Intercontinental Exchange, Inc.
For the period ended Mar 31, 2026. Filed Apr 30, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 30, 2026
ICE$172.27-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001571949-25-000018
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-30.
0001571949-26-000007
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 306 previous paragraphs and 274 current paragraphs.
152 unchanged; 98 reworded; 23 added; 50 removed; 6 previous and 1 current paragraphs rearranged.
Tables are not compared: 18 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (23)
Current report
•our ability to declare and pay dividends and repurchase shares of our common stock;
Current report
In January 2026, the OECD released a comprehensive package of administrative guidance related to Pillar Two implementing the G7's June 2025 political agreement on a "Side-by-Side" system. This system, if implemented by each relevant jurisdiction, will apply for accounting periods beginning on or after January 1, 2026, and will effectively exempt U.S. parented groups from the main international components of Pillar Two. This new guidance on Pillar Two did not have a material impact on our financial statements as of March 31, 2026 or December 31, 2025.
Current report
•Increased Bank Capital Requirements. In March 2026, the Board of Governors of the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation issued re-proposals to implement various Basel Committee standards related to U.S. bank capital requirements, or the Basel III Endgame. The Basel III Endgame re-proposal eliminated both the credit valuation adjustment risk capital requirement and certain risk-based capital surcharge calculations related to bank-affiliated clearing members' exposures to their clearing clients. We are continuing to evaluate the potential impact of the proposals including on mortgage origination and servicing and will monitor developments as the rulemaking process progresses.
Current report
•Policy Intervention to Address High Energy Prices. In June 2025, the EU Commission established a Gas Market Task Force to review EU natural gas markets and issue recommendations including potential legislative or regulatory changes. In March 2026, the European Council directed the European Commission to review the EU Emissions Trading System, or EU ETS, by July 2026, with a focus on reducing carbon price volatility and limiting impact on electricity prices. Any resulting policy changes could affect ICE Endex, the primary European exchange for benchmark European gas contracts and the emissions allowance trading under the EU ETS, and ICE Clear Europe which clears those contracts.
Current report
•Digital Asset Regulation. The U.S. House and Senate are working to finalize market structure legislation, known as the Clarity Act, covering digital commodities and securities. If decentralized finance platforms offering products similar to regulated instruments are excluded from regulation, this could affect market and competitive dynamics and result in reduced contract volumes traded and cleared at our exchanges and clearing houses. We are monitoring the proposals and any impact on our exchanges and clearing houses.
Current report
•Prediction Markets. The CFTC has asserted that the Commodity Exchange Act preempts state laws governing prediction markets and reaffirmed its position that event contracts are swaps subject to the CFTC’s exclusive jurisdiction. In April 2026, the CFTC filed suits in several states to prevent states from applying their laws to CFTC registered prediction markets. In March 2026, the CFTC published an advanced notice of proposed rulemaking, or ANPRM, requesting comment on a broad range of issues relating to the regulation of event contracts traded on prediction markets and also published a staff advisory to Designated Contract Markets outlining staff’s views on the listing and trading of such contracts. Together, these actions signal the CFTC’s intent to develop a comprehensive federal regulatory framework for prediction markets. We are monitoring the potential impacts on our derivatives businesses, including effects on trading volumes.
Current report
(1) The adjusted figures in the charts above are calculated by excluding items that are not reflective of our cash operations or core business performance. As a result, these adjusted figures are not calculated in accordance with U.S. GAAP. See “—Non-GAAP Measures” below.
Current report
–Interest rate futures and options volume increased 70% and revenues increased 80% for the three months ended March 31, 2026 from the comparable period in 2025, largely driven by heightened volatility following the outbreak of the U.S.-Iran conflict in late February, which triggered a global energy supply shock and materially altered central bank rate expectations.
Current report
Equity options volume increased 23% for the three months ended March 31, 2026 from the comparable period in 2025, driven by higher industry volumes. Equity options revenues, net of transaction-based expenses, were $38 million for each of the three months ended March 31, 2026 and 2025. Revenue was flat primarily due to higher industry volumes that were offset by lower capture rate.
Current report
(1) The adjusted figures exclude items that are not reflective of our cash operations or core business performance. These adjusted numbers are not calculated in accordance with U.S. GAAP. See “—Non-GAAP Financial Measures” below.
Current report
(1) The adjusted figures exclude items that are not reflective of our cash operations or core business performance. These adjusted figures are not calculated in accordance with U.S. GAAP. See “—Non-GAAP Financial Measures” below.
Current report
•Servicing software: Our servicing software revenues increased 1% for the three months ended March 31, 2026 from the comparable period in 2025, driven by MSP new client implementations, contractual price increases, renewal expansions and default management revenues, primarily due to higher foreclosure transactions and loss mitigation revenue. This was partially offset by loan count declines related to customer merger and acquisition activity. Revenues from servicing solutions are primarily subscription-based and recurring in nature based on number of loans serviced, whereas revenues from default servicing solutions, which is a smaller portion of overall servicing software revenues, are largely transaction-based, driven by foreclosure volume.
Current report
Professional services expenses decreased $5 million for the three months ended March 31, 2026 from the comparable period in 2025 primarily due to lower NYSE regulatory consulting fees.
Current report
Rent and occupancy expenses increased $3 million for the three months ended March 31, 2026 from the comparable period in 2025.
Current report
Selling, general and administrative expenses increased $9 million for the three months ended March 31, 2026 from the comparable period in 2025. The increase was primarily due to an increase in aircraft maintenance expenses, higher employee travel, higher non-income taxes and other fees and higher customer acquisition costs at the NYSE due to an increase in initial public offering activity. This was partially offset by a $4 million accrual related to a regulatory matter during the three months ended March 31, 2025 which did not recur in 2026.
Current report
Interest expense during the three months ended March 31, 2026 was comparable with the same period in 2025.
Current report
Non-controlling Interests
Current report
Net income attributable to non-controlling interests increased $4 million for the three months ended March 31, 2026 from the comparable period in 2025 primarily due to higher net income at our non wholly-owned CDS clearing subsidiary.
