Intercontinental Exchange (ICE) investor relations material

Executive summary

• Net revenues for Q2 2026 reached $2.7 billion, up 5% year-over-year, with record recurring revenues and adjusted diluted EPS of $1.90 (+5% y/y); $1.8 billion was returned to shareholders in the first half, including $1.2 billion in share repurchases.

• Announced definitive agreement to acquire MarketAxess for $167 per share in an all-cash deal valued at $6.0 billion equity, $5.7 billion enterprise value, aiming to create a global fixed-income network and expand data distribution.

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

• Strategic focus on integrating MarketAxess to accelerate growth, expand data distribution, and enhance operational scale.

• Record recurring revenues and adjusted free cash flow year-to-date increased 28%.

Financial highlights

• Adjusted operating income for Q2 2026 was $1.6 billion (+4% y/y), with an adjusted operating margin of 61%.

• Net revenues reached $2.7 billion, up 5% year-over-year; GAAP net income attributable to shareholders for Q2 2026 was $958 million, up 13% year-over-year; diluted EPS was $1.69, up 14%.

• Operating cash flow for the first half of 2026 was $3.3 billion; adjusted free cash flow was $2.6 billion, up 28%.

• Returned $945 million to shareholders in Q2 and $1.8 billion in the first half, both records.

• Debt-to-adjusted EBITDA leverage ratio stood at 2.8x as of June 30, 2026.

Outlook and guidance

• Full-year adjusted operating expenses expected between $4.19 billion and $4.23 billion; GAAP operating expenses projected at $5.14–$5.18 billion.

• Full-year CapEx now anticipated at $850 million, with some 2027 spend pulled forward.

• Exchange recurring revenues expected to grow in the high single-digit range for 2026; fixed income & data services recurring growth now expected at 7–8%.

• Raised full-year FIDS recurring revenue growth guidance to 7%-8%.

• Effective tax rate guidance at 24-26%.