Intercontinental Exchange Inc., the operator of the New York Stock Exchange (NYSE) and parent company of ICE Mortgage Technology, on Thursday reported first-quarter 2026 net income attributable to shareholders of $1.4 billion. That figure was up 77% from $797 million in the same period last year, as higher trading activity and growth across its exchanges, fixed income and mortgage technology businesses boosted results.
Diluted earnings per share rose 80% year over year to $2.48, while adjusted diluted earnings per share increased 37% to $2.35 for the quarter ended March 31.
The company reported record net revenue of $3 billion for the quarter, up 20% from a year earlier. Operating income increased 36% to a record $1.7 billion, while adjusted operating income climbed 29% to $1.9 billion.
During the company’s Thursday morning earnings call, chief financial officer Warren Gardiner shared that the first-quarter results represent the strongest quarter in ICE’s history.
ICE chair and CEO Jeff Sprecher said customers increasingly turned to the company’s markets, data and technology platforms amid “significant macroeconomic and geopolitical uncertainty.”
Its exchanges segment generated $1.8 billion in net revenue during the quarter, a 30% increase from a year earlier. Energy trading revenue rose 46% to $814 million, while financial segment revenue increased 65% to $256 million.
Fixed income and data services revenue increased 10% year over year to $657 million. Mortgage technology revenue rose 6% to $539 million, driven by gains in origination technology and closing solutions. Origination technology revenue increased 10% to $192 million, while closing solutions revenue climbed 20% to $57 million.
The mortgage technology segment reported a GAAP operating loss of $13 million, compared with a $27 million loss a year earlier. On an adjusted basis, the segment posted operating income of $212 million and a 39% operating margin.
Gardiner said that the mortgage technology segment delivered its “strongest quarterly performance since Q4 2022,” despite a mortgage origination market that remains below normalized levels.
“The broader mortgage origination market remains well below its long-run normalized potential, and yet we are growing, which speaks to the strategic value of what we have built,” he said.
Gardiner added that the company returned $848 million to shareholders during the quarter, including more than $550 million in share repurchases and $297 million in dividends.
ICE said unrestricted cash totaled $863 million as of March 31, while outstanding debt stood at $20.4 billion. The company generated $1.3 billion in operating cash flow during the quarter.
For the second quarter, the company forecast GAAP operating expenses of $1.28 billion to $1.29 billion, along with adjusted operating expenses of $1.03 billion to $1.04 billion.
ICE also said it expects Q2 2026 GAAP non-operating expenses to range from $160 million to $165 million, while adjusted non-operating expenses are projected at $180 million to $185 million.
