ICE earnings: date, guidance and results
ICE's next results are expected on October 29, 2026. Watch cash after the new financing.
What has ICE guided for the year?
ICE can deliver a moderate gain, but the price hinges on recurring growth, trading activity, mortgage execution, acquisition costs and debt reduction. Management expects high-single-digit recurring revenue growth in Exchanges and 7.0%–8.0% growth in Fixed Income and Data Services in 2026. Mortgage Technology guidance is low-to-mid-single-digit revenue growth. ICE guides to $5,140 million–$5,180 million of GAAP operating expenses and $4,190 million–$4,230 million adjusted. It plans a $2.08 annual dividend per share and $400 million quarterly baseline repurchases from the third quarter onward.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| 2026 Exchange Recurring Revenue (% growth) | Year to Dec 2026 | Jul 30, 2026 | ||
| 2026 Fixed Income & Data Services Recurring Revenue (% growth) | Year to Dec 2026 | 7.0% | 8.0% | Jul 30, 2026 |
| 2026 Mortgage Technology Revenue (% growth) | Year to Dec 2026 | Feb 5, 2026 | ||
| 2026 Operating Expenses (GAAP) | Year to Dec 2026 | 5,140 | 5,180 | Jul 30, 2026 |
| 2026 Operating Expenses (Non-GAAP) | Year to Dec 2026 | 4,190 | 4,230 | Jul 30, 2026 |
| Annual total dividend (US$ per share) | Year to Dec 2026 | 2.08 | 2.08 | Feb 5, 2026 |
What this means. The non-standard expense figures leave out some costs, so they are not directly comparable with the company's full-accounting figures.
Did ICE keep its past promises?
Finally, Black Knight expense savings reached an annualised US$230 million against an updated US$200 million target. That supports ICE’s execution record. But shareholders still must ask whether the savings, growth and compensation justify the capital invested and preserve customer service. ICE looks disciplined and capable; whether it is fully on shareholders’ side depends on that return, not on growth alone.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Stock pay | 238 | 231 | 257 | 155 | 188 |
| Stock pay, % of free cash flow (calculated) | 6.1% | 6.0% | 8.4% | 5.0% | 7.0% |
| Share buybacks | 1,294 | 0 | 0 | 632 | 250 |
| Buybacks minus stock pay (calculated) | 1,056 | -231 | -257 | 477 | 62 |
What has ICE's recent revenue and profit trend been?
Gross revenue rose from $3,262 million to $3,611 million. That was 10.7% growth, while net revenue grew about 5%. Operating income rose from $1,297 million to $1,391 million. The difference between gross and net growth again shows the effect of pass-through costs.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,611 | 3,666 | 3,142 | 3,007 | 3,262 | 3,229 | 3,030 | 3,033 |
| Operating income | 1,391 | 1,665 | 1,237 | 1,174 | 1,297 | 1,221 | 1,077 | 1,103 |
| Net income | 958 | 1,413 | 851 | 816 | 851 | 797 | 698 | 657 |
| EPS, diluted | 1.69 | 2.48 | 1.49 | 1.42 | 1.48 | 1.38 | 1.21 | 1.14 |
| Cash from operations | 1,998 | 1,326 | 1,275 | 915 | 1,506 | 966 | 1,506 | 898 |
What this means. The revenue numbers are higher than the company's headline net revenue because they include transaction-based expenses that the headline figure leaves out.
What should I watch in ICE's next results?
The next financial checkpoint is October 29, 2026, when ICE reports third-quarter results. The important evidence will include spending against guidance, cash after the new financing and the pace of repurchases. Earnings can improve even while cash falls if investment or shareholder payments accelerate.