Slides
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1 October 29, 2026Earnings Supplement3Q26
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2 2 CautionarystatementregardingforwardlookingstatementsThis presentation may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding ICE’s business that are not historical facts are forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in these forward-looking statements are reasonable, these statements are not guarantees of future results, performance, levels of activity or achievements, and actual results may differ materially from what is expressed or implied in any forward-looking statement. The factors that might affect our performance include, but are not limited to: conditions in global financial markets and domestic and international economic and social conditions, including inflation, changes to international trade policies and tariffs, risk of recession, political uncertainty and discord, geopolitical events and conflicts (including the conflicts in Ukraine and the Middle East) and sanctions laws; global political conditions; volatility in commodity prices and equity prices, and price volatility of financial benchmarks and instruments such as interest rates, credit spreads, equity indices, foreign exchange rates, and mortgage industry trends; the business environment in which we operate and trends in our industries, including trading volumes, prevalence of clearing, demand for data services, mortgage lending and servicing activity, mortgage delinquencies, fees, changing regulations, competition (including from entrants or non-traditional competitors) and consolidation; our ability to minimize the risks associated with operating clearing houses in multiple jurisdictions; the global impact of the introduction of, or any changes to, laws, regulations, rules, government policies or tax or accounting requirements with respect to, among other things, financial markets and climate-related risks, as well as increased regulatory scrutiny or enforcement actions; our exchanges’ and clearing houses' compliance with their respective regulatory and oversight responsibilities; the resilience of our electronic platforms and soundness of our business continuity and disaster recovery plans, including in the event of cyberattacks, cyberterrorism or other disruptions; our ability to complete the MarketAxess acquisition, realize the anticipated cost savings and synergies of the MarketAxess acquisition, and successfully integrate MarketAxess with our business without material delay, higher than anticipated costs or difficulty or loss of key personnel;our ability to effectively pursue, implement and realize the anticipated cost savings, growth opportunities and synergies and other benefits from our past or future acquisitions and strategic investments within the expected time frame; the impacts of computer and communications systems failures and delays, inclusive of the performance and reliability of our trading, clearing, data services and mortgage technologies and those of third-party service providers; our ability to keep pace with technological developments and client preferences, including with regard to our emerging technology initiatives and the use of artificial intelligence in certain of our existing products; our ability to ensure that the technology we utilize is not vulnerable to cyberattacks, hacking and other cybersecurity risks or other disruptive events or to minimize the impact of any such events; the impact of climate-related risks and the impact of, and uncertainty related to, the transition to renewable energy, including regulatory and legislative changes; our ability to keep information and data relating to the customers of the users of the software and services provided by our ICE Mortgage Technology business confidential; the impacts of a public health emergency or pandemic on our business, results of operations and financial condition, as well as the broader business environment; our ability to identify trends and adjust our business to benefit from such trends, including trends in the U.S. mortgage industry such as inflation rates, interest rates, new home purchases, refinancing activity, servicing activity, delinquencies and home builder and buyer sentiment, among others; our ability to evolve our benchmarks and indices in a manner that maintains or enhances their reliability and relevance; the accuracy of our cost and other financial estimates and our belief that cash flows from operations will be sufficient to service our debt and to fund our operational and capital expenditure needs; our ability to incur additional debt and pay off our existing debt in a timely manner; our ability to declare and pay dividends and repurchase shares of our common stock; our ability to maintain existing market participants and data and mortgage technology customers, and to attract new ones; our ability to offer additional products and services, leverage our risk management capabilities and enhance our technology in a timely and cost-effective fashion; our ability to attract, develop and retain key talent; our ability to protect our intellectual property rights and to operate our business without violating the intellectual property rights of others; and potential adverse results of threatened or pending litigation and regulatory actions and proceedings. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to ICE’s most recent Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026 and ICE's most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, as filed with the SEC on October 29, 2026. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of an unanticipated event. New factors emerge from time to time, and it is not possible for management to predict all factors that may affect our business and prospects. Further, management cannot assess the impact of each factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.GAAP andnon-GAAP resultsThis presentation includes non-GAAP measures that exclude certain items we do not consider reflective of our cash operations and core business performance. We believe that the presentation of these non-GAAP measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. These adjusted non-GAAP measures should be considered in context with our GAAP results. A reconciliation of Adjusted Net Income Attributable to ICE, Adjusted Diluted Earnings Per Share Attributable to ICE common stockholders, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Operating Expenses, and Adjusted Free Cash Flow to the equivalent GAAP measure and an explanation of why we deem these non-GAAP measures meaningful appears in our Form 10-Q and in the appendix to this presentation. The reconciliation of Adjusted Non-Operating Income/Expense, Adjusted Effective Tax Rate, and Adjusted debt-to-adjusted EBITDA to the equivalent GAAP results appear in the appendix to this presentation. Our Form 10-Q, earnings press release and this presentation are available in the Investors and Media section of our website at www.ice.com. Explanatory notesThroughout this supplement:•All net revenue figures represent revenues less transaction-based expenses for periods shown.•All earnings per share figures represent diluted weighted average common shares outstanding. •Constant currency (CC) amounts are calculated by holding the pound sterling and the euro constant at their respective average exchange rates from 3Q25. The QTD average exchange rates for the pound sterling and the euro were 1.3488 and 1.1689, respectively, and the YTD average exchange rates were 1.3150 and 1.1186, respectively.•References to Return on Invested Capital, or ROIC, are equal to TTM (Operating Income x (1-Adjusted Tax Rate)) / (Avg Adjusted Debt + Avg Shareholders Equity + Avg Non-Controlling Interests - Avg Cash, Cash Equiv, & ST Investments). •References to Adjusted Cash Return on Invested Capital, or Adj. Cash ROIC, are equal to TTM Adjusted Free Cash Flow Before Interest Expense, net of Interest Income, and Adjusted for Certain Non-GAAP Cash items / (Avg Adjusted Debt + Avg Shareholders Equity + Avg Non-Controlling Interests - Avg Cash, Cash Equiv, & ST Investments). The Non-GAAP Cash items include Integration Costs net of taxes, net interest expense on pre-acquisition related debt, and the reversal of previously recorded regulatory matter accrual. Please refer to the slide in the appendix for more information.• References to Weighted Average Cost of Capital, or WACC, are equal to (Cost of Equity * % of Equity) + {(Cost of Debt * (1- Adjusted Tax Rate)) * % of Debt}. Percent of Debt assumes a capital structure of 3x Debt to Adjusted EBITDA.
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3 Chris EdmondsPresident, Fixed Income & Data Services Steve EagertonVice President, Investor Relations & Revenue Operations Daria MashchenkoSenior Analyst, Investor RelationsJeff SprecherChair & CEOBen JacksonPresident, Chair, ICE Mortgage Technology Warren GardinerChief Financial OfficerLynn MartinPresident, NYSE,Chair, Fixed Income & Data Services ICE Third Quarter 2026 Earnings Call Participants
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4 Incomestatementhighlights3Q263Q25% Chg, CCRevenues, net $2,765$2,41115%Recurring Revenues1,3651,2757%Transaction Revenues, net1,4001,13623%Adj. Op Expenses$1,068$9819%Adj. Op Income$1,697$1,43019%Adj. Op Margin(1) 61%59%+ 2 ptsAdj. Diluted EPS(1) $2.02$1.7118%Adj. Effective Tax Rate(1) 24%21%+ 3 ptsCash metricsYTD ‘26YTD ‘25% ChgAdj. Free Cash Flow (FCF)$3,728$3,17817%Capital Return$2,486$1,72544% in millions except per share amounts (1) Percentage changes are not adjusted for currency impact.Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures. 3Q26ICE Performance +19% Adj. op income, CC +15% Record third quarter net revenues, CC $2.5 billion returned to stockholders through the third quarter, including $1.6 billion in share repurchases +17% Record adj. free cash flow, YTD
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5 Revenues, net3Q263Q25% ChgConst CurrEnergy $603$48225%26%Ags 835162%62%Financials19013937%37%Cash Equities & Equity Options, net13210525%25%OTC & Other1129913%14%Data & Connectivity Services29226410%10%Listings 1301254%4%Total Revenues, net$1,542$1,26522%22%Recurring Revenues4223898%8%Transaction Revenues, net1,12087628%28%Adj. Operating Expenses$373$34110%Adj. Operating Income$1,169$92426%Adj. Operating Margin76%73%3 pts in millions +8%Record recurring revenues, CC Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures. 50,00075,000100,000125,000 Oct'24Oct'25Oct'26 Total F&O OI lots in thousands +11% y/y14% CAGR 3Q26 Exchanges Performance+10% Record exchange data and connectivity services revenues, CC (1) As of October 26, 2026. 1
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6 3Q26 Fixed Income & Data Services PerformanceRevenues3Q263Q25% ChgConst CurrFixed Income Execution$34$335%5%CDS Clearing1029012%13%Fixed Income Data & Analytics3363118%8%Data & Network Technology20218410%10%Total Revenues$674$6189%9%Recurring Revenues5384959%9%Transaction Revenues13612310%11%Adj. Operating Expenses$365$3368%Adj. Operating Income$309$28210%Adj. Operating Margin46%45%+1 pt in millions +10% Record data & network technology revenues, CC +9% Record recurring revenue, CC +8%Annual subscription value (ASV), CCAdjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures.