Current report
•An increase of $217 million in other non-cash adjustments to net income was primarily driven by the deferred tax impact from the fair value gain on the Polymarket investment and the application of the OBBBA tax provisions during 2026; and
Current report
•An increase in cash paid for equity investments of $802 million primarily from our Polymarket and OKX investments; and
Current report
•We had net purchases of restricted investments of $176 million during the three months ended March 31, 2026 compared to net purchases of restricted investments of $83 million for the three months ended March 31, 2025.
Current report
The $38.6 billion increase in cash provided by financing activities during the three months ended March 31, 2026 from the comparable period in 2025 was primarily driven by the following:
Current report
•Cash paid for repurchases of common stock increased $310 million during the three months ended March 31, 2026 from the comparable period in 2025.
Removed paragraphs (50)
Previous report
•our ability to realize the expected benefits of our acquisitions and our investments, including our acquisition of Black Knight, Inc., or Black Knight;
Previous report
On July 4, 2025, the OBBBA was enacted into law. The OBBBA includes significant changes to U.S. federal and international tax provisions. The application of the OBBBA tax provisions did not result in material changes to our total effective tax rate for the nine and three months ended September 30, 2025. The composition of the income tax provision, however, reflects a decrease in current income tax expenses, offset by an increase in deferred income tax expenses, primarily due to immediate expensing of current year domestic research and development costs and certain capital expenditures, and an election to accelerate deductions of previously capitalized domestic R&D expenditures under the OBBBA. We intend to make certain elections under the OBBBA based on the best available information and have reflected the impact of these elections in our financial statements for the nine and three months ended September 30, 2025. We will continue to evaluate the impact of these and any alternative elections as additional information becomes available.
Previous report
•EU Benchmarks Regulation. In May 2025, the amended EU Benchmarks Regulation was published in the Official Journal of the EU and will be effective on January 1, 2026. Key changes include reducing the scope to only include benchmarks defined as critical or significant, EU Paris-aligned benchmarks, EU Climate Transition benchmarks and certain commodity benchmarks. ICE Benchmark Administration and ICE Data Indices are seeking recognition from the European Securities and Markets Authority, or ESMA, as a third-country benchmark administrator to continue to offer their benchmarks into the EU.
Previous report
•Recognition of our Businesses in Foreign Jurisdictions and Continued Access by Market Participants. In January 2025, the European Commission adopted a new equivalence decision that allows continued access by EU firms to clear trades at U.K. central counterparties until June 30, 2028. Subsequently, in March 2025, ESMA extended the tiering determination and recognition decisions for ICE Clear Europe until June 30, 2028, which allows continued access for EU firms to clear trades at ICE Clear Europe.
Previous report
•Executive Order Protecting American Energy. In April 2025, President Trump signed an Executive Order aimed at securing U.S. energy dominance which requires the U.S. Attorney General to identify state and local regulations which are unconstitutional or pre-empted by federal law and burden the development and production of energy resources. Further, the Executive Order directs the Attorney General to identify state laws addressing climate change or involving carbon or greenhouse gas initiatives. If the Attorney General identifies state climate change-related programs and is successful in a legal challenge which results in overturning these state laws, certain environmental markets based on state compliance markets traded at ICE Futures U.S. and cleared at ICE Clear Europe could be impacted. We are monitoring the developments of this Executive Order and any impact on our markets.
Previous report
•EU Sanctions Against Russia. In July 2025, the EU approved additional sanctions against Russia including the prohibition on importing Russian petroleum refined in other countries. This restriction may impact the Low Sulphur Gasoil contract traded at ICE Futures Europe and cleared at ICE Clear Europe. We are monitoring the developments of the additional sanctions and any impact on our markets.
Previous report
–Interest rate futures and options volume increased 23% and 6% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024 and revenues increased 14% and were flat for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024, driven by volatility related to divergence of rate paths by central banks and ongoing trade policy uncertainty.
Previous report
Equity options revenues, net of transaction-based expenses, were $114 million and $89 million for the nine months ended September 30, 2025 and 2024, respectively, and $36 million and $30 million for the three months ended September 30, 2025 and 2024, respectively.
Previous report
(1) The adjusted figures exclude items that are not reflective of our ongoing core operations and business performance. These adjusted numbers are not calculated in accordance with U.S. GAAP. See “—Non-GAAP Financial Measures” below.
Previous report
During the nine months ended September 30, 2025, we changed the caption of a disaggregated revenue line item in our Fixed Income and Data Services segment previously presented as "Other data and network services" to "Data and network technology" within the table above. This name change was made to better reflect the nature of the revenues included in this caption and did not impact the measurement or classification of revenue included in this caption.
Previous report
(1) The adjusted figures exclude items that are not reflective of our ongoing core operations and business performance. These adjusted figures are not calculated in accordance with U.S. GAAP. See “—Non-GAAP Financial Measures” below.
Previous report
In addition, the ICE Mortgage Technology network provides originators connectivity to the mortgage supply chain and facilitates the secure exchange of information between our customers and a broad ecosystem of third-party service providers, as well as lenders and investors that are critical to consummating the millions of loan transactions that occur on our origination network each year. Revenue from the ICE Mortgage Technology network is largely transaction-based.
Previous report
•Servicing software: Our servicing software revenues increased 3% for both the nine and three months ended September 30, 2025, from the comparable periods in 2024, driven by MSP and default management revenues. Our servicing software revenues include integrated mortgage servicing solutions, which help automate all areas of the servicing process, from loan boarding to final payment or default, to help lower costs, reduce risk and improve financial performance. Our servicing solutions support first lien mortgages, home equity loans and lines of credit on a single platform to manage all servicing processes, including loan setup and maintenance, escrow administration, investor reporting, and regulatory requirements. We also provide solutions that provide consumers with access to customized, timely information about their mortgages and allow our clients’ customer service representatives to access the same customer information, which is key to increasing borrower retention. Another servicing solution provides clients, third-party providers and their developers access to our growing catalog of application programming interfaces, or APIs, across the mortgage life cycle. Revenues from servicing solutions are largely subscription-based and recurring in nature based on number of loans serviced.
