Analyst Consensus ?
ConsensusBuy36 ratings
Bullish3391.7%
Neutral38.3%
Bearish00.0%
Intercontinental Exchange, Inc. · ICE · FY2026 Q1 · Calendar Q2 2026
ICE Q1 2026: Record Revenue and EPS as Energy, Data, and Tokenization Drive Growth
Intercontinental Exchange extended its record-breaking trajectory into Q1 2026, with all three segments — Exchange, Fixed Income & Data Services, and Mortgage Technology — posting record results. Adjusted EPS of $2.35 beat consensus by 5.4% and net revenue of $2.98B exceeded estimates by 3.4%. Management attributed growth to unprecedented open interest in energy and interest-rate futures, rising demand for proprietary data, and new initiatives including ICE Private Credit Intelligence and a tokenized securities platform. Guidance was maintained and management tone was confident. Despite the strong quarter, the stock's abnormal move on the report day was a modest +0.22%, and shares subsequently drifted approximately 6.5% below the event-session close. At $152.72, the stock trades well below the analyst consensus target of $184.50, suggesting the market is weighing the sustainability of…
Reported Before market openNYSEFinancial Services
$86.37B market cap
100quality score
Company context
Snapshot as of publicationIntercontinental Exchange, Inc. (ICE) manages a global network of regulated financial venues, encompassing exchanges, clearing houses, and listing platforms. These operations serve diverse markets, including commodities, financial instruments, fixed income products, and equities, with a geographical footprint spanning key financial centers such as the United States, United Kingdom, European Union, Singapore, Israel, and Canada. The company's business is segmented into three core areas: Exchanges, Fixed Income and Data Services, and Mortgage Technology. Within its Exchanges segment, ICE oversees a robust network comprising 13 regulated exchanges and 6 clearing houses. These extensive marketplaces enable the listing, trading, and clearing of a wide spectrum of derivatives contracts and financial securities.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.35
Consensus $2
EPS surprise
+5.4%
Reported versus consensus
Reported revenue
$2.98B
Consensus $2.88B
Revenue surprise
+3.4%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$152.72Previous close
$84Low
$166.27Average
$211High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Piper Sandler | Overweight | Overweight | Maintain | Jul 15, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 10, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 9, 2026 |
| UBS | Buy | Buy | Maintain | Jul 7, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jun 30, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jun 22, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 31, 2025 |
| Raymond James | Strong Buy | Outperform | Upgrade | Oct 13, 2025 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | May 2, 2025 |
| B of A Securities | Buy | Buy | Maintain | Apr 2, 2025 |
| RBC Capital | Outperform | Outperform | Maintain | Jan 7, 2025 |
| Deutsche Bank | Hold | Hold | Maintain | Nov 11, 2024 |
| Citigroup | Buy | Buy | Maintain | Jul 9, 2024 |
| Argus Research | Buy | Buy | Maintain | May 21, 2024 |
| Rosenblatt | Buy | Buy | Maintain | May 3, 2024 |
| Jefferies | Buy | Buy | Maintain | Sep 19, 2023 |
| Atlantic Equities | Overweight | Overweight | Maintain | Aug 19, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | May 6, 2022 |
| Oppenheimer | Perform | Outperform | Downgrade | Aug 18, 2020 |
| Wells Fargo | Overweight | Overweight | Maintain | May 1, 2020 |
| Berenberg | Buy | Hold | Upgrade | Apr 20, 2020 |
| Compass Point | Buy | Buy | Maintain | Jun 22, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Bernstein | Outperform | Outperform | Maintain | Apr 10, 2018 |
| Bank of America | Buy | Buy | Maintain | Feb 8, 2018 |
| Keefe Bruyette & Woods | Outperform | Outperform | Maintain | Aug 4, 2016 |
| Sterne Agee CRT | Buy | Buy | Maintain | May 20, 2016 |
