Intercontinental Exchange, Inc. Earnings Summary — Q1 2026

• Q1 2026 revenue reached a record $3.67 billion, representing 13.5% year-over-year growth.
• Net income surged 77% YoY to $1.43 billion, aided by a significant swing in non-operating income ($411M vs. -$154M YoY).
• Operating leverage improved significantly, with operating income climbing to $1.67 billion from $1.22 billion in the prior year period.
• Management has successfully transitioned the firm toward a recurring revenue model via Data and Mortgage Technology segments.
• Despite higher total operating expenses ($807M), the company maintained strong expense discipline relative to revenue scaling.
• Interest expenses have trended downward from $241M to $203M over the last two years, indicating debt management progress.
• Shares outstanding decreased by 1.2% YoY, reflecting continued capital return through share repurchases.

Management remains focused on long-term value creation over quarterly EPS volatility, prioritizing the integration of large-scale acquisitions like Black Knight to drive mortgage automation and fixed-income data growth.

Improving

A massive jump in net income growth (77% vs. just 4% in the same quarter last year) and accelerating revenue growth indicate strong operational momentum.

The outlook remains strong as ICE continues to evolve into a data and technology powerhouse, benefiting from high barriers to entry and non-transactional, subscription-based income streams.