Previous report
Our default servicing solutions help simplify the complex process for loans that move into default, while supporting servicers with their compliance requirements and to facilitate more efficient loss mitigation processes.
Previous report
We also offer advanced technology to support the bankruptcy and foreclosure process, and more efficiently manage claims related to properties in foreclosure, as well as tools to support loss analysis, to help servicers make the right decisions at the right time. Revenues from default servicing solutions are largely transaction-based and are based on foreclosure volume.
Previous report
Our data and analytics offerings include property ownership data, lien data, servicing data, automated valuation models and collateral risk scores, among others, provided to clients in the mortgage, real estate and capital markets verticals.
Previous report
The stock-based compensation expenses in the table above relate to employee stock option and restricted stock awards and exclude stock-based compensation related to acquisition-related transaction and integration costs.
Previous report
Professional services expenses increased $6 million and decreased $1 million for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024. The increase in expenses for the nine months ended September 30, 2025 was primarily due to increases in NYSE regulatory consulting fees and higher general legal expenses on certain corporate matters.
Previous report
Rent and occupancy expenses decreased $25 million and $7 million for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024 primarily due to duplicate rent during the consolidation of, and exit from, certain of our London and New York leased offices in 2024.
Previous report
Selling, general and administrative expenses decreased $13 million and increased $23 million for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024. The decrease for the nine months ended September 30, 2025 was primarily due to $30 million of expense for valid claims made following an equity trading issue at NYSE that occurred in June 2024, partially offset by $20 million of insurance proceeds received for the matter during the three months ended September 30, 2024. The increase for the three months ended September 30, 2025 was primarily due to the $20 million of insurance proceeds described above, partially offset by an accrual related to a regulatory matter impacting only the nine and three months ended September 30, 2024. The remaining change was due to increased customer acquisition costs at NYSE.
Previous report
•Our clearing houses earned interest income of $61 million and $21 million during the nine and three months ended September 30, 2025, respectively, compared to $72 million and $25 million during the nine and three months ended September 30, 2024, respectively.
Previous report
The decrease in interest expense during the nine and three months ended September 30, 2025 from the comparable periods in 2024 primarily relates to decreased borrowings as we continued to pay down debt following the Black Knight acquisition.
Previous report
•We previously had a term loan that we fully repaid in the second quarter of 2024, therefore, we did not incur any interest expense on the term loan during the nine and three months ended September 30, 2025. We incurred $39 million of interest expense under our term loan obligations during the nine months ended September 30, 2024, none of which was incurred in the three months ended September 30, 2024.
Previous report
The estimated income for the nine and three months ended September 30, 2025 is primarily related to our share of net income of OCC. The estimated losses for the nine and three months ended September 30, 2024 is primarily related to our investment in Bakkt, partially offset by our share of net income of OCC. Both the nine month periods ended September 30, 2025 and 2024 include adjustments to reflect the difference between reported prior period actual results from our original estimates.
Previous report
Legal & Regulatory
Previous report
During the nine months ended September 30, 2024, we recorded a gain of $160 million related to the PennyMac arbitration final award payment.
Previous report
Non-controlling Interest
Previous report
For consolidated subsidiaries in which our ownership is less than 100%, and for which we have control over the assets, liabilities and management of the entity, the outside stockholders’ interests are shown as non-controlling interests. As of September 30, 2025, our non-controlling interests included those related to the non-ICE limited partners' interest in our CDS clearing subsidiaries and non-controlling interests in ICE Futures Abu Dhabi.
Previous report
As of September 30, 2025, we also had a redeemable non-controlling interest, reflected in temporary equity within our consolidated balance sheet, related to a put right held by non-ICE members to require us to purchase their interests in an entity acquired by us in 2024.
Previous report
Our unrecognized tax benefit as of September 30, 2025 was $233 million, a $41 million net decrease from the $274 million as of December 31, 2024. The net decrease includes a $15 million increase related to current year positions, a $2 million increase related to prior year positions, and a $58 million reduction related to prior year positions.
Previous report
On July 4, 2025, the OBBBA was enacted into law. The OBBBA includes significant changes to U.S. federal and international tax provisions. The application of the OBBBA tax provisions did not result in material changes to our total effective tax rate for the nine and three months ended September 30, 2025. The composition of the income tax provision, however, reflects a decrease in current income tax expenses, offset by an increase in deferred income tax expenses, primarily resulting from timing differences between the recognition of expenses for financial reporting and income tax purposes. The decrease in current income tax expenses is primarily due to immediate expensing of current year domestic research and development, or R&D, costs and certain capital expenditures, and an election to accelerate deductions of previously capitalized domestic R&D expenditures under the OBBBA. We intend to make certain elections under the OBBBA based on the best available information and have reflected the impact of these elections in our financial statements for the nine and three months ended September 30, 2025. We will continue to evaluate the impact of these and any alternative elections as additional information becomes available.
Previous report
(1) Represents the impact of currency fluctuation for the nine and three months ended September 30, 2025 compared to the same periods in the prior year.
Previous report
2024, 15% and 14%, respectively, of our consolidated revenues, less transaction-based expenses were denominated in pounds sterling or euros.
Previous report
During the nine months ended September 30, 2025 and 2024, 9% and 7%, respectively, of our consolidated operating expenses were denominated in pounds sterling or euros. During the three months ended September 30, 2025 and 2024, 9% and 8%, respectively, of our consolidated operating expenses were denominated in pounds sterling or euros.
Previous report
See “– Cash Flow” below for a discussion of our capital expenditures and capitalized software development costs.
