A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
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.
Revenue
$3.61B
+10.70% YoY
EPS (Diluted)
$1.69
+14.19% YoY
Operating Income
$1.39B
+7.25% YoY
Filed · Source: SEC EDGAR 10-Q filing
Intercontinental Exchange (ICE) reported Q2 FY2026 revenue of $3.61B, up 10.7% year over year. The company posted net income of $958M, up 12.6% from a year earlier, with diluted EPS of $1.69. Operating income was $1.39B, up 7.2% year over year. ICE's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
ICE delivered 10.7% YoY revenue growth to $3.61B and a 14.2% EPS increase to $1.69 in Q2 FY2026, while announcing a $6.0B acquisition of MarketAxess.
Last 4 quarters: 4 beats
Adjusted (non-GAAP) EPS of $1.90 versus the $1.86 analyst consensus — a +2.3% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $1.69.
On July 29, 2026, ICE entered into a definitive agreement to acquire MarketAxess Holdings Inc. for approximately $6.0B ($167 per share) in an all-cash transaction. The deal is backed by a 364-day senior unsecured bridge facility of up to $6.2B and is expected to close in H1 2027.
Source: 10-Q Item 2 MD&A, p.35
Exchanges segment revenues reached $2.41B in Q2 FY2026, up 13% YoY, supported by a 21% YoY increase in financial futures and options revenues ($192M) and a 29% YoY rise in cash equities and equity options revenues ($1.09B) due to heightened geopolitical and market volatility.
Source: 10-Q Item 2 MD&A, p.41-42
Operating income for the Mortgage Technology segment recovered to $32M for the first six months of FY2026 compared to an operating loss of $(16)M in the prior-year period, despite high mortgage interest rates continuing to weigh on transaction-based volumes.
Source: 10-Q Item 2 MD&A, p.35, 38
ICE is actively evaluating regulatory shifts, including the March 2026 Basel III Endgame re-proposals, EMIR 3.0 Active Account Requirements for euro interest rate derivatives, proposed SEC amendments to Regulation NMS Rules 611/610(e), and CFTC actions on prediction markets and perpetual contracts.
Source: 10-Q Item 2 MD&A, p.36-37
ICE maintains $18.63B in long-term debt against $29.55B in stockholders' equity, yielding a high debt-to-equity ratio of 4.89x. Higher refinancing interest rates or debt incurred for M&A could increase interest expenses.
Source: 10-Q Balance Sheet (XBRL)
With current assets of $122.06B against current liabilities of $120.58B, ICE's current ratio stands at 1.01x, leaving limited short-term liquidity headroom.
Source: 10-Q Balance Sheet (XBRL)
Operating margin decreased by 1.2 percentage points YoY to 38.52% in Q2 FY2026 as total operating costs grew alongside business activity.
Source: 10-Q Income Statement (XBRL)
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
See the ICE earnings preview — expected date, analyst estimates and what to watch →
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $3.61B | $3.26B | +10.70% |
Operating Income | $1.39B | $1.3B | +7.25% |
Net Income | $958M | $851M | +12.57% |
EPS (Basic) | $1.70 | $1.49 | +14.09% |
EPS (Diluted) | $1.69 | $1.48 | +14.19% |
SG&A Expense | $63M | $66M | -4.55% |
ICE generated revenue of $3.61B (+10.7% YoY) and net income of $958M (+12.6% YoY) in Q2 FY2026. Diluted EPS reached $1.69, up 14.2% from $1.48 in Q2 FY2025.
ICE announced a definitive agreement on July 29, 2026, to acquire MarketAxess Holdings Inc. for approximately $6.0B in cash ($167 per share). The acquisition will be initially backed by a $6.2B bridge facility and is slated to close in early 2027.
On a year-to-date cumulative basis through Q2 FY2026, ICE generated $3.32B in operating cash flow (+34.5% YoY) and $2.89B in free cash flow (+36.0% YoY).
Exchanges segment revenues rose 13% YoY to $2.41B, fueled by a 21% YoY surge in financial futures revenue ($192M) and a 29% YoY gain in cash equities revenue ($1.09B) due to market volatility and higher trading participation.
Expected release date, analyst estimates & what to watch
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.
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.
Other companies in Financial Exchanges & Data