Intercontinental Exchange Inc. · NYSE:ICE
Intercontinental Exchange — Q3 2026 Earnings Presentation
26 slides from Intercontinental Exchange's earnings presentation, Oct 29, 2026
Slide 1: 3Q26 Earnings Supplement
3Q26 Earnings Supplement October 29, 2026 1
Slide 2: Cautionary statement regarding forward looking statements
Cautionary statement regarding forward looking statements This presentation may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding ICE’s business that are not historical facts are forward-look
Slide 3: ICE Third Quarter 2026 Earnings Call Participants
ICE Third Quarter 2026 Earnings Call Participants Jeff Sprecher Ben Jackson Warren Gardiner Lynn Martin Chris Edmonds Steve Eagerton Daria Mashchenko Chair & CEO President, Chief Financial Officer President, NYSE, President, Vice President, Senior Analyst, Chair, ICE Mortgage Chair, Fixed Income & F
Slide 4: 3Q26 ICE Performance
3Q26 ICE Performance in millions except per share amounts +15 % Record third quarter Income statement highlights 3Q26 3Q25 % Chg, CC net revenues, CC Revenues, net $2,765 $2,411 15% Recurring Revenues Transaction Revenues, net 1,365 1,400 1,275 1,136 7% 23% +19 % Adj. op income, CC Adj. Op Expenses
Slide 5: 3Q26 Exchanges Performance
3Q26 Exchanges Performance in millions Revenues, net 3Q26 3Q25 % Chg Const Curr +10 % Record exchange data and Energy $603 $482 25% 26% connectivity services revenues, CC Ags 83 51 62% 62% Financials 190 139 37% 37% +8 Cash Equities & Equity Options, net 132 105 25% 25% OTC & Other 112 99 13% 14% %
Slide 6: 3Q26 Fixed Income & Data Services Performance
3Q26 Fixed Income & Data Services Performance in millions +10 % Record data & network Revenues 3Q26 3Q25 % Chg Const technology revenues, CC Curr Fixed Income Execution $34 $33 5% 5% CDS Clearing 102 90 12% 13% +9 % Fixed Income Data & Analytics 336 311 8% 8% Data & Network Technology 202 184 10% 10
Slide 7: 3Q26 Mortgage Technology Performance
3Q26 Mortgage Technology Performance in millions +6 % Record servicing software Revenues 3Q26 3Q25 % Chg revenues Origination Tech $189 $188 1% Closing Solutions 60 58 4% +4 % Servicing Software 229 216 6% Data & Analytics 71 66 6% Total Revenues $549 $528 4% Total mortgage tech revenues Recurring R
Slide 8: Open interest keeps building as electricity demand grows
Open interest keeps building as electricity demand grows 240 34,000 230 33,594 Early signals in ICE markets CAGR 2015 - 25 2025 - 30F 210 ■ ICE Energy ADV 7.7% LNG: JKM volume LNG: TTF participation ICE energy ADV and OI (index, 2015 = 100) 31,000 205 Double-digit +45% Global electricity demand (TWh
Slide 9: The Compounding Power of Our Data Platform
The Compounding Power of Our Data Platform ETF AUM Benchmarked to Fixed Income & Data Services Annual ICE Indices $1,000 Subscription Value (ASV) +8% y/y, +21% $700 $ in billions CAGR CC Compounding growth in $2,200 subscription-based revenues $400 $2,100 $100 $2,000 3Q21 3Q26 $ in millions $1,900 D
Slide 10: A Deepening Network of Record
A Deepening Network of Record ICE Mortgage Technology Network of record Proprietary, permissioned data • ~90% of US mortgages touch our • Each loan crosses the network network many times, creating data only we hold • Encompass and MSP span origination through servicing, end • Role-based access forms
Slide 11: Consistent Track Record of Growth
Consistent Track Record of Growth YTD Highlights $6.95 Record net revenues +12% y/y, CC $6.27 Record recurring revenues +7% y/y, CC $6.07 $5.62 Record adj. free cash flow +17% y/y Record Adj. EPS +20% y/y R 15% $5.06 $5.30 (1) CA G . EPS $4.41 Adj 25 –’ ’06 $3.51 $3.77 $2.93 $2.76 $2.42 $1.93 $1.68
Slide 12: Appendix
Appendix 12
Slide 13: 2026 Guidance
2026 Guidance Revenues Prior Current FY26 Exchanges recurring growth High-single digits 9% FY26 Fixed Income & Data Services recurring growth 7 – 8% 8% FY26 Total Mortgage Technology growth Low-to-mid single digits Low-to-mid single digits Expenses 4Q26 adj. expenses (1) n/a $1.082 - $1.092 billion
Slide 14: Adjusted Operating Expenses