Previous report
•An increase in non-cash adjustments to net income of $127 million primarily due to the deferred tax expense incurred during the nine months ended September 30, 2025 from the application of the OBBBA tax provisions compared to the deferred tax benefit incurred during the nine months ended September 30, 2024 and an increase in depreciation and amortization. This was partially offset by our share of net income from OCC during the nine months ended September 30, 2025 compared to our share of net losses primarily driven by Bakkt during the nine months ended September 30, 2024; and
Previous report
•We received $75 million from the sale of a promissory note during the nine months ended September 30, 2024;
Previous report
•Capital expenditures and capitalized software development costs increased $49 million driven by increased capitalized software development costs;
Previous report
•We had net proceeds from restricted investments of $219 million during the nine months ended September 30, 2025 primarily related to $500 million of the net proceeds from the senior notes issued in May 2024 that we invested and used to repay a portion of the aggregate principal amount of the senior notes that matured in May 2025. This is compared to net proceeds from restricted investments of $202 million for the nine months ended September 30, 2024.
Previous report
The $1.8 billion decrease in cash used in financing activities during the nine months ended September 30, 2025 from the comparable period in 2024 was primarily driven by the following:
Showing the first 40 of 50 passages. Open the source sections for the rest.
Reworded paragraphs (98)
Previous wording
We also include references to third-party trademarks, trade names and service marks in this Quarterly Report. Except as otherwise expressly noted, our use or display of any such trademarks, trade names or service marks is not an endorsement or sponsorship and does not indicate any relationship between us and the parties that own such marks and names.
Current wording
We also include references to third-party trademarks, such as FTSE® and MSCI®, trade names and service marks in this Quarterly Report. Except as otherwise expressly noted, our use or display of any such trademarks, trade names or service marks is not an endorsement or sponsorship and does not indicate any relationship between us and the parties that own such marks and names. FTSE® and the FTSE Indexes are trademarks and service marks of the London Stock Exchange plc and the London Stock Exchange Group Holdings Limited and are used under license. MSCI® and the MSCI Indexes are trademarks and service marks of MSCI, Inc. or its affiliates and are used under license.
Previous wording
•conditions in global financial markets and domestic and international economic and social conditions, including inflation, changes to international trade policies and tariffs, risk of recession, political uncertainty and discord, prolonged U.S. government shutdowns, geopolitical events and conflicts (including the conflicts in Ukraine and the Middle East) and sanctions laws;
Current wording
•conditions in global financial markets and domestic and international economic and social conditions, including inflation, changes to international trade policies and tariffs, risk of recession, political uncertainty and discord, prolonged U.S. government shutdowns, geopolitical events and conflicts (including the conflicts in Ukraine and the Middle East and the events in Venezuela) and sanctions laws;
Previous wording
•the global impact of the introduction of, or any changes to, laws, regulations, rules or government policies with respect to, among other things, financial markets and climate change, as well as increased regulatory scrutiny or enforcement actions;
Current wording
•the global impact of the introduction of, or any changes to, laws, regulations, rules, government policies or tax or accounting requirements with respect to, among other things, financial markets and climate-related risks, as well as increased regulatory scrutiny or enforcement actions;
Previous wording
•our ability to execute our growth strategy, identify and effectively pursue, implement and integrate acquisitions, including that of Black Knight, and strategic alliances and realize the synergies and benefits of such transactions within the expected time frame;
Current wording
•our ability to effectively pursue, implement and realize the anticipated cost savings, growth opportunities and synergies and other benefits from our past or future acquisitions and strategic investments within the expected time frame;
Previous wording
•the impact of climate change and the impact of, and uncertainty related to, the transition to renewable energy, including regulatory and legislative changes;
Current wording
•the impact of climate-related risks and the impact of, and uncertainty related to, the transition to renewable energy, including regulatory and legislative changes;
Previous wording
Our business has been impacted positively and negatively by these global economic conditions. For instance, due to market and interest rate volatility, including market volatility during the first nine months of 2025, we have seen increased trading across a number of our products, such as interest rate and equity futures, credit default swaps and bonds. Conversely, increases in mortgage interest rates over the past several years have resulted in reduced consumer and investor demand for mortgages and adversely impacted the transaction-based revenues in our Mortgage Technology segment. If mortgage rates further increase, or if mortgage lending practices change, our Mortgage Technology segment revenues may be further impacted. In addition, higher interest rates have resulted, and may continue to result, in higher interest rates for our debt instruments as we refinance our existing indebtedness.
Current wording
Our business has been impacted positively and negatively by these global economic conditions. For instance, due to market and interest rate volatility, including market volatility during the first three months of 2026, we have seen increased trading across a number of our products, such as energy, interest rate and equity futures, credit default swaps and bonds. Conversely, increases in mortgage interest rates over the past several years have resulted in reduced consumer and investor demand for mortgages and adversely impacted the transaction-based revenues in our Mortgage Technology segment. If mortgage rates further increase, or if mortgage lending practices change, our Mortgage Technology segment revenues may be further impacted. In addition, higher interest rates have resulted, and may continue to result, in higher interest rates for our debt instruments as we refinance our existing indebtedness.
Previous wording
•EMIR 3.0. In June 2025, ESMA released its final report on the Regulatory Technical Standards for the Active Account Requirement under the European Market Infrastructure Regulation, or EMIR, known as EMIR 3.0. The Active Account Requirement mandates EU market participants to establish accounts for euro-denominated short-term interest rate derivatives at an EU central counterparty and clear a certain number of trades in an EU account. The Active Account Requirement could result in a reduced volume of trading and clearing of euro-denominated short-term interest rate derivatives at ICE Futures Europe and ICE Clear Europe.
Current wording
•EMIR 3.0. In February 2026, the Delegated Act specifying the Active Account Requirement, or AAR, under the European Market Infrastructure Regulation, or EMIR, known as EMIR 3.0, became effective. The AAR mandates EU market participants to establish accounts for euro-denominated short-term interest rate derivatives at an EU central counterparty and clear a certain number of trades in an EU account. In 2025, ICE Clear Netherlands was authorized to clear euro-denominated short-term interest rate derivatives traded at ICE Futures Europe and thus allows market participants in scope for the AAR to satisfy their obligations. Nevertheless, the AAR could result in a reduced volume of trading and clearing of euro-denominated short-term interest rate derivatives at ICE Futures Europe and ICE Clear Europe.
