Intercontinental Exchange (ICE) Q2 FY2026 earnings: revenue $3.6 billion, up 10.7% on the year

Intercontinental Exchange, Inc. (ICE) reported revenue of $3.6 billion for Q2 FY2026, the quarter ended 30 June 2026, up 10.7% on the same quarter a year earlier. Net income was $958 million, up 12.6% on the year, and diluted earnings per share $1.69. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue

$3.6 billion

+10.7% on the year · -1.5% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

38.5%

39.8% a year earlier

Q3 FY2024Q2 FY2026

Net income

$958 million

+12.6% on the year · -32.2% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$1.69

+14.2% on the year · -31.9% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 2 raised, 7 new.

Revenue and earnings per share rose: Net revenues less transaction-based expenses were $2.7 billion, up 5%. GAAP diluted EPS was $1.69, up 14%. Adjusted diluted EPS was $1.90, up 5%.
Operating income rose, margins reported: Operating income was $1.4 billion, up 7%, with a 52% operating margin. Adjusted operating income was $1.6 billion, up 4%, with a 61% adjusted operating margin.
Energy revenue fell 13%: Energy revenues were $518 million against $595 million a year earlier, down 13%, or 14% in constant currency. Energy was the only exchange revenue line in the table to decline.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	3,611	3,666	3,262	-1.5%	+10.7%
Selling, general and administrative	63.0	85.0	66.0	-25.9%	-4.5%
Operating income	1,391	1,665	1,297	-16.5%	+7.2%
Operating margin	38.5%	45.4%	39.8%
Interest expense	205	203	201	+1.0%	+2.0%
Pre-tax income	1,287	1,897	1,132	-32.2%	+13.7%
Income tax	312	465	267	-32.9%	+16.9%
Effective tax rate	24.2%	24.5%	23.6%
Net income	958	1,413	851	-32.2%	+12.6%
Net margin	26.5%	38.5%	26.1%
Diluted EPS	$1.69	$2.48	$1.48	-31.9%	+14.2%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	1,998	1,326	1,506	+50.7%	+32.7%
Capital expenditure	144	64.0	60.0	+125.0%	+140.0%
Free cash flow	1,854	1,262	1,446	+46.9%	+28.2%
Free cash flow margin	51.3%	34.4%	44.3%
Cash from investing	1,141	-1,420	1,068		+6.8%
Cash from financing	-6,012	40,918	572
Depreciation and amortisation	389	384	395	+1.3%	-1.5%
Share-based compensation	67.0	78.0	4.0	-14.1%	+1,575.0%
Buybacks	651	551	255	+18.1%	+155.3%
Dividends paid	294	297	277	-1.0%	+6.1%
Dividend per share	$0.52	$0.52	$0.48	0.0%	+8.3%
Diluted shares, weighted	566m	570m	575m	-0.7%	-1.6%
Shares outstanding at period end	561m	566m	572m	-0.9%	-1.9%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	29,551	29,478	28,444	+0.2%	+3.9%
Non-controlling interest	69.0	52.0	61.0	+32.7%	+13.1%
Redeemable equity	32.0	32.0	22.0	0.0%	+45.5%
Debt	19,846	20,370	19,208	-2.6%	+3.3%
Operating lease liabilities	681	615	458	+10.7%	+48.7%
Other liabilities	124,068	128,630	95,982	-3.5%	+29.3%
Total liabilities and equity	174,247	179,177	144,175	-2.8%	+20.9%
Goodwill	30,632	30,634	30,652	-0.0%	-0.1%
Intangible assets	14,870	15,108	15,845	-1.6%	-6.2%
Cash and equivalents	1,067	863	1,003	+23.6%	+6.4%
Receivables	1,869	2,382	1,651	-21.5%	+13.2%
Other assets	125,809	130,190	95,024	-3.4%	+32.4%
Total assets	174,247	179,177	144,175	-2.8%	+20.9%

Questions

What was Intercontinental Exchange's revenue in Q2 FY2026?

Intercontinental Exchange (ICE) reported revenue of $3.6 billion for Q2 FY2026, the quarter ended 30 June 2026, up 10.7% on the same quarter a year earlier.

How much did Intercontinental Exchange earn in Q2 FY2026?

Net income for Q2 FY2026 was $958 million, up 12.6% on the year, and diluted earnings per share $1.69.

When did Intercontinental Exchange report Q2 FY2026 results?

Intercontinental Exchange filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 30 July 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 30 June 2026, filed 30 July 2026: the filing.