Adjusted Operating Expenses Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended in millions September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 GAAP Adjusted GAAP Adjusted GAAP Adjusted GAAP Adjusted Compensation and benefits $ 526 $ 526 $ 483 $ 483 $ 1,
Slide 15: Adjusted Non-Operating Income/Expense Reconciliation
Adjusted Non-Operating Income/Expense Reconciliation in millions 3Q26 2Q26 1Q26 4Q25 3Q25 Other income/(expense), net $11 $74 $411 $6 $71 Less: Fair value adjustments of equity investments — (63) (389) (20) (33) Less: Net income from unconsolidated investees (16) (17) (26) (4) (40) Add: Other — — —
Slide 16: Adjusted Effective Tax Rate Reconciliation
Adjusted Effective Tax Rate Reconciliation Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended in millions September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Income before income taxes $1,242 $1,081 $4,426 $3,280 Income tax expense 286 250 1,063 772 Eff
Slide 17: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Nine Months Ended Nine Months Ended in millions September 30, 2026 September 30, 2025 Net cash provided by operating activities $4,486 $3,387 Less: Capital expenditures (318) (207) Less: Capitalized software development costs (346) (318) Free cash flow 3,822 2,
Slide 18: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Twelve Months Ended in millions September 30, 2026 Adjusted net income attributable to ICE(1) $4,523 Add: Adjusted interest expense(1) 812 Add: Adjusted income tax expense(1) 1,449 Add: Adjusted depreciation and amortization(1) 610 Adjusted EBITDA (1) $7,394 Debt, as r
Slide 19: ICE Summary Balance Sheet
ICE Summary Balance Sheet As of As of in millions September 30, 2026 December 31, 2025 Change Assets $936M unrestricted cash Unrestricted Cash $936 $837 $99 Other Current Assets 123,951 84,941 39,010 Total debt of $23.3B; Adjusted Current Assets 124,887 85,778 39,109 debt-to-adjusted EBITDA(1) of 2.
Slide 20: Fixed Income & Data Supplemental Data
Fixed Income & Data Supplemental Data Annual Subscription Value (ASV) in millions 3Q26 2Q26 1Q26 4Q25 3Q25 ASV(1) $2,107 $2,080 $2,036 $1,990 $1,955 Adjusted for: FX — — (1) (5) (5) ASV, CC(2) $2,107 $2,080 $2,035 $1,985 $1,950 (1) ASV is defined as the annual value of subscriptions under contract f
Slide 21: Average Daily Volume & Rate Per Contract (RPC) Trends
Average Daily Volume & Rate Per Contract (RPC) Trends lots in thousands Energy ADV & RPC ADV Ags ADV & RPC RPC ADV RPC 5,000 2.00 650 2.50 4,500 1.80 550 4,000 1.60 450 2.25 3,500 1.40 350 3,000 1.20 2,500 1.00 250 2.00 2021 2022 2023 2024 2025 3Q26 2021 2022 2023 2024 2025 3Q26 ADV RPC ADV RPC ADV
Slide 22: Average Daily Volume & Open Interest (OI) Trends
Average Daily Volume & Open Interest (OI) Trends lots in thousands ADV Energy ADV & OI OI ADV Ags ADV & OI OI 5,000 70,000 650 5,000 4,500 4,000 60,000 550 4,000 3,000 50,000 450 3,500 2,000 40,000 350 3,000 1,000 2,500 30,000 250 0 2021 2022 2023 2024 2025 3Q26 2021 2022 2023 2024 2025 3Q26 ADV OI
Slide 23: GAAP Results
GAAP Results Income Statement Highlights Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended in millions except per share amounts September 30, 2026 September 30, 2025 % Change September 30, 2026 September 30, 2025 % Change Net revenues $2,765 $2,411 15% $8,408 $7,427 13% Opera
Slide 24: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation Fixed Income and Data Mortgage Technology in millions Exchanges Segment Services Segment Segment Consolidated Nine Months Ended Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 3
Slide 25: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation Fixed Income and Data Mortgage Technology in millions Exchanges Segment Services Segment Segment Consolidated Three Months Ended Three Months Ended Three Months Ended Three Months Ended September 30, September 30, Septemb
Slide 26: Adjusted Net Income & EPS
Adjusted Net Income & EPS Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended in millions except per share amounts September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net income attributable to ICE $ 940 $ 816 $ 3,311 $ 2,464 Add: Amortization of acquisi
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