Previous wording
(1) Operating income/(loss) from our Mortgage Technology segment was $6 million and $(134) million for the nine months ended September 30, 2025 and 2024, respectively.
Current wording
(1) Operating loss from our Mortgage Technology segment was $13 million and $27 million for the three months ended March 31, 2026 and 2025, respectively.
Previous wording
(2) The adjusted figures exclude items that are not reflective of our ongoing core operations and business performance. Adjusted net income attributable to ICE is presented net of taxes. These adjusted numbers are not calculated in accordance with U.S. GAAP. See “—Non-GAAP Financial Measures” below.
Current wording
(2) The adjusted figures exclude items that are not reflective of our cash operations or core business performance. Adjusted net income attributable to ICE is presented net of taxes. These adjusted numbers are not calculated in accordance with U.S. GAAP. See “—Non-GAAP Financial Measures” below.
Previous wording
(2)The adjusted figures exclude items that are not reflective of our ongoing core operations and business performance. Adjusted net income attributable to ICE and adjusted diluted earnings per share attributable to ICE common stockholders are presented net of taxes. These adjusted figures are not calculated in accordance with U.S. GAAP. See “—Non-GAAP Financial Measures” below.
Current wording
(2)The adjusted figures exclude items that are not reflective of our ongoing cash operations or core business performance. Adjusted net income attributable to ICE and adjusted diluted earnings per share attributable to ICE common stockholders are presented net of taxes. These adjusted figures are not calculated in accordance with U.S. GAAP. See “—Non-GAAP Financial Measures” below.
Previous wording
•Revenues, less transaction-based expenses, increased $471 million and $62 million for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024. See "—Exchanges Segment", "—Fixed Income and Data Services Segment" and "—Mortgage Technology Segment" below for a discussion of the significant changes in our revenues. The change in revenues during the nine and three months ended September 30, 2025 includes $30 million and $17 million, respectively, in favorable foreign exchange effects arising from fluctuations in the U.S. dollar from the comparable periods in 2024.
Current wording
•Revenues, less transaction-based expenses, increased $504 million for the three months ended March 31, 2026 from the comparable period in 2025. See "—Exchanges Segment", "—Fixed Income and Data Services Segment" and "—Mortgage Technology Segment" below for a discussion of the significant changes in our revenues. The change in revenues during the three months ended March 31, 2026 includes $52 million in favorable foreign exchange effects arising from fluctuations in the U.S. dollar from the comparable period in 2025.
Previous wording
•Operating expenses increased $11 million and decreased $9 million for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024. See "—Consolidated Operating Expenses" below for a discussion of the significant changes in our operating expenses. The change in operating expenses during the nine and three months ended September 30, 2025 includes $9 million and $4 million, respectively, in unfavorable foreign exchange effects arising from fluctuations in the U.S. dollar from the comparable periods in 2024.
Current wording
•Operating expenses increased $60 million for the three months ended March 31, 2026, respectively, from the comparable period in 2025. See "—Consolidated Operating Expenses" below for a discussion of the significant changes in our operating expenses. The change in operating expenses during the three months ended March 31, 2026 includes $8 million in unfavorable foreign exchange effects arising from fluctuations in the U.S. dollar from the comparable period in 2025.
Previous wording
Our business is conducted through three reportable business segments:
Current wording
Our business is conducted through three reportable business segments: Exchanges, Fixed Income and Data Services and Mortgage Technology.
Previous wording
Transaction and clearing revenues are generally assessed on a per-contract basis and revenues and profitability fluctuate with changes in contract volume and product mix. We consider data and connectivity services revenues and listings revenues to be recurring revenues. Our data and connectivity services revenues are recurring subscription fees related to the various data and connectivity services that we provide which are directly attributable to our exchange venues. Our listings revenues are also recurring subscription fees that we earn for the provision of NYSE listings services for public companies and exchange-traded funds, or ETFs, and related corporate actions for listed companies.
Current wording
Transaction and clearing revenues are generally assessed on a per-contract basis and revenues and profitability fluctuate with changes in contract volume and product mix. We consider data and connectivity services revenues and listings revenues to be recurring revenues. Our data and connectivity services revenues are recurring subscription fees related to the services that we provide which are directly attributable to our exchange venues. Our listings revenues are also recurring subscription fees that we earn for the provision of NYSE listings services for public companies and exchange-traded funds, or ETFs, and related corporate actions for listed companies.
Previous wording
For the nine and three months ended September 30, 2025, 24% and 22%, respectively, of our Exchanges segment revenues, less transaction-based expenses, were billed in pounds sterling or euros. For both the nine and three months ended September 30, 2024, 22% of our Exchanges segment revenues, less transaction-based expenses, were billed in pounds sterling or euros. Due to the fluctuations of the pound sterling and euro compared to the U.S. dollar, our Exchanges segment revenues, less transaction-based expenses, were higher by $25 million and $14 million for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024.
Current wording
For the three months ended March 31, 2026, and 2025, 31% and 24%, respectively, of our Exchanges segment revenues, less transaction-based expenses, were billed in pounds sterling or euros. Due to the fluctuations of the pound sterling and euro compared to the U.S. dollar, our Exchanges segment revenues, less transaction-based expenses, were higher by $47 million for the three months ended March 31, 2026 from the comparable period in 2025.
Previous wording
Our Exchange transaction and clearing revenues are presented net of rebates. We recorded rebates of $1.2 billion and $936 million for the nine months ended September 30, 2025 and 2024, respectively, and $372 million and $320 million for the three months ended September 30, 2025 and 2024, respectively. We offer rebates in certain of our markets primarily to support market liquidity and trading volume by providing qualified participants in those markets a discount to the applicable commission rate. Such rebates are calculated based on volumes traded. The increase in rebates for the nine months ended September 30, 2025 was primarily due to higher volumes traded as compared to the comparable period in 2024. The increase in rebates for the three months ended September 30, 2025 was primarily due to higher volumes traded in certain asset classes as compared to the comparable period in 2024.
