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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ken Worthington | JPMorgan | 7 questions · 0% challenging |
| Dan Fannon | Jefferies | 7 questions · 14% challenging |
| Ben Budish | Barclays | 6 questions · 0% challenging |
| Alex Blostein | Goldman Sachs | 6 questions · 0% challenging |
| Patrick Moley | Piper Sandler | 5 questions · 0% challenging |
| Chris Allen | KBW | 4 questions · 25% challenging |
| Craig Siegenthaler | Bank of America | 4 questions · 0% challenging |
| Alex Kramm | UBS | 4 questions · 0% challenging |
| Brian Bedell | Deutsche Bank | 3 questions · 0% challenging |
| Ashish Sabadra | RBC Capital Markets | 3 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| KBW | 2 analysts | 7 questions · 14% challenging |
| Jefferies | 1 analyst | 7 questions · 14% challenging |
| JPMorgan | 1 analyst | 7 questions · 0% challenging |
| Barclays | 1 analyst | 6 questions · 0% challenging |
| Goldman Sachs | 1 analyst | 6 questions · 0% challenging |
| Piper Sandler | 1 analyst | 5 questions · 0% challenging |
| UBS | 1 analyst | 4 questions · 0% challenging |
| RBC Capital Markets | 2 analysts | 4 questions · 0% challenging |
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ICE delivered record Q1 net revenues of $3 billion, up 18%, with adjusted EPS of $2.35 surging 37% year-over-year as record exchange volumes spanned all asset classes and the global energy franchise underwent structural repricing. Interest rate complex expansion continued rapidly, and fixed income data compounded its growth trajectory. Adjusted free cash flow was a first-quarter record $1.2 billion, and management reiterated February targets with incremental confidence.
Calendar quarter Q1 2026Earnings call Apr 30, 2026
FY2026 Q1 in brief
ICE delivered record Q1 net revenues of $3 billion, up 18%, with adjusted EPS of $2.35 surging 37% year-over-year as record exchange volumes spanned all asset classes and the global energy franchise underwent structural repricing.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Intercontinental Exchange (ICE), FY2026 Q1: 9/10. Scores: Intercontinental Exchange’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: ICE daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Demand | Revenue Growth | Competitive Dynamics | Innovation & R&D | M&A | Guidance Reliability | Cloud & AI | Subscriber Growth | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 4 | 2 | 1 | 2 | 1 | 1 | |
| 2025Q1 | 7 | 4 | 3 | 1 | 1 | 1 | 1 | |
| 2025Q2 | 3 | 2 | 1 | 2 | 2 | 1 | 1 | 1 |
| 2025Q3 | 2 | 1 | 2 | 3 | 1 | 1 | 2 | |
| 2025Q4 | 4 | 2 | 3 | 2 | 2 | 1 | ||
| 2026Q1 | 2 | 2 | 2 | 1 | 1 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 4 | 7 | 3 