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7 3Q26 Mortgage Technology Performance+6%Record servicing software revenues +4% Recurring revenues Revenues3Q263Q25% ChgOrigination Tech$189$1881%Closing Solutions60584%Servicing Software2292166%Data & Analytics71666%Total Revenues$549$5284%Recurring Revenues4053914%Transaction Revenues1441374%Adj. Operating Expenses$330$3048%Adj. Operating Income$219$224(2)%Adj. Operating Margin40%42%(2) pts Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures. in millions +4%Total mortgage tech revenues
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8 Open interest keeps building as electricity demand growsEarly signals in ICEmarketsLNG: JKM volume +45%3Q26 vs 3Q25; record futures OI in August LNG: TTF participationDouble-digitgrowth3Q26 vs. 3Q25; a record U.S.: financial gas open interest13.4M lotsRecord on July 1; record 3Q volume U.S.: power options Record 3Q3Q26 volume up 17% vs. 3Q25 Henry Hub options +34%3Q26 vs. 3Q25; a third-quarter record ICE energy revenues +12%10-year CAGR, YTD 2016 to YTD 2026 ICE ADV and OI indexed to 100 in 2015 (left axis). Dashed line is a third-party forecast for 2025 to 2030; ICE data are actuals only, shown through 3Q26. F = forecast. Axes do not start at zero. Sources: ICE total energy futures and options average daily volume (ADV) and open interest (OI): full-year ADV and year-end OI, with 2026 showing year-to-date ADVthrough 3Q26 and OI as of September 30, 2026; IEA Electricity 2026 global electricity demand (2023 to 2025, 2030 forecast), with the 2015 level implied from the IEA's 2.8% past-decade growth rate. Markers show published data points. 230 205 33,594 22,000 25,000 28,000 31,000 34,000 90 120 150 180 210 240 2015 2020 2025 2030 Global electricity demand (TWh) ICE energy ADV and OI (index, 2015 = 100) ICE energy ADV (index, left axis)ICE energy OI (index, left axis)Global electricity demand (TWh, right axis) CAGR2015 - 252025 - 30F ■ ICE Energy ADV7.7% ■ ICE Energy OI6.9%■ Global electricity demand2.8%3.6%
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9 $1,500 $1,600 $1,700 $1,800 $1,900 $2,000 $2,100 $2,200 3Q213Q223Q233Q243Q253Q26 Fixed Income & Data Services Annual Subscription Value (ASV)+8% y/y, CC The Compounding Power of Our Data Platform Compounding growth in subscription-based revenues $100 $125 $150 $175 $200 $225 3Q213Q26 $ in millions Data & Network Technology Revenues +7% CAGR $100 $400 $700 $1,000 3Q213Q26 $ in billions ETF AUM Benchmarked to ICE Indices +21% CAGR $ in millions
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10 A Deepening Network of RecordICE Mortgage Technology Network of record Efficiency that scales Proprietary, permissioned data AI built in, not bolted on •Each loan crosses the network many times, creating data only we hold•Role-based access forms the auditable data layer the agencies require •ICE Aurora embeds agentic AI in Encompass and MSP, with human approvals•Automates regulated workflows a competitor cannot code around •~90% of US mortgages touch our network•Encompass and MSP span origination through servicing, end to end •Lowers cost to originate and service; clients grow without adding headcount•Deeper integration pulls more volume back onto the networkEvery new client and dataset increases the network’s value for all
