Intercontinental Exchange reports record third-quarter results and plans earlier acquisition close

Why it matters

The results provide investors with a quarterly earnings print showing strong performance across ICE's core businesses. The MarketAxess transaction is moving toward completion, but the merger still requires customary closing conditions and other regulatory approvals.

Key facts

• 1Third-quarter consolidated net revenues were $2.765 billion, including $1,542 million from Exchanges, $674 million from Fixed Income and Data Services, and $549 million from Mortgage Technology. stocktitan.net
• 2Adjusted EPS for the quarter was $2.02. finance.yahoo.com
• 3Operating cash flow through the third quarter of 2026 was $4.5 billion, and adjusted free cash flow was $3.7 billion. stocktitan.net
• 4ICE said the MarketAxess merger is expected to close in the first quarter of 2027 after the Department of Justice and Federal Trade Commission granted early termination of the HSR Act waiting period on October 21, 2026. stocktitan.net
• 5Fourth-quarter adjusted operating expenses are expected to be between $1,082,000,000 and $1,092,000,000, while full-year capital expenditures are expected to be approximately $1,050,000,000. finance.yahoo.com

Open questions

• Materials report different year-over-year growth rates for consolidated net revenue on an apparently comparable basis, including 51% in material 1 and 15% in material 12; the underlying basis for the discrepancy is not clear.
• Material 6 and material 8 report quarterly revenue of $3.63B, while the other materials report approximately $2.8B or $2.765 billion; the source of this discrepancy is not clear.