Intercontinental Exchange 8-K
PositiveEarningsGuidance
Energy and financials led exchange growth as net revenue and operating income hit records.
Filed 2026-04-30 07:30 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q1 2026 results with Q2 and FY2026 expense guidance. ICE reported record net revenues and operating income, with growth across its exchange, fixed income and mortgage technology businesses. The filing also updated operating expense outlooks and provided Q2 non-operating expense and diluted share-count ranges.
Key Figures
| Metric | Q1 2026 | Q1 2025 | Y/Y |
|---|---|---|---|
| Net revenues | $2.98B | $2.47B | +20% |
| Operating income | $1.67B | $1.22B | +36% |
| Adjusted operating income, non-GAAP | $1.94B | $1.51B | +29% |
| Net income attributable to ICE | $1.41B | $797M | +77% |
| Adjusted net income attributable to ICE, non-GAAP | $1.34B | $995M | +34% |
| Diluted EPS | $2.48 | $1.38 | +80% |
| Adjusted diluted EPS, non-GAAP | $2.35 | $1.72 | +37% |
| Operating cash flow | $1.33B | $966M | +37% |
| Free cash flow | $1.15B | $777M | +48% |
| Adjusted free cash flow, non-GAAP | $1.15B | $833M | +38% |
- Net transaction revenues rose 34% to $1.66B, while recurring revenues increased 7% to $1.32B. Exchange segment revenue grew 30%, led by energy (+46%) and financials (+65%); fixed income and data services rose 10%, and mortgage technology rose 6%.
- Operating margin was 56%, up 700 bp Y/Y; adjusted operating margin was 65%, up 400 bp. Unrestricted cash was $863M and outstanding debt was $20.4B at quarter-end.
- ICE returned $848M to stockholders through Q1: $551M in repurchases and $297M in dividends. Weighted-average diluted shares declined to 570M from 577M.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Operating expenses, GAAP | FY2026 | $5.095B-$5.145B | — | — |
| Operating expenses, non-GAAP | FY2026 | $4.145B-$4.195B | — | — |
| Operating expenses, GAAP | Q2 2026 | $1.28B-$1.29B | — | — |
| Operating expenses, non-GAAP | Q2 2026 | $1.03B-$1.04B | — | — |
| Non-operating expense, GAAP | Q2 2026 | $160M-$165M | — | — |
| Non-operating expense, adjusted non-GAAP | Q2 2026 | $180M-$185M | — | — |
| Weighted-average diluted shares outstanding | Q2 2026 | 565M-571M | — | — |
Investor Takeaways
- Q2 results can be assessed against the expense, non-operating expense and diluted share-count ranges.
- FY2026 operating expenses versus the full-year ranges will show how spending tracks the updated outlook.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3