Intercontinental Exchange (ICE) investor relations material

Executive summary

• Achieved record first quarter 2026 net revenues of $3.0 billion, up 20% year-over-year, and record operating income of $1.7 billion, up 36% year-over-year.

• GAAP diluted EPS rose 80% year-over-year to $2.48; adjusted diluted EPS increased 37% to $2.35.

• Returned $848 million to shareholders, including $551 million in share repurchases and $297 million in dividends.

• Strategic focus on recurring revenues, disciplined expense management, and investment in technology platforms drove compounding performance.

• Ended Q1 2026 with a leverage ratio of 2.9x debt to adjusted EBITDA.

Financial highlights

• Net revenues reached $3.0 billion, up 20% year-over-year; operating income was $1.7 billion, up 36% year-over-year.

• Adjusted operating income was $1.94 billion, up 29% year-over-year; adjusted operating margin improved to 65%.

• Net income attributable to shareholders was $1.41 billion, up 77% year-over-year; diluted EPS rose 80% to $2.48.

• Adjusted free cash flow reached $1.2 billion for the quarter.

• Operating cash flow for the quarter was $1.3 billion.

Outlook and guidance

• Full year 2026 adjusted operating expenses expected between $4.145 billion and $4.195 billion; Q2 adjusted operating expenses expected between $1.030 billion and $1.040 billion.

• FY26 recurring revenue growth for Exchanges and Fixed Income & Data Services expected in the mid-single digits; Mortgage Technology growth projected at low- to mid-single digits.

• Capex/software spend for FY26 forecasted at $740–$790 million.

• $2.5 billion remains authorized for future share repurchases.

• Second quarter 2026 diluted share count expected between 565 million and 571 million.