ICE earnings analysis
What we found in ICE's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Intercontinental Exchange (ICE) reported strong financial results for Q1 2026, with revenues of $3.666 billion, surpassing consensus estimates of $2.933 billion. Gross margin came in at 100%, while diluted EPS rose significantly to $2.48, an 80% increase year-over-year. The company indicated disciplined investment strategies moving forward, anticipating operating expenses between $5.095 billion and $5.145 billion for the year.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeds Estimates
- Q1 2026 revenue of $3.666 billion beat expectations by $706 million.
- Strong EPS Growth
- Diluted EPS reached $2.48, up 80% from $1.38 a year ago.
- Record Operating Income
- Operating income rose to $1.665 billion, compared to $1.221 billion in Q1 2025.
- Exchanges Segment Growth
- Revenue from exchanges increased to $2.470 billion, up from $2.123 billion.
- Positive Net Investment Gains
- Recorded $389 million in upward adjustments from equity investments.
- Improved Cash Positions
- Cash and cash equivalents increased to $863 million from $837 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Operating Expenses
- Operating expenses grew to $1.312 billion from $1.252 billion year-over-year.
- Market Volatility Influence
- Exposure to market volatility may affect performance in various sectors.
- Regulatory Uncertainty
- Continued emphasis on evolving financial regulations poses uncertainties.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.48
- Gross margin
- 100%
- Operating margin
- 45.5%
- Segment
- Exchanges: $2.470B
- Segment
- Fixed Income and Data Services: $657M
- Segment
- Mortgage Technology: $539M
What they said about what is next.
2026 operating expenses projected between $5.095 billion and $5.145 billion.
The filing reads better than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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