[ICE] Intercontinental Exchange: Q3 2026 Earnings Preview on Futures Volume and Fees

Intercontinental Exchange (ICE) runs global futures trading and clearing, the New York Stock Exchange, fixed income data and US mortgage software, and it will hold its earnings call on 2026-10-29 to report the third quarter 2026, the three months ended September 30, 2026 [1]. Heading into the ICE Q3 2026 earnings report, the latest disclosed quarter is the second quarter, when net revenue (revenue less transaction-based expenses) was $2.666 billion, up 5% year over year, with recurring revenue of $1.353 billion, up 8%, and net transaction revenue of $1.313 billion, up 2% [2]. The adjusted operating margin was 61% [3], GAAP diluted EPS was $1.69 and adjusted diluted EPS was $1.90 [4]. ICE does not guide revenue or EPS, but it guided third-quarter adjusted operating expenses to $1.063 billion to $1.073 billion, adjusted non-operating expense to $175 million to $180 million and weighted average shares to 560 million to 566 million [5]; in July it also raised full-year recurring revenue growth guidance for Fixed Income and Data Services to 7% to 8% while saying the second half would trend toward the low end [6]. Analyst consensus compiled by Drillr puts third-quarter net revenue at about $2.728 billion (seven analysts, range $2.636 billion to $2.768 billion) and EPS at about $1.95 (ten analysts, range $1.92 to $1.98) [7].

Three things matter most in the coming report. First, futures volume has to convert into revenue at existing fees: monthly statistics ICE published on October 5 show third-quarter futures and options average daily volume up 31% year over year, with energy up 18% and interest rates up 49%, while second-quarter energy revenue per contract (RPC) had already risen to $1.90, up 10% [8], so third-quarter futures revenue and RPC will show whether lower-priced rate contracts and volume rebates diluted the surge. Second, subscription growth in Fixed Income and Data Services has to support the raised outlook: growth in annual subscription value (ASV), the leading indicator, slowed from 8.3% at the end of 2025 [9] to 7.9% at June 30 [10], and September ASV together with third-quarter recurring revenue will separate a tougher prior-year comparison from weaker demand. Third, mortgage subscription revenue has to start accelerating: Mortgage Technology recurring revenue grew only 2% in the first half, while growth came mainly from per-loan transaction revenue, which rose 16% [11], so the direction of third-quarter recurring and servicing software revenue will test whether new client go-lives can offset renewal repricing on older contracts and client consolidation.

Company Background and Business Structure

ICE began by moving over-the-counter energy trading onto an electronic network and has grown through acquisitions into a platform spanning exchanges, data and mortgage software. The company was founded in Atlanta in 2000 with the goal of transforming energy markets through an electronic network [12], and it went on to acquire the International Petroleum Exchange (Brent crude), the New York Stock Exchange, fixed income data and index businesses, Ellie Mae (Encompass) and Black Knight; the Black Knight deal closed on September 5, 2023 for aggregate consideration of about $11.8 billion [13]. ICE now operates 13 regulated exchanges and six clearing houses [14]. On July 29, 2026, ICE signed a merger agreement with MarketAxess, an electronic trading platform for institutional bonds, at an enterprise value of about $5.7 billion [15]; the deal requires regulatory approval and is expected to close in the first half of 2027 [16].

ICE revenue splits roughly 55:24:21 across three segments, with transaction and recurring revenue each making up about half. Net revenue in 2025 was $9.931 billion, including $5.411 billion from Exchanges (54.5%), $2.419 billion from Fixed Income and Data Services (24.4%) and $2.101 billion from Mortgage Technology (21.2%) [17]; company-wide recurring revenue was $5.056 billion and net transaction revenue was $4.875 billion [18]. This mix means exchange volume swings set the upside and downside in revenue, while data and software subscriptions set the floor.

