ICE Filings — Intercontinental Exchange, Inc. - FilingSpy
ICE
Intercontinental Exchange, Inc.
A global network of financial exchanges, data services, and mortgage technology. It runs trading platforms for energy, agricultural, and financial futures, owns the New York Stock Exchange, and offers a digital platform covering the whole U.S. home-loan lifecycle from origination to servicing. It began in 2000 when power-plant developer Jeffrey Sprecher, frustrated by opaque energy trading, bought a struggling Atlanta firm for one dollar and built an electronic marketplace. The name "Intercontinental" reflects its cross-border, web-based design.
Mortgage Technology swung to $45M operating income in Q2 2026 from an $11M profit a year earlier
turned a profit again, this time $45M, up from $11M a year ago. rose 10.7% to $3,611M and rose 14.2% to $1.69 as cash equities grew 29% while energy futures fell 13%. The company agreed to buy MarketAxess for $6.0B, extending its deal path past Black Knight.
Key takeaways
swung to $45M in from $11M a year earlier, with up 5% to $557M on 14% higher closing solutions.
Consolidated grew 5% to $2.67B, led by up 8% and up 3%.
growth came from a 29% rise in cash equities and equity options , while energy futures and options revenue fell 13% on lower volumes.
Section summaries
Management's Discussion and Analysis
ICE Q2 2026 revenue rose 5% to $2.67B, driven by Exchanges and Fixed Income growth, while Mortgage Technology swung to operating income.
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Consolidated revenues less transaction-based expenses grew 5% to $2.67B, with Exchanges up 3% and Fixed Income and Data Services up 8%.
rose 8%, driven by 9% growth in fixed income data and analytics and 11% growth in data and network technology.
ICE announced a definitive agreement to acquire MarketAxess for approximately $6.0B in cash, expected to close in the first half of 2027.
Operating expenses increased 2% to $1.28B as technology and communication costs rose 13%, partially offset by lower professional services fees.
What changed
and : flagged to watch if the $14M 2025 profit and 4% growth held — Q2 2026 profit was $45M on 5% revenue growth to $557M, extending the profit run that began in Q2 2025.
Energy futures volume trajectory after the 46% Q1 2026 rise: Q2 reversed, with energy futures and options down 13% on lower volumes, while cash equities and equity options rose 29%.
off the $18.6B base: Q2 2026 long-term debt held at $18.6B, unchanged from Q1 2026 and up 7.3% from Q2 2025.
Pace of share repurchases: Q1 2026 deployed $551M; Q2 2026 amount was not reported in this filing.
Q1 2026 $13M operating loss: narrowed to a $45M profit in Q2 2026 as origination volumes held.
What to watch
next quarter to see if the $45M profit holds as integration costs fade.
Energy futures trajectory after the 13% Q2 decline to see if volumes normalize or drop further.
Pace of share repurchases after the $551M Q1 , with Q2 amount not reported.
movement off the $18.6B base and funding plan for the $6.0B MarketAxess acquisition expected to close in H1 2027.
Exchanges growth was led by a 29% surge in cash equities and equity options, while energy futures and options revenue fell 13% on lower volumes.
Fixed Income and Data Services rose 8%, driven by 9% growth in fixed income data and analytics and 11% growth in data and network technology.
Mortgage Technology increased 5% to $557M, with closing solutions up 14%, and the segment swung to $45M in from $11M a year ago.
Consolidated operating expenses increased 2% to $1.28B, with technology and communication costs up 13%, partially offset by lower professional services fees.
ICE announced a definitive agreement to acquire MarketAxess for approximately $6.0B in cash, expected to close in the first half of 2027.
Quantitative and Qualitative Disclosures About Market Risk
As a result of our operating and financing activities, we are exposed to market risks such as interest rate risk, foreign currency exchange rate risk and credit risk. We have implemented policies and procedures designed to measure, manage, monitor and report risk exposures, whic…
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As a result of our operating and financing activities, we are exposed to market risks such as interest rate risk, foreign currency exchange rate risk and credit risk. We have implemented policies and procedures designed to measure, manage, monitor and report risk exposures, which are regularly reviewed by the appropriate management and supervisory bodies. There have been no material changes to the Company’s exposure to market risks from those disclosed in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” in our 2025 Form 10-K.
During the six months ended June 30, 2026, there were no significant new risk factors from those disclosed in Part I, Item 1A, "Risk Factors" in our 2025 Form 10-K. In addition to the other information set forth in this Quarterly Report, including the information in the "—Regula…
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During the six months ended June 30, 2026, there were no significant new risk factors from those disclosed in Part I, Item 1A, "Risk Factors" in our 2025 Form 10-K. In addition to the other information set forth in this Quarterly Report, including the information in the "—Regulation" section of Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations, you should carefully consider the factors discussed under “Risk Factors” and the regulation discussion under “Business—Regulation” in our 2025 Form 10-K. These risks could materially and adversely affect our business, financial condition and results of operations. The risks and uncertainties in our 2025 Form 10-K are not the only ones facing us. Additional risks and uncertainties not presently known to us, or that we currently believe to be immaterial, may also adversely affect our business.