Cash and cash equivalent margin deposits and guaranty funds			114,599				76,789
Invested deposits, delivery contracts receivable and unsettled variation margin			2,313				4,437
Customer accounts receivable, net			1,869				1,552
Prepaid expenses and other current assets			703				786
Total current assets			122,064				85,778
Property and equipment, net			2,884				2,691
Other non-current assets:
Goodwill			30,632				30,646
Other intangible assets, net			14,870				15,353
Long-term restricted cash and cash equivalents			260				240
Long-term restricted investments			136				141
Other non-current assets			3,401				2,038
Total other non-current assets			49,299				48,418
Total assets		$	174,247			$	136,887
Liabilities and Equity:
Current liabilities:
Accounts payable and accrued liabilities		$	1,159			$	1,078
Section 31 fees payable			286				—
Accrued salaries and benefits			280				455
Deferred revenue			567				204
Short-term debt			1,218				1,035
Margin deposits and guaranty funds			114,599				76,789
Invested deposits, delivery contracts payable and unsettled variation margin			2,313				4,437
Other current liabilities			154				118
Total current liabilities			120,576				84,116
Non-current liabilities:
Non-current deferred tax liability, net			4,125				3,998
Long-term debt			18,628				18,609
Accrued employee benefits			179				174
Non-current operating lease liability			681				635
Other non-current liabilities			406				364
Total non-current liabilities			24,019				23,780
Total liabilities			144,595				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			(9,100	)			(7,792	)
Additional paid-in capital			16,840				16,643
Retained earnings			22,061				20,281
Accumulated other comprehensive loss			(257	)			(224	)
Total Intercontinental Exchange, Inc. stockholders’ equity			29,551				28,915
Non-controlling interest in consolidated subsidiaries			69				54
Total equity			29,620				28,969
Total liabilities and equity		$	174,247			$	136,887

8

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):

9

Adjusted Operating Income, Operating Margin and Operating Expense Reconciliation

(In millions)

(Unaudited)

		Exchanges Segment								Fixed Income and Data Services Segment								Mortgage Technology Segment								Consolidated
		Six Months Ended June 30,
		2026				2025				2026				2025				2026				2025				2026				2025
Total revenues, less transaction-based expenses		$	3,245			$	2,782			$	1,302			$	1,193			$	1,096			$	1,041			$	5,643			$	5,016
Operating expenses			764				707				759				734				1,064				1,057				2,587				2,498
Less: Amortization of acquisition-related intangibles			32				32				73				75				369				399				474				506
Less: Transaction and integration costs			—				—				—				—				50				41				50				41
Less/(Add): Regulatory matters			—				4				(10	)			—				—				—				(10	)			4
Adjusted operating expenses		$	732			$	671			$	696			$	659			$	645			$	617			$	2,073			$	1,947
Operating income/(loss)		$	2,481			$	2,075			$	543			$	459			$	32			$	(16	)		$	3,056			$	2,518
Adjusted operating income		$	2,513			$	2,111			$	606			$	534			$	451			$	424			$	3,570			$	3,069
Operating margin			76	%			75	%			42	%			38	%			3	%			(2	)%			54	%			50	%
Adjusted operating margin			77	%			76	%			47	%			45	%			41	%			41	%			63	%			61	%

10

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 June 30,
		2026				2025				2026				2025				2026				2025				2026				2025
Total revenues, less transaction-based expenses		$	1,464			$	1,415			$	645			$	597			$	557			$	531			$	2,666			$	2,543
Operating expenses			386				353				377				373				512				520				1,275				1,246
Less: Amortization of acquisition-related intangibles			16				16				37				37				184				200				237				253
Less: Transaction and integration costs			—				—				—				—				10				10				10				10
Add: Regulatory matter			—				—				(10	)			—				—				—				(10	)			—
Adjusted operating expenses		$	370			$	337			$	350			$	336			$	318			$	310			$	1,038			$	983
Operating income		$	1,078			$	1,062			$	268			$	224			$	45			$	11			$	1,391			$	1,297
Adjusted operating income		$	1,094			$	1,078			$	295			$	261			$	239			$	221			$	1,628			$	1,560
Operating margin			74	%			75	%			42	%			37	%			8	%			2	%			52	%			51	%
Adjusted operating margin			75	%			76	%			46	%			44	%			43	%			42	%			61	%			61	%

11

Adjusted Net Income Attributable to ICE and Diluted EPS

(In millions)

(Unaudited)

		Six Months Ended June 30, 2026				Six Months Ended June 30, 2025
Net income attributable to ICE		$	2,371			$	1,648
Add: Amortization of acquisition-related intangibles			474				506
Add: Transaction and integration costs			50				41
(Less)/Add: Regulatory matters			(10	)			4
Less: Net income from unconsolidated investees			(43	)			(35	)
Less: Fair value adjustments of equity investments			(452	)			(2	)
Less: Income tax effect for the above items			(5	)			(130	)
Add: Deferred tax adjustments on acquisition-related intangibles			27				6
Adjusted net income attributable to ICE		$	2,412			$	2,038
Diluted earnings per share attributable to ICE common stockholders		$	4.18			$	2.86
Adjusted diluted earnings per share attributable to ICE common stockholders		$	4.25			$	3.54
Diluted weighted average common shares outstanding			568				576

12

Adjusted Net Income Attributable to ICE and Diluted EPS

(In millions)

(Unaudited)

		Three Months Ended June 30, 2026				Three Months Ended June 30, 2025
Net income attributable to ICE		$	958			$	851
Add: Amortization of acquisition-related intangibles			237				253
Add: Transaction and integration costs			10				10
Less: Regulatory matter			(10	)			—
Less: Net income from unconsolidated investees			(17	)			(6	)
Less: Fair value adjustments of equity investments			(63	)			(2	)
Less: Income tax effect for the above items			(44	)			(66	)
Add: Deferred tax adjustments on acquisition-related intangibles			3				3
Adjusted net income attributable to ICE		$	1,074			$	1,043
Diluted earnings per share attributable to ICE common stockholders		$	1.69			$	1.48
Adjusted diluted earnings per share attributable to ICE common stockholders		$	1.90			$	1.81
Diluted weighted average common shares outstanding			566				575

13

Adjusted Free Cash Flow Calculation

(In millions)

(Unaudited)

		Six Months Ended June 30, 2026				Six Months Ended June 30, 2025
Net cash provided by operating activities		$	3,324			$	2,472
Less: Capital expenditures			(208	)			(145	)
Less: Capitalized software development costs			(230	)			(211	)
Free cash flow		$	2,886			$	2,116
Less: Section 31 fees, net			(286	)			(93	)
Adjusted free cash flow		$	2,600			$	2,023

14

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

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Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 341.6 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.9 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 33.4 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 21.8 KB