Exchanges revenue comes mainly from per-contract futures trading and clearing fees, plus NYSE cash equities, listings and data. Customers trade on ICE futures markets and clear through ICE clearing houses, and ICE collects trading and clearing fees per contract net of rebates; futures and options revenue was $3.023 billion in 2025, including $2.182 billion from energy [19]. NYSE cash equities and options revenue is reduced by Section 31 regulatory fees, liquidity rebates and other transaction-based expenses, which totaled $2.709 billion in 2025 [19], while listing fees and data and connectivity fees count as recurring revenue. Volume-based rebates were $1.6 billion in 2025, up from $1.3 billion in 2024 [20].

The other two segments are mostly subscription businesses, but they charge in different ways. Fixed Income and Data Services sells pricing data, reference data, indices and network connectivity to asset managers and banks on annual subscriptions, and its annual subscription value stood at $2.080 billion at June 30 [10]. Mortgage Technology charges lenders an Encompass subscription fee and then a per-loan fee once closed loans exceed the number included in the subscription [21]; servicers pay for the MSP servicing system based on loans serviced under contracts that typically run five to seven years [22], and closing and network services are charged per transaction. The segment's second-quarter recurring revenue was $406 million, more than 70% of its $557 million in segment revenue [23].

Financial History and Current Position

The annual record shows that consolidating Black Knight lifted revenue sharply in 2024, and that growth slowed to single digits in 2025 while margins kept rising. Net revenue grew from $7.988 billion in 2023 to $9.279 billion in 2024 (+16%) and $9.931 billion in 2025 (+7%) [18]. Operating income in 2025 was $4.929 billion, up 14%, while adjusted operating expenses rose only 3% to $3.939 billion and the adjusted operating margin was 60%; net income attributable to ICE was $3.315 billion, GAAP diluted EPS was $5.77, adjusted diluted EPS was $6.95, up 14%, and operating cash flow was $4.662 billion [18].

The first quarter of 2026 set records, driven mainly by market volatility from the US-Iran conflict. First-quarter net revenue was about $2.977 billion, up 20%, adjusted diluted EPS was $2.35, up 37%, and the adjusted operating margin was 65% [24]. After the conflict broke out in late February, energy futures and options volume rose 32% and revenue rose 46% [25], while financial futures and options revenue rose 65% [26].

Volume eased in the second quarter and net revenue growth slowed to 5%, but margins stayed high. Second-quarter net revenue was $2.666 billion against $2.543 billion a year earlier; operating income was $1.391 billion, adjusted operating income was $1.628 billion and the adjusted operating margin was 61% [3]. Net income attributable to ICE was $958 million, GAAP diluted EPS was $1.69 and adjusted diluted EPS was $1.90 [4]; first-half net revenue was $5.643 billion, about 12.5% above $5.016 billion a year earlier [27].

First-half free cash flow grew quickly, but the balance sheet is adding leverage for the MarketAxess deal. First-half operating cash flow was $3.324 billion; after $208 million of capital expenditures and $230 million of capitalized software, free cash flow was $2.886 billion, and adjusted free cash flow, which removes Section 31 fee timing, was $2.600 billion versus $2.023 billion a year earlier [28]. At June 30, ICE had $19.8 billion of debt and $1.1 billion of unrestricted cash, and in the first half it repurchased $1.2 billion of stock and paid $591 million in dividends [5]; the debt consisted of $18.6 billion of senior notes at a weighted average cost of 3.7% and $1.2 billion of commercial paper [29]. On August 20, ICE issued $3.75 billion of new senior notes for the acquisition [30] and entered into a $2.0 billion delayed draw term loan [31].

Operating Model

ICE net revenue splits into transaction revenue that moves with volume and recurring revenue that is set by contracts. In the second quarter, Exchanges contributed $1.464 billion, Fixed Income and Data Services $645 million and Mortgage Technology $557 million, for a total of $2.666 billion [2]. The $1.313 billion of net transaction revenue moves with futures volume, net revenue per contract and mortgage origination and closing counts, while the $1.353 billion of recurring revenue comes from subscriptions, listing fees and connectivity fees and depends on the contract base, new sales, renewals and price changes [2].