Current wording
Our Exchange transaction and clearing revenues are presented net of rebates. We recorded rebates of $665 million and $402 million for the three months ended March 31, 2026 and 2025, respectively. We offer rebates in certain of our markets primarily to support market liquidity and trading volume by providing qualified participants in those markets a discount to the applicable commission rate. Such rebates are calculated based on volumes traded. The increase in rebates for the three months ended March 31, 2026 was primarily due to higher volumes traded as compared to the comparable period in 2025.
Previous wording
•Energy Futures and Options: Total volumes in our energy futures and options markets increased 16% and decreased 2% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024 and revenues increased 17% and 2% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024.
Current wording
•Energy Futures and Options: Total volume in our energy futures and options markets increased 32% and revenues increased 46% for the three months ended March 31, 2026 from the comparable period in 2025.
Previous wording
–Oil futures and options volume increased 14% and decreased 7% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024. The overall decrease in oil volumes in the third quarter of 2025 was due to lower overall volatility compared to the prior year period.
Current wording
–Oil futures and options volume increased 41% for the three months ended March 31, 2026 from the comparable period in 2025. The overall increase in oil volumes in the first quarter of 2026 was due to higher overall volatility, driven by global supply disruptions that intensified in late February following the outbreak of the U.S.-Iran conflict.
Previous wording
–Global natural gas futures and options volume increased 19% and 8% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024. The volume increase in our North American gas products was driven by higher overall volatility related to geopolitical tensions. In addition, continued growth in our TTF complex was, in part, driven by supply disruption risks and geopolitical uncertainty.
Current wording
–Global natural gas futures and options volume increased 21% for the three months ended March 31, 2026 from the comparable period in 2025. The volume increase in our North American gas products was driven by higher overall volatility related to increased demand constrained by a tightened domestic supply. In addition, continued growth in our TTF complex was, in part, driven by supply disruption risks and geopolitical uncertainty.
Previous wording
–Environmentals and other futures and options volume increased 11% and 2% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024, primarily due to higher power volumes compared to the prior year periods.
Current wording
–Environmentals and other futures and options volume increased 23% for the three months ended March 31, 2026 from the comparable period in 2025, primarily due to higher emissions volume compared to the prior year period driven by political uncertainty and a sharp decline in European Union Allowance, or EUA, prices.
Previous wording
•Agricultural and Metals Futures and Options: Total volumes in our agricultural and metals futures and options markets decreased 10% and 8% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024, and revenues decreased 11% and 13% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024.
Current wording
•Agricultural and Metals Futures and Options: Total volume in our agricultural and metals futures and options markets increased 29% and revenues increased 26% for the three months ended March 31, 2026 from the comparable period in 2025.
Previous wording
–Sugar futures and options volumes increased 2% and decreased 14% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024. The decrease in volumes during the three months ended September 30, 2025 was primarily due to geopolitical risk impacting our sugar markets.
Current wording
–Sugar futures and options volumes increased 22% for the three months ended March 31, 2026 from the comparable period in 2025. The increase in volumes during the three months ended March 31, 2026 was primarily due to geopolitical risk impacting our sugar markets.
Previous wording
–Other agricultural and metal futures and options volume decreased 18% and 2% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024, primarily driven by geopolitical risks and shifting demand impacting our coffee and cocoa markets.
Current wording
–Other agricultural and metal futures and options volume increased 36% for the three months ended March 31, 2026 from the comparable period in 2025, primarily driven by geopolitical risks and shifting demand impacting our coffee and cocoa markets.
Previous wording
•Financial Futures and Options: Total volumes in our financial futures and options markets increased 20% and 4% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024 and revenues increased 11% and decreased 2% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024.
Current wording
•Financial Futures and Options: Both total volume and revenues in our financial futures and options markets increased 65% for the three months ended March 31, 2026 from the comparable period in 2025.
Previous wording
–Other financial futures and options volume, which includes our MSCI®, FTSE® and NYSE FANG+ equity indices, U.S. Dollar Index and foreign exchange products, decreased 3% and 14% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024 and revenue increased 3% and decreased 6% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024. The overall decrease in other financial futures and options volumes was primarily due to lower equity market volatility in the third quarter compared to the prior year period.
Current wording
–Other financial futures and options volume, which includes our MSCI®, FTSE® and NYSE FANG+ equity indices, U.S. Dollar Index and foreign exchange products, increased 14% and revenues increased 22% for the three months ended March 31, 2026 from the comparable period in 2025. The overall increase in other financial futures and options volumes was primarily due to higher equity market volatility compared to the prior year period.
Previous wording
•Cash Equities and Equity Options: Cash equities volume increased 39% and 48% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024, primarily due to higher industry volumes driven by geopolitical risks and higher retail participation. Cash equities revenues, net of transaction-based expenses, were $233 million and $228 million for the nine months ended September 30, 2025 and 2024, respectively, and $69 million and $77 million for the three months ended September 30, 2025 and 2024, respectively. During the three months ended September 30, 2025, higher industry volumes were more than offset by lower overall matched market share and lower capture rate. Equity options volume increased 7% and 9% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024, driven by higher industry volumes.
Current wording
•Cash Equities and Equity Options: Cash equities volume increased 39% for the three months ended March 31, 2026 from the comparable period in 2025, primarily due to higher industry volumes driven by geopolitical risks and higher retail participation. Cash equities revenues, net of transaction-based expenses, were $85 million and $81 million for the three months ended March 31, 2026 and 2025, respectively. The increase in revenue was primarily related to higher industry volumes partially offset by lower capture rate.
Previous wording
•OTC and Other: OTC and other transactions include revenues from our OTC energy business and other trade confirmation services, as well as net interest income and fees on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, exchange membership fees and agricultural grading and certification fees. Our OTC and other revenues decreased 5% and 10% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024 primarily due to lower net interest income on collateral balances.
