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Intercontinental Exchange (ICE) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Intercontinental Exchange (ICE) Q3 2026 earnings results →
Q3 2026 Revenue up 21% year over year to $3.6B · 26¢ of every $1 of revenue kept as net profit · operating margin 38.8%
Intercontinental Exchange made $3.6B in Q3 2026 (+21% Y/Y): Exchanges $2.4B, Mortgage technology $549M, Fixed income data and analytics $336M. Operating margin 38.8%, net earnings $940M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $3.6B in Q3 2026, up 21% year over year and up 1% from the previous quarter. Cash equities and equity options was the largest line at 27% of revenue. Cash equities and equity options added $0.30B year over year (up 42%), 48% of the total change.
Operating profit was $1.4B, a 38.8% margin (down 0.2 points year over year). Of the extra revenue versus Q3 2025, 38% reached operating profit, below the 39% margin then. Total costs grew 21% against revenue growth of 21%. The fastest-growing cost line was Other operating costs (+22%). Net earnings were $0.94B, up 15% year over year. The effective tax rate was 23.0%.
Operating cash flow was $1.2B (up 27% year over year), 122% of net earnings. Non-cash charges added back $0.40B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items used $0.26B. Capital expenditures of $0.11B left free cash flow of $1.1B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $3.6B | +21% | 38.8% | $940M | $1.2B |
| Q2 2026 | 10-Q | Jul 30, 2026 | $3.6B | +11% | 38.5% | $958M | $2.0B |
| Q1 2026 | 10-Q | Apr 30, 2026 | $3.7B | +14% | 45.4% | $1.4B | $1.3B |
| Q4 2025 | 10-K | Feb 5, 2026 | $3.1B | +4% | 39.4% | $851M | $1.3B |
| Q3 2025 | 10-Q | Oct 30, 2025 | $3.0B | -0.9% | 39.0% | $816M | $915M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $3.3B | +13% | 39.8% | $851M | $1.5B |
| Q1 2025 | 10-Q | May 1, 2025 | $3.2B | +15% | 37.8% | $797M | $966M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Intercontinental Exchange
Intercontinental Exchange, Inc. is a leading global provider of technology and data to a broad range of customers including financial institutions, corporations and government entities. Our products, which span major asset classes including futures, equities, fixed income and U.S. residential mortgages, provide our customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency. Although we report our results in three reportable business segments, we operate as one business, leveraging the collective expertise, particularly in data services and technology, that exists across our platforms to inform and enhance our operations. Our segments are as follows:
In its own words, from its 10-K, filed Feb 5, 2026.
Intercontinental Exchange against its Security & Commodity Brokers, Dealers, Exchanges & Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +21% against the peers' median +17%. Operating margin: 38.8% against the peers' median 30.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ICE Intercontinental Exchange | Q3 2026 | $3.6B | +21% | 38.8% |
| SNEX StoneX Group | Q3 FY26 | $40.2B | +15% | 0.4% |
| LPLA LPL Financial Holdings | Q3 2026 | $5.3B | +17% | 9.1% |
| NDAQ Nasdaq | Q3 2026 | $2.4B | +21% | 30.6% |
| CME CME Group | Q3 2026 | $1.7B | +13% | 65.7% |
| CBOE Cboe Global Markets | Q3 2026 | $1.4B | +19% | 39.3% |
| BGC BGC Group | Q3 2026 | $833M | +13% | 11.8% |
| TW Tradeweb Markets | Q3 2026 | $585M | +15% | 43.4% |
| TOP TOP Financial Group | Q2 FY27 | $2.2M | +44% | 12.4% |
Source: Intercontinental Exchange 10-Q on SEC EDGAR · CIK 1571949 · Security & Commodity Brokers, Dealers, Exchanges & Services
13F: who owns ICE and who is buying
More on ICE
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- Intercontinental Exchange next earnings date and what analysts expect
- Intercontinental Exchange stock forecast, price target and fair value
- Who owns Intercontinental Exchange stock: holders, funds and Congress trades
- Is Intercontinental Exchange a takeover target? LBO and rumors
- Intercontinental Exchange recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Intercontinental Exchange operating margin by quarter
- Intercontinental Exchange net income by quarter
- Intercontinental Exchange free cash flow by quarter
- Intercontinental Exchange capital expenditures by quarter
- Intercontinental Exchange Exchanges revenue by quarter
- Intercontinental Exchange Mortgage technology revenue by quarter
- Intercontinental Exchange Fixed income data and analytics revenue by quarter