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Earnings analysis · 10-Q

ICE earnings analysis

Filed April 30, 2026 · Our reading of the company's report

The latest report

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…

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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.

Read the original on SEC.gov

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $-1 Operating expenses $55 Left as operating profit $46

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

Where revenue came from

The business segments reported by the company.

Exchanges 67.4% Fixed Income and Data Services 17.9% Mortgage Technology 14.7%

Shares of the segments disclosed in this filing, largest first.

Reported figures

Earnings per share
$2.48

What stood out

  • 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.

What to watch

  • 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.

Management's outlook

2026 operating expenses projected between $5.095 billion and $5.145 billion.

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.