| Buckingham Research | Buy | Buy | Maintain | May 19, 2016 |
| BMO Capital | Outperform | Market Perform | Upgrade | Nov 18, 2013 |
| Macquarie | Outperform | Neutral | Upgrade | May 21, 2013 |
| ISI Group | Buy | Neutral | Upgrade | Jan 30, 2013 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jan 4, 2013 |
| Stifel | Buy | Buy | Maintain | Jan 4, 2013 |
| BGB Securities | Buy | Buy | Maintain | Oct 15, 2012 |
| Evercore Partners | Overweight | Overweight | Maintain | Feb 9, 2012 |
| Evercore ISI Group | Overweight | Overweight | Maintain | Feb 9, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $152.72. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Piper Sandler | Patrick Moley | $190 | $137.61 | +24.4% | Jul 15, 2026 |
| Morgan Stanley | Analyst unavailable | $163 | $135.76 | +6.7% | Jul 10, 2026 |
| Barclays | Analyst unavailable | $180 | $133.08 | +17.9% | Jul 9, 2026 |
| UBS | Alex Kramm | $190 | $137.57 | +24.4% | Jul 7, 2026 |
| Raymond James | Analyst unavailable | $208 | $135.26 | +36.2% | Jul 6, 2026 |
| Goldman Sachs | Analyst unavailable | $180 | $122.91 | +17.9% | Jun 30, 2026 |
| Redburn Partners | Analyst unavailable | $177 | $140.34 | +15.9% | Jun 11, 2026 |
| UBS | Alex Kramm | $205 | $152.94 | +34.2% | May 20, 2026 |
| Piper Sandler | Analyst unavailable | $211 | $162.04 | +38.2% | Apr 15, 2026 |
| Morgan Stanley | Michael Cyprys | $187 | $158.98 | +22.4% | Apr 10, 2026 |
| Deutsche Bank | Brian Bedell | $188 | $163.71 | +23.1% | Mar 6, 2026 |
| Morgan Stanley | Analyst unavailable | $183 | $165.82 | +19.8% | Feb 10, 2026 |
| UBS | Alex Kramm | $200 | $169.5 | +31.0% | Feb 9, 2026 |
| Barclays | Analyst unavailable | $193 | $168.29 | +26.4% | Feb 6, 2026 |
| Morgan Stanley | Analyst unavailable | $180 | $173.19 | +17.9% | Jan 15, 2026 |
| Piper Sandler | Patrick Moley | $195 | $166.69 | +27.7% | Jan 14, 2026 |
| Barclays | Benjamin Budish | $182 | $161.92 | +19.2% | Jan 8, 2026 |
| UBS | Analyst unavailable | $195 | $165.04 | +27.7% | Jan 7, 2026 |
| RBC Capital | Ashish Sabadra | $180 | $166.53 | +17.9% | Jan 6, 2026 |
| Raymond James | Patrick O\'Shaughnessy | $211 | $166.5 | +38.2% | Jan 6, 2026 |
| Morgan Stanley | Analyst unavailable | $174 | $160.3 | +13.9% | Dec 22, 2025 |
| Barclays | Analyst unavailable | $183 | $148.52 | +19.8% | Oct 31, 2025 |
| Barclays | Benjamin Budish | $201 | $161.98 | +31.6% | Oct 8, 2025 |
| Morgan Stanley | Analyst unavailable | $188 | $163.82 | +23.1% | Oct 1, 2025 |
| Raymond James | Patrick O'Shaughnessy | $185 | $162.57 | +21.1% | Oct 14, 2024 |
| Bank of America Securities | Craig Siegenthaler | $175 | $160.92 | +14.6% | Oct 3, 2024 |
| RBC Capital | Ashish Sabadra | $200 | $158.62 | +31.0% | Sep 27, 2024 |
| Goldman Sachs | Alexander Blostein | $167 | $136.89 | +9.4% | Jul 1, 2024 |
| Morgan Stanley | Michael Cyprys | $142 | $136.88 | -7.0% | Apr 9, 2024 |
| Deutsche Bank | Brian Bedell | $158 | $136.7 | +3.5% | Apr 5, 2024 |
| Barclays | Benjamin Budish | $148 | $128.41 | -3.1% | Jan 8, 2024 |
| Rosenblatt Securities | Analyst unavailable | $168 | $108.33 | +10.0% | Feb 3, 2023 |
| Morgan Stanley | Analyst unavailable | $120 | $107.24 | -21.4% | Jan 11, 2023 |
| Raymond James | Analyst unavailable | $130 | $107.05 | -14.9% | Dec 6, 2022 |
| Piper Sandler | Arvind Ramnani | $84 | $93.41 | -45.0% | Oct 6, 2022 |
| UBS | Alex Kramm | $116 | $93.41 | -24.0% | Oct 6, 2022 |
| Deutsche Bank | Brian Bedell | $124 | $106.31 | -18.8% | Aug 23, 2022 |
| Atlantic Equities | Simon Clinch | $125 | $112.62 | -18.2% | Aug 19, 2022 |
| Deutsche Bank | Analyst unavailable | $131 | $109.22 | -14.2% | Aug 12, 2022 |
| Morgan Stanley | Analyst unavailable | $110 | $105.23 | -28.0% | Aug 8, 2022 |
| Morgan Stanley | Analyst unavailable | $109 | $95.31 | -28.6% | Jul 19, 2022 |
| Raymond James | Analyst unavailable | $126 | $93.81 | -17.5% | Jun 22, 2022 |
| Argus Research | Stephen Biggar | $138 | $100.86 | -9.6% | Jun 7, 2022 |
| Jefferies | Analyst unavailable | $134 | $97.61 | -12.3% | May 20, 2022 |
