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ICE · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A steady toll-road quarter — record open interest drove exchange revenues up 13%, net revenues rose 5% against nearly flat costs (61% adjusted operating margin), and $945M went back to shareholders; mortgage technology remains the slow lane at +5%.
Operating Income
$1,391M
up 7% y/y
Total Revenues
$3,611M
up 11% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Exchanges | $2,409 · +13% · Record open interest |
| Fixed Income & Data Services | $645 · +8% |
| Mortgage Technology | $557 · +5% |
| Total Revenues | $3,611 · +11% |
| Transaction-Based Expenses | $945 · +31% · Section 31 fees $288 · liquidity & routing $657 |
| Net Revenues | $2,666 · +4.8% |
| Compensation & Benefits | $509 · +2% |
| Technology & Communication | $242 · +13% |
| D&A* | $389 · -2% |
| Other Operating Expenses | $135 · -2% · SG&A, professional, rent, integration |
| Operating Income | $1,391 · +7% · 52% margin · adjusted 61% |
| Interest & Other, net | $104 · -37% · Interest expense less other income $74 |
| Pretax Income | $1,287 · +13.7% |
| Income Taxes | $312 · ETR 24.2% |
| Noncontrolling Interests | $17 |
| Net Income to ICE | $958 · +12.6% · Diluted EPS $1.69 · +14% |
Verdict: a steady toll-road quarter — record open interest drove exchange revenues up 13%, net revenues rose 5% against nearly flat costs (61% adjusted operating margin), and $945M went back to shareholders; mortgage technology remains the slow lane at +5%.
Net revenues $2,666M (+4.8%) · GAAP operating margin 52%, adjusted 61% · adjusted EPS $1.90 (+5%) · returned $945M in Q2 incl. $651M buybacks.
Source and notation
* marks non-cash / ≈ estimated. Source: ICE press release, 8-K EX-99.1 (SEC EDGAR).
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<figure> <a href="https://whoreportstoday.com/t/ice/q2-2026"><img src="https://whoreportstoday.com/t/ice/q2-2026/sankey.png" alt="ICE Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/ice/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/ice/q2-2026">ICE Q2 2026 earnings chart (Who Reports Today)</a>
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- Gross revenue growth (+11%) overstates the business: pass-through Section 31 SEC fees nearly doubled ($288M vs $150M) and liquidity/routing payments rose 15% — net revenues, the real top line, grew 4.8%.
- Exchanges dominate the mix: $2.4B gross / $1.5B net revenues at a 74% segment operating margin, boosted by record open interest across energy and financials.
- Cost discipline is the margin story: total operating expenses grew just 2% ($1,275M), with compensation +2% and D&A slightly down — operating income rose 7% to $1,391M.
- GAAP EPS (+14%) flattered relative to adjusted EPS (+5%): other income of $74M (vs $5M) and acquisition-amortization add-backs; six-month 'other income' of $485M includes one-time investment gains.
- Mortgage technology grew 5% to $557M — still the slowest segment, awaiting a US mortgage-rate cycle turn.
- Fixed income and data services rose 8% to $645M on recurring data subscriptions — the stable annuity layer between volatile trading quarters.
- Capital return continues: $945M to stockholders in the quarter ($651M buybacks, $294M dividends); NCI takes $17M before the $958M attributable to ICE.
What distorts the picture in this report and what to watch beyond the headlines.
ICE — Intercontinental Exchange operates global financial exchanges and clearing houses for commodities, futures, and equity markets.
Headquartered in Georgia, it also provides data and technology services to financial institutions.
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