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11 $0.48 $0.68 $0.83 $0.85 $1.07 $1.38 $1.50 $1.68 $1.93 $2.42 $2.76 $2.93 $3.51 $3.77 $4.41 $5.06 $5.30 $5.62 $6.07 $6.95 $6.27 20062007200820092010201120122013201420152016201720182019202020212022202320242025YTD2026 ’06 – ’25 Adj. EPS(1) CAGR 15% (1) 2013-2026 are adjusted figures that represent non-GAAP measures. Please refer to slides in the appendix and our 4Q25 earnings supplement available at www.ir.theice.com for reconciliations to the equivalent GAAP measures. Consistent Track Record of GrowthYTD HighlightsRecord net revenues+12% y/y, CCRecord recurring revenues +7% y/y, CCRecord adj. free cash flow+17% y/y Record Adj. EPS +20% y/y
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12 Appendix
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13 2026 GuidanceRevenues PriorCurrentFY26 Exchanges recurring growth High-single digits9%FY26 Fixed Income & Data Services recurring growth7 – 8% 8%FY26 Total Mortgage Technology growthLow-to-mid single digitsLow-to-mid single digitsExpenses4Q26 adj. expenses (1) n/a$1.082 - $1.092 billionOther Financial GuidanceFY26 effective tax rate (2) 24 - 26%24 - 26%FY26 capex/software~$850 million~$1.050 billion4Q26 adj. non-op expense (3) n/a$175 - $185 million4Q26 share countn/a558 - 563 million (1)4Q26 non-GAAP operating expenses excludes amortization of acquisition-related intangibles.(2)This represents 2026 full year guidance for both the GAAP and non-GAAP effective tax rates but note that the GAAP effective tax rate is more susceptible to diverging from this guidance based on items outside the normal course of business.(3)Adjusted non-operating expense excludes equity earnings from unconsolidated investees and net interest on pre-acquisition-related debt.
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14 Adjusted Operating Expensesin millions Three Months Ended September 30, 2026Three Months Ended September30, 2025NineMonths Ended September30, 2026NineMonths Ended September30, 2025GAAPAdjustedGAAPAdjustedGAAPAdjustedGAAPAdjustedCompensation and benefits$526$526$483$483$ 1,540 $ 1,540 $ 1,463 $ 1,463 Professional services37373939109 109 120 120 Acquisition-related transaction and integration costs49 192102 4 51 3 Technology and communication245245219219725 725 647 647 Rent and occupancy2525232372 72 64 64 Selling, general and administrative 74 747777222232219 215 Depreciation and amortization3991603871381,172 459 1,171 416 Total operating expenses $1,355$1,068$1,237$981$ 3,942 $ 3,141 $ 3,735 $ 2,928
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15 Adjusted Non-Operating Income/Expense Reconciliationin millions 3Q262Q261Q264Q253Q25Other income/(expense), net$11$74$411$6$71Less: Fair value adjustments of equity investments—(63)(389)(20)(33)Less: Net income from unconsolidated investees(16)(17)(26)(4)(40)Add: Other ———15—Total adjusted other (expense)/income, net$(5)$(6)$(4)$(3)$(2) Interest income $43$27$24$27$28Less: Interest income on pre-acquisition-related debt(16)————Total Adjusted Interest income$27$27$24$27$28 Interest expense$(222)$(205)$(203)$(204)$(192)Add: Interest expense on pre-acquisition-related debt22————Total Adjusted Interest (expense)$(200)$(205)$(203)$(204)$(192)Total adjusted non-operating other income/(expense), net$(178)$(184)$(183)$(180)$(166)
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16 Adjusted Effective Tax Rate Reconciliationin millions Three Months Ended September 30, 2026Three Months Ended September 30, 2025Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025Income before income taxes$1,242$1,081 $4,426$3,280Income tax expense286250 1,063772Effective tax rate 23%23%24%24% Income before income taxes$1,242$1,081 $4,426$3,280Add: Amortization of acquisition-related intangibles239249 713755Add: Transaction and integration costs487 9848(Less)/Add: Regulatory matters—— (10)4Less: Net income from unconsolidated investees(16)(40)(59)(75)Less: Fair value adjustments of equity investments—(33) (452)(35)Add: Net interest expense on pre-acquisition-related debt6 — 6 —Adjusted income before income taxes$1,519$1,264$4,722$3,977 Income tax expense$286$250$1,063$772Add: Income tax effect for the above items725077180Add/(Less): Deferred tax adjustments on acquisition-related intangibles9 (39)(18)(45)Add: Other tax adjustments— 8 — 8Adjusted income tax expense$367$269$1,122$915 Adjusted effective tax rate24%21%24%23%
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17 Adjusted Free Cash Flow Reconciliation in millions NineMonths Ended September 30, 2026Nine Months Ended September 30, 2025Net cash provided by operating activities$4,486$3,387Less: Capital expenditures(318) (207)Less: Capitalized software development costs(346) (318)Free cash flow 3,822 2,862(Less)/Add: Section 31 fees, net(94)316 Adjusted free cash flow$3,728$3,178
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18 Adjusted EBITDA Reconciliation (1) Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures.(2) MarketAxess Deal Related Debt represents the balance of the recently issued 2029 Notes, the 2031 Notes, the 2033 Notes and the 2036 Notes. The 2033 Notes and 2036 Notes include special mandatory redemption provisions in the event that the deal is not consummated. in millions Twelve Months Ended September 30, 2026Adjusted net income attributable to ICE(1) $4,523Add: Adjusted interest expense(1) 812Add: Adjusted income tax expense(1) 1,449Add: Adjusted depreciation and amortization(1) 610Adjusted EBITDA (1) $7,394 Debt, as reported $23,304Less: MarketAxess Deal Related Debt, as reported(2) (3,704)Adjusted Debt $19,600 Adjusted debt-to-adjusted EBITDA leverage ratio 2.7x
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19 ICE Summary Balance Sheet $936Munrestricted cash Total debt of $23.3B; Adjusted debt-to-adjustedEBITDA(1)of 2.7x $664M YTD 2026capex / softwareAdj. Cash ROIC of 11%Adj. ROIC of 9%WACC 8% (1) Adjusted debt-to-adjusted EBITDA reflects the ratio of adjusted debt to adjusted EBITDA for the trailing twelve months. This reflects a non-GAAP measure. Please refer to slides in the appendix for reconciliation to the equivalent GAAP measure. in millionsAs of September 30, 2026As of December 31, 2025ChangeAssetsUnrestricted Cash $936$837$99Other Current Assets123,95184,94139,010Current Assets124,88785,77839,109PPE (net) 2,9722,691281Other Non-Current Assets49,17148,418753Total Assets$177,030$136,887$40,143Liabilities & EquityShort-Term Debt$2,959$1,035$1,924Other Current Liabilities118,34283,08135,261Long-Term Debt20,34518,6091,736Other Long-Term Liabilities5,4075,171236Total Liabilities$147,053$107,896$39,157Redeemable Noncontrolling Interests30228Total Equity29,94728,969978Total Liabilities & Equity$177,030$136,887$40,143
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20 Annual Subscription Value (ASV) Fixed Income & Data Supplemental Data in millions3Q262Q261Q264Q253Q25 ASV(1) $2,107$2,080$2,036$1,990$1,955Adjusted for:FX ——(1)(5)(5) ASV, CC(2)$2,107$2,080$2,035$1,985$1,950 (1) ASV is defined as the annual value of subscriptions under contract for the succeeding twelve months. ASV does not includenew sales, contract terminations or price changes that may occur during that twelve-monthperiod or certain data services that are not subscription-based.(2) ASV CC amounts for all quarters presented are calculated holding the applicable FX rate at the current quarter end spot rate.
