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Intercontinental Exchange ICE Exchanges Segment — Operating Expenses

Other segment segments

Mortgage Technology Segment
$512M-1.5%
Fixed Income and Data Services Segment
$377M+1.1%

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Other financials

Income statement

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Revenue$3.6B+10.7%
Operating income$1.4B+7.2%
Net income$958.0M+12.6%
EPS (diluted)$1.69+14.2%

Balance sheet

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Cash & equivalents$1.1B+6.4%
Total debt$20.5B+4.4%
Total equity$29.6B+3.9%
Total assets$174.25B+20.9%

Cash flow

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Operating cash flow$2.0B+32.7%
CapEx$144.0M+140%
Free cash flow$1.9B+28.2%

Valuation

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Market cap$85.6B-20.6%
Enterprise value$105.06B-17.0%
P/E21.2×-14.7×
P/S6.4×-2.2×

Profitability

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Operating margin40.7%+3.3pp
Net margin30.1%+6.2pp
FCF margin37.8%+2.3pp

Returns & leverage

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Return on equity13.9%+3.0pp
Debt / equity0.7×0.0×
Current ratio0.0×

Where this comes from

Reported directly by Intercontinental Exchange in its filing.

Tagged under the XBRL concept us-gaap:OperatingExpenses.

The source filing: Intercontinental Exchange’s 10-Q, filed July 30, 2026.

Filed
Jul 30, 2026, 8:26 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001571949-26-000011
Line itemExchangesFixed Income and Data ServicesMortgage TechnologyConsolidated
Revenues, less transaction-based expenses1,4646455572,666
Other operating expenses321289264874
Depreciation and amortization6487238389
Acquisition-related transaction and integration costs111012
Operating expenses3863775121,275
Operating income$1,078$268$45$1,391
Total other income/(expense), net(104)
Income before income tax expense$1,287

Item 1. Consolidated Financial Statements (Unaudited)

FAQ

What is Intercontinental Exchange's exchanges segment — operating expenses?
Intercontinental Exchange (ICE) reported exchanges segment — operating expenses of $386M in Q2 2026.
How has Intercontinental Exchange's exchanges segment — operating expenses changed year-over-year?
Intercontinental Exchange's exchanges segment — operating expenses increased by 9.3% year-over-year, from $353M to $386M.
What is the long-term trend for Intercontinental Exchange's exchanges segment — operating expenses?
Over 4 years (2021 to 2025), Intercontinental Exchange's exchanges segment — operating expenses has grown at a 1.8% compound annual growth rate (CAGR), from $1.33B to $1.43B.
What does exchanges segment — operating expenses mean?
This metric represents the total costs incurred to operate the core exchange business, excluding transaction-based expenses. It encompasses administrative, technology, and personnel costs required to maintain trading platforms and regulatory compliance. Monitoring these expenses is essential for evaluating the operational leverage and cost discipline within the primary exchange segment.

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