Intercontinental Exchange Inc. (ICE)

Intercontinental Exchange reported second-quarter 2026 net revenues of $2.7 billion, up 5 percent from a year earlier, and net income attributable to the company of $958 million 2.

On 29 July 2026 it agreed to buy MarketAxess, an electronic bond-trading platform, in an all-cash deal of about $6.0 billion 3.

Closing is expected in the first half of 2027, subject to a MarketAxess stockholder vote and regulatory approvals 3.

The company has lined up the money already: in August 2026 it sold senior notes with net proceeds of about $3.71 billion and signed a $2.0 billion term loan 910.

The purchase would add a large institutional bond-trading network to a company whose bond business so far sells prices, indices and a retail bond marketplace 111.

Third-quarter results are due with a call on 29 October 2026 2.

The company began in May 2000 as IntercontinentalExchange, built to move over-the-counter energy trading onto a transparent electronic marketplace 4. In June 2001 it bought London's International Petroleum Exchange, now ICE Futures Europe 4.

It listed on the New York Stock Exchange in November 2005 4. In 2007 it bought the New York Board of Trade, which moved from the trading floor to screens, and the Winnipeg Commodity Exchange, the world's largest canola futures market 4.

Credit derivatives came next: Creditex, a bond and credit dealer, in August 2008, ICE Clear Europe in November 2008 and ICE Clear Credit in March 2009 4. Climate Exchange followed in July 2010 4.

On 13 November 2013 it bought NYSE Euronext in a stock and cash deal valued at $11.1 billion, adding interest rates, U.S. equity options and cash equities 4. It sold Euronext to the public in an offering in June 2014 5.

In December 2015 it bought Trayport, trading software for energy markets, and Interactive Data, a bond pricing and market data provider, to expand its data offerings 5.

It moved into mortgages by buying Ellie Mae from Thoma Bravo on 4 September 2020 for $11.4 billion, and mortgage technology revenue rose 324 percent that year 6.

On 5 September 2023 it bought Black Knight for about $11.8 billion, then sold two Black Knight businesses, Optimal Blue and Empower, to Constellation Software 17.

Revenue less transaction-based expenses grew from $7,988 million in 2023 to $9,279 million in 2024 and $9,931 million in 2025 1. Servicing software, mostly Black Knight, rose from $288 million in 2023 to $848 million in 2024 1.

The company says recurring revenue, the steadier kind from data, listings and software, rose from 34 percent of the total in 2014 to 51 percent in 2025 1.

Exchanges

Exchanges is the largest segment, with $5.4 billion of revenue less transaction-based expenses in 2025, 55 percent of the total 1. It runs 13 regulated exchanges and six clearing houses, among them the New York Stock Exchange and futures markets for energy, farm goods and interest rates 1.

Energy futures and options revenue rose 16 percent in 2025, as oil volume grew 12 percent on global geopolitical risk 1. The Brent crude oil contract anchors a network of over 800 related oil products 1.

About 70 percent of S&P 500 companies were listed on the NYSE at the end of 2025 1. In the second quarter of 2026 exchange net revenues were $1.5 billion at a 74 percent operating margin 2.

Fixed Income and Data Services

This segment earned $2.4 billion in 2025, 24 percent of the total 1. It sells prices for over three million bonds and loans, runs the ICE Bonds electronic markets and clears credit default swaps, contracts that insure against a borrower's default 1.

The ICE Global Network links customers to over 150 trading venues 1. Fixed income data and analytics revenue rose 5 percent in 2025 and data and network technology revenue rose 9 percent 1.

Mortgage Technology

Mortgage Technology earned $2.1 billion in 2025, 21 percent of the total 1. Its Encompass software holds the record of a home loan from application to closing, MERS tracks who owns loans, and servicing software runs loans afterward 1.

Revenue rose 4 percent in 2025 on higher origination volumes, contractual price increases and new clients 1. Operating income was $14 million against a loss of $170 million in 2024 1.

People, offices and rivals

Jeff Sprecher is chair and chief executive, and Warren Gardiner is chief financial officer 2. The company had 12,844 employees at the end of 2025, 3,512 of them in India 1.

Headquarters are in Atlanta and New York, and Mortgage Technology is based in Jacksonville 1. Nasdaq is named as a rival for corporate listings, and Nasdaq and Cboe for fund listings 1.

The CFTC published a proposed rule on prediction markets in June 2026, and the company says it is watching the effect on its derivatives trading volumes 3.

The umbrella, in words

The brands are the NYSE for listings and trading, ICE Futures for commodity and financial futures, ICE Data Services and ICE Bonds for fixed income, and ICE Mortgage Technology 1. Six clearing houses stand behind the markets, including ICE Clear Europe, ICE Clear Credit and ICE NGX 1.

The company owns a 40 percent interest in OCC, the options clearing house, through the NYSE 1. It held an economic interest of about 31 percent in the crypto-services company Bakkt at the end of 2025 1.

It invested $1.0 billion on 7 October 2025 in 9.6 million Series D preferred shares of Polymarket, about 17 percent of the outstanding shares 1. It has agreed terms to buy up to $1.0 billion more from Polymarket employees and investors, under conditions 1.

It owns its Atlanta offices and 11 Wall Street in New York, at 370,000 square feet, and its Jacksonville campus at 577,000 square feet 1.

The company expects the MarketAxess purchase to close in the first half of 2027, after a MarketAxess stockholder vote and a waiting period under U.S. antitrust law 38.

Either side may end the agreement if it has not closed by 29 July 2027, with up to two automatic six-month extensions if legal restraints remain 8. The company would owe MarketAxess $327.4 million if an antitrust order stops the deal 8.

On guidance for 2026, the company expects exchange recurring revenue to grow in the high single digits and fixed income and data recurring revenue to grow 7 to 8 percent 2. It expects capital spending of about $850 million 2.

The board raised its share repurchase authorization to up to $4.0 billion, effective 1 July 2026 2.

The SEC proposed in June 2026 to change the Regulation NMS order protection rule, and it extended a compliance period to November 2027 3.