Current wording
•OTC and Other: OTC and other transactions include revenues from our OTC energy business and other trade confirmation services, as well as net interest income and fees on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, exchange membership fees and agricultural grading and certification fees. Our OTC and other revenues decreased 1% for the three months ended March 31, 2026 from the comparable period in 2025 primarily due to lower exchange regulatory fees partially offset by higher net interest income on collateral balances.
Previous wording
•Data and Connectivity Services: Our data and connectivity services revenues increased 7% and 9% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024. The increase in revenue was driven by the strong retention rate of existing customers, the addition of new customers and increased purchases by existing customers.
Current wording
•Data and Connectivity Services: Our data and connectivity services revenues increased 13% for the three months ended March 31, 2026 from the comparable period in 2025. The increase in revenue was driven by the strong customer retention, new customer additions and increased spending by existing customers.
Previous wording
•Listings Revenues: Through NYSE, NYSE American, NYSE Arca and NYSE Texas, we generate listings revenue related to the provision of listings services for public companies and ETFs, and related corporate actions for listed companies. Listings revenues increased 1% and 2% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024, primarily due to new listings. All listings fees are billed upfront, and revenues are recognized over time as the identified performance obligations are satisfied.
Current wording
•Listings Revenues: Through NYSE, NYSE American, NYSE Arca and NYSE Texas, we generate listings revenue related to the provision of listings services for public companies and ETFs, and related corporate actions for listed companies. Listings revenues increased 5% for the three months ended March 31, 2026 from the comparable period in 2025, primarily due to new listings. All listings fees are billed upfront, and revenues are recognized over time as the identified performance obligations are satisfied.
Previous wording
Handled volume represents the total number of shares of equity securities, ETFs and crossing session activity internally matched on our exchanges or routed to and executed on an external market center. Matched volume represents the total number of shares of equity securities, ETFs and crossing session activity executed on our exchanges.
Current wording
Handled volume represents the total number of shares of equity securities and ETFs internally matched on our exchanges or routed to and executed on an external market center. Matched volume represents the total number of shares of equity securities and ETFs executed on our exchanges.
Previous wording
Section 31 fees were $412 million and $437 million for the nine months ended September 30, 2025 and 2024, respectively. In May 2025, the SEC announced that it had ceased collecting Section 31 fees from self-regulatory organizations due to the expectation that the entire fiscal year 2025 appropriation would be collected before the date of the announcement. As a result, we did not incur any Section 31 fees for the three months ended September 30, 2025. Section 31 fees for the three months ended September 30, 2024 were $232 million. The decrease in Section 31 fees during the nine and three months ended September 30, 2025 was primarily due to lower rates partially offset by an increase in volumes. The fees we collect are included in cash at the time of receipt and we remit the amounts to the SEC twice a year as required. There were no Section 31 fees payable as of September 30, 2025.
Current wording
In May 2025, the SEC announced that it had ceased collecting Section 31 fees from self-regulatory organizations due to the expectation that the entire fiscal year 2025 appropriation would be collected before the date of the announcement. As a result, we did not incur any Section 31 fees for the three months ended March 31, 2026. Section 31 fees for the three months ended March 31, 2025 were $262 million. The fees we collect are included in cash at the time of receipt and we remit the amounts to the SEC twice a year as required. There were no Section 31 fees payable as of March 31, 2026, and Section 31 fees were reinstated in April 2026.
Previous wording
We make liquidity payments to cash and options trading customers, as well as routing charges made to other exchanges which are included in transaction-based expenses. We incur routing charges when we do not have the best bid or offer in the market for a security that a customer is trying to buy or sell on one of our securities exchanges. In that case, we route the customer’s order to the external market center that displays the best bid or offer. The external market center charges us a fee per share (denominated in tenths of a cent per share) for routing to its system. We record routing charges on a gross basis as a component of exchanges revenue. Cash liquidity payments, routing and clearing fees were $1.7 billion and $1.3 billion for the nine months ended September 30, 2025 and 2024, respectively, and $596 million and $452 million for the three months ended September 30, 2025 and 2024, respectively.
Current wording
We make liquidity payments to cash and options trading customers, as well as routing charges made to other exchanges which are included in transaction-based expenses. We incur routing charges when we do not have the best bid or offer in the market for a security that a customer is trying to buy or sell on one of our securities exchanges. In that case, we route the customer’s order to the external market center that displays the best bid or offer. The external market center charges us a fee per share (denominated in tenths of a cent per share) for routing to its system. We record routing charges on a gross basis as a component of exchanges revenue. Cash liquidity payments, routing and clearing fees were $689 million and $494 million for the three months ended March 31, 2026 and 2025, respectively. The increase was primarily due to higher volumes traded during the three months ended March 31, 2026 as compared to the comparable period in 2025.
Previous wording
For both the nine and three months ended September 30, 2025, 10% of our Fixed Income and Data Services segment revenues were billed in pounds sterling or euros. For the nine and three months ended September 30, 2024, 11% and 10%, respectively, of our Fixed Income and Data Services segment revenues were billed in pounds sterling or euros. As the pound sterling or euro exchange rate changes, the U.S. equivalent of revenues denominated in foreign currencies changes accordingly. Due to the fluctuations of the pound sterling and euro compared to the U.S. dollar, our Fixed Income and Data Services revenues were higher by $5 million and $3 million for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024.
Current wording
For each of the three months ended March 31, 2026 and 2025, 10% of our Fixed Income and Data Services segment revenues were billed in pounds sterling or euros. As the pound sterling or euro exchange rate changes, the U.S. equivalent of revenues denominated in foreign currencies changes accordingly. Due to the fluctuations of the pound sterling and euro compared to the U.S. dollar, our Fixed Income and Data Services revenues were higher by $5 million for the three months ended March 31, 2026 from the comparable period in 2025.
