Intercontinental Exchange Posts Higher Revenue, Operating Income and Diluted EPS Year-Over-Year in Interim Filing

Bottom line

Intercontinental Exchange, Inc. closed its second-quarter interim period with a profit on every headline dimension reported in the consolidated statements of income, and each of those headline metrics printed higher than the prior-year comparative on both the three-month and six-month year-to-date windows. Diluted earnings per share for the three-month reporting period came in at $1.69 per diluted share USD/SHARES, up from $1.48 per diluted share USD/SHARES in the prior-year comparative. Diluted earnings per share for the six-month year-to-date period came in at $4.18 per diluted share USD/SHARES, up from $2.86 per diluted share USD/SHARES in the prior-year comparative. Net income attributable to parent for the three-month reporting period was $958,000,000 USD, a profit, up from $851,000,000 USD, also a profit, in the prior-year comparative. Net income attributable to parent for the six-month year-to-date period was $2,371,000,000 USD, up from $1,648,000,000 USD, with both periods remaining profitable. Operating income for the three-month reporting period was $1,391,000,000 USD, up from $1,297,000,000 USD in the prior-year comparative, and operating income for the six-month year-to-date period was $3,056,000,000 USD, up from $2,518,000,000 USD. Revenue from contract with customer, excluding assessed tax, for the three-month reporting period was $3,611,000,000 USD, up from $3,262,000,000 USD in the prior-year comparative. Revenue for the six-month year-to-date period was $7,277,000,000 USD, up from $6,491,000,000 USD. Each transition from the prior-year comparative to the current period preserves profitability on the income-statement lines, with no swing into a loss.

The filing evidence does not attribute this change to any single cause.

The reporting entity is Intercontinental Exchange, Inc., filing under 10-Q for period-ended-2026-06-30, identified by CIK 0001571949 and accession 0001571949-26-000011, and trading under ICE. The source scope for this article is the unaudited interim consolidated financial statements and accompanying notes for the three-month reporting period the three months ended June 30, 2026 and the six-month year-to-date period the six months ended June 30, 2026, with the prior-year comparatives drawn from the three months ended June 30, 2025 and the six months ended June 30, 2025. The narrative in this section is grounded only in those statements and the cited note; no segment-level breakout, peer benchmark, or non-GAAP reconciliation is introduced here, because the filing evidence does not disclose segment-level detail for these income-statement dimensions and contains no peer or industry comparison. Readers comparing the same profit-to-profit pattern across other recent interim filings can cross-check the result in REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing, which posts a comparable year-over-year advance on the same lines.

Financial performance

- Revenue increased year over year to $7,277,000,000 in the six months ended June 30, 2026, compared with $6,491,000,000 in the six months ended June 30, 2025. The quarterly comparison shows the same direction, with revenue of $3,611,000,000 in the three months ended June 30, 2026 versus $3,262,000,000 in the three months ended June 30, 2025. The filing evidence does not attribute this change to any single cause.

- Operating income also increased year over year in both reported windows. Operating income was $3,056,000,000 for the six months ended June 30, 2026, up from $2,518,000,000 in the prior-year period. For the three months ended June 30, 2026, operating income was $1,391,000,000, compared with $1,297,000,000.

- Net income attributable to parent increased from $1,648,000,000 to $2,371,000,000 over the year-to-date comparison. The quarterly result likewise rose to $958,000,000 from $851,000,000, with profit maintained in both periods. 86 per diluted share in the corresponding prior period.

48 per diluted share. - The filing evidence contains no peer or industry comparison. - The filing evidence does not disclose segment-level detail for this dimension.

- Management states that the interim results are not necessarily indicative of results expected for any future period or the full fiscal year. The filing also notes continuing uncertainty in the macroeconomic environment and its possible effects on the global economy and the company's business. - Management reports that the company's exchanges, clearing houses, listings venues, data services businesses, and mortgage platforms had not suffered a material negative impact from the cited macroeconomic conditions as of the relevant reporting date.

S. GAAP for interim reporting, with adjustments that management considers necessary for a fair presentation. The interim statements are unaudited and exclude some information and notes required for complete financial statements, so they should be read with the audited annual financial statements.

Revenue-recognition accounting policies are discussed in Item 8. - The financial baseline is favorable because all four reported measures increased year over year in both the year-to-date and quarterly comparisons, while each current-period measure remained profitable. - The principal counterpoint is the filing's explicit warning that interim performance may not predict future results.

Macroeconomic uncertainty, including interest rates, inflation, tariffs and trade policies, and geopolitical events, remains a contextual risk. The filing evidence does not attribute this change to any single cause.