Futures revenue equals average daily volume times trading days times net revenue per contract, and changes show up almost within the same quarter. Revenue per contract depends on fee schedules, product mix, volume-based rebates and market-making agreements [32]; geopolitical conflict, central bank rate expectations and European gas policy first change how commercial hedgers and speculators trade and hold positions, and that flows through volume into futures and options revenue, while the Exchanges segment's 75% adjusted operating margin in the second quarter means incremental revenue carries little marginal cost [3]. Open interest is a reference point for later trading, and at June 30 energy futures and options open interest was 67.6 million contracts, up 6%, while financial futures and options open interest was 46.2 million, up 46% [33].

The data subscription chain moves more slowly, and annual subscription value sets the revenue base for the next 12 months. Demand from asset managers, banks, insurers and ETF issuers for bond pricing, reference data, indices and connectivity enters ASV through new sales, renewal expansions and contract price increases, and is then recognized as recurring revenue over time; ASV reflects only revenue already subscribed for the next 12 months at a point in time and excludes later new sales, terminations or price changes [10]. The Fixed Income and Data Services adjusted operating margin was 46% in the second quarter [3].

Mortgage Technology is driven by both the origination cycle and subscription contracts, and the two work on different lags. Per-loan fees move with US home sales and refinancing within the quarter, and second-quarter transaction revenue was $151 million, up 11% [11]; subscription revenue depends on new client go-lives, renewal expansions and price cuts, and changes in loan counts from client mergers, while Encompass contracts generally run one to five years [21], so changes build gradually through the renewal cycle. The segment's costs are mostly fixed, with second-quarter adjusted operating expenses of $318 million and adjusted operating income of $239 million [23].

At the company level, expenses, amortization and interest further filter profit and cash flow. Second-quarter operating expenses were $1.275 billion, including $237 million of amortization of acquisition-related intangibles ($184 million in Mortgage Technology), and adjusted operating expenses were $1.038 billion [3]. Non-operating expense is mainly interest on debt, and the notes issued in August carry coupons of 4.70% to 5.40% [30], which will lift later interest expense; cash goes to baseline quarterly buybacks, now raised from $350 million to $400 million, and to deleveraging, and ICE has said gross leverage will be about 3.4 times EBITDA after the deal closes, with a target of 3.0 times or less within 18 to 24 months [6].

Industry and Competitive Position

ICE owns global benchmark contracts in energy futures, which is the core advantage of its Exchanges segment. Its Brent crude contract is the cornerstone of a global network of more than 800 related crude and refined oil products [34], TTF is the European natural gas benchmark, and a temporary EU price cap on certain TTF derivatives expired on January 31, 2025 [35]. Energy futures and options volume rose 14% and revenue rose 16% in 2025 [36]; the main competitors in futures are CME Group and Eurex.

The NYSE leads in listings, but competition in cash equities trading is intense. About 70% of S&P 500 companies were listed on the NYSE at the end of 2025, and the NYSE held 75% of US ETF listing assets, or about $10.1 trillion [37]. In equities trading ICE competes with regulated markets, dark pools and broker internalization, and its main US competitors are Nasdaq and Cboe [38].

The fixed income data business draws its advantage from coverage and its index network, but renewals and pricing are not guaranteed. ICE provides end-of-day and continuous evaluated pricing on more than three million fixed income securities across about 150 countries and 80 currencies [39], and ETF assets benchmarked to ICE indices reached $922 billion in the second quarter, up 29% [40]. ICE warns in its annual report that its data subscriptions have benefited from high renewal rates that may not continue and that pricing competition could lower fees [41]; competitors in this business include data vendors such as Bloomberg and London Stock Exchange Group.

