Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
ICE delivered a strong Q1 2026 with revenue up 13.5% to $3.67B and net income surging 77.3% to $1.41B, driven by significant operating leverage and margin expansion.
Revenue
$3.67B
+13.53% YoY
EPS (Diluted)
$2.48
+79.71% YoY
Operating Income
$1.67B
+36.36% YoY
Source: SEC XBRL
Intercontinental Exchange (ICE) reported Q1 FY2026 revenue of $3.67B, up 13.5% year over year. Operating margin was 45.4%, up 7.6 points from 37.8% a year earlier. Operating cash flow was $1.33B, up 37.3% year over year. ICE's fiscal Q1 FY2026 corresponds to calendar Q1 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 1.90 | 1.86 | Beat +2.3% |
| Mar 2026This filing | 2.35 | 2.28 | Beat +2.9% |
| Dec 2025 | 1.71 | 1.69 | Beat +1.2% |
| Sep 2025 | 1.71 | 1.62 | Beat +5.4% |
Adjusted (non-GAAP) EPS of $2.35 versus the $2.28 analyst consensus — a +2.9% beat for Mar 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $2.48.
Compiled by AI from this SEC filing
Total revenue grew 13.5% year-over-year to $3.67B in Q1 2026, up from $3.23B in Q1 2025, reflecting broad-based growth across ICE's exchange, fixed income & data services, and mortgage technology segments.
Source: 10-Q Income Statement
Operating income jumped 36.4% to $1.67B, with operating margin expanding approximately 760 basis points to 45.4% from 37.8% in the prior year period, demonstrating strong cost discipline relative to revenue growth.
Source: 10-Q Income Statement
Net income rose 77.3% to $1.41B, and diluted EPS increased 79.7% to $2.48 from $1.38, reflecting both improved operating performance and potentially favorable below-the-line items.
Source: 10-Q Income Statement
Operating cash flow increased 37.3% year-over-year to $1.33B, underscoring the high cash-conversion quality of ICE's business model and supporting continued capital return to shareholders.
Source: 10-Q Cash Flow Statement
ICE repurchased $551M in shares during Q1 2026, up 128.6% from $241M in Q1 2025, signaling management's confidence in the company's financial position and commitment to returning capital.
Source: 10-Q Cash Flow Statement
Compiled by AI from this SEC filing · 2 high, 2 medium, 1 low
ICE carries a debt-to-equity ratio of approximately 5.1x, with long-term debt of $18.62B. This elevated leverage, partly a legacy of the Black Knight mortgage technology acquisition, increases interest expense burden and limits financial flexibility in a rising rate environment.
Source: 10-Q Balance Sheet
The current ratio stands at approximately 1.01x, meaning current assets barely cover current liabilities ($127.1B vs. $125.7B). While much of this reflects clearing house margin deposits and not operational liquidity, any unexpected outflows could pressure near-term liquidity.
Source: 10-Q Balance Sheet
ICE's mortgage technology business is highly sensitive to mortgage origination volumes, which are directly impacted by interest rate levels. Persistently high mortgage rates could suppress refinancing and purchase activity, weighing on this segment's revenue contribution.
Source: 10-Q Income Statement
Total assets surged 25.4% to $179.2B and total liabilities rose 30.3% to $149.6B year-over-year, largely driven by clearing house activity. Any systemic market stress event could expose ICE to counterparty and settlement risks within its clearing operations.
Source: 10-Q Balance Sheet
SG&A expenses rose 11.8% to $85M, tracking close to revenue growth. Sustained cost inflation in technology, compliance, and personnel could erode the operating leverage that has driven recent margin expansion.
Source: 10-Q Income Statement
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 3.67 $B | 3.23 $B | +13.53% |
Operating Income $B | 1.67 $B | 1.22 $B | +36.36% |
Net Income $B | 1.41 $B | 0.80 $B | +77.29% |
EPS (Basic) $ | 2.49 $ | 1.39 $ | +79.14% |
EPS (Diluted) $ | 2.48 $ | 1.38 $ | +79.71% |
SG&A Expense $M | 85.00 $M | 76.00 $M | +11.84% |
Answers draw on this SEC filing and the data on this page
Intercontinental Exchange (ICE) achieved strong performance in Q2 FY2026 with total revenue rising 10.7% YoY to $3.61B and diluted EPS growing 14.2% YoY to $1.69, while announcing a $6.0B agreement to acquire MarketAxess Holdings.
ICE delivered strong FY2025 results with revenue growing 7.5% to $12.64B, net income surging 20.4% to $3.32B, and operating margin expanding to 39.0%, reflecting disciplined cost management and robust business performance.
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