Intercontinental Exchange (ICE) Q2 2026 & Acquisition earnings summary

Executive summary

• Net revenues for Q2 2026 reached $2.7 billion, up 5% year-over-year, with record recurring revenues and adjusted free cash flow up 28%.

• Adjusted diluted EPS for Q2 2026 was $1.90 (+5% y/y), GAAP diluted EPS was $1.69 (+14% y/y), and net income attributable to shareholders was $958 million.

• Returned $1.8 billion to shareholders in the first half of 2026, including $1.2 billion in share repurchases; board increased share repurchase authorization to $4.0 billion effective July 2026.

• Announced definitive agreement to acquire MarketAxess for $6.0 billion equity value ($5.7 billion enterprise value), all-cash, with $100 million in targeted cost synergies and expected EPS accretion in the first year.

• Strategic focus on expanding data, analytics, and AI-driven workflows, including new AI-powered analytics platform launches.

Financial highlights

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

• Net revenues by segment: Exchanges $1.5 billion, Fixed Income & Data Services $645 million, Mortgage Technology $557 million.

• Adjusted free cash flow for the first half of 2026 was $2.6 billion, up 28% year-over-year.

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

• Cash and cash equivalents were $1.07 billion at quarter-end; outstanding debt was $19.8 billion.

Outlook and guidance

• Full-year 2026 adjusted operating expenses expected between $4.19 billion and $4.23 billion; CapEx anticipated at $850 million.

• Exchange recurring revenues expected to grow high single digits; fixed income & data services recurring revenue to grow 7–8%.

• Mortgage technology growth projected at low-to-mid single digits; effective tax rate guidance at 24–26%.

• MarketAxess acquisition expected to close in the first half of 2027, subject to approvals.