#ICE Posts Record First-Quarter Revenue as Exchange Volumes Surge
Intercontinental Exchange, Inc. (NYSE: ICE) reported record net revenues of $3.0 billion for the first quarter of 2026, a 20% increase from the same period a year earlier, the company announced April 30, 2026. GAAP diluted earnings per share reached $2.48, up 80% year-over-year.
The results reflect a broad-based increase in trading activity across ICE's exchange, fixed income, and mortgage technology businesses during a period of elevated macroeconomic and geopolitical volatility. Exchange operators have seen heightened demand for risk management tools and price discovery services when market uncertainty increases.
#Exchange Segment Leads With 30% Revenue Growth
ICE's exchanges segment generated net revenues of $1.781 billion in the first quarter, up 30% year-over-year. Energy revenues rose 46% to $814 million, while financials -- which includes interest rate and other financial futures and options -- increased 65% to $256 million. The exchange segment posted an adjusted operating margin of 80%.
Agricultural and metals revenues increased 26% to $81 million. Cash equities and equity options revenues were $123 million, up 3% year-over-year. Transaction revenues across the exchange segment rose 38% to $1.376 billion.
#Adjusted Operating Income Reaches $1.9 Billion
Consolidated adjusted operating income for the quarter was $1.9 billion, up 29% year-over-year, with an adjusted operating margin of 65%. On a GAAP basis, operating income was $1.665 billion, representing a 56% operating margin and a 36% increase from Q1 2025.
Adjusted diluted EPS were $2.35 for the quarter, a 37% increase year-over-year. The GAAP figure of $2.48 per diluted share reflected, in part, $389 million in fair value adjustments on equity investments.
The fixed income and data services segment reported revenues of $657 million, up 10% year-over-year, with an adjusted operating margin of 47%. The mortgage technology segment reported revenues of $539 million, up 6%, though it recorded a GAAP operating loss of $13 million. On an adjusted basis, the mortgage technology segment's operating income was $212 million, with an adjusted operating margin of 39%.
"ICE's first quarter results reflect the durability and quality of our business model, delivering record revenues and record operating income," said Warren Gardiner, ICE Chief Financial Officer, in the earnings release. "Our strong cash flows enabled us to return $848 million to stockholders, including over $550 million in share repurchases, while also investing in strategic growth initiatives and maintaining leverage within our target range."
#ICE Returns $848 Million to Stockholders Through March
ICE repurchased $551 million of common stock and paid $297 million in dividends through March 31, 2026. Operating cash flow for the quarter was $1.326 billion, and adjusted free cash flow was $1.15 billion. Unrestricted cash stood at $863 million, with outstanding debt of $20.4 billion as of quarter end.
For the second quarter of 2026, ICE projected GAAP operating expenses in the range of $1.280 billion to $1.290 billion, and adjusted operating expenses of $1.030 billion to $1.040 billion. Full-year 2026 adjusted operating expenses are expected to be in the range of $4.145 billion to $4.195 billion.
ICE operates the New York Stock Exchange and a range of futures, options, and clearing venues across energy, agricultural, and financial markets. It competes directly with CME Group in global derivatives and futures markets. The mortgage technology segment, which provides software for origination, closing, and servicing, operates in a market sensitive to interest rate conditions and U.S. housing activity.
Management said the company is focused on disciplined investment and operational execution through the remainder of 2026. Risks to the outlook include macroeconomic conditions, regulatory developments, interest rate sensitivity in the mortgage technology segment, and litigation exposure. Forward-looking statements in the earnings release are subject to risks described in ICE's Annual Report on Form 10-K filed with the SEC on February 5, 2026.