| Deutsche Bank | Analyst unavailable | $117 | $96.72 | -23.4% | May 19, 2022 |
| Credit Suisse | Analyst unavailable | $143 | $99.25 | -6.4% | May 6, 2022 |
| Morgan Stanley | Analyst unavailable | $134 | $100.14 | -12.3% | May 6, 2022 |
| Deutsche Bank | Analyst unavailable | $143 | $100.14 | -6.4% | May 6, 2022 |
| Raymond James | Analyst unavailable | $142 | $101.63 | -7.0% | May 6, 2022 |
| Rosenblatt Securities | Sean Horgan | $157 | $129.56 | +2.8% | Mar 10, 2022 |
| J.P. Morgan | Ken Worthington | $155 | $129.38 | +1.5% | Feb 4, 2022 |
| Jefferies | Daniel Fannon | $161 | $131.12 | +5.4% | Jan 10, 2022 |
| Compass Point | Christopher Allen | $150 | $137.72 | -1.8% | Oct 29, 2021 |
| Piper Sandler | Richard Repetto | $138 | $133 | -9.6% | Oct 26, 2021 |
| Wells Fargo | Christopher Harris | $135 | $115.69 | -11.6% | Jun 23, 2021 |
| Goldman Sachs | Alexander Blostein | $141 | $115.69 | -7.7% | Jun 23, 2021 |
| Argus Research | Stephen Biggar | $133 | $114.19 | -12.9% | May 3, 2021 |
Track every rating change on ICE the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+1.2%
Event window
SPY move
+1.0%
Same window
Abnormal move
+0.2%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
-6.5%
Up to 20 sessions
ICESPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Q1 2026 delivered record quarterly net revenue of approximately $2.98B and adjusted EPS of $2.35, up 37% YoY, beating consensus on both lines. Free cash flow reached $1.2B in the quarter, with $850M returned to shareholders via buybacks and dividends. New product launches included ICE Private Credit Intelligence with Apollo as anchor partner and an AI Model Control Protocol (MCP) server for AI-ready data delivery. Tokenized securities partnerships expanded to include Securitize and OKX alongside existing relationships with Polymarket, BNY, and Citi. Energy and interest-rate futures saw unprecedented open interest levels, extending the double-digit volume growth noted in FY2025. Data-center expansion continues with Halls 6 and 7 in progress, building on the $740-$790M 2026 capex plan announced in the prior quarter.
Guidance delta
Guidance was maintained. Management reiterated mid-single-digit recurring revenue growth for Exchange Data Services and low-to-mid single-digit growth for mortgage technology. The capex outlook remains increasing, with data-center Halls 6 and 7 under construction. No upward or downward revision to full-year 2026 expectations was indicated.
Key takeaways
- Record revenues and EPS across all segments, driven by structural demand for risk-management tools and data
- Energy and interest-rate markets saw unprecedented open interest and volume, underscoring long-term client positioning
- AI, tokenization, and new data products are being integrated to create additional growth streams
- Mortgage technology shows incremental growth despite a low base, with cross-sell opportunities across origination, servicing and data
- Strong cash generation allowed $850M of shareholder returns and supports continued share repurchases and dividend growth
Management priorities
- Scale tokenized securities platform and obtain regulatory approval
- Expand ICE Private Credit Intelligence and related data products
- Complete additional data-center capacity (Hall 6 and Hall 7) to support network growth
- Broaden AI integrations across clearing, indexing and client workflows
- Continue strategic partnerships (Securitize, OKX, Polymarket, Apollo) and pursue opportunistic M&A
Related earnings events
Financial ServicesAXP · FY2026 Q2 · Calendar Q3 2026AXP Q2 2026: Platinum Card Drives 10% Revenue Growth, Full-Year Guidance RaisedBX · FY2026 Q2 · Calendar Q3 2026Blackstone Beats on AI-Driven Inflows, AUM Hits Record $1.35 TrillionMCO · FY2026 Q2 · Calendar Q3 2026Moody's Q2: Revenue Up 15%, EPS Beat of 10%, Guidance Raised as AI Data-Center Financing Surges
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T07:41:52.868270+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T07:41:52.865476+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.