Previous wording
Our Fixed Income and Data Services revenues increased 5% for both the nine and three months ended September 30, 2025, from the comparable periods in 2024, primarily due to strength in our fixed income data and analytics products and our data and network technology.
Current wording
Our Fixed Income and Data Services revenues increased 10% for the three months ended March 31, 2026, from the comparable period in 2025, primarily due to strength in our fixed income data and analytics products and our data and network technology portfolio, and our CDS clearing business.
Previous wording
•Fixed Income Execution: Fixed income execution includes revenues from ICE Bonds. Execution fees are reported net of rebates, which were $7 million and $3 million for the nine and three months ended September 30, 2025, respectively, and $5 million and $2 million for the nine and three months ended September 30, 2024, respectively. Our fixed income execution revenues increased 13% and 15% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024 driven by market volatility related to geopolitical and macroeconomic uncertainty, as well as continued expansion of platform functionality and across institutional and wealth networks.
Current wording
•Fixed Income Execution: Fixed income execution includes revenues from ICE Bonds. Execution fees are reported net of rebates, which were $2 million for each of the three months ended March 31, 2026 and 2025. Our fixed income execution revenues were flat for the three months ended March 31, 2026 from the comparable period in 2025.
Previous wording
•CDS Clearing: CDS clearing revenues were flat and decreased 7% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024. Clearing fees are reported net of rebates, which were $5 million and $3 million for the nine and three months ended September 30, 2025, respectively. The notional value of CDS cleared was $19.7 trillion and $15.7 trillion for the nine months ended September 30, 2025 and 2024, respectively, and $7.0 trillion and $6.6 trillion for the three months ended September 30, 2025 and 2024, respectively. The decrease in revenues during the three months ended September 30, 2025 was primarily due to lower net interest income on collateral balances.
Current wording
•CDS Clearing: CDS clearing revenues increased 19% for the three months ended March 31, 2026 from the comparable period in 2025. Clearing fees are reported net of rebates, which were nominal for each of the three months ended March 31, 2026 and 2025. The notional value of CDS cleared was $9.9 trillion and $7.0 trillion for the three months ended March 31, 2026 and 2025, respectively. The increase in revenues during the three months ended March 31, 2026 was primarily due to higher clearing volumes driven by elevated market volatility from geopolitical events during the period.
Previous wording
•Fixed Income Data and Analytics: Our fixed income data and analytics revenues increased 5% for both the nine and three months ended September 30, 2025, from the comparable periods in 2024 due to growth in our pricing and reference data business and strength in our index business.
Current wording
•Fixed Income Data and Analytics: Our fixed income data and analytics revenues increased 8% for the three months ended March 31, 2026 from the comparable period in 2025 due to growth in our pricing and reference data business and strength in our index business.
Previous wording
•Data and Network Technology: Our data and network technology revenues increased 9% and 11% for the nine and three months ended September 30, 2025, respectively, from the comparable periods in 2024, driven by growth in our ICE Global Network offering, coupled with strength in our consolidated feeds, desktop and derivative analytics revenues.
Current wording
•Data and Network Technology: Our data and network technology revenues increased 12% for the three months ended March 31, 2026 from the comparable period in 2025, driven by growth in our ICE Global Network offering, coupled with strength in our consolidated feeds, desktop and derivative analytics revenues.
Previous wording
Annual Subscription Value, or ASV, represents, at a point in time, data services revenues, which include Fixed Income Data and Analytics as well as Data and Network Technology, subscribed for the succeeding 12 months. ASV does not include new sales, contract terminations or price changes that may occur during that 12-month period. However, while it is an indicative forward-looking metric, it does not provide a precise growth forecast of the next 12 months of data services revenues. Management considers ASV metrics when making financial and operating decisions and believes ASV is useful for management and investors in understanding our data services business performance.
Current wording
Annual Subscription Value, or ASV, represents, at a point in time, data services revenues, which include fixed income data and analytics as well as data and network technology revenues, subscribed for the succeeding 12 months. ASV does not include new sales, contract terminations or price changes that may occur during that 12-month period. However, while it is an indicative forward-looking metric, it does not provide a precise growth forecast of the next 12 months of data services revenues. Management considers ASV metrics when making financial and operating decisions and believes ASV is useful for management and investors in understanding our data services business performance.
Previous wording
As of September 30, 2025, ASV was $1.955 billion, which increased 6.8% compared to the ASV as of September 30, 2024. ASV represents nearly 100% of total data services revenues for this segment. This does not adjust for year-over-year foreign exchange fluctuations.
Current wording
As of March 31, 2026, ASV was $2.036 billion, which increased 8.1% compared to the ASV as of March 31, 2025. ASV represents nearly 100% of total data services revenues for this segment. This does not adjust for year-over-year foreign exchange fluctuations.
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Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
$3 million expense for the three months ended March 31, 2026 and 2025, respectively. These deferred adjustments on acquisition-related intangibles are primarily related to U.S. state apportionment changes.
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
•Exchanges: We operate regulated marketplace technology for the listing, trading and clearing of a broad array of derivatives contracts and financial securities as well as data and connectivity services related to our exchanges and clearing houses;
Previous report — wording carried elsewhere
•Fixed Income and Data Services: We provide fixed income pricing, reference data, indices, analytics and execution services as well as global CDS clearing and multi-asset class data delivery technology; and
Previous report — wording carried elsewhere
•Mortgage Technology: We provide a technology platform that offers customers comprehensive, digital workflow tools that aim to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle, from application through closing, servicing and the secondary market.
Previous report — wording carried elsewhere
(1) The adjusted figures in the charts above are calculated by excluding items that are not reflective of our cash operations and core business performance. As a result, these adjusted figures are not calculated in accordance with U.S. GAAP. See “—Non-GAAP Financial Measures” below.
Previous report — wording carried elsewhere
•An increase in cash paid for acquisitions, net of cash acquired, of $11 million; and
Previous report — wording carried elsewhere
Other adjustments not considered to be a part of our core business operations include: