Intercontinental Exchange, Inc.
For the period ended Jun 30, 2026. Filed Jul 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.
Jun 30, 2026 · Filed Jul 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 2026-03-31; filed 2026-04-30.
0001571949-26-000007
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-30.
0001571949-26-000011
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 274 previous paragraphs and 286 current paragraphs.
179 unchanged; 90 reworded; 16 added; 4 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 17 previous and 18 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 (16)
Current report
Acquisition of MarketAxess Holdings Inc.
Current report
On July 29, 2026, we entered into a definitive agreement to acquire MarketAxess Holdings Inc., or MarketAxess, a leading operator of electronic trading platforms for global institutional fixed income markets.
Current report
The transaction is valued at approximately $6.0 billion, or $167 per share, with purchase consideration consisting entirely of cash. In conjunction with the acquisition agreement, we entered into a financing commitment letter for a 364-day senior unsecured bridge facility in an aggregate principal amount not to exceed $6.2 billion, or the Bridge Facility. The purpose of the Bridge Facility is to provide backup financing to fund, in part, the acquisition and to pay related fees, commissions and expenses, if the permanent debt financing cannot be obtained. The commitments that we obtained for the Bridge Facility may be permanently reduced from $6.2 billion to $0 as a result of (i) the effectiveness of a future term loan facility, (ii) the issuance by us of senior unsecured notes and (iii) the amendment of our existing revolving credit agreement.
Current report
The transaction is expected to close in the first half of 2027, subject to receipt of MarketAxess stockholder approval, applicable regulatory approvals and customary closing conditions.
Current report
•Equity Market Structure Rules. In June 2026, the SEC issued a proposal that would amend Regulation NMS Rule 611 (the "order protection" or "trade through" rule) and Rule 610(e) (prohibiting locked and crossed markets). The proposal, if adopted, would represent one of the most significant changes to U.S. equity market structure in recent decades and could have meaningful effects on market and competitive dynamics for venues that facilitate trading of equity securities, including potentially reducing fragmentation. In connection with the proposal, the SEC also extended until November 2027 the compliance period for changes to tick sizes and reduced fee caps exchanges can charge market participants for access to protected quotations.
Current report
•Consolidated Audit Trail. In April 2026, the SEC issued a concept release soliciting public comment in support of a comprehensive review of the Consolidated Audit Trail, or CAT, and other audit trails and related data sources currently used in the regulation of U.S. securities markets. Among the topics for which the SEC sought comment is CAT funding and cost management, regulatory purposes, structure and governance, and design and scope. The future of the CAT, including the proportion of funding that exchanges will contribute prospectively and for historical costs, will be heavily influenced by the comments received. In the meantime, the SEC has approved certain cost savings amendments for the CAT, and private litigations are going.
Current report
•Capital Markets. The SEC proposed several rules during this quarter designed to encourage more companies to go and stay public, including optionality for semiannual reporting, extending current disclosure scaling and other accommodations that simplify the filer status framework, expanding the availability of shelf registration, and rescinding climate-related disclosure rules. If adopted, these rules could have effects on competitive dynamics for listing venues.
Current report
•Regulatory Categorization of Perpetual Contracts. In May, the CFTC took three actions related to perpetual contracts on crypto assets in which perpetuals were deemed futures contracts for regulatory purposes. First, the CFTC approved the listing of bitcoin perpetual futures contracts on Kalshi's designated contract market, limiting the scope of its approval to bitcoin and "similarly structured" perpetuals on digital commodities that have deep, active and continuous spot market trading. The CME Group is challenging this approval in federal court because CME asserts that perpetual contracts are swaps, not futures. Second, the CFTC issued a policy statement stating that perpetual contracts referencing asset classes not contemplated in the Kalshi approval order should be submitted for review under the voluntary product approval process (i.e., not self-certified). And, finally, the CFTC staff provided interpretive and no-action relief to Coinbase's futures commission merchant, or FCM, to intermediate customer access to perpetual futures contracts listed on foreign exchange Deribit in Abu Dhabi.
Current report
Subsequently, in June, the CFTC issued a Request for Comment on 24/7 trading and perpetual contracts asking whether perpetual contracts referencing physically delivered or storable energy commodities should also be considered futures contracts.
Current report
During the six and three months ended June 30, 2026, we recognized an unrealized fair value gain on our Bakkt investment of $62 million.
Current report
Our effective tax rate was 24% during each of the six and three months ended June 30, 2026 and 2025. The effective tax rates for these comparable periods remained relatively consistent with a mix of discrete items in each period including deferred tax movements resulting from state tax law and apportionment changes, tax benefits from non-cash compensation, tax refund claims related to prior years and other tax adjustments.
Current report
•An increase in changes in working capital accounts of $326 million primarily due to tax refunds received during 2026, the net impact of the resumption of Section 31 fees, and from timing of payments and cash receipts.
Current report
•Capital expenditures and capitalized software development costs increased $82 million driven by increases in hardware and network equipment combined with increased capitalized software development costs.
Current report
•During the six months ended June 30, 2025, we repaid $1.3 billion of the senior notes that matured in May 2025;
Current report
Stock Repurchase Program
Removed paragraphs (4)
Previous report
(1) Transaction-based expenses are largely attributable to our cash equities and options business.
Previous report
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 report
Our effective tax rate was 25% and 24% during the three months ended March 31, 2026 and 2025, respectively. The effective tax rate for the three months ended March 31, 2026 was higher than the effective tax rate for the comparable period in 2025 primarily due to a deferred tax expense increase from state apportionment changes and reduced tax benefits from non-cash compensation, partially offset by tax benefits associated with prior year refund claims.
Previous report
•A decrease in changes in working capital accounts of $88 million primarily due to increased billing and corresponding market maker rebates within our Exchanges segment, partially offset by tax refunds received during 2026.
Reworded paragraphs (90)
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 the events in Venezuela) 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, geopolitical events and conflicts (including the conflicts in Ukraine and the Middle East) and sanctions laws;
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 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.
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 six 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
We expect the macroeconomic environment to remain dynamic in the near-term, and we continue to monitor macroeconomic conditions, including interest rates, inflation rates, changes in tariffs and trade policies, market volatility, prolonged U.S. government shutdowns, geopolitical events and military conflicts and repercussions from, and the impact that, any of the foregoing may have on the global economy and on our business. We also continue to closely monitor credit worthiness of our counterparties, clearing members and our financial service providers and take risk management measures in line with established risk management frameworks.
Current wording
We expect the macroeconomic environment to remain dynamic in the near-term, and we continue to monitor macroeconomic conditions, including interest rates, inflation rates, changes in tariffs and trade policies, market volatility, geopolitical events and military conflicts and repercussions from, and the impact that, any of the foregoing may have on the global economy and on our business. We also continue to closely monitor credit worthiness of our counterparties, clearing members and our financial service providers and take risk management measures in line with established risk management frameworks.
Previous wording
•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 wording
•Policy Intervention to Address High Energy Prices. In July 2026, the European Commission published a proposal to revise the EU Emissions Trading System, or EU ETS, 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 emissions allowance trading under the EU ETS, and ICE Clear Europe which clears those contracts.
Previous wording
•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 wording
•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, it 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.
Previous wording
•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 wording
•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. In June 2026, the CFTC published a proposed rulemaking for prediction markets which revises the regulatory framework governing event contracts and clarifies the types of event contracts eligible for trading at CFTC registered entities. 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.
Previous 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.
Current wording
(1) Operating income/(loss) from our Mortgage Technology segment was $32 million and $(16) million for the six months ended June 30, 2026 and 2025, respectively.
Previous 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.
Current wording
•Revenues, less transaction-based expenses, increased $627 million and $123 million for the six and three months ended June 30, 2026, respectively, from the comparable periods 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 six and three months ended June 30, 2026 includes $58 million and $6 million, respectively, in favorable foreign exchange effects arising from fluctuations in the U.S. dollar from the comparable periods in 2025.
Previous 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.
Current wording
•Operating expenses increased $89 million and $29 million for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025. See "—Consolidated Operating Expenses" below for a discussion of the significant changes in our operating expenses. The changes in operating expenses during the six and three months ended June 30, 2026 include $9 million and $1 million, respectively, in unfavorable foreign exchange effects arising from fluctuations in the U.S. dollar from the comparable periods in 2025.
Previous 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.
Current wording
For the six and three months ended June 30, 2026, 28% and 24%, respectively, of our Exchanges segment revenues, less transaction-based expenses, were billed in pounds sterling or euros. For the six and three months ended June 30, 2025, 24% and 23%, 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 $52 million and $5 million for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025.
Previous 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.
Current wording
Our Exchange transaction and clearing revenues are presented net of rebates. We recorded rebates of $1.1 billion and $842 million for the six months ended June 30, 2026 and 2025, respectively, and $469 million and $440 million for the three months ended June 30, 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 six months ended June 30, 2026 was primarily due to higher volumes traded as compared to the comparable period in 2025.
Previous 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.
Current wording
•Energy Futures and Options: Total volume in our energy futures and options markets increased 5% and decreased 21% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025, and revenues increased 16% and decreased 13% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025.
Previous 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.
Current wording
–Oil futures and options volume increased 5% and decreased 25% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025. The increase in oil volumes for the six month period ended June 30, 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 which primarily impacted our first quarter volumes. The decrease in oil volumes for the three month period ended June 30, 2026 was due to a confluence of prior period geopolitical risks and macroeconomic uncertainty.
Previous 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.
Current wording
–Global natural gas futures and options volume increased 6% and decreased 13% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025. The increase in volume for the six month period ended June 30, 2026 was driven by higher overall volatility related to increased demand constrained by a tightened domestic supply in our North American gas products. In addition, continued growth in our TTF complex was, in part, driven by supply disruption risks and geopolitical uncertainty. The decrease in volume for the three month period ended June 30, 2026 was due to prior period shifting supply and demand dynamics.
Previous 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.
Current wording
–Environmentals and other futures and options volume increased 8% and decreased 7% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025. The increase in volumes for the six month period ended June 30, 2026 was primarily due to higher power volume combined with higher emissions volume driven by political uncertainty and a sharp decline in European Union Allowance, or EUA, prices primarily impacting our first quarter volumes. The decrease in volume for the three month period ended June 30, 2026 was due to lower emissions volume.
Previous 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.
Current wording
•Agricultural and Metals Futures and Options: Total volume in our agricultural and metals futures and options markets increased 32% and 36% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025 and revenues increased 31% and 35% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025.
Previous 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.
Current wording
–Sugar futures and options volume increased 26% and 30% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025. The increase in volume was primarily due to geopolitical risk impacting our sugar markets.
Previous 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.
Current wording
–Other agricultural and metal futures and options volume increased 38% and 40% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025, primarily driven by geopolitical risks and shifting demand impacting our coffee and cocoa markets.
Previous 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.
Current wording
•Financial Futures and Options: Total volume in our financial futures and options markets increased 44% and 23% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025 and revenues increased 43% and 21% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025.
Previous wording
–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 wording
–Interest rate futures and options volume increased 47% and 24% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025 and revenues increased 52% and 25% for the six and three months ended June 30, 2026, respectively, from the comparable periods 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.
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, 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.
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 9% and 5% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025 and revenues increased 17% and 11% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025. The overall increase in volume 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% 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.
Current wording
•Cash Equities and Equity Options: Cash equities volume increased 24% and 12% for the six and three months ended June 30, 2026, respectively, from the comparable periods 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 $187 million and $164 million for the six months ended June 30, 2026 and 2025, respectively, and $102 million and $83 million for the three months ended June 30, 2026 and 2025, respectively. The increase in revenue was primarily related to higher industry volumes partially offset by lower capture rate.
Previous wording
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 wording
Equity options volume increased 33% and 44% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025, driven by higher industry volumes. Equity options revenues, net of transaction-based expenses, were $76 million and $78 million for the six months ended June 30, 2026 and 2025, respectively, and $38 million and $40 million for the three months ended June 30, 2026 and 2025, respectively. The decrease in revenue was primarily due to lower capture rate, partially offset by higher industry volumes.
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 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.
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 increased 7% and 15% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025. The increase for the six month period was primarily due to higher net interest income and fees on collateral balances, partially offset by lower exchange regulatory fees. The increase for the three month period was primarily due to higher net interest income and fees on collateral balances.
Previous 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.
Current wording
•Data and Connectivity Services: Our data and connectivity services revenues increased 13% and 12% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025. The increase in revenue was driven by 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 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.
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 each of the six and three months ended June 30, 2026 from the comparable periods 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
Our equities and equity options markets pay fees to the SEC pursuant to Section 31 of the Exchange Act. Section 31 fees are recorded on a gross basis as a component of exchanges revenue. These Section 31 fees are assessed to recover the government’s costs of supervising and regulating the securities markets and professionals and are subject to change. We, in turn, collect corresponding activity assessment fees from member organizations clearing or settling trades on the equities and options exchanges, and recognize these amounts in our exchanges revenues when invoiced. The activity assessment fees are designed to equal the Section 31 fees. As a result, activity assessment fees and the corresponding Section 31 fees do not have an impact on our net income, although the timing of payment by us will vary from collections.
Current wording
Our equities and equity options markets pay fees to the SEC pursuant to Section 31 of the Exchange Act. Section 31 fees are recorded on a gross basis as a component of exchanges revenue. These Section 31 fees are assessed to recover the government’s costs of supervising and regulating the securities markets and professionals and are subject to change. We, in turn, collect corresponding activity assessment fees from member organizations clearing or settling trades on the equities and options exchanges, and recognize these amounts in our exchanges revenues when invoiced. The activity assessment fees are designed to equal the Section 31 fees. As a result, activity assessment fees and the corresponding Section 31 fees do not have an impact on our net income, although the timing of payment by us will vary from collections. Section 31 fees were $288 million and $412 million for the six months ended June 30, 2026 and 2025, respectively, and $288 million and $150 million for the three months ended June 30, 2026 and 2025, respectively. The decrease in Section 31 fees for the six month period ended June 30, 2026 was primarily due to the SEC setting the fee rate to zero beginning in May 2025, after the full fiscal year 2025 appropriation had been collected. The SEC reinstated the fee rate in April 2026, which drove the increase in Section 31 fees for the three months ended June 30, 2026 compared to the same prior year period. 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. The total amount of Section 31 fees payable is included in current liabilities and was $286 million as of June 30, 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 $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.
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 $1.3 billion and $1.1 billion for the six months ended June 30, 2026 and 2025, respectively, and $657 million and $569 million for the three months ended June 30, 2026 and 2025, respectively. The increase was primarily due to higher volumes traded during the six months ended June 30, 2026 as compared to the comparable period in 2025.
Previous 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.
Current wording
For each of the six and three months ended June 30, 2026, 10% of our Fixed Income and Data Services segment revenues were billed in pounds sterling or euros. For the six and three months ended June 30, 2025, 10% and 11%, 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 $6 million and $1 million for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025.
Previous 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.
Current wording
Our Fixed Income and Data Services revenues increased 9% and 8% for the six and three months ended June 30, 2026, respectively, from the comparable periods 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 $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.
Current wording
•Fixed Income Execution: Fixed income execution includes revenues from ICE Bonds. Execution fees are reported net of rebates, which were $4 million and $2 million for the six and three months ended June 30, 2026, respectively, and $6 million and $4 million for the six and three months ended June 30, 2025, respectively. Our fixed income execution revenues decreased 2% and 4% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025 primarily due to lower trading volumes as market volatility moderated relative to the prior year period.
Previous 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.
Current wording
•CDS Clearing: CDS clearing revenues increased 11% and 2%, respectively, for the six and three months ended June 30, 2026 from the comparable periods in 2025. Clearing fees are reported net of rebates, which were $3 million and $2 million for the six and three months ended June 30, 2026, respectively, and $2 million for both the six and three months ended June 30, 2025. The notional value of CDS cleared was $16.1 trillion and $12.8 trillion for the six months ended June 30, 2026 and 2025, respectively, and $6.2 trillion and $5.8 trillion for the three months ended June 30, 2026 and 2025, respectively. The increase in revenues 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 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.
Current wording
•Fixed Income Data and Analytics: Our fixed income data and analytics revenues increased 8% and 9% for the six and three months ended June 30, 2026, respectively, from the comparable periods 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 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.
Current wording
•Data and Network Technology: Our data and network technology revenues increased 12% and 11% for the six and three months ended June 30, 2026, respectively, from the comparable periods 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
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.
Current wording
As of June 30, 2026, ASV was $2.080 billion, which increased 7.9% compared to the ASV as of June 30, 2025. ASV represents nearly 100% of total data services revenues for this segment. This does not adjust for year-over-year foreign exchange fluctuations.
Previous wording
Our mortgage technology revenues are derived from our comprehensive, end-to-end U.S. residential mortgage platform. Our mortgage technology business is intended to enable greater workflow efficiency and mitigate risks for customers throughout the mortgage life cycle. Mortgage technology revenues increased 6% for the three months ended March 31, 2026 from the comparable period in 2025 primarily due to higher origination volumes, revenue contributions from new client implementations, and renewal expansions with existing customers that drove broader product adoption.
Current wording
Our mortgage technology revenues are derived from our comprehensive, end-to-end U.S. residential mortgage platform. Our mortgage technology business is intended to enable greater workflow efficiency and mitigate risks for customers throughout the mortgage life cycle. Mortgage technology revenues increased 5% for each of the six and three months ended June 30, 2026 from the comparable periods in 2025 primarily due to higher origination volumes, revenue contributions from new client implementations, and renewal expansions with existing customers that drove broader product adoption.
Previous wording
•Origination technology: Our origination technology revenues increased 10% for the three months ended March 31, 2026, from the comparable period in 2025, driven by origination volume impacting Encompass and Encompass network revenues and renewal expansions of existing customers. These revenues are based on recurring Software as a Service, or SaaS, subscription fees, with an additive transaction-based or success-based pricing fee as lenders exceed the number of loans closed that are included with their monthly base subscription. Revenues from the Encompass network are largely transaction-based.
Current wording
•Origination technology: Our origination technology revenues increased 7% and 5% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025, driven by origination volume impacting Encompass and Encompass network revenues and renewal expansions of existing customers. These revenues are based on recurring Software as a Service, or SaaS, subscription fees, with an additive transaction-based or success-based pricing fee as lenders exceed the number of loans closed that are included with their monthly base subscription. Revenues from the Encompass network are largely transaction-based.
Previous wording
•Closing solutions: Our closing solutions revenues increased 20% during the three months ended March 31, 2026 from the comparable period in 2025, driven by higher industry volume impacting MERSCORP Holdings, Inc., or MERS, and Simplifile. Revenues from closing solutions are largely transaction-based, driven by the volume of loans closed.
Current wording
•Closing solutions: Our closing solutions revenues increased 17% and 14% during the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025, driven by higher industry volume impacting MERSCORP Holdings, Inc., or MERS, and Simplifile. Revenues from closing solutions are largely transaction-based, driven by the volume of loans closed.
Previous wording
•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 wording
•Servicing software: Our servicing software revenues increased 2% for each of the six and three months ended June 30, 2026 from the comparable periods 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.
Previous wording
•Data and analytics: Our Data and Analytics revenues increased 1% during the three months ended March 31, 2026 from the comparable period in 2025, driven by continued adoption of data solutions and increased purchases by existing customers. Revenues related to our data and analytics products are largely subscription-based and recurring in nature with a smaller portion transaction-based in nature.
Current wording
•Data and analytics: Our Data and Analytics revenues increased 3% and 6% during the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025, driven by continued adoption of data solutions and increased purchases by existing customers. Revenues related to our data and analytics products are largely subscription-based and recurring in nature with a smaller portion transaction-based in nature.
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Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
During the six months ended June 30, 2026 and 2025, 18% and 15% of our consolidated revenues, less transaction-based expenses were denominated in pounds sterling or euros, respectively. During the three months ended June 30, 2026 and 2025, 16% and 15% of our consolidated revenues, less transaction-based expenses were denominated in pounds sterling or euros, respectively.
Rearranged previous paragraphs (1)
Previous report — wording carried 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.