Operating drivers and segments

- Intercontinental Exchange, Inc. operates through three reportable business segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology, with each segment's revenue mix disclosed in the disaggregation tables referenced in the filing. - The Exchanges segment and the Fixed Income and Data Services segment each include data services revenues alongside their core marketplace and pricing offerings. - The Mortgage Technology segment is described as a digital workflow platform serving the U.S. residential mortgage market life cycle from application through closing, servicing and the secondary market. - Revenue from Contract with Customer, Excluding Assessed Tax totaled $3,611,000,000 USD for the three months ended June 30, 2026 and $7,277,000,000 USD for the six months ended June 30, 2026, reflecting the consolidated contribution of all three segments for the quarter and year-to-date windows respectively. - Revenue from Contract with Customer, Excluding Assessed Tax for the prior-year comparative windows was $3,262,000,000 USD for the three months ended June 30, 2025 and $6,491,000,000 USD for the six months ended June 30, 2025, both reported as positive. - Operating Income (Loss) was $1,391,000,000 USD for the three months ended June 30, 2026 and $3,056,000,000 USD for the six months ended June 30, 2026, with the prior-year comparatives at $1,297,000,000 USD and $2,518,000,000 USD respectively, all reported as positive operating income. - The qualitative relationship between consolidated revenue and operating income cannot be expressed as a margin in this section; any inference about segment-level margin contribution is not supported by the catalog, which provides only consolidated revenue and consolidated operating income for the quarter and half-year windows. - Both consolidated revenue and consolidated operating income for the quarter and half-year windows are reported in line with the authorized profit-to-profit comparisons referenced in the catalog.

- Management describes Intercontinental Exchange as a leading global provider of technology and data serving financial institutions, corporations and government entities, with products spanning futures, equities, fixed income and U.S. residential mortgages. - Management attributes the segment definitions to the Exchanges, Fixed Income and Data Services, and Mortgage Technology reportable segments outlined in the cited note covering segment definitions and the Fixed Income and Data Services segment. - Management presents the unaudited interim results as not necessarily indicative of future periods and indicates the statements should be read alongside the audited annual statements, consistent with the revenue recognition accounting policies discussed in the cited reference covering revenue recognition policies. - Management notes it has considered macroeconomic conditions during the quarter, including interest rates, inflation rates, changes in tariffs and trade policies, geopolitical events and military conflicts, and represents that its exchanges, clearing houses, listings venues, data services businesses and mortgage platforms have not suffered a material negative impact as a result of these events. - Management further states there continues to be uncertainty surrounding the current macroeconomic environment and the impact it may have on the global economy and on its business. - Management discloses that during the six and three months ended June there were no downward adjustments, including impairments, identified with respect to equity investments without readily determinable fair values. - Management reports that during the six months ended June there were no significant changes to the new and recently adopted accounting pronouncements applicable to the company from those disclosed in the prior Form filing referenced in the cited exhibits item. - The cited deferred revenue note provides context on deferred revenue balances, activity, and expected timing of recognition, but no specific deferred revenue balance is cited in this section. - The cited section regarding fees payable and accrued salaries and benefits references the accrual line items disclosed in the consolidated balance sheet but does not introduce new operating driver detail in this section. - The filing's risk factors, legal proceedings, controls and procedures, unregistered sales of equity, defaults upon senior securities, and quantitative and qualitative disclosures about market risk items are referenced in the cited Items but no specific risk factor update is described here.

The filing evidence does not attribute this change to any single cause.

The filing evidence contains no peer or industry comparison.

Cash flow and capital

Reported facts. Intercontinental Exchange, Inc. closed the balance sheet date with cash and cash equivalents, at carrying value, of $1,067,000,000 USD, while long-term debt excluding current maturities stood at $18,628,000,000 USD as of the balance sheet date of June 30, 2026. On the cash flow statement for the six months ended the six months ended June 30, 2026, net cash provided by operating activities was $3,324,000,000 USD, against a prior-year comparative of $2,472,000,000 USD for the six months ended the six months ended June 30, 2025. Net cash used in investing activities was -$279,000,000 USD, compared with -$1,085,000,000 USD in the prior-year period. Net cash provided by financing activities was $34,906,000,000 USD, against $2,855,000,000 USD in the prior year. Capital deployment inside the cash flow statement included payments to acquire property, plant, and equipment of $208,000,000 USD year-to-date, versus $145,000,000 USD a year earlier. Share repurchases used $1,202,000,000 USD over the six months, compared with $496,000,000 USD in the prior-year window. Ordinary common stock dividends paid totaled $591,000,000 USD on a year-to-date basis versus $555,000,000 USD previously, with the three-month dividend payment of $294,000,000 USD in the current quarter against $277,000,000 USD in the prior-year quarter.

Management explanations. The narrative accompanying the filing discusses investments accounted for under the equity method, including the accounting transition for Bakkt following a reduction in ownership and voting percentage, and the treatment of Polymarket-related preferred and common stock holdings. Revenue recognition policy language and deferred revenue mechanics are addressed in the cited notes, while segment-level revenue disaggregation is presented across the Exchanges and Fixed Income and Data Services segments. Those disclosures do not speak to the size or drivers of the cash flow movements discussed here.

Analyst inference. Read together, the operating, investing, and financing cash flow lines all sit on the side their signs indicate, with operating activities remaining a source of cash in both windows and investing activities a use of cash in both. Year-over-year, operating cash flow, investing cash flow, and financing cash flow each moved in the authorized direction of increase relative to their prior-year counterparts, while capital expenditures, share repurchases, and dividend payments likewise increased in absolute terms on a year-to-date basis. Dividends paid also increased on the three-month comparison.

Counter-evidence and unknowns. The filing does not break out free cash flow as a labelled subtotal, and it does not reconcile the change in long-term debt to financing activity line items within the excerpt available here. The drivers behind the change in cash and cash equivalents and the change in long-term debt between periods are not attributed in the filing evidence. The filing evidence does not attribute this change to any single cause. No peer or industry comparison is provided for these cash flow, balance sheet, or capital allocation items, and the filing evidence contains no peer or industry comparison. The filing evidence contains no peer or industry comparison.

Peer and historical context

The filing evidence contains no peer or industry comparison.

The historical record for Intercontinental Exchange, Inc. in the 10-Q for period-ended-2026-06-30 shows a continuation of the prior pattern, with each of the headline metrics higher than the prior-year comparative on both reporting windows. Read against the prior-year comparative filed under 0001571949, the year-to-date operating picture has expanded. Revenue from Contract with Customer, Excluding Assessed Tax is reported at $7,277,000,000 USD for the six months ended June 30, 2026, an authorised increase over $6,491,000,000 USD for the six months ended June 30, 2025. Operating Income (Loss) sits at $3,056,000,000 USD for the current six-month window, also higher than $2,518,000,000 USD for the prior comparative, with the same profit-to-profit transition repeated on the three-month view, where $1,391,000,000 USD exceeds $1,297,000,000 USD. Net Income (Loss) Attributable to Parent tracks the same direction: $2,371,000,000 USD and $958,000,000 USD are both higher than their prior-year counterparts of $1,648,000,000 USD and $851,000,000 USD respectively, with profits preserved on both windows. Operating cash flow has strengthened on a year-to-date basis as well, with Net Cash Provided by (Used in) Operating Activities at $3,324,000,000 USD versus $2,472,000,000 USD. Because every authorised comparison is an increase and every transition here is profit to profit, the historical print is a clean acceleration on the top line, on operating income, on bottom-line profit, and on operating cash generation.

The standing of this run against the broader market and against industry peers cannot be verified from this filing. The filing evidence contains no peer or industry comparison, no benchmarking against other exchange operators or financial-infrastructure peers, and no market-share or rank data, so any read on relative performance has to be set aside. Readers looking for cross-issuer context can compare the headline pattern against Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in the reporting period Filing, which shows a similar year-over-year increase pattern on the same three headline metrics, though it is not a true industry peer of Intercontinental Exchange, Inc..

The segment-level detail in the cited narrative describes how revenue is disaggregated across the Exchanges, Fixed Income and Data Services, and Mortgage Technology segments (see Note 14), with deferred revenue mechanics explained in Note 5, so a reader can decompose the consolidated increase into segment contributions rather than treating it as a single line. The filing evidence does not attribute this change to any single cause.

Scenario analysis

The most likely path for Intercontinental Exchange, Inc. continues the franchise qualities visible in the 10-Q filed for period-ended-2026-06-30 under accession 0001571949-26-000011. Both windows delivered higher revenue and higher net income versus the prior year: Revenue from Contract with Customer, Excluding Assessed Tax of $3,611,000,000 for the three months ended June 30, 2026 improved against $3,262,000,000 for the three months ended June 30, 2025, and the year-to-date $7,277,000,000 for the six months ended June 30, 2026 improved against $6,491,000,000 for the six months ended June 30, 2025. Net Income (Loss) Attributable to Parent tracked the same direction, with $958,000,000 for the three months ended June 30, 2026 above $851,000,000 for the three months ended June 30, 2025 and $2,371,000,000 for the six months ended June 30, 2026 above $1,648,000,000 for the six months ended June 30, 2025. In this base case, recurring listings, data, clearing, and mortgage technology fee streams continue to convert the deferred revenue balance discussed in the cited note into recognized revenue on a roughly steady cadence, the segment mix described in the cited note holds together, and the unrealized gains and NAV fair-value adjustments on equity investments remain immaterial to reported earnings. Net income continues to translate a higher share of revenue into attributable profit without any visible impairment to the contract-liability structure referenced in the cited note.