Mortgage Technology and the bond trading business ICE is about to add face different kinds of competition, and the available comparison is limited. Encompass is a leading US loan origination system and MSP is a leading loan servicing system, and both compete with lenders' in-house systems and other third-party digital mortgage solutions [42]. After the MarketAxess deal, ICE will combine ICE Bonds, which serves retail and wealth management, with an institutional bond trading network serving 2,100 firms [15], putting it in direct competition with Tradeweb and Bloomberg in institutional electronic bond trading, and management acknowledges that competition in fixed income execution remains intense, with ongoing pressure on transaction pricing [16]. The limit of any comparison is that ICE does not disclose MSP loans serviced, Encompass closed loan counts or client counts, so changes in mortgage software share cannot be measured directly.

Core Debates

ICE futures volume rose about 31% year over year in the third quarter, with energy up 18% and interest rates up nearly 50%. Will that volume convert into revenue at the existing rate per contract, or will lower-priced rate contracts and volume rebates dilute it?

This question determines how much third-quarter revenue can flex, because futures and options revenue is about 30% of net revenue and most incremental Exchanges revenue falls to profit. Futures and options revenue was $3.023 billion in 2025, about 30% of $9.931 billion in net revenue [19], and the Exchanges segment's adjusted operating margin was 75% in the second quarter [3]. Consensus third-quarter net revenue of about $2.728 billion is above the second quarter's $2.666 billion, and closing that gap depends mainly on higher volume in the Exchanges segment [7].

Over the past two quarters, volume and revenue per contract moved in opposite directions. In the first quarter, conflict-driven volatility lifted energy revenue 46% and financials revenue 65% [26]; in the second quarter, energy average daily volume fell 21% to 4.38 million contracts, but energy RPC rose 10% to $1.90 [8], so energy revenue fell only 13% [43]. Second-quarter futures and options revenue totaled $797 million (energy $518 million, agricultural and metals $87 million, financials $192 million), down 3% from $818 million a year earlier [43], while the first-half total was $1.948 billion, up 22% [27].

Third-quarter volume is already public, but the revenue conversion rate will only appear in the report. Monthly statistics ICE published on October 5 show total third-quarter average daily volume up 31%, energy up 18% (Brent up 38%, TTF up 39%) and interest rates up 49%, with record quarterly Brent options volume and September energy open interest up 4% year over year; these are press-release figures rather than SEC filings, so absolute revenue and RPC must come from the third-quarter 10-Q. A competing explanation holds that the second-quarter RPC increase simply reflected lower rebates on lower volume and that RPC will fall back as volume rises, and financial futures and options RPC was only $0.61 in the second quarter [8], so a surge in rate contracts by itself pulls the average fee down.

Four checks in the third-quarter report can separate these explanations. The first is whether futures and options revenue grows at least 28% year over year, the second is whether energy RPC holds above $1.85, the third is whether financial futures and options revenue growth comes close to the roughly 45% volume growth, and the fourth is whether energy open interest at September 30 is up year over year. If futures and options revenue grows less than 20%, product mix and rebates diluted the volume; if energy RPC falls below $1.71, the second-quarter fee improvement was a temporary effect of low volume.

In July ICE raised its full-year recurring revenue growth outlook for Fixed Income and Data Services to 7% to 8%, yet growth in annual subscription value, the leading indicator, slowed from 8.3% at year-end to 7.9% at June 30. Can subscription growth in the third quarter still support that outlook?

Fixed Income and Data Services is the part of ICE revenue least exposed to trading volume, so its subscription growth sets the floor under company revenue when exchange revenue falls. The segment is about a quarter of net revenue; second-quarter net revenue was $645 million, up 8%, including recurring revenue of $531 million, up 10%, and transaction revenue of $114 million, flat [44]. Demand comes from compliance needs, passive investment growth and data capacity needs at asset managers, banks, insurers and ETF issuers, flows into ASV through new sales, renewal expansions and price increases, and is then recognized as revenue over time; the segment's adjusted operating margin was 46% in the second quarter [3].

Second-quarter growth included a one-time item, while the leading indicator has slowed for several quarters in a row. Second-quarter recurring revenue included an $8 million one-time item, and growth excluding it was about 8% [40]; fixed income data and analytics revenue was $333 million, up 9%, and data and network technology revenue was $198 million, up 11% [44]. ASV moved from $1.990 billion (+8.3%) at December 31, 2025 [9] to $2.036 billion (+8.1%) at March 31, 2026 [45] and $2.080 billion (+7.9%) at June 30 [10], with growth slowing each quarter; first-quarter recurring revenue was $514 million, up 9% [46].

ICE raised its guidance while signaling a slower second half, and what remains open is whether the slowdown reflects comparisons or demand. In July ICE raised full-year recurring revenue growth guidance from mid-single digits to 7% to 8%, while saying the second half would trend toward the low end because of tougher 2025 comparisons [6]. A competing explanation is that slower ASV growth simply reflects a higher prior-year base and that new sales and renewals have not weakened; only third-quarter recurring revenue read together with September ASV can separate a comparison effect from slowing demand.

The third-quarter checks are fourfold: whether recurring revenue grows at least 7% year over year, whether ASV growth at September 30 holds at 7.9%, how fast fixed income data and analytics and data and network technology each grow, and whether any new one-time item lifts recurring revenue. If recurring revenue growth falls below 6%, the raised full-year outlook is at risk; if ASV growth drops below 7%, the revenue base for the following four quarters will keep slowing.

Growth in Mortgage Technology this year has come mainly from per-loan fees as mortgage originations recovered, while subscription revenue, more than 70% of the segment, grew only 2% in the first half. Can new client go-lives make subscription revenue start to accelerate in the third quarter?

Whether subscription revenue can grow independently of the origination cycle determines whether the roughly $11.8 billion ICE paid for Black Knight earns a stable return [13]. Mortgage Technology is about a fifth of net revenue, with $2.101 billion of net revenue in 2025 [17]; the segment's second-quarter GAAP operating income was only $45 million, mainly because of $184 million of acquisition-related amortization, and adjusted operating income was $239 million [3].

This year's growth has come mainly from per-loan fees, while subscription revenue has nearly stalled. Second-quarter segment revenue was $557 million, up 5%, and recurring revenue was $406 million, up 3% including a $3 million one-time item [40]; transaction revenue was $151 million, up 11%, closing solutions grew 14%, and servicing software revenue was $226 million, up only 2% [11], while first-half recurring revenue was $807 million, up 2%, and transaction revenue was $289 million, up 16% [11]. Management said on the first-quarter call that clients who renewed or signed in 2020 and 2021 created headwinds for subscription revenue [47], and the second-quarter 10-Q said servicing software growth was partly offset by loan count declines from client merger and acquisition activity [48].

What remains open is whether the subscription slowdown is a one-time repricing or a continuing erosion. A competing explanation holds that the slowdown is a one-time repricing within the renewal cycle and that growth will recover naturally once new clients go live, and on the second-quarter call management attributed recurring revenue growth to product adoption and new client go-lives across origination and servicing platforms [40]. The direction of third-quarter recurring revenue and servicing software revenue can test these two explanations.

The third-quarter checks are whether recurring revenue grows at least 4% year over year, whether servicing software revenue accelerates above 4%, whether transaction revenue keeps growing at double digits and whether the adjusted operating margin stays at 44% or higher. If recurring revenue does not grow year over year, renewal price cuts and client consolidation are still eroding the subscription base; if transaction revenue falls while subscription revenue fails to accelerate, segment revenue growth will slow markedly.

