Intercontinental Exchange, Inc. · ICE · FY2026 Q3 · Calendar Q4 2026

ICE posts record Q3 as data, energy and rates growth accelerates

The supplied analysis supports a constructive operating thesis for ICE: diversified growth across energy, rates and data services is being complemented by new compute, blockchain and fixed-income initiatives. The main test is whether execution, regulation and capital investment can convert those opportunities into durable growth.

Reported Before market openNYSEFinancial Services $87.56B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $1.97
EPS surprise — Reported versus consensus
Reported revenue — Consensus $2.74B
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +5.5% Event window
SPY move -0.7% Same window
Abnormal move +6.2% Stock minus SPY
Volume 1.2× Versus trailing sessions
Subsequent drift 0.0% Up to 20 sessions
ICESPY benchmark

Ask FN2 about ICE FY2026 Q3

Transcript, numbers and history already loaded
What drove ICE's +5.5% move after FY2026 Q3 earnings?What changed in ICE's guidance and outlook in FY2026 Q3?Give me the bull and bear case for ICE after FY2026 Q3 earnings.

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Transcript intelligence

What changed

Compared with the prior quarter, ICE’s focus broadened from the MarketAxess acquisition and AI-enabled data products to execution: the acquisition moved toward an expected Q1 2027 close, while compute futures, blockchain-based perpetual contracts and expanded data-center investment became more prominent.

Guidance delta

Management’s guidance sentiment remained raised in the supplied current-quarter analysis. No numerical change was provided, so the magnitude of the update is not stated.

Key takeaways

  • The analysis describes record Q3 performance, with growth across energy, rates and Fixed Income Data Services.
  • MarketAxess financing is complete and DOJ approval was secured; the supplied analysis expects closing in Q1 2027.
  • ICE is investing more heavily in data-center capacity and pursuing compute futures and blockchain-related market initiatives.

Management priorities

  • Complete and integrate MarketAxess while expanding its electronic fixed-income network.
  • Build data-center capacity and develop compute futures and AI-related indices.
  • Expand regulated digital-market initiatives, including tokenized securities and perpetual contracts.

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Earnings History

Estimate Beat Miss Match
ICE EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $1.48 Q1 '24 actual $1.48, match Q2 '24 estimate $1.49 Q2 '24 actual $1.52, beat Q3 '24 estimate $1.55 Q3 '24 actual $1.55, match Q2 '25 estimate $1.77 Q2 '25 actual $1.81, beat Q3 '25 estimate $1.60 Q3 '25 actual $1.71, beat Q4 '25 estimate $1.68 Q4 '25 actual $1.71, beat Q1 '26 estimate $2.23 Q1 '26 actual $2.35, beat Q2 '26 estimate $1.84 Q2 '26 actual $1.90, beat Q3 '26 estimate $1.97 Q4 '26 estimate $1.94 Q1 '27 estimate $2.21
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Analyst Consensus ?

ConsensusBuy36 ratings
Bullish3186.1%
Neutral411.1%
Bearish12.8%

Analyst 52W Price Targets

$165.19Current
$84Low
$166.58Average
$218High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 29, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Wells Fargo Underweight UnderweightMaintainOct 14, 2026
TD Cowen Hold HoldMaintainOct 12, 2026
Morgan Stanley Equal Weight Equal WeightMaintainOct 9, 2026
Barclays Overweight OverweightMaintainOct 7, 2026
Piper Sandler Overweight OverweightMaintainOct 2, 2026
Show 31 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $165.18. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Wells FargoAnalyst unavailable$160$156.42 -3.1%Oct 14, 2026
Morgan StanleyAnalyst unavailable$173$155.35 +4.7%Oct 9, 2026
BarclaysAnalyst unavailable$189$153.49 +14.4%Oct 7, 2026
Wells FargoAnalyst unavailable$159$151.47 -3.7%Oct 1, 2026
Raymond JamesPatrick O\'Shaughnessy$218$160.7 +32.0%Sep 1, 2026
See 58 more

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Company context

Snapshot as of publication

Intercontinental 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.…

Historical context

All ICE earnings
+1.3%FY2026 Q2 · Calendar Q3 2026+1.2%FY2026 Q1 · Calendar Q2 2026+2.1%FY2025 Q4 · Calendar Q1 2026

Financial Services peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
TW Tradeweb Markets Inc. FY2026 Q3 · Calendar Q4 2026 — -0.3% Tradeweb posts 14.9% growth as electronic trading expands
BBVA Banco Bilbao Vizcaya Argentaria, S.A. FY2026 Q3 · Calendar Q4 2026 — -2.5% BBVA sustains strong growth and profitability in Q3
TROW T. Rowe Price Group, Inc. FY2026 Q3 · Calendar Q4 2026 — +1.3% T. Rowe Price pairs Q4 flow hopes with ETF and SMA momentum
ING ING Groep N.V. FY2026 Q3 · Calendar Q4 2026 — -2.1% ING pairs strong Q3 execution with costly wholesale restructuring
SAN Banco Santander, S.A. FY2026 Q3 · Calendar Q4 2026 0.0% -6.3% Santander reaffirms guidance as transformation and integrations progress
AON Aon plc FY2026 Q3 · Calendar Q4 2026 +1.8% +4.4% Aon Q3: 6% organic growth; USI synergies add execution focus

Latest beats and misses

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Missed on EPS

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Sources

  1. Earnings call transcript and parsed analysis · 2026-10-29T18:13:09.199800+00:00
  2. FN2 earnings calendar · 2026-10-29T01:23:20.584741+00:00
  3. Polygon adjusted daily market bars · 2026-10-29T19:00:43.668518+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-29T19:00:43.665893+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 · As of 2026-10-29. For educational purposes only; not investment advice.