Intercontinental Exchange reported record first-quarter results driven by strong performance across its diversified platform, particularly in exchanges and fixed income, data services. The company demonstrated robust revenue growth and margin expansion, while also returning significant capital to shareholders.
Record consolidated net revenues of $3.0 billion, a 20% year-over-year increase.
positiveGAAP diluted EPS of $2.48, an 80% year-over-year increase.
positiveRecord operating income of $1.7 billion, a 36% year-over-year increase, with a 56% operating margin.
positiveTransaction revenues, net, increased by 34% year-over-year to $1.66 billion.
positiveReturned $848 million to stockholders, including over $550 million in share repurchases.
positiveMortgage Technology segment reported an operating loss of $13 million on revenues of $539 million, with an operating margin of (2)%.
attentionWhile adjusted operating margin for Mortgage Technology was 39%, the GAAP operating margin was significantly lower at (2)%, indicating substantial non-cash charges or one-time expenses.
attentionTransaction-based expenses increased by 73% year-over-year to $689 million, outpacing the growth in total revenues less transaction-based expenses.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
Exchanges | N/A | — | — | — | +27.0% |
Fixed Income and Data Services | N/A | — | — | — | +9.0% |
Mortgage Technology | N/A | — | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| adjusted_operating_expenses | $1.03B to $1.04B | Q2 2026 | tight_range | New |
| revenue | up mid-single-digits | FY2026 | directional | New |
$550 million · first quarter
nearly $850 million · during the quarter · funded by dividends
$200 million · mid-February
$1.2 billion · first quarter
Net Debt to Adjusted EBITDA: 1x to 1.5x
funded by free cash flow and portfolio management proceeds
funded by debt offering proceeds
$450 million · Q2 2026
$1.1 billion · through December 31, 2026
$1.8 billion · quarter end
Record first quarter results driven by the strength of our diversified platform and the continued trust of our global customers.
Customers increasingly relied on our mission-critical markets, data, and technology to navigate complexity and manage risk.
The breadth of our business model provides resilience and multiple avenues for growth.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.