The strong Q3 beat and raised exchange recurring revenue guidance to 9% confirm broad-based momentum across exchanges and fixed income data. The HSR clearance for MarketAxess accelerates the deal timeline to Q1 2027, reducing regulatory uncertainty. Watch for Q4 expense trajectory and any further updates on MarketAxess closing conditions.
Price Chart
Executive Summary
ICE reported record Q3 2026 results with net revenues of $2.8 billion (+15% YoY) and adjusted diluted EPS of $2.02 (+18% YoY), both above consensus estimates of $2.74B and $1.97. The company also disclosed that the DOJ and FTC granted early termination of the HSR waiting period for its acquisition of MarketAxess, moving the expected close to Q1 2027.
Key Financial Metrics
Key Facts
- Q3 2026 net revenues of $2.8 billion, +15% YoY
- Q3 2026 GAAP diluted EPS of $1.67, +18% YoY
- Q3 2026 adjusted diluted EPS of $2.02, +18% YoY
- Q3 2026 operating income of $1.4 billion, +20% YoY; adjusted operating income of $1.7 billion, +19% YoY
- Q3 2026 operating margin of 51%; adjusted operating margin of 61%
- Exchange segment revenues of $1.5 billion, +22% YoY
- Fixed income and data services revenues of $674 million, +9% YoY
- Mortgage technology revenues of $549 million, +4% YoY
- Recurring revenues of $1.365 billion, +7% YoY; transaction revenues of $1.4 billion, +23% YoY
- Through Q3 2026, returned $2.5 billion to stockholders including $1.6 billion in share repurchases
- DOJ and FTC granted early termination of HSR waiting period for MarketAxess acquisition; expected close now Q1 2027
- 2026 Exchange recurring revenue growth guidance raised to 9%
- 2026 Fixed Income & Data Services recurring revenue growth guidance maintained at 8%
- 4Q26 operating expense guidance of $1.317-$1.327 billion GAAP, $1.082-$1.092 billion non-GAAP
- 4Q26 weighted average shares outstanding guidance of 558-563 million
- Unrestricted cash of $936 million and outstanding debt of $23.3 billion as of September 30, 2026
Financial Impact
Q3 2026 net revenues of $2.765 billion vs consensus $2.74B; adjusted EPS of $2.02 vs consensus $1.97; revenue growth of +15% YoY and EPS growth of +18% YoY
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Exchanges | $1.5B | +21.9% |
| Fixed Income and Data Services | $674.0M | +9.1% |
| Mortgage Technology | $549.0M | +4.0% |
Risk Factors
- Debt increased to $23.3 billion from $19.8 billion at June 30, 2026, likely reflecting pre-acquisition financing for MarketAxess
- Mortgage technology segment operating margin declined to 2% (from 4% in Q3 2025) and adjusted margin to 40% (from 42%)
- Fixed income and data services operating margin declined to 36% from 39% YoY
- MarketAxess acquisition remains subject to remaining customary closing conditions and other regulatory approvals
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-119880 |
| Document: tm2628301d1_8k.htm | 0001104659-26-119880 |
| Document: 0001104659-26-119880-index-headers.html | 0001104659-26-119880 |
| Document: 0001104659-26-119880-index.html | 0001104659-26-119880 |
| Document: 0001104659-26-119880.txt | 0001104659-26-119880 |
| 8-K Data (Synthetic) | 0001104659-26-119880 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 144 | $164.99 | awaiting T+60 | awaiting T+60 | $168.85 (+2.34%) |
Oct 29, 2026 3d ago | 8-K | $163.04 | awaiting T+60 | awaiting T+60 | $168.85 (+3.56%) |
Oct 21, 2026 11d ago | Institutional Cluster | $163.84 | awaiting T+60 | awaiting T+60 | $168.85 (+3.06%) |
Oct 5, 2026 27d ago | ANALYST-DOWNGRADE | No price | awaiting T+60 | awaiting T+60 | No price |
Sep 3, 2026 8w ago | Insider Cluster | $161.26 | awaiting T+60 | awaiting T+60 | $168.85 (+4.71%) |
Aug 28, 2026 9w ago | Insider Cluster | $160.70 | awaiting T+60 | awaiting T+60 | $168.85 (+5.07%) |
Aug 24, 2026 9w ago | Insider Cluster | $161.78 | awaiting T+60 | awaiting T+60 | $168.85 (+4.37%) |
Aug 21, 2026 10w ago | Insider Cluster | $162.99 | awaiting T+60 | awaiting T+60 | $168.85 (+3.60%) |
Aug 21, 2026 10w ago | 8-K | $161.25 | awaiting T+60 | awaiting T+60 | $168.85 (+4.71%) |
Aug 20, 2026 10w ago | 8-K | $161.25 | awaiting T+60 | awaiting T+60 | $168.85 (+4.71%) |
US Market Status
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