ICE Q3 2026: adjusted EPS $2.02 beats, revenue up 14.7%
ICE's third quarter was its best ever on revenue, operating income and EPS, with adjusted EPS of $2.02 edging the $1.99 consensus. Revenue growth of 14.7% came almost entirely from the exchanges, where transaction revenue jumped on higher trading activity. Below, we walk through the revenue mix, the expense guide for the fourth quarter and a balance sheet that carries $23.3 billion of debt ahead of the MarketAxess deal.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $1.67, up 17.6% from $1.42, and adjusted EPS was $2.02 versus $1.71. The adjusted figure beat the $1.99 consensus by $0.03, or about 1.5%. Note the shape of the year: GAAP EPS was $2.48 in the first quarter, $1.69 in the second and $1.67 now, because $452 million of nine-month fair-value gains on equity investments flattered earlier GAAP results and are stripped out of adjusted EPS.
Net revenue — revenue after passing through transaction-based expenses like Section 31 fees — was $2.77 billion, up 14.7% from $2.41 billion. Total revenue before those pass-throughs was $3.63 billion, which is the basis the sequential quarterly table uses. Growth was concentrated: exchange net revenue rose 21.9% to $1.54 billion, while fixed income and data services grew 9.1% and mortgage technology 4.0%.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
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