EarningsQ2 2026 Earnings Report
DE:IC2 Q2 2026 EPS Results
Actual EPS€1.69
Consensus EPS€1.64
Beat/MissBeat by +€0.06
One Year Ago EPS€1.61
DE:IC2 Q2 2026 Revenue Results
Actual Revenue€2.96B
Expected Revenue€2.35B
Beat/MissBeat by +€617.16M
YoY Revenue Growth+6.78%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
DE:IC2 Upcoming Earnings
Intercontinental Exchange's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:IC2 Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive view: record recurring and total revenues, a record second-quarter EPS, raised FIDS guidance, strong Exchange and mortgage momentum, meaningful capital returns, and a strategically justified acquisition of MarketAxess with targeted synergies. Near-term headwinds include higher operating and capital spending (intentional investments), temporary leverage increase to finance the acquisition, one-time items and timing-related variability, and regulatory/integration risk tied to MarketAxess and new product initiatives. Overall, management presented confidence in long-term compounding growth despite manageable near-term costs and execution risks.Company Guidance
Record Quarterly Financial Performance
Second quarter net revenues of $2.7 billion (up 5% year-over-year), adjusted operating income of $1.6 billion, and adjusted EPS of $1.90 (a second-quarter record and the second best quarter in company history).
Record and Growing Recurring Revenue
Record recurring revenues of $1.4 billion, up 8% year-over-year, underscoring platform visibility and resilience; compounding on top of 10% revenue growth in Q2 2025.
Strategic Acquisition of MarketAxess
Agreement to acquire MarketAxess for $167 per share (enterprise value $5.7 billion), a 33% premium to MarketAxess closing price (July 29), with an EV / adjusted EBITDA fully synergized multiple of ~10.6x and expected immediate accretion to ICE adjusted EPS in year one.
Material Synergies and Disciplined Financing Plan
Targeting approximately $100 million of annualized expense synergies (1/3 in year 1, 2/3 in year 2, full run-rate by year 3); transaction financed in cash via bonds, term loan and commercial paper with temporary gross leverage expected to peak near 3.4x pro forma EBITDA and a plan to return to ~3x or below within 18–24 months.
Exchange Franchise Strength
Exchange net revenue of $1.5 billion; rates business grew 24% year-over-year; total futures and options open interest up 20% year-over-year; NYSE transaction revenue at a record, up 15% year-over-year; Exchange recurring revenue $416 million up 10% and guidance raised to high-single-digit recurring revenue growth for full year 2026.
Fixed Income & Data Services Momentum
FIDS net revenue $645 million, up 8%; record recurring revenue $531 million, up 10%; data & network technology revenue up 11% and index ETF AUM at a record $922 billion (up 29% year-over-year); full-year FIDS recurring revenue growth guidance raised to 7%–8%.
Mortgage Technology Strength and AI Adoption
Mortgage Technology net revenue $557 million (up 5% year-over-year), transaction revenue up 11%; recurring revenue $406 million; servicing processed 10.7 billion API/web calls (up 39% year-over-year); deployment of ICE Aurora and agentic AI embedded in Encompass and MSP with early monetization underway.
Capital Return and Balance Sheet Discipline
Returned $945 million to shareholders in Q2 (including $651 million of share repurchases and dividends), $1.8 billion in first half (record); increased baseline quarterly share repurchases from $350 million to $400 million and Board authorization of up to $4 billion for repurchases; leverage ended the quarter at 2.8x, within target range.
Product Innovation and Market Leadership
New product launches and initiatives — ICE Compass (AI pre-trade analytics), MCP server for proprietary data into client AI workflows, GPU compute futures, economic indicator futures, and expanded treasury clearing — complementing strong options growth (e.g., Brent options volume up 46% year-to-date) and structural participation in energy and rates markets (e.g., SONIA ADVs up 39% and Euribor up 12%).
DE:IC2 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed