Item 1. Consolidated Financial Statements

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Item 1. Consolidated Financial Statements

Intercontinental Exchange, Inc. and Subsidiaries

Consolidated Balance Sheets

(In millions, except par value)


	As of March 31, 2026 (Unaudited)
			As of December 31, 2025

Assets:
Current assets:
Cash and cash equivalents	$	863		$	837
Short-term restricted cash and cash equivalents	631			748
Short-term restricted investments	884			629
Cash and cash equivalent margin deposits and guaranty funds	117,610			76,789
Invested deposits, delivery contracts receivable and unsettled variation margin	4,016			4,437
Customer accounts receivable, net of allowance for doubtful accounts of $19 and $21 at March 31, 2026 and December 31, 2025, respectively	2,382			1,552
Prepaid expenses and other current assets	679			786
Total current assets	127,065			85,778
Property and equipment, net	2,707			2,691
Other non-current assets:
Goodwill	30,634			30,646
Other intangible assets, net	15,108			15,353
Long-term restricted cash and cash equivalents	326			240
Long-term restricted investments	70			141
Other non-current assets	3,267			2,038
Total other non-current assets	49,405			48,418
Total assets	$	179,177		$	136,887
Liabilities and Equity:
Current liabilities:
Accounts payable and accrued liabilities	$	1,311		$	1,078

Accrued salaries and benefits	161			455
Deferred revenue	640			204
Short-term debt	1,751			1,035
Margin deposits and guaranty funds	117,610			76,789
Invested deposits, delivery contracts payable and unsettled variation margin	4,016			4,437
Other current liabilities	200			118
Total current liabilities	125,689			84,116
Non-current liabilities:
Non-current deferred tax liability, net	4,136			3,998
Long-term debt	18,619			18,609
Accrued employee benefits	173			174
Non-current operating lease liability	615			635
Other non-current liabilities	383			364
Total non-current liabilities	23,926			23,780
Total liabilities	149,615			107,896
Commitments and contingencies
Redeemable non-controlling interests in consolidated subsidiaries	32			22

Intercontinental Exchange, Inc. and Subsidiaries

Consolidated Balance Sheets (Continued)

(In millions, except par value)


	As of March 31, 2026 (Unaudited)
			As of December 31, 2025

Equity:
Intercontinental Exchange, Inc. stockholders’ equity:
Preferred stock, $0.01 par value; 100 shares authorized; none issued or outstanding	$	—		$	—
Common stock, $0.01 par value; 1,500 shares authorized; 655 and 566 shares issued and outstanding at March 31, 2026, respectively, and 653 and 567 shares issued and outstanding at December 31, 2025, respectively	7			7
Treasury stock, at cost; 89 and 86 shares at March 31, 2026 and December 31, 2025, respectively	(8,442)			(7,792)
Additional paid-in capital	16,767			16,643
Retained earnings	21,397			20,281
Accumulated other comprehensive loss	(251)			(224)
Total Intercontinental Exchange, Inc. stockholders’ equity	29,478			28,915
Non-controlling interests in consolidated subsidiaries	52			54
Total equity	29,530			28,969
Total liabilities and equity	$	179,177		$	136,887

See accompanying notes.

Intercontinental Exchange, Inc. and Subsidiaries

Consolidated Statements of Income

(In millions, except per share amounts)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Revenues:
Exchanges	$	2,470	$	2,123
Fixed income and data services	657		596
Mortgage technology	539		510
Total revenues	3,666		3,229
Transaction-based expenses:
Section 31 fees	—		262
Cash liquidity payments, routing and clearing	689		494
Total revenues, less transaction-based expenses	2,977		2,473
Operating expenses:
Compensation and benefits	505		481
Professional services	35		40
Acquisition-related transaction and integration costs	41		32
Technology and communication	238		213
Rent and occupancy	24		21
Selling, general and administrative	85		76
Depreciation and amortization	384		389
Total operating expenses	1,312		1,252
Operating income	1,665		1,221
Other income/(expense):
Interest income	24		33
Interest expense	(203)		(206)
Other income, net	411		19
Total other income/(expense), net	232		(154)
Income before income tax expense	1,897		1,067
Income tax expense	465		255
Net income	$	1,432	$	812
Net income attributable to non-controlling interests	(19)		(15)
Net income attributable to Intercontinental Exchange, Inc.	$	1,413	$	797
Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:
Basic	$	2.49	$	1.39
Diluted	$	2.48	$	1.38
Weighted average common shares outstanding:
Basic	567		574
Diluted	570		577

See accompanying notes.

Intercontinental Exchange, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(In millions)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Net income	$	1,432	$	812
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustments	(28)		35
Change in equity method investment	1		—

Other comprehensive income/(loss)	(27)		35
Comprehensive income	$	1,405	$	847
Comprehensive income attributable to non-controlling interests	(19)		(15)
Comprehensive income attributable to Intercontinental Exchange, Inc.	$	1,386	$	832

See accompanying notes.

Intercontinental Exchange, Inc. and Subsidiaries

Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interests

(In millions)

(Unaudited)


	Intercontinental Exchange, Inc. Stockholders’ Equity												Non- Controlling Interests in Consolidated Subsidiaries		Total Equity		Redeemable Non-Controlling Interests
	Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss
	Shares	Value		Shares	Value
Balance, as of December 31, 2025	653	$	7	(86)	$	(7,792)	$	16,643	$	20,281	$	(224)	$	54	$	28,969	$	22
Other comprehensive loss	—	—		—	—		—		—		(27)		—		(27)		—
Stock-based compensation	—	—		—	—		89		—		—		—		89		—
Exercise of common stock options	—	—		—	—		5		—		—		—		5		—
Issuance of restricted stock	2	—		—	—		—		—		—		—		—		—
Shares withheld for taxes on employee equity awards	—	—		—	(95)		—		—		—		—		(95)		—
Issuance under the employee stock purchase plan	—	—		—	—		30		—		—		—		30		—
Repurchases of common stock	—	—		(3)	(555)		—		—		—		—		(555)		—
Contributions from equity partners	—	—		—	—		—		—		—		9		9		10

Distributions of profits	—	—		—	—		—		—		—		(30)		(30)		—
Dividends paid to stockholders	—	—		—	—		—		(297)		—		—		(297)		—
Net income attributable to non-controlling interests	—	—		—	—		—		(19)		—		19		—		—
Net income	—	—		—	—		—		1,432		—		—		1,432		—
Balance, as of March 31, 2026	655	$	7	(89)	$	(8,442)	$	16,767	$	21,397	$	(251)	$	52	$	29,530	$	32


	Intercontinental Exchange, Inc. Stockholders’ Equity												Non- Controlling Interests in Consolidated Subsidiaries		Total Equity		Redeemable Non-Controlling Interest
	Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss
	Shares	Value		Shares	Value
Balance, as of December 31, 2024	651	$	7	(77)	$	(6,385)	$	16,292	$	18,071	$	(338)	$	51	$	27,698	$	22
Other comprehensive income	—	—		—	—		—		—		35		—		35		—
Stock-based compensation	—	—		—	—		66		—		—		—		66		—
Exercise of common stock options	—	—		—	—		13		—		—		—		13		—
Issuance of restricted stock	2	—		—	—		—		—		—		—		—		—
Shares withheld for taxes on employee equity awards	—	—		(1)	(95)		—		—		—		—		(95)		—
Issuance under the employee stock purchase plan	—	—		—	—		30		—		—		—		30		—
Repurchases of common stock	—	—		(1)	(241)		—		—		—		—		(241)		—
Contribution from equity partners	—	—		—	—		—		—		—		11		11		—

Distributions of profits	—	—		—	—		—		—		—		(30)		(30)		—
Dividends paid to stockholders	—	—		—	—		—		(278)		—		—		(278)		—
Net income attributable to non-controlling interests	—	—		—	—		—		(15)		—		15		—		—
Net income	—	—		—	—		—		812		—		—		812		—
Balance, as of March 31, 2025	653	$	7	(79)	$	(6,721)	$	16,401	$	18,590	$	(303)	$	47	$	28,021	$	22

See accompanying notes.

Intercontinental Exchange, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In millions)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Operating activities:
Net income	$	1,432	$	812
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	384		389
Stock-based compensation	78		57
Deferred taxes	140		(60)
Gain on investments	(389)		—
Net income from unconsolidated investees	(26)		(29)
Other	12		14
Changes in assets and liabilities:
Customer accounts receivable	(833)		(387)
Other current and non-current assets	(110)		(38)
Section 31 fees payable	—		(56)
Deferred revenue	435		370
Other current and non-current liabilities	203		(106)
Total adjustments	(106)		154
Net cash provided by operating activities	1,326		966
Investing activities:
Capital expenditures	(64)		(85)
Capitalized software development costs	(112)		(104)
Purchases of invested margin deposits	(1,724)		(2,344)
Proceeds from invested margin deposits	1,424		481
Cash paid for acquisitions, net of cash acquired	—		(11)
Purchases of equity and equity method investments	(802)		—
Purchases of restricted investments	(748)		(183)
Proceeds from restricted investments	572		100
Other investing activities	34		(7)
Net cash used in investing activities	(1,420)		(2,153)
Financing activities:


Proceeds from/(Redemption of) commercial paper, net	716		(96)

Repurchases of common stock	(551)		(241)
Dividends paid to stockholders	(297)		(278)
Change in cash and cash equivalent margin deposits and guaranty funds liability	41,121		2,999
Shares withheld for taxes on employee equity awards	(95)		(95)
Other financing activities	24		(6)
Net cash provided by financing activities	40,918		2,283
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds	(8)		10
Net increase in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds	40,816		1,106
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period	78,614		84,503
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period	$	119,430	$	85,609

Intercontinental Exchange, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (Continued)

(In millions)

(Unaudited)


	Three Months Ended March 31,
Supplemental cash flow disclosure:	2026		2025
Cash paid for interest	$	209	$	194
Cash paid for income taxes	$	66	$	166


Reconciliation of the components of cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds to the consolidated balance sheets:	As of March 31, 2026		As of March 31, 2025
Cash and cash equivalents	$	863	$	783
Short-term restricted cash and cash equivalents	631		1,235
Long-term restricted cash and cash equivalents	326		305
Cash and cash equivalent margin deposits and guaranty funds	117,610		83,286
Total	$	119,430	$	85,609

See accompanying notes.

Intercontinental Exchange, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(Unaudited)

**1.**Description of Business

Nature of Business and Organization

Intercontinental Exchange, Inc. is a leading global provider of technology and data to a broad range of customers including financial institutions, corporations and government entities. Our products, which span major asset classes including futures, equities, fixed income and United States, or U.S., residential mortgages, provide our customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency. Our business is conducted through three reportable business segments:

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.
Fixed Income and Data Services:** We provide fixed income pricing, reference data, indices, analytics and execution services as well as global credit default swap, or CDS, clearing and multi-asset class data delivery technology.
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.

We operate marketplaces, technology and provide data services in the U.S., United Kingdom, or U.K., European Union, or EU, Canada, Asia Pacific and the Middle East.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared by us in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Accordingly, the unaudited consolidated financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and related notes thereto for the year ended December 31, 2025. The unaudited consolidated financial statements reflect all adjustments that are, in our opinion, necessary for a fair presentation of results for the interim periods presented. We believe that these adjustments are of a normal recurring nature.

Preparing financial statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying disclosures. Actual amounts could differ from those estimates. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for any future period or the full fiscal year.

These statements include the accounts of our wholly-owned and controlled subsidiaries. All intercompany balances and transactions between us and our wholly-owned and controlled subsidiaries have been eliminated in consolidation. For consolidated subsidiaries in which our ownership is less than 100% and for which we have control over the assets and liabilities and the management of the entity, the non-ICE interests are shown as non-controlling interests. When non-controlling interests hold an option to require us to repurchase their interests, these amounts are shown as redeemable non-controlling interests and could be subject to remeasurement.

We have considered the impacts of macroeconomic conditions during the quarter, including interest rates, inflation rates, changes in tariffs and trade policies, prolonged U.S. government shutdowns, geopolitical events and military conflicts, including repercussions from, and the impacts that, any of the foregoing may have on the global economy and on our business. As of March 31, 2026, our businesses and operations, including our exchanges, clearing houses, listings venues, data services businesses and mortgage platforms, have not suffered a material negative impact as a result of these events. There continues to be uncertainty surrounding the current macroeconomic environment and the impact that it may have on the global economy and on our business.

Recently Adopted Accounting Pronouncements

During the three months ended March 31, 2026, there were no significant changes to the new and recently adopted accounting pronouncements applicable to us from those disclosed in the 2025 Form 10-K.

3. Investments

The carrying value of our investments, which are included in other non-current assets within our consolidated balance sheets, consisted of the following (in millions):


	As of March 31, 2026		As of December 31, 2025
Equity securities:
Equity investments without readily determinable fair values	$	2,385	$	1,194
Equity method investments	441		414
Equity investments measured using NAV practical expedient	6		6
Total carrying value of our equity and equity method investments	$	2,832	$	1,614

Equity Investments Without Readily Determinable Fair Values

We record any unrealized gains and losses from remeasurement, which we refer to as upward or downward adjustments, within other income, net, in our consolidated statements of income. During the three months ended March 31, 2026, we recorded $389 million of upward adjustments due to the identification of an observable price change described below. During the three months ended March 31, 2026, there were no downward adjustments, including impairments, identified.

For the investments we still held as of March 31, 2026, cumulative upward adjustments between January 1, 2018, the date we adopted the measurement alternative, and March 31, 2026 were $426 million and cumulative downward adjustments were $3 million.

Polymarket

On October 7, 2025, we entered into an agreement to purchase 9.6 million shares of Series D Preferred Stock of Blockratize, Inc., doing business as Polymarket, a prediction market and information platform tracking event probabilities across markets, politics, sport and culture, for $1.0 billion. At the time of investment, our Series D Preferred Stock ownership represented approximately 17% and 11% ownership of the outstanding and fully diluted shares of Polymarket, respectively.

Each Series D Preferred share can be converted into common stock at our option or will be mandatorily converted upon a qualified initial public offering or direct listing. We are entitled to a 6% non-cumulative dividend payable only if declared. With respect to liquidation, dissolution and winding up of Polymarket, the Series D Preferred Stock ranks pari passu with certain of the other classes of preferred stock and is senior to the remaining shares of capital stock, including common stock. As the holder of Series D Preferred Stock, we have the right to cast the number of votes equal to the number of whole shares of common stock into which our preferred shares are convertible. Our ownership gives us the right to nominate and vote exclusively to elect one member of the board.

On March 26, 2026, we invested an additional $600 million in Polymarket pursuant to a Series E Preferred Stock Purchase Agreement, acquiring approximately 4.2 million shares of Series E Preferred Stock. The rights and preferences of the Series E Preferred Stock are substantially similar to those of our Series D Preferred Stock, including liquidation preference, dividend rights, anti-dilution protections, conversion rights, and voting rights.

The Series E transaction constitutes an observable price change in an orderly transaction for a similar investment of the same issuer under the measurement alternative guidance. Accordingly, we recorded a gain of $389 million related to measuring our Series D Preferred Stock based on the implied fair value indicated by the Series E transaction price.

As of March 31, 2026, the total carrying value of our Series D and E Preferred Stock investments was approximately $2.0 billion and represented approximately 23% and 14% ownership of the outstanding and fully diluted shares of Polymarket, respectively. Although our combined ownership exceeds 20% of the outstanding shares of Polymarket, the Series D and E Preferred Stock are not considered in-substance common stock and therefore do not qualify for equity method accounting under ASC 323. Therefore, we account for these investments as equity securities without a readily determinable fair value using the measurement alternative guidance under ASC 321.

OKX

On March 3, 2026, we entered into an agreement to purchase approximately 0.9 million shares of Series C Preferred Shares of OKC Holdings Corporation, the parent company of OKX, a blockchain technology and trading company, for $200 million. Our investment represents less than 1% ownership of OKX.

Equity Method Investments

Our equity method investments include the Options Clearing Corporation, or OCC, and Bakkt, Inc., or Bakkt, among others. We recognized income of $26 million and $29 million as our share of estimated income/loss, net, from our equity method investments during the three months ended March 31, 2026 and 2025, respectively. The estimated income is primarily related to our share of net income of OCC, partially offset by our share of net losses of Bakkt. Both periods include adjustments to reflect the difference between reported prior period actual results from our original estimates.

During the three months ended March 31, 2026, there were no other-than-temporary impairments of our equity method investments identified.

OCC

We own a 40% interest in OCC through a direct investment by the New York Stock Exchange, or NYSE. OCC is regulated by the SEC as a registered clearing agency and by the Commodity Futures Trading Commission, or CFTC, as a derivatives clearing organization. OCC serves as a clearing house for securities options, securities futures, commodity futures and options on futures traded on various independent exchanges. OCC clears securities options traded on NYSE Arca Options and NYSE American Options, along with other non-affiliated exchanges.

Bakkt

As of March 31, 2026 and December 31, 2025, we held an approximate 26% and 31% economic interest in Bakkt, respectively. The decrease in ownership during the three months ended March 31, 2026 primarily reflects the dilutive effect of Bakkt's issuances of Class A common stock and pre-funded warrants during the period, including shares sold under its at-the-market equity program and a registered direct offering completed during the period. As of March 31, 2026, we do not have any value assigned to the equity method investment carrying value for Bakkt primarily due to our continued recording of our share of losses. As Bakkt is a public company with a readily available market price, the fair value of our investment was $58 million, which was based on the quoted market price of Bakkt Class A common stock as of March 31, 2026.

Equity Investments Measured Using NAV

We estimate the fair value of certain of our equity investments each reporting period using the net asset value per share, or NAV, practical expedient. During the three months ended March 31, 2026, we recorded an immaterial fair value adjustment estimated using the NAV of our ownership interests.

4. Revenue Recognition

Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in our consolidated balance sheets as customer accounts receivable. We do not have obligations for warranties, returns or refunds to customers, other than rebates, which are settled each period and therefore do not result in variable consideration. We do not have significant revenue recognized from performance obligations that were satisfied in prior periods. Certain judgments and estimates are used in the identification and timing of satisfaction of performance obligations and the related allocation of transaction price. We believe that these represent a faithful depiction of the transfer of services to our customers.

Deferred revenue represents our contract liabilities related to our annual, original and other listings revenues, certain data services, clearing services, mortgage technology services and other revenues. See Note 5 for our discussion of deferred revenue balances, activity, and expected timing of recognition.

For all of our contracts with customers, except for listings and certain data, clearing and mortgage services, our performance obligations are short term in nature and there is no significant variable consideration.

Refer to Notes 2 and 5 to the consolidated financial statements included in Part II, Item 8 of our 2025 Form 10-K where we describe our revenue recognition accounting policies and our primary revenue contract classifications in detail.

Disaggregation of Revenues

The following tables depict the disaggregation of our revenues according to business line and segment (in millions). Amounts here have been aggregated as they follow consistent revenue recognition patterns, and are consistent with the segment information in Note 14:


	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Three Months Ended March 31, 2026:
Total revenues (1)	$	2,470	$	657	$	539	$	3,666
Transaction-based expenses	689		—		—		689
Total revenues, less transaction-based expenses	$	1,781	$	657	$	539	$	2,977

Timing of Revenue Recognition
Services transferred at a point in time	$	1,182	$	129	$	135	$	1,446
Services transferred over time	599		528		404		1,531
Total revenues, less transaction-based expenses	$	1,781	$	657	$	539	$	2,977
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $28 million and $26 million recorded in our Exchanges and Fixed Income and Data Services segments, respectively.


	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Three Months Ended March 31, 2025:
Total revenues (1)	$	2,123	$	596	$	510	$	3,229
Transaction-based expenses	756		—		—		756
Total revenues, less transaction-based expenses	$	1,367	$	596	$	510	$	2,473

Timing of Revenue Recognition
Services transferred at a point in time	$	852	$	114	$	110	$	1,076
Services transferred over time	515		482		400		1,397
Total revenues, less transaction-based expenses	$	1,367	$	596	$	510	$	2,473
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $25 million and $26 million recorded in our Exchanges and Fixed Income and Data Services segments, respectively.

The Exchanges segment and the Fixed Income and Data Services segment revenues above include data services revenues. Our data services revenues are transferred over time, and a majority of those revenues are performed over a short period of time of one month or less and relate to subscription-based data services billed monthly, quarterly or annually in advance. These revenues are recognized ratably over time as our data delivery performance obligations are met consistently throughout the period.

The Exchanges segment revenues transferred over time in the tables above also include services related to listings, risk management of open interest performance obligations and regulatory fees, trading permits, and software licenses.

The Fixed Income and Data Services segment revenues transferred over time in the tables above also include services related to risk management of open interest performance obligations, primarily in our CDS business.

The Mortgage Technology segment revenues transferred over time in the tables above primarily relate to our origination and servicing technology revenue where performance obligations consist of a series of distinct services and are recognized over the contract terms as subscription performance obligations are satisfied and, to a lesser extent, professional services revenues and revenues from certain of our data and analytics offerings.

The components of services transferred over time for each of our segments are as follows (in millions):


	Three Months Ended March 31,
	2026		2025
Exchanges Segment:
Data services revenues	$	277	$	246
Services transferred over time related to risk management of open interest performance obligations	161		109
Services transferred over time related to listings	128		122
Services transferred over time related to regulatory fees, trading permits, and software licenses	33		38
Total	$	599	$	515

Fixed Income and Data Services Segment:
Data services revenues	$	514	$	471
Services transferred over time related to risk management of open interest performance obligations in our CDS business	14		11
Total	$	528	$	482

Mortgage Technology Segment:
Recurring revenues	$	401	$	397
Other	3		3
Total	$	404	$	400

Total consolidated revenues transferred over time	$	1,531	$	1,397

Transaction Price Allocated to Future Performance Obligations

Our disclosure of transaction price allocated to future performance obligations excludes the following:

Volume-based fees in excess of contractual minimums and other usage-based fees to the extent they are part of a single performance obligation and meet certain variable consideration allocation criteria;
Performance obligations that are part of a contract with an original expected duration of one year or less; and
Transactional fees based on a fixed fee per transaction when we have the right to invoice once we have completed the performance obligation.

As of March 31, 2026, the aggregate amount of the transaction price that was allocated to our future performance obligations was approximately $3.5 billion and was primarily related to contracts with customers in our Mortgage Technology segment. We expect this amount to be recognized as revenue as follows: 29% by December 31, 2026, 76% by December 31, 2028, 94% by December 31, 2030 and the rest thereafter.

Contract Assets

Substantially all of our contract assets are related to contracts with customers in our Mortgage Technology segment. As of March 31, 2026 and December 31, 2025, the balance of our contract assets was $85 million and $89 million, respectively. Our allowance for contract asset credit losses was nominal for both periods.

5. Deferred Revenue

Our contract liabilities, or deferred revenue, represent consideration received that is yet to be recognized as revenue. Total deferred revenue was $726 million as of March 31, 2026, including $640 million in current deferred revenue and $86 million in other non-current liabilities in our consolidated balance sheets. The changes in our deferred revenue during the three months ended March 31, 2026 are as follows (in millions):


	Listings Revenues		Data Services and Other Revenues		Mortgage Technology		Total
Deferred revenue balance at January 1, 2026	$	119	$	101	$	72	$	292
Additions	473		169		33		675
Amortization	(128)		(80)		(33)		(241)
Deferred revenue balance at March 31, 2026	$	464	$	190	$	72	$	726

The changes in our deferred revenue during the three months ended March 31, 2025 are as follows (in millions):


	Listings Revenues		Data Services and Other Revenues		Mortgage Technology		Total
Deferred revenue balance at January 1, 2025	$	119	$	130	$	84	$	333
Additions	461		139		38		638
Amortization	(122)		(100)		(46)		(268)
Deferred revenue balance at March 31, 2025	$	458	$	169	$	76	$	703

Included in the amortization recognized during the three months ended March 31, 2026 is $85 million related to the deferred revenue balance as of January 1, 2026. Included in the amortization recognized during the three months ended March 31, 2025 is $88 million related to the deferred revenue balance as of January 1, 2025. As of March 31, 2026, the remaining deferred revenue balance will be recognized over the period of time we satisfy our performance obligations as described in Note 4.

6. Goodwill and Other Intangible Assets

The following is a summary of the activity in our goodwill balance by segment for the three months ended March 31, 2026 (in millions):


	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Goodwill balance at December 31, 2025	$	8,175	$	4,864	$	17,607	$	30,646


Foreign currency translation	(10)		(1)		(1)		(12)

Goodwill balance at March 31, 2026	$	8,165	$	4,863	$	17,606	$	30,634

The following is a summary of the activity in our other intangible assets balance for the three months ended March 31, 2026 (in millions):


Other intangible assets balance at December 31, 2025	$	15,353

Foreign currency translation	(8)
Amortization of other intangible assets	(237)

Other intangible assets balance at March 31, 2026	$	15,108

Foreign currency translation adjustments result from a portion of our goodwill and other intangible assets primarily being held at our U.K., EU and Canadian subsidiaries, whose functional currencies are not the U.S. dollar.

During the three months ended March 31, 2026, we considered whether events or changes in circumstances indicated that our goodwill or indefinite-lived intangible assets may be impaired or finite-lived intangible assets may not be recoverable. After evaluating relevant events and circumstances, we determined it was not more-likely-than-not that goodwill or indefinite-lived intangible assets within any of our reporting units were impaired, and we determined that the carrying amounts of our finite-lived intangible assets were recoverable. We plan to perform our annual impairment testing in the fourth quarter of 2026.

7. Debt

The carrying value of our total debt, including short-term and long-term debt, consisted of the following (in millions):


	As of March 31, 2026		As of December 31, 2025
Short-term debt:
Commercial Paper	$	1,751	$	1,035

Total short-term debt	1,751		1,035
Long-term debt:
2027 Senior Notes (4.00%; due September 15, 2027)	1,496		1,495
2027 Senior Notes (3.10%; due September 15, 2027)	499		499
2028 Senior Notes (3.625%; due September 1, 2028)	959		954
2028 Senior Notes (3.75%; due September 21, 2028)	598		597
2028 Senior Notes (3.95%; due December 1, 2028)	595		594
2029 Senior Notes (4.35%; due June 15, 2029)	1,245		1,245
2030 Senior Notes (2.10%; due June 15, 2030)	1,242		1,242
2031 Senior Notes (4.20%; due March 15, 2031)	640		640
2031 Senior Notes (5.25%; due June 15, 2031)	745		745
2032 Senior Notes (1.85%; due September 15, 2032)	1,490		1,489
2033 Senior Notes (4.60%; due March 15, 2033)	1,492		1,491
2040 Senior Notes (2.65%; due September 15, 2040)	1,234		1,234
2048 Senior Notes (4.25%; due September 21, 2048)	1,234		1,234
2050 Senior Notes (3.00%; due June 15, 2050)	1,224		1,224
2052 Senior Notes (4.95%; due June 15, 2052)	1,468		1,468
2060 Senior Notes (3.00%; due September 15, 2060)	1,473		1,473
2062 Senior Notes (5.20%; due June 15, 2062)	985		985
Total long-term debt	18,619		18,609
Total debt	$	20,370	$	19,644

As of March 31, 2026, our unsecured senior notes of $18.6 billion had a weighted average maturity of 13 years and a weighted average cost of 3.7% per annum.

Credit Facilities

We have a $3.9 billion senior unsecured revolving credit facility, or the Credit Facility, with future capacity to increase our borrowings under the Credit Facility by an additional $1.0 billion, subject to the consent of the lenders funding the increase and certain other conditions. The maturity date of the Credit Facility is May 31, 2029, and no amounts were outstanding under the Credit Facility as of March 31, 2026.

As of March 31, 2026, of the $3.9 billion that was available for borrowing under the Credit Facility, $1.8 billion was required to back-stop the notes outstanding under our U.S. dollar commercial paper program, or the Commercial Paper Program, and $168 million was required to support certain broker-dealer and other subsidiary commitments. Amounts required to back-stop notes outstanding under the Commercial Paper Program will fluctuate as we increase or decrease our commercial paper borrowings. The remaining $2.0 billion is available for working capital and general corporate purposes including, but not limited to, acting as a back-stop to future amounts outstanding under the Commercial Paper Program.

Our India subsidiaries maintain $14 million of credit lines for their general corporate purposes. As of March 31, 2026, there were no amounts outstanding under these credit lines.

Commercial Paper Program

Our Commercial Paper Program is currently backed by the borrowing capacity available under the Credit Facility, as described above. The effective interest rate of commercial paper issuances does not materially differ from short-term interest rates, which fluctuate due to market conditions and as a result may impact our interest expense. During the three months ended March 31, 2026, we had net borrowings of $716 million under the Commercial Paper Program.

Commercial paper notes of $1.8 billion with original maturities ranging from 1 to 45 days were outstanding as of March 31, 2026, with a weighted average interest rate of 4.1% per annum, and a weighted average remaining maturity of 24 days.

8. Stock-Based Compensation

Refer to Note 11 to the consolidated financial statements included in Part II, Item 8 of our 2025 Form 10-K for a detailed description of the Company's stock-based compensation awards, including information related to vesting terms, service, performance, and market conditions.

The non-cash compensation expenses recognized in our consolidated statements of income for stock options, restricted stock units, or RSUs, and under our employee stock purchase plan were as follows (in millions):


	Three Months Ended March 31,
	2026		2025
Classified as compensation and benefits expenses:
Stock options and RSUs	$	60	$	54
ESPP	4		4
Capitalized as software development costs	(7)		(6)
Total	$	57	$	52
Classified as acquisition-related transaction and integration costs	21		5
Total non-cash compensation expense	$	78	$	57

Stock Options

We have not granted any stock option awards since 2024.

Restricted Stock Units Activity

During the three months ended March 31, 2026, we granted the following:


Award Type	Number of units (in thousands)	Weighted average grant date fair value
Service condition RSUs	922	$	164.81
One-year EBITDA PSUs	277	$	164.81
Year-three EBITDA PSUs	120	$	164.81
TSR-based PSUs	93	$	228.86
Total	1,412	$	169.03

We recognize expense on our performance-based RSUs, or PSUs, based on our quarterly assessment of the probable actual performance as compared to our financial performance targets.

As of March 31, 2026, our best estimate is that the financial performance level will be above target for the one-year EBITDA PSUs granted in 2026, the year-three EBITDA PSUs granted in 2024, and our deal incentive PSUs granted in October 2023. Our best estimate for the year-three EBITDA PSUs granted in 2025 and 2026 remains at target.

Qualifying Retirement Provision

During 2026, the Company entered into revised employment agreements with executive officers which included, among other changes, a retirement termination provision. If the retirement termination requirements are met, upon a qualified retirement, the executive officer will be entitled to any outstanding equity awards granted after February 1, 2026 and more than twelve months prior to the qualified retirement termination date, and the underlying shares will be delivered on the award's originally scheduled vesting dates with performance and market condition RSUs settled based on actual results in accordance with their terms. This retirement termination provision will result in accelerated recognition of compensation expense for awards granted to officers who meet the retirement termination requirements or will meet the requirements during the awards' explicit vesting period. We recognize compensation cost over the requisite service period which is the period from the grant date to when the officer becomes eligible for the retirement termination provision and has provided twelve months of service beyond the award grant date as described above.

Employee Stock Purchase Plan

There have been no material changes to our ESPP during the three months ended March 31, 2026. For a full description of the plan's terms, refer to Note 11 to the consolidated financial statements included in Part II, Item 8 of our 2025 Form 10-K. ESPP-related compensation expense may fluctuate period over period based on employee participation levels and changes in the fair value at the grant date.

9. Equity

Treasury Stock

Stock Repurchase Program

In December 2025, our Board approved an aggregate of $3.0 billion for future repurchases of our common stock with no fixed expiration date, effective January 1, 2026, replacing the prior authorization. During the three months ended March 31, 2026, we repurchased a total of 3.5 million shares at a cost of $551 million, of which 1.3 million shares were purchased on the open market at a cost of $200 million during an open trading period and the remainder under our 10b5-1 trading plan. During the three months ended March 31, 2025, we repurchased a total of 1.4 million shares at a cost of $241 million under the 10b5-1 trading plan. We recorded $4 million of excise tax in treasury stock as part of the cost basis of the shares repurchased during the three months ended March 31, 2026; excise tax was nominal during the three months ended March 31, 2025. Shares repurchased are held in treasury stock. As of March 31, 2026, the remaining balance of Board approved funds for future repurchases was $2.5 billion.

Shares withheld for taxes on employee equity awards

During the three months ended March 31, 2026 and 2025, we withheld shares to satisfy employee tax withholding obligations upon the vesting of RSUs, which we recorded as treasury stock at a cost of $95 million in each period.

Dividends

During the three months ended March 31, 2026 and 2025, we declared and paid cash dividends per share of $0.52 and $0.48 for an aggregate payout of $297 million and $278 million, respectively.

Non-Controlling Interests

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 non-ICE interests are shown as non-controlling interests.

As of March 31, 2026, our non-controlling interests included those related to the non-ICE limited partners' interest in our CDS clearing subsidiaries and third-parties' interest in ICE Futures Abu Dhabi.

As of March 31, 2026, we also had redeemable non-controlling interests, reflected in temporary equity within our consolidated balance sheet, related to third-parties' interests in an entity acquired by us in 2024 and separately, in a new entity we formed during the three months ended March 31, 2026. These are reflected as redeemable non-controlling interests due to put rights held by non-ICE members to require us to purchase their interests.

Accumulated Other Comprehensive Income/(Loss)

The following tables present changes in the accumulated balances for each component of other comprehensive income/ (loss) (in millions):


	Changes in Accumulated Other Comprehensive Income/(Loss) by Component
	Foreign currency translation adjustments		Comprehensive income from equity method investment		Employee benefit plans adjustments		Total

Balance, as of December 31, 2025	$	(186)	$	9	$	(47)	$	(224)
Other comprehensive income/(loss)	(28)		1		—		(27)
Income tax expense	—		—		—		—
Net current period other comprehensive income/(loss)	(28)		1		—		(27)
Balance, as of March 31, 2026	$	(214)	$	10	$	(47)	$	(251)


	Changes in Accumulated Other Comprehensive Income/(Loss) by Component
	Foreign currency translation adjustments		Comprehensive income from equity method investment		Employee benefit plans adjustments		Total

Balance, as of December 31, 2024	$	(285)	$	9	$	(62)	$	(338)
Other comprehensive income	35		1		—		36
Income tax expense	—		(1)		—		(1)
Net current period other comprehensive income	35		—		—		35
Balance, as of March 31, 2025	$	(250)	$	9	$	(62)	$	(303)

10. Income Taxes

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.

The Organisation for Economic Cooperation and Development, or OECD, Global Anti-Base Erosion Pillar Two minimum tax rules, or Pillar Two, which generally provide for a minimum effective tax rate of 15%, are intended to apply to tax years beginning in 2024. The EU member states and many other countries, including the U.K., our most significant non-U.S. jurisdiction, have committed to implement or have already enacted legislation adopting the Pillar Two rules. In July 2023, the U.K. enacted the U.K. Finance Act 2023, effective as of January 1, 2024, which included provisions to implement certain portions of the Pillar Two minimum tax rules and included an election to apply a transitional safe harbor to extend certain effective dates to accounting periods commencing on or before December 31, 2026 and ending on or before June 30, 2028. In January 2026, the OECD released a comprehensive package of administrative guidance implementing the Group of Seven leading industrialized democracies, or 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. These Pillar Two rules did not have a material impact on our financial statements as of March 31, 2026 or December 31, 2025.

11. Clearing Operations

We operate six clearing houses, each of which acts as a central counterparty that becomes the buyer to every seller and the seller to every buyer for its clearing members, participants, or contracting parties, or collectively, Members. Through this central counterparty function, the clearing houses provide financial security for each transaction for the duration of the position by limiting counterparty credit risk.

Our clearing houses are responsible for providing clearing services to each of our futures exchanges, and in some cases to third-party execution venues, and are as follows, referred to herein collectively as "the ICE Clearing Houses":


Clearing House	Products Cleared	Execution Venues	Location
ICE Clear Europe	Energy, agricultural, interest rates and equity index futures and options contracts	ICE Futures Europe, ICE Futures U.S., ICE Endex, ICE Futures Abu Dhabi and ICE Endex Spot Ltd	U.K.
ICE Clear U.S.	Agricultural, metals, foreign exchange, or FX, interest rate and equity index futures and options contracts	ICE Futures U.S.	U.S.
ICE Clear Credit	OTC North American, European, Asian-Pacific and Emerging Market CDS instruments	ICE Swap Trade and other unaffiliated third-party venues	U.S.
ICE Clear Netherlands	Equity, equity indices and interest rate derivatives	ICE Endex and ICE Futures Europe	The Netherlands
ICE Clear Singapore	Energy, metals and financial futures products	ICE Futures Singapore	Singapore
ICE NGX	Physical North American natural gas, environmental commodities and physical and financial electricity	ICE NGX	Canada

Each ICE Clearing House bears financial counterparty credit risk and provides a central counterparty guarantee, or performance guarantee, to its Members. In its guarantor role, each ICE Clearing House stands as the central counterparty on every contract cleared, having equal and offsetting claims to and from Members on opposite sides of each contract. To reduce their exposure, the ICE Clearing Houses have risk management programs and defined rules covering initial and ongoing membership standards, original or initial margin requirements, collateral and liquidity management, a variation margin process, intraday risk monitoring, ICE contribution to the guaranty fund, and default insurance (where applicable). In addition, with the exception of ICE NGX, which offers only a direct-access clearing model, each ICE Clearing House has defined rules on customer segregation and portability, a mutualized guaranty fund, and powers of assessment.

Each of the ICE Clearing Houses is a separate legal entity and is not subject to the liabilities of the others, or the obligations of Members of the other ICE Clearing Houses.

Members' Collateral

The amounts that Members are required to maintain are determined by proprietary risk models established by each ICE Clearing House and reviewed by the relevant regulators, independent model validators, and the risk committee and board

of each respective ICE Clearing House. The amounts required may fluctuate over time. Generally, margin requirements for Members consist of the following:

Original margin** (referred to as "initial margin" by certain ICE Clearing Houses, and collectively as "original margin" herein): Represents the collateralization of market risk determined such that a portfolio the ICE Clearing House may be required to liquidate following a Member default can be closed or auctioned without recourse to resources other than those deposited by the defaulting Member, assuming an appropriate risk confidence level and liquidation period.
Variation margin**: The daily profits and losses to and from the ICE Clearing Houses by Members due to the marking-to-market of open contracts.
Guaranty fund (mutualized ICE Clearing Houses only)**: Contributions from Members proportional to the risk of their positions and sized pursuant to the mutualized ICE Clearing Houses' guaranty fund methodology with the purpose to cover losses which exceed the resources of a defaulting Member.

Of the six ICE Clearing Houses that we operate, five require Members to contribute to a guaranty fund which mutualizes the risk of default among all Members. ICE NGX operates a non-mutualized, direct clearing operation.

Mutualized Clearing Houses

Each mutualized ICE Clearing House sets rules on the type of collateral Members can deposit to satisfy the margin requirements described above. Member cash deposits are received and held at central banks, highly-rated financial institutions or secured through reverse repurchase agreements with primarily overnight maturities or direct investments primarily in U.S. Treasury and other highly-rated non-U.S. government securities. Reverse repurchase agreements are valued daily and are subject to collateral maintenance provisions pursuant to which the counterparty must provide additional collateral, if needed, to maintain sufficient collateralization. Coinciding with our cash and cash equivalent policy, cash deposits that qualify as cash and cash equivalents are recorded as current assets in "Cash and cash equivalent margin deposits and guaranty funds" with an equal offset in current liabilities in "Margin deposits and guaranty funds" within our consolidated balance sheets. Member cash deposits which we secure via direct investments that do not qualify as cash equivalents are recorded as current assets in "Invested deposits, delivery contracts receivable and unsettled variation margin" with an equal offset in current liabilities in "Invested deposits, delivery contracts payable and unsettled variation margin" within our consolidated balance sheets.

Member non-cash collateral can be in the form of government obligations or European emission allowance certificates. These non-cash collateral deposits are not reflected in our consolidated balance sheets as the risks and rewards of these assets remain with the Member that deposited the assets unless the respective ICE Clearing House has sold or re-pledged the assets (which the ICE Clearing Houses do not do in the ordinary course of business) or in the event of default of the Member, where the Member is no longer entitled to the collateral assets. For certain deposits, we may impose discount or “haircut” rates to ensure adequate collateral if market values fluctuate.

ICE NGX

ICE NGX requires its Members to maintain cash or letters of credit to serve as collateral in the event of default, including as original margin. The cash is maintained in a segregated bank account for the benefit of the Member separate from ICE NGX funds. Since ICE NGX can only use the cash or draw from the letters of credit in the event of a default by the Member, these balances are not included in our consolidated balance sheets.

For the majority of the contracts cleared at ICE NGX, variation margin is not settled daily; instead, it is accrued daily to each Member's account and ICE NGX requires full collateralization of net accrued variation losses. The fair value of open contracts, or unsettled variation margin, and the contract value of delivered but unpaid contracts, or delivery contracts receivable, are recorded as current assets in "Invested deposits, delivery contracts receivable and unsettled variation margin" with an equal offset in current liabilities in "Invested deposits, delivery contracts payable and unsettled variation margin" within our consolidated balance sheets.

Cash Collateral (Mutualized Clearing Houses) and Delivery Contracts Receivable and Unsettled Variation Margin (ICE NGX) Balances

The unsettled variation margin and delivered contracts receivable balance at ICE NGX and the cash collateral posted by Members at our mutualized clearing houses are broken out by margin requirement and clearing house as follows (in millions):


	As of March 31, 2026
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Other ICE Clearing Houses		Total
Original margin	$	75,059	$	29,288	$	7,279	$	—	$	5	$	111,631
Unsettled variation margin, net	—		—		—		395		—		395
Guaranty fund	3,045		5,199		811		—		3		9,058
Delivery contracts receivable, net	—		—		—		542		—		542
Total	$	78,104	$	34,487	$	8,090	$	937	$	8	$	121,626


	As of December 31, 2025
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Other ICE Clearing Houses		Total
Original margin	$	40,627	$	23,965	$	7,088	$	—	$	4	$	71,684
Unsettled variation margin, net	—		—		—		740		—		740
Guaranty fund	3,075		3,986		817		—		6		7,884
Delivery contracts receivable, net	—		—		—		918		—		918
Total	$	43,702	$	27,951	$	7,905	$	1,658	$	10	$	81,226

Details of our deposits are as follows (in millions):


Cash and Cash Equivalent Margin Deposits and Guaranty Funds
Clearing House	Investment Type	As of March 31, 2026		As of December 31, 2025
ICE Clear Europe	National bank account	$	4,477	$	5,368
ICE Clear Europe	Reverse repo	60,381		33,020
ICE Clear Europe	Sovereign debt	9,475		2,359
ICE Clear Europe	Demand deposits	692		176
ICE Clear Credit	National bank account	24,102		19,422
ICE Clear Credit	Reverse repo	6,527		4,965
ICE Clear Credit	Demand deposits	3,858		3,564
ICE Clear U.S.	Reverse repo	7,594		7,342
ICE Clear U.S.	Sovereign debt	496		563
Other ICE Clearing Houses	Demand deposits	8		10
Total cash and cash equivalent margin deposits and guaranty funds		$	117,610	$	76,789


Invested Deposits, Delivery Contracts Receivable and Unsettled Variation Margin
Clearing House	Investment Type	As of March 31, 2026		As of December 31, 2025
ICE NGX	Unsettled variation margin and delivery contracts receivable	$	937	$	1,658
ICE Clear Europe	Invested deposits - sovereign debt	3,079		2,779
Total invested deposits, delivery contracts receivable and unsettled variation margin		$	4,016	$	4,437

ICE Clear Europe periodically enters into foreign currency swaps in order to rebalance liquidity buffers for certain currencies. As of March 31, 2026, there were no outstanding swaps.

Non-cash Collateral (Mutualized Clearing Houses) and Cash and Letters of Credit (ICE NGX) Balances

These pledged assets are not reflected in our balance sheets and are as follows (in millions):


	As of March 31, 2026
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Total
Original margin:
Government securities at face value	$	43,701	$	42,854	$	16,975	$	—	$	103,530
Letters of credit	—		—		—		3,349		3,349
Emissions certificates at fair value	974		—		—		—		974
ICE NGX cash deposits	—		—		—		765		765
Total	$	44,675	$	42,854	$	16,975	$	4,114	$	108,618
Guaranty fund:
Government securities at face value	$	812	$	2,245	$	302	$	—	$	3,359


	As of December 31, 2025
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Total
Original margin:
Government securities at face value	$	26,797	$	38,504	$	14,337	$	—	$	79,638
Letters of credit	—		—		—		3,960		3,960
Emissions certificates at fair value	1,399		—		—		—		1,399
ICE NGX cash deposits	—		—		—		947		947
Total	$	28,196	$	38,504	$	14,337	$	4,907	$	85,944
Guaranty fund:
Government securities at face value	$	736	$	1,944	$	287	$	—	$	2,967

Total Collateral

As of March 31, 2026 and December 31, 2025, the ICE Clearing Houses had received or had been pledged $233.6 billion and $170.1 billion, respectively, in cash and non-cash collateral in original margin and guaranty fund deposits to cover price movements of underlying contracts for both periods.

ICE Clearing Houses' Liquidity Facilities

As of March 31, 2026, the following facilities were in place at the respective ICE Clearing House to support liquidity needs:

ICE Clear Europe: $1.0 billion in committed repurchase agreement facilities, or Committed Repo, to have the ability to convert securities held as collateral into U.S. dollar, euro and pound sterling deposits with same day liquidity.
ICE Clear Credit: $300 million in Committed Repo (U.S. dollar based) to have the ability to convert U.S. dollar/euro denominated sovereign debt held as collateral into U.S. dollar/euro deposits with same day liquidity, €250 million in Committed Repo (euro based) to have the ability to convert euro/U.S. dollar denominated sovereign debt deposits held as collateral into euro/U.S. dollar denominated deposits with same day liquidity, and €1.9 billion in committed FX facilities to have the ability to convert available U.S. dollar denominated cash into euro denominated cash to meet a euro denominated payment obligation with same day liquidity.
ICE Clear U.S.: $250 million in Committed Repo to have the ability to convert U.S. dollar denominated sovereign debt deposits held as collateral into U.S. dollar deposits with same day liquidity.
ICE Clear Netherlands: €10 million in committed FX facilities to have the ability to convert available non-euro denominated cash into euro denominated cash to meet euro denominated payment obligations with same day liquidity.
ICE NGX: $100 million committed with an additional $200 million uncommitted daylight-overnight liquidity facility with a third-party Canadian chartered bank to provide liquidity in the event of a settlement shortfall, subject to certain conditions.

ICE Contributions to the Guaranty Funds and Default Insurance

We have contributed our own capital to each ICE Clearing House's respective guaranty fund that could be used if a defaulting Member’s original margin and guaranty fund deposits are insufficient. Such amounts, referred to as skin in the game or SITG contributions, are recorded as long-term restricted cash and cash equivalents and long-term restricted investments in our consolidated balance sheets.

We also maintain default insurance at ICE Clear Europe, ICE Clear U.S. and ICE Clear Credit as an additional layer of clearing member default protection. The default insurance for these three ICE Clearing Houses was renewed in September 2025 and has a three-year term. Similar to the SITG contribution, the default insurance layer is not intended to replace or reduce the position risk-based amount of the guaranty fund. As a result, the default insurance layer is not a factor that is included in the calculation of the Members' guaranty fund contribution requirement. Instead, it serves as an additional, distinct, and separate default resource that should serve to further protect the non-defaulting Members’ guaranty fund contributions from being mutualized in the event of a default.

As of March 31, 2026, ICE NGX maintains a guaranty fund of $215 million funded by a $200 million letter of credit issued by a major Canadian chartered bank and backed by default insurance underwritten by Export Development Canada, a Crown corporation operated at arm’s length from the Canadian government, plus $15 million held as restricted cash to fund the first loss amount that ICE NGX is responsible for under the default insurance policy. In the event of a Member default where the defaulting Member’s collateral is depleted, the shortfall would be covered by a draw down on the letter of credit following which ICE NGX would file a claim under the default insurance to recover additional losses up to $200 million beyond the $15 million first-loss amount that ICE NGX is responsible for under the default insurance policy. ICE NGX has also set aside $30 million of its own capital that could be used for liquidity purposes in the event of a Member default.

ICE's contribution to the respective guaranty funds and default insurance is broken out by each ICE Clearing House as follows (in millions):


	ICE Portion of Guaranty Fund Contribution		Default insurance
Clearing House	As of March 31, 2026	As of December 31, 2025	As of March 31, 2026	As of December 31, 2025
ICE Clear Europe	$208	$197	$100	$100
ICE Clear U.S.	80	75	25	25
ICE Clear Credit	50	50	75	75
ICE Clear Netherlands	12	13	N/A	N/A
ICE Clear Singapore	1	1	N/A	N/A
ICE NGX	45	45	200	200
Total	$396	$381	$400	$400

Clearing House Exposure

Each ICE Clearing House has defined default management rules and procedures. Our financial exposure as guarantor represents the risk that a Member default generates losses that exhaust the defaulting Member's resources and require the use of our SITG contribution and, in an extreme scenario, generates losses that exceed all available default waterfall resources, including at a mutualized ICE Clearing House, the non-defaulting Members' guaranty fund contributions and powers of assessment. Below is a depiction of our default waterfall which summarizes the lines of defense and layers of protection we maintain for our clearing houses:

Default Waterfall.jpg

Through the clearing operations described above, each ICE Clearing House provides a performance guarantee to its Members. Excluding the effects of the default management protections depicted above, each ICE Clearing House's maximum estimated exposure for this guarantee would be the intra-day or full-day change in fair value if all Members who have open positions with unrealized losses simultaneously defaulted, which is an extremely unlikely scenario. The levels of original margin are calibrated such that a portfolio the ICE Clearing House may be required to liquidate following a Member default can be closed or auctioned without recourse to resources other than those deposited by the defaulting Member, assuming an appropriate risk confidence level and liquidation period. In addition to the base margin model, each ICE Clearing House, depending on its products, employs a number of margin add-ons related to position concentration, Member capital, volatility, spread responses, recovery rate sensitivity, jump-to-default, and wrong-way risk.

We also assessed the fair value of our performance guarantee, considering factors including daily settlement of contracts, margining and collateral requirements, other elements of our risk management program, historical evidence of default payments, and estimated probability of potential default payouts by each ICE Clearing House. Based on these analyses, the estimated performance guarantee liability was determined to be nominal, and no liability was recorded as of March 31, 2026. None of the ICE Clearing Houses has ever experienced a Member default that required the use of the guaranty funds of non-defaulting Members or the assets of the ICE Clearing Houses, including our SITG contribution.

12. Legal Proceedings

In the ordinary course of our business, from time to time we are subject to legal proceedings, lawsuits, government investigations and other claims with respect to a variety of matters. In addition, we are subject to periodic reviews, inspections, examinations and investigations by regulators in the U.S. and other jurisdictions, any of which may result in claims, legal proceedings, assessments, fines, penalties, restrictions on our business or other sanctions. We record estimated expenses and reserves for legal or regulatory matters or other claims when these matters present loss contingencies that are probable and the related amount is reasonably estimable and gain contingencies when they become certain. Any such accruals may be adjusted as circumstances change. Assessments of losses are inherently subjective and involve unpredictable factors. While the outcome of legal and regulatory matters is inherently difficult to predict and/or the range of loss often cannot be reasonably estimable, we do not believe that the liabilities, if any, which may ultimately result from the resolution of the various legal and regulatory matters that arise in the ordinary course of our business are likely to have a material adverse effect on our consolidated financial condition, results of operations, or liquidity. It is possible, however, that future results of operations for any particular quarterly or annual period could be

materially and adversely affected by any developments relating to these legal and regulatory matters. A range of possible losses related to certain cases cannot be reasonably estimated at this time, other than a nominal accrual related to a regulatory matter that was recorded in a prior period and remains outstanding; no new amounts were recorded during the three months ended March 31, 2026. Individual matter disclosures in this Form 10-Q are limited to new significant matters or significant updates on existing matters since our 2025 Form 10-K.

For further information on our legal and regulatory matters, see Note 16 to the consolidated financial statements in Part II, Item 8 of our 2025 Form 10-K.

13. Fair Value Measurements

Financial assets and liabilities recorded or disclosed at fair value in the consolidated balance sheets as of March 31, 2026 and December 31, 2025 were classified in their entirety based on the most significant lowest level input used in their valuation.

Recurring Fair Value Measurements

Our mutual funds are equity and fixed income mutual funds held for the purpose of providing future payments for our supplemental executive savings plan and our supplemental executive retirement plan. These mutual funds are classified as equity investments and measured at fair value using Level 1 inputs with adjustments recorded in net income. As of March 31, 2026 and December 31, 2025, the fair value of these mutual funds was $6 million and $20 million, respectively.

At our ICE NGX clearing house, unsettled variation margin is recorded at fair value based on the settlement prices of open contracts using Level 2 inputs. See Note 11 for more information.

Excluding our equity investments without a readily determinable fair value, all other financial instruments approximate carrying value due to the short-term nature of their maturities.

We did not use Level 3 inputs to determine the fair value of assets or liabilities measured at fair value on a recurring basis as of March 31, 2026 or December 31, 2025.

Non-Recurring Fair Value Measurements

We measure certain assets, such as intangible assets and equity method investments, at fair value on a non-recurring basis. These assets are recognized at fair value if they are deemed to be impaired. As of March 31, 2026 and 2025, none of our intangible assets or equity method investments were required to be measured at fair value since no impairment indicators were identified.

We measure certain equity investments at fair value on a non-recurring basis using our policy election under ASC 321. During the three months ended March 31, 2026, we recorded a total gain of $389 million related to the identification of an observable price change in a similar investment of one of our investees, which represented a Level 3 input. Refer to Note 3 for more information. During the three months ended March 31, 2025, no material adjustments were recorded.

Financial Instruments Not Measured at Fair Value

The table below displays the fair value of our debt as of March 31, 2026 (in millions). The fair values of our fixed rate notes were estimated using Level 2 inputs including quoted market prices for these instruments. The fair value of our commercial paper was estimated using Level 2 inputs. The commercial paper includes a discount and fair value was determined to approximate the carrying value due to the short term to maturity.


	As of March 31, 2026
Debt:	Carrying Amount		Fair value
Commercial Paper	$	1,751	$	1,751

2027 Senior Notes (4.00%; due September 15, 2027)	1,496		1,495
2027 Senior Notes (3.10%; due September 15, 2027)	499		492
2028 Senior Notes (3.625%; due September 1, 2028)	959		985
2028 Senior Notes (3.75%; due September 21, 2028)	598		593
2028 Senior Notes (3.95%; due December 1, 2028)	595		595
2029 Senior Notes (4.35%; due June 15, 2029)	1,245		1,248
2030 Senior Notes (2.10%; due June 15, 2030)	1,242		1,137
2031 Senior Notes (4.20%; due March 15, 2031)	640		641
2031 Senior Notes (5.25%; due June 15, 2031)	745		774
2032 Senior Notes (1.85%; due September 15, 2032)	1,490		1,266
2033 Senior Notes (4.60%; due March 15, 2033)	1,492		1,487
2040 Senior Notes (2.65%; due September 15, 2040)	1,234		907
2048 Senior Notes (4.25%; due September 21, 2048)	1,234		1,006
2050 Senior Notes (3.00%; due June 15, 2050)	1,224		801
2052 Senior Notes (4.95%; due June 15, 2052)	1,468		1,332
2060 Senior Notes (3.00%; due September 15, 2060)	1,473		869
2062 Senior Notes (5.20%; due June 15, 2062)	985		892
Total debt	$	20,370	$	18,271

14. Segment Reporting

Our business is conducted through three reportable business segments:

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;
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
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.

Our chief operating decision maker, or CODM, is our Chair and Chief Executive Officer. Our CODM uses operating income/(loss) to assess performance and allocate resources for each of our segments, including decisions on product pricing and new products, strategic mergers and acquisitions, marketing costs, capital expenditures, employee headcount and compensation. Our CODM evaluates both budgeted and actual operating income/(loss), and the related growth, when assessing performance and making decisions about allocating resources as described above. The accounting policies of our reportable segments are the same as those described in Note 2 to our consolidated financial statements in our 2025 Form 10-K.

The information and amounts presented in the tables below align with the segment-level information regularly provided to our CODM. While revenues are recorded specifically in the segment in which they are earned or to which they relate, a significant portion of our operating expenses are not solely related to a specific segment because the expenses serve functions that are necessary for the operation of more than one segment. We directly allocate expenses when reasonably possible to do so. Otherwise, we use a pro-rata revenue approach as the allocation method for the expenses that do not relate solely to one segment and serve functions that are necessary for the operation of all segments. Our significant expense categories are other operating expenses, depreciation and amortization expenses and acquisition-related transaction and integration costs. Other operating expenses include the aggregate of compensation and benefits, professional services, technology and communication, rent and occupancy and selling, general and administrative expenses.

Our CODM does not review total assets or statements of income below operating income by segment; therefore, such information is not presented below. Our three segments do not engage in intersegment transactions.

Financial data for our business segments is as follows for the three months ended March 31, 2026 and 2025 (in millions):


	Three Months Ended March 31, 2026
	Exchanges		Fixed Income and Data Services		Mortgage Technology		Consolidated
Revenues:
Energy futures and options	$	814	$	—	$	—	$	814
Agricultural and metals futures and options	81		—		—		81
Financial futures and options	256		—		—		256
Cash equities and equity options	812		—		—		812
OTC and other	102		—		—		102
Data and connectivity services	277		—		—		277
Listings	128		—		—		128
Fixed income execution	—		31		—		31
CDS clearing	—		112		—		112
Fixed income data and analytics	—		322		—		322
Data and network technology	—		192		—		192
Origination technology	—		—		192		192
Closing solutions	—		—		57		57
Servicing software	—		—		222		222
Data and analytics	—		—		68		68
Revenues	2,470		657		539		3,666
Transaction-based expenses	689		—		—		689
Revenues, less transaction-based expenses	1,781		657		539		2,977
Other operating expenses	315		298		274		887
Depreciation and amortization	62		84		238		384
Acquisition-related transaction and integration costs	1		—		40		41
Operating expenses	378		382		552		1,312
Operating income/(loss)	$	1,403	$	275	$	(13)	$	1,665
Total other income/(expense), net							232
Income before income tax expense							$	1,897


	Three Months Ended March 31, 2025
	Exchanges		Fixed Income and Data Services		Mortgage Technology		Consolidated
Revenues:
Energy futures and options	$	557	$	—	$	—	$	557
Agricultural and metals futures and options	64		—		—		64
Financial futures and options	156		—		—		156
Cash equities and equity options	875		—		—		875
OTC and other	103		—		—		103
Data and connectivity services	246		—		—		246
Listings	122		—		—		122
Fixed income execution	—		31		—		31
CDS clearing	—		94		—		94
Fixed income data and analytics	—		299		—		299
Data and network technology	—		172		—		172
Origination technology	—		—		175		175
Closing solutions	—		—		47		47
Servicing software	—		—		221		221
Data and analytics	—		—		67		67
Revenues	2,123		596		510		3,229
Transaction-based expenses	756		—		—		756
Revenues, less transaction-based expenses	1,367		596		510		2,473
Other operating expenses	290		277		264		831
Depreciation and amortization	63		84		242		389
Acquisition-related transaction and integration costs	1		—		31		32
Operating expenses	354		361		537		1,252
Operating income/(loss)	$	1,013	$	235	$	(27)	$	1,221
Total other income/(expense), net							(154)
Income before income tax expense							$	1,067

No customer accounted for more than 10% of our consolidated revenues, less transaction-based expenses during the three months ended March 31, 2026 or 2025.

15. Earnings Per Common Share

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations for the three months ended March 31, 2026 and 2025 (in millions, except per share amounts):


	Three Months Ended March 31,
2026			2025
Basic:
Net income attributable to Intercontinental Exchange, Inc.	$	1,413		$	797
Weighted average common shares outstanding	567			574
Basic earnings per common share	$	2.49		$	1.39
Diluted:
Weighted average common shares outstanding	567			574
Effect of dilutive securities - stock options and RSUs	3			3
Diluted weighted average common shares outstanding	570			577
Diluted earnings per common share	$	2.48		$	1.38

Basic earnings per common share is calculated using the weighted average common shares outstanding during the period.

Using the treasury stock method, common equivalent shares from stock options and service condition RSUs are included in the computation of diluted earnings per common share unless their inclusion would be antidilutive. Performance condition RSUs and market condition RSUs are treated as contingently issuable shares and are included in diluted earnings per common share only if the applicable performance or market condition would be satisfied if the reporting date were the end of the contingency period and the result would be dilutive. There were no antidilutive stock options outstanding during the three months ended March 31, 2026 and 2025.

16. Subsequent Events

We have evaluated subsequent events and determined that no events or transactions met the definition of a subsequent event for purposes of recognition or disclosure in our consolidated financial statements.

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