Intercontinental Exchange (ICE) Q1 FY2026 earnings: revenue $3.7 billion, up 13.5% on the year

Intercontinental Exchange, Inc. (ICE) reported revenue of $3.7 billion for Q1 FY2026, the quarter ended 31 March 2026, up 13.5% on the same quarter a year earlier. Net income was $1.4 billion, up 77.3% on the year, and diluted earnings per share $2.48. The figures are the company's own, from the 10-Q it filed with the SEC on 30 April 2026.

Revenue

$3.7 billion

+13.5% on the year · +16.7% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

45.4%

37.8% a year earlier

Q2 FY2024Q1 FY2026

Net income

$1.4 billion

+77.3% on the year · +66.0% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$2.48

+79.7% on the year · +66.4% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 5 new.

Revenue and operating income both rose: Net revenues were $2,977 million, up 20% from $2,473 million. GAAP operating income was $1,665 million, up 36%, and adjusted operating income was $1,942 million, up 29%.
Equity investment adjustment excluded from adjusted EPS: GAAP diluted EPS was $2.48 against $1.38 a year earlier. The reconciliation deducts $389 million of fair value adjustments on equity investments in reaching adjusted net income.
Adjusted diluted EPS rose 37%: Adjusted diluted EPS was $2.35 against $1.72 a year earlier. Adjusted net income attributable to ICE was $1,338 million against $995 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	3,666	3,142	3,229	+16.7%	+13.5%
Selling, general and administrative	85.0	74.0	76.0	+14.9%	+11.8%
Operating income	1,665	1,237	1,221	+34.6%	+36.4%
Operating margin	45.4%	39.4%	37.8%
Interest expense	203	204	206	-0.5%	-1.5%
Pre-tax income	1,897	1,066	1,067	+78.0%	+77.8%
Income tax	465	204	255	+127.9%	+82.4%
Effective tax rate	24.5%	19.1%	23.9%
Net income	1,413	851	797	+66.0%	+77.3%
Net margin	38.5%	27.1%	24.7%
Diluted EPS	$2.48	$1.49	$1.38	+66.4%	+79.7%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	1,326	1,275	966	+4.0%	+37.3%
Capital expenditure	64.0	166	85.0	-61.4%	-24.7%
Free cash flow	1,262	1,109	881	+13.8%	+43.2%
Free cash flow margin	34.4%	35.3%	27.3%
Cash from investing	-1,420	-3,082	-2,153
Cash from financing	40,918	-5,402	2,283		+1,692.3%
Depreciation and amortisation	384	389	389	-1.3%	-1.3%
Share-based compensation	78.0	225	5.0	-65.3%	+1,460.0%
Buybacks	551	400	241	+37.8%	+128.6%
Dividends paid	297	274	278	+8.4%	+6.8%
Dividend per share	$0.52	$0.48	$0.48	+8.3%	+8.3%
Diluted shares, weighted	570m	572m	577m	-0.3%	-1.2%
Shares outstanding at period end	566m	567m	574m	-0.2%	-1.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	29,478	28,915	27,974	+1.9%	+5.4%
Non-controlling interest	52.0	54.0	47.0	-3.7%	+10.6%
Redeemable equity	32.0	22.0	22.0	+45.5%	+45.5%
Debt	20,370	19,644	20,281	+3.7%	+0.4%
Operating lease liabilities	615	635	340	-3.1%	+80.9%
Other liabilities	128,630	87,617	94,206	+46.8%	+36.5%
Total liabilities and equity	179,177	136,887	142,870	+30.9%	+25.4%
Goodwill	30,634	30,646	30,617	-0.0%	+0.1%
Intangible assets	15,108	15,353	16,067	-1.6%	-6.0%
Cash and equivalents	863	837	783	+3.1%	+10.2%
Receivables	2,382	1,552	1,878	+53.5%	+26.8%
Other assets	130,190	88,499	93,525	+47.1%	+39.2%
Total assets	179,177	136,887	142,870	+30.9%	+25.4%

Questions

What was Intercontinental Exchange's revenue in Q1 FY2026?

Intercontinental Exchange (ICE) reported revenue of $3.7 billion for Q1 FY2026, the quarter ended 31 March 2026, up 13.5% on the same quarter a year earlier.

How much did Intercontinental Exchange earn in Q1 FY2026?

Net income for Q1 FY2026 was $1.4 billion, up 77.3% on the year, and diluted earnings per share $2.48.

When did Intercontinental Exchange report Q1 FY2026 results?

Intercontinental Exchange filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 30 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,328	2,459	2,413	2,387	2,377	2,472	2,336	2,429	2,666	2,801	2,897	3,033	3,030	3,229	3,262	3,007	3,142	3,666	3,611	3,630
SG&A	52.0	55.0	57.0	54.0	60.0	74.0	63.0	59.0	70.0	78.0	100	54.0	75.0	76.0	66.0	77.0	74.0	85.0	63.0	74.0
Operating income	880	992	869	913	864	969	955	845	925	1,063	1,066	1,103	1,077	1,221	1,297	1,174	1,237	1,665	1,391	1,410
Operating margin	38%	40%	36%	38%	36%	39%	41%	35%	35%	38%	37%	36%	36%	38%	40%	39%	39%	45%	39%	39%
Interest expense	102	103	161	176	176	176	175	206	251	241	233	223	213	206	201	192	204	203	205	222
Pre-tax income	2,109	832	739	-327	564	849	847	682	516	964	861	898	905	1,067	1,132	1,081	1,066	1,897	1,287	1,242
Tax rate	28%	20%	23%	n/a	22%	21%	4%	18%	24%	19%	26%	25%	22%	24%	24%	23%	19%	25%	24%	23%
Net income	1,527	657	555	-191	425	655	799	541	373	767	632	657	698	797	851	816	851	1,413	958	940
Net margin	66%	27%	23%	-8%	18%	26%	34%	22%	14%	27%	22%	22%	23%	25%	26%	27%	27%	39%	27%	26%
Diluted EPS	$2.70	$1.16	$0.99	-$0.34	$0.76	$1.17	$1.42	$0.96	$0.65	$1.33	$1.10	$1.14	$1.21	$1.38	$1.48	$1.42	$1.49	$2.48	$1.69	$1.67
Operating cash flow	993	756	969	737	1,092	653	1,152	768	969	1,009	1,196	898	1,506	966	1,506	915	1,275	1,326	1,998	1,162
Capital expenditure	62.0	36.0	34.0	55.0	100	21.0	40.0	43.0	86.0	58.0	75.0	79.0	194	85.0	60.0	62.0	166	64.0	144	110
Free cash flow	931	720	935	682	992	632	1,112	725	883	951	1,121	819	1,312	881	1,446	853	1,109	1,262	1,854	1,052
Buybacks	250	475	157	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	241	255	398	400	551	651	400
Dividends paid	186	214	213	213	213	236	236	241	242	258	261	261	259	278	277	276	274	297	294	293
Shares outstanding	561m	559m	558m	559m	559m	559m	560m	572m	573m	573m	573m	574m	574m	574m	572m	570m	567m	566m	561m	558m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 30 April 2026: the filing.