Risks and Falsifiers

Borrowing for the MarketAxess deal will raise leverage to about 3.4 times in the near term, and if transaction revenue falls at the same time, deleveraging could run slower than the 18-to-24-month target. In August ICE issued $3.75 billion of notes with coupons of 4.70% to 5.40% [30], added a $2.0 billion delayed draw term loan, and reduced the original $6.2 billion bridge commitment to zero [49]; interest expense, buybacks of about $400 million a quarter and full-year capital spending of about $850 million will all draw on free cash flow at the same time [6]. The exposed lines are non-operating expense (third-quarter adjusted guidance of $175 million to $180 million), the pace of buybacks and EPS [5]; if ICE keeps third-quarter buybacks near $400 million, lands non-operating expense within guidance and reaffirms a return to 3.0 times or less within 18 to 24 months, this concern is falsified.

The conflict-driven volume and revenue of the first quarter may not last, and ICE has already raised its expense outlook, so lower volume would compress margins. Full-year adjusted operating expense guidance was raised to $4.19 billion to $4.23 billion because of higher performance-related compensation, data center investment and product development spending [6]; third-quarter adjusted operating expense guidance of $1.063 billion to $1.073 billion [5] is above the second quarter's actual $1.038 billion [3]. The exposure is adjusted operating expense and the 61% adjusted operating margin; if third-quarter adjusted operating expenses do not exceed $1.073 billion and the adjusted operating margin is at least 60%, this concern is falsified.

Volume growth concentrated in lower-priced interest rate futures and energy options, combined with higher volume-based rebates, could push revenue per contract down and leave revenue growth well below volume growth. Rebates are calculated on volume and rose to $1.6 billion in 2025 as volume grew in certain asset classes [20]; on the second quarter's $797 million of futures and options revenue, every 10 percentage points of lost revenue growth means about $80 million less quarterly revenue [43]. If third-quarter futures and options revenue grows at least 28% year over year and energy RPC is at least $1.85, this concern is falsified.

If renewal rates and pricing for data subscriptions fall short of past levels, ASV growth will keep declining. ICE warns in its annual report that competitive pressure, regulatory change or customer losses could lower its fees and that high renewal rates may not continue [41]; the exposure is the second quarter's $531 million of recurring revenue and segment operating income, and on ASV of about $2.08 billion each 1 percentage point of slower growth equals about $20 million of subscription revenue over the next 12 months [10]. If ASV growth at September 30 is at least 7.9% and third-quarter recurring revenue growth is at least 7%, this concern is falsified.

Renewal price cuts from early clients and client mergers that reduce loans serviced could stall MSP and Encompass subscription revenue, leaving segment growth dependent on rate-driven origination volume [47]. The exposure is the second quarter's $406 million of recurring revenue and $239 million of segment adjusted operating income, and each 1 percentage point of recurring revenue growth equals about $4 million of quarterly revenue [23]. If third-quarter recurring revenue and servicing software revenue each grow at least 4% year over year, this concern is falsified [48].

What to Watch Next

The third-quarter report contains direct tests of each of the points above:

• Futures volume conversion: futures and options revenue was $797 million in the second quarter, down 3%; third-quarter growth of at least 28% confirms conversion, and growth below 20% signals dilution.
• Energy revenue per contract: the second-quarter level was $1.90, up 10%; holding $1.85 supports the fee improvement, and a drop below $1.71 marks it as temporary.
• Energy open interest: 67.6 million contracts at June 30, up 6%; a year-over-year gain at September 30 supports sustained volume.
• Fixed Income and Data Services recurring revenue: $531 million in the second quarter, up 10% including a one-time item; growth of at least 7% confirms the outlook, and growth below 6% puts it at risk.
• Annual subscription value: $2.080 billion at June 30, up 7.9%; holding 7.9% at September 30 confirms, and a drop below 7% falsifies.
• Mortgage recurring revenue: $406 million in the second quarter, up 3%; growth of at least 4% confirms, and no growth falsifies.
• Servicing software revenue: $226 million in the second quarter, up 2%; growth above 4% confirms acceleration.
• Expenses and leverage: third-quarter guidance of $1.063 billion to $1.073 billion for adjusted operating expenses and $175 million to $180 million for adjusted non-operating expense, with baseline buybacks of $400 million a quarter; expenses at or below $1.073 billion, a margin of at least 60% and buybacks near $400 million confirm the current path.