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21 lots in thousandsAverage Daily Volume & Rate Per Contract (RPC) Trends 1.001.201.401.601.802.00 2,5003,0003,5004,0004,5005,000 202120222023202420253Q26 ADVEnergy ADV & RPC ADVRPC 2.00 2.25 2.50 250350450550650 202120222023202420253Q26 ADVAgs ADV & RPC 0.20 0.40 0.60 1,0002,0003,0004,0005,000 202120222023202420253Q26 RPCADVInterest Rates ADV & RPC ADVRPC ADVRPC ADVRPC RPC RPC 0.40 0.60 0.80 1,0002,0003,0004,0005,000 202120222023202420253Q26 RPCADVTotal Financials ADV & RPC
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22 lots in thousandsAverage Daily Volume & Open Interest (OI) Trends 30,00040,00050,00060,00070,000 2,5003,0003,5004,0004,5005,000 202120222023202420253Q26 OIADVEnergy ADV & OI 01,0002,0003,0004,0005,000 250350450550650 202120222023202420253Q26 OIADVAgs ADV & OI 5,00015,00025,00035,00045,000 1,0002,0003,0004,0005,000 202120222023202420253Q26 OIADVInterest Rates ADV & OI 010,00020,00030,00040,00050,000 1,0002,0003,0004,0005,0006,000 202120222023202420253Q26 OIADVTotal Financials ADV & OI ADVOI ADVOI ADVOI ADVOI
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23 GAAP Results Income Statement Highlightsin millions except per share amountsThreeMonths Ended September 30, 2026Three Months Ended September 30, 2025% ChangeNineMonths Ended September 30, 2026NineMonths Ended September 30, 2025% ChangeNet revenues$2,765$2,41115%$8,408$7,42713%Operating expenses$1,355$1,23710%$3,942$3,7356% Operating income$1,410$1,17420%$4,466$3,69221% Operating margin 51%49%2pts53%50%3 pts Net income attributable to ICE$940$81615%$3,311$2,46434% Diluted EPS $1.67$1.4218%$5.85$4.2837%
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24 Adjusted Operating Income, Operating Margin & Operating Expense Reconciliationin millions Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentConsolidatedNine Months Ended September 30,Nine Months Ended September 30,Nine Months Ended September 30,Nine Months Ended September 30,20262025202620252026202520262025Total revenues, less transaction-based expenses$4,787$4,047$1,976$1,811$1,645$1,569$8,408$7,427Operating expenses1,1541,0641,1881,1081,6001,5633,9423,735Less: Amortization of acquisition-related intangibles4948109113555594713755Less: Transaction and integration costs——28—70489848Less/(Add): Regulatory matters—4(10)———(10)4Adjusted operating expenses$1,105$1,012$1,061$995$975$921$3,141$2,928Operating income$3,633$2,983$788$703$45$6$4,466$3,692Adjusted operating income$3,682$3,035$915$816$670$648$5,267$4,499Operating margin76%74%40%39%3%—%53%50%Adjusted operating margin77%75%46%45%41%41%63%61%
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25 Adjusted Operating Income, Operating Margin & Operating Expense Reconciliationin millions Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentConsolidatedThree Months Ended September 30,Three Months Ended September 30,Three Months Ended September 30,Three Months Ended September 30,20262025202620252026202520262025Total revenues, less transaction-based expenses$1,542$1,265$674$618$549$528$2,765$2,411Operating expenses3903574293745365061,3551,237Less: Amortization of acquisition-related intangibles17163638186195239249Less: Transaction and integration costs——28—207487Adjusted operating expenses$373$341$365$336$330$304$1,068$981Operating income$1,152$908$245$244$13$22$1,410$1,174Adjusted operating income$1,169$924$309$282$219$224$1,697$1,430Operating margin75%72%36%39%2%4%51%49%Adjusted operating margin76%73%46%45%40%42%61%59%
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26 Adjusted Net Income & EPSin millions except per share amountsThree Months Ended September 30, 2026Three Months Ended September 30, 2025NineMonths Ended September 30, 2026NineMonths Ended September 30, 2025Net income attributable to ICE$ 940$ 816$3,311$ 2,464Add: Amortization of acquisition-related intangibles239249713755Add: Transaction and integration costs48 7 98 48(Less)/Add: Regulatory matters — — (10)4Less: Net income from unconsolidated investees(16) (40)(59) (75) Less: Fair value adjustments of equity investments— (33)(452) (35)Add: Net interest expense on pre-acquisition-related debt 6 — 6 —Less: Income tax effect for the above items(72)(50) (77)(180)Add: Deferred tax adjustments on acquisition-related intangibles(9) 39 18 45Less: Other tax adjustments— (8) — (8)Adjusted net income attributable to ICE$1,136$ 980$3,548$3,018 Diluted earnings per share$ 1.67$ 1.42$ 5.85$ 4.28 Adjusted diluted earnings per share$ 2.02$ 1.71$ 6.27$ 5.24 Diluted weighted average common shares outstanding563574 566 576