Intercontinental Exchange, Inc. (ICE) Earnings Call Transcripts
Intercontinental Exchange, Inc.'s Latest Earnings Call - Q2 FY2026
In the second quarter of 2026, Intercontinental Exchange, Inc. (ICE) reported record results, with net revenues of $2.7 billion, up 5% year-over-year, and adjusted earnings per share (EPS) of $1.90, marking the second-best quarter in the company's history. The announcement of the acquisition of MarketAxess for $5.7 billion, representing a 33% premium, is expected to enhance ICE's position in the fixed income market and is projected to be immediately accretive to adjusted EPS. Management raised guidance for fixed income recurring revenue growth to 7%-8%, up from mid-single digits, reflecting confidence in the integration of MarketAxess and ongoing operational strength.
Reported metrics
| Metric | Value |
|---|---|
| Net Revenue | $2.7B (beat) |
| Adjusted EPS | $1.90 (beat) |
| Recurring Revenue | $1.4B (positive) |
| Adjusted Operating Income | $1.6B (null) |
| CapEx | $850M (null) |
| Share Repurchases | $400M (positive) |
Guidance from management
Management expects adjusted operating expenses for Q3 to be in the range of $1.063 billion to $1.073 billion, with full-year adjusted operating expenses now projected between $4.190 billion and $4.230 billion, reflecting ongoing investments in growth.
What management said
Yes, Dan. Thanks, Jeff. What I would say is if you look at what's causing the pressure in the market across the entire segment is increasing number of friction points along the way. And as we said in the prepared remarks, this gives us an opportunity to consolidate some of those friction points and create greater economies of scale, which we believe will generate more opportunities to capture greater share over time ...
Question. So First of all, when we first sat down with MarketAxess -- excuse me, with Apollo, Mark Ron and I discussed MarketAxess. We discussed how if we were to build something together to better serve private credit markets, how would we, over time, distribute the work product that we were working on. And we felt, boy, if we could involve market access in these conversations, it would really accelerate where Apoll...
What analysts pressed on
Analysts expressed concerns regarding the integration of MarketAxess and the potential for revenue synergies. Questions were raised about the competitive landscape and how ICE plans to stabilize transaction pricing in a declining market share environment for MarketAxess.
Main topics on the call
- Record Quarterly Performance — ICE achieved its best second quarter ever, with adjusted EPS of $1.90 and net revenues of $2.7 billion, up 5% YoY. CEO Jeff Sprecher stated, "This transaction represents the next logical extension of our fixed income str...
- Acquisition of MarketAxess — ICE announced the acquisition of MarketAxess for $167 per share, totaling $5.7 billion. CFO Warren Gardiner noted that the transaction is expected to be immediately accretive to adjusted EPS in the first year post-close.
- Increased Guidance for Fixed Income Growth — Management raised the full-year guidance for fixed income recurring revenue growth to 7%-8%, up from previous mid-single-digit expectations. This reflects strong demand and integration potential from the MarketAxess acqu...
- Strong Performance in Rates Business — The rates business grew 24% YoY, driven by increased investor activity as central banks raised rates. Total open interest in futures and options was up 20% YoY, indicating sustained market engagement.
Read the full Intercontinental Exchange, Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (ICE) is a publicly listed company in the Capital Markets industry, within the Financials sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 69 calls on record spanning February 6, 2020 to July 30, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 69 Intercontinental Exchange, Inc. earnings call transcripts on record, spanning February 6, 2020 to July 30, 2026. Based on this history, Intercontinental Exchange, Inc. reports quarterly. The most recent call on file is dated July 30, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- ICE
- Exchange
- NYSE
- Country
- US
- Sector
- Financials
- Industry
- Capital Markets
- Calls on record
- 69
- First call
- February 6, 2020
- Most recent
- July 30, 2026
- Reporting cadence
- quarterly