Conclusion

ICE results depend on three lines together: futures volume and revenue per contract at the exchanges, subscription growth in fixed income data, and subscription and per-loan fees in mortgage software. Second-quarter net revenue was $2.666 billion with a 61% adjusted operating margin [3], and first-half adjusted free cash flow was $2.600 billion [28], but debt reached $19.8 billion at June 30 [5] and ICE added $3.75 billion of notes in August for the MarketAxess deal [30]. The central open relationship is whether roughly 31% higher third-quarter futures volume converts into revenue at energy fees near the second quarter's $1.90, and whether data and mortgage subscription growth can hold up the revenue floor when transaction revenue falls.

Since the second-quarter report, there has been no independent outside assessment with a verifiable author and argument to draw on. The ICE coverage found in this period consists mainly of restatements of the MarketAxess deal terms, summaries of the second-quarter call and the company's monthly volume statistics, and one republished commentary piece was not used because it showed no author and the original could not be accessed. Without independent outside interpretation, the three debates above can be tested only against the company's own third-quarter disclosures.

The current understanding would be materially strengthened by a set of results arriving together: futures and options revenue growth of at least 28% with energy RPC above $1.85, Fixed Income and Data Services recurring revenue growth of at least 7% with September ASV growth holding at 7.9%, mortgage recurring and servicing software revenue each growing more than 4%, and adjusted operating expenses at or below $1.073 billion. Conversely, if futures and options revenue grows less than 20%, ASV growth falls below 7%, mortgage recurring revenue does not grow, and interest expense and buybacks crowd free cash flow, the three premises of volume-driven growth, a subscription floor and on-schedule deleveraging would all weaken at once.

Sources

[1] Drillr earnings calendar (updated 2026-10-13) · ICE 2026-10-29 call · 2026-10-13 · earnings calendar

[2] ICE 8-K filed 2026-07-30 · 2Q26 business highlights table · 2026-07-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001571949&type=8-K&dateb=20260730&owner=include&count=10

[3] ICE 8-K filed 2026-07-30 · 2Q26 segment adjusted operating income · 2026-07-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001571949&type=8-K&dateb=20260730&owner=include&count=10

[4] ICE 8-K filed 2026-07-30 · 2Q26 results · 2026-07-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001571949&type=8-K&dateb=20260730&owner=include&count=10

[5] ICE 8-K filed 2026-07-30 · other matters and updated guidance · 2026-07-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001571949&type=8-K&dateb=20260730&owner=include&count=10

[6] ICE Q2 2026 earnings call 2026-07-30 · guidance · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[7] Drillr analyst_financial_estimates (updated 2026-10-13) · ICE quarter ending 2026-09-30 · 2026-10-13 · Drillr analyst_financial_estimates · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001571949&type=consensus-data&dateb=20261013&owner=include&count=10

[8] ICE 10-Q filed 2026-07-30 · futures volume and rate per contract · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000011/

[9] ICE 10-K filed 2026-02-05 · ASV at December 31, 2025 · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/

[10] ICE 10-Q filed 2026-07-30 · ASV at June 30, 2026 · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000011/

[11] ICE 10-Q filed 2026-07-30 · Mortgage Technology income data · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000011/

[12] ICE 10-K filed 2026-02-05 · our history · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/

[13] ICE 10-K filed 2026-02-05 · Black Knight acquisition · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/

[14] ICE 10-K filed 2026-02-05 · history and exchanges segment overview · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/

[15] ICE Q2 2026 earnings call 2026-07-30 · Market Access acquisition · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[16] ICE Q2 2026 earnings call 2026-07-30 · stated risks · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[17] ICE 10-K filed 2026-02-05 · FY2025 segment financial data · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/

[18] ICE 10-K filed 2026-02-05 · consolidated financial highlights · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/

[19] ICE 10-K filed 2026-02-05 · Exchanges segment FY2025 income data · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/

[20] ICE 10-K filed 2026-02-05 · net revenue presentation and rebates · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/

[21] ICE 10-K filed 2026-02-05 · origination success-based pricing · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/

[22] ICE 10-K filed 2026-02-05 · servicing contract terms · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/

[23] ICE 8-K filed 2026-07-30 · 2Q26 Mortgage Technology table · 2026-07-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001571949&type=8-K&dateb=20260730&owner=include&count=10

[24] ICE 8-K filed 2026-04-30 · 1Q26 results highlights · 2026-04-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001571949&type=8-K&dateb=20260430&owner=include&count=10

[25] ICE 10-Q filed 2026-04-30 · 1Q26 energy futures and options · 2026-04-30 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001571949&type=10-Q&dateb=20260430&owner=include&count=10

[26] ICE 8-K filed 2026-04-30 · 1Q26 Exchanges segment table · 2026-04-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001571949&type=8-K&dateb=20260430&owner=include&count=10

[27] ICE 10-Q filed 2026-07-30 · segment financial data six months · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000011/

[28] ICE 8-K filed 2026-07-30 · free cash flow reconciliation · 2026-07-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001571949&type=8-K&dateb=20260730&owner=include&count=10

[29] ICE 10-Q filed 2026-07-30 · debt and commercial paper · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000011/

[30] ICE 8-K filed 2026-08-20 · senior notes issuance · 2026-08-20 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001571949&type=8-K&dateb=20260820&owner=include&count=10

[31] ICE 8-K filed 2026-08-21 · MarketAxess term loan facility · 2026-08-21 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001571949&type=8-K&dateb=20260821&owner=include&count=10

[32] ICE 10-Q filed 2026-07-30 · exchange revenue mechanics · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000011/

[33] ICE 10-Q filed 2026-07-30 · open interest at June 30, 2026 · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000011/

[34] ICE 10-K filed 2026-02-05 · energy product franchise · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/

[35] ICE 10-K filed 2026-02-05 · EU energy policy intervention · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/

[36] ICE 10-K filed 2026-02-05 · energy futures and options 2025 · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/

[37] ICE 10-K filed 2026-02-05 · NYSE listings and clearing houses · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/

[38] ICE 10-K filed 2026-02-05 · competition in exchanges · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/

[39] ICE 10-K filed 2026-02-05 · fixed income data and analytics description · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/

[40] ICE Q2 2026 earnings call 2026-07-30 · segment performance · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[41] ICE 10-K filed 2026-02-05 · data renewal and pricing competition · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/

[42] ICE 10-K filed 2026-02-05 · competition in mortgage technology · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/

[43] ICE 8-K filed 2026-07-30 · 2Q26 Exchanges segment table · 2026-07-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001571949&type=8-K&dateb=20260730&owner=include&count=10

[44] ICE 10-Q filed 2026-07-30 · Fixed Income and Data Services income data · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000011/

[45] ICE 10-Q filed 2026-04-30 · ASV at March 31, 2026 · 2026-04-30 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001571949&type=10-Q&dateb=20260430&owner=include&count=10

[46] ICE 8-K filed 2026-04-30 · 1Q26 Fixed Income and Data Services table · 2026-04-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001571949&type=8-K&dateb=20260430&owner=include&count=10

[47] ICE Q1 2026 earnings call 2026-04-30 · mortgage subscription headwinds · 2026-04-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[48] ICE 10-Q filed 2026-07-30 · servicing software drivers · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1571949/000157194926000011/

[49] ICE 8-K filed 2026-08-21 · term loan and bridge termination · 2026-08-21 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001571949&type=8-K&dateb=20260821&owner=include&count=10