ICE Q2: Cash Equities and Options Revenue Rises 15%

Metric, Q2 2026	Result
Net revenues	$2.7 billion (+5% y/y)
GAAP diluted EPS	$1.69 (+14%)
Adjusted diluted EPS	$1.90 (+5%)
Operating margin / adjusted	52% / 61%
Exchanges net revenue	$1,464 million (+3%)
Cash equities and equity options, net	$140 million (+15%)
Buyback authorization	Up to $4.0 billion from July 1

Intercontinental Exchange (NYSE: ICE) reported second-quarter results on July 30 that showed growth in all three operating segments and a line for cash equities and equity options that grew faster than the exchange segment as a whole. Net income attributable to ICE was $958 million on $2.7 billion of revenue, less transaction-based expenses.

Exchanges: energy down, financials up

Exchange net revenue was $1.5 billion, up 3%. Energy fell 13% to $518 million from $595 million a year earlier, while agriculture and metals rose 35% to $87 million. Financials, which include interest rate futures and options, grew 21% to $192 million. Recurring revenue in the segment, led by data and connectivity services at $287 million (+12%), rose 10% to $416 million. Transaction revenue was nearly flat, up 1% to $1,048 million. Chief Executive Jeff Sprecher said open interest across the exchange complex reached a record.

What the options market line shows

The line most relevant to the U.S. options market is cash equities and equity options, net, which came in at $140 million against $123 million in the prior-year quarter, a 15% gain. ICE reports the two businesses together, so the release does not isolate how much came from options versus stock trading. Listings revenue rose 5% to $129 million.

Other segments and capital

Fixed income and data services revenue rose 8% to $645 million, with fixed income data and analytics up 9% to $333 million. Mortgage technology revenue rose 5% to $557 million, with an adjusted operating margin of 43%.

Through June 30, ICE returned $1.8 billion to stockholders, including $1.2 billion of share repurchases. The board raised the repurchase authorization to up to $4.0 billion, effective July 1. Outstanding debt stood at $19.8 billion at quarter-end, against $1.1 billion of unrestricted cash, and operating cash flow for the first half was $3.3 billion.

Guidance

ICE now expects 2026 exchange recurring revenue to grow at a high-single-digit rate and fixed income and data services recurring revenue to grow 7% to 8%. Non-GAAP operating expenses for 2026 are guided to $4.190 billion to $4.230 billion, and capital expenditures to about $850 million. The company will report third-quarter results on October 29.