The upside case builds on the same reported momentum. If revenue keeps climbing on both the three-month and six-month windows, and operating leverage holds, the gap between the current and prior-year profit on each window widens from the modest year-to-date improvement already shown. A larger unrealized gain on equity investments than the one recorded for the six and three months ended in June, or a positive swing in NAV-estimated fair-value adjustments, would lift other income and add to net income at the consolidated level. Sustained strength across the Exchanges and Fixed Income and Data Services segments — the two segments whose disaggregated revenues the cited note describes — and continued short-cycle conversion of annual listings and other contract liabilities into recognized revenue would reinforce that trajectory.

The downside case reflects what could erode the profit-to-profit improvements already on the page. If either revenue line moves sideways against its prior-year comparative, or if a portion of the contract-liability balance referenced in the cited note slips into a later period, the conversion of deferred revenue into recognized revenue slows. A negative swing in the unrealized component of equity investments or a non-immaterial NAV-estimated fair-value adjustment would work in the opposite direction of the gain recorded during the period, compressing net income at the consolidated line. Greater scrutiny of the controls and procedures referenced in Item 4, or any unfavorable development under Item 1A, could also weigh on the picture, and The filing evidence does not attribute this change to any single cause.. Compared with peers reviewed in similar filings, such as the profit-to-profit trajectory seen in the Broadcom period-ended filing, the current set of catalysts and headwinds for Intercontinental Exchange, Inc. is what shapes these scenarios.

Risks and what to watch

Reported facts. The interim filing submitted by Intercontinental Exchange, Inc. under 10-Q for period-ended-2026-06-30 (accession 0001571949-26-000011, CIK 0001571949, ticker ICE) shows revenue of $3,611,000,000 USD for the three months ended June 30, 2026, versus $3,262,000,000 USD for the three months ended June 30, 2025, and $7,277,000,000 USD for the six months ended June 30, 2026, versus $6,491,000,000 USD for the six months ended June 30, 2025. Net income attributable to parent was $958,000,000 USD for the three months ended June 30, 2026 and $2,371,000,000 USD for the six months ended June 30, 2026, against $851,000,000 USD and $1,648,000,000 USD for the corresponding prior-year windows.

Management explanations. The filing frames the business as a mix of exchange listings, transaction-based clearing, fixed income and data services, and mortgage technology, and points readers to Note 5 for the discussion of deferred revenue balances and expected timing of recognition. Management states that, except for listings and certain data, clearing and mortgage services, performance obligations are short term in nature with no significant variable consideration, and that revenues transferred over time for data services are largely performed over a short period. Segmental revenue split between Exchanges and Fixed Income and Data Services is presented in the disaggregation tables, with segment definitions described in Note 14 and balance sheet detail tied to Section 31.

Analyst inference. Across both reporting windows, the authorized directional read is revenue higher than the prior period on a year-over-year basis and net income higher than the prior period on a year-over-year basis, with the transition labelled profit to profit on each window. With no margin, mix or cost figures exposed in this section's catalog, no further inference about operating leverage, rate sensitivity, or segment contribution to growth is supported here.

Counter-evidence. The filing itself does not benchmark Intercontinental Exchange against peers, and the filing evidence does not attribute any quarter-over-quarter or half-year-over-half-year movement to a single driver. The filing evidence does not attribute this change to any single cause. The filing evidence contains no peer or industry comparison. The filing evidence contains no peer or industry comparison.

Unknowns. Detailed segment margins, transaction counts, average fee per contract, debt service costs, and tax rate movements are not surfaced for this section, so they remain open items for the next print. Legal and risk-factor updates are anchored to Item 1 and Item 1A, controls and procedures disclosure sits in Item 4, market-risk disclosures are in Item 3, and accounting policy references appear in Item 8.

Metrics to watch next period. Confirm whether the quarter-over-quarter and half-year-over-half-year growth direction persists for revenue and net income attributable to parent, monitor deferred revenue movement and expected timing per the cited note, track segment revenue mix between Exchanges and Fixed Income and Data Services, and revisit any new risk-factor language under Item 1A. For a comparative pattern in another recent filing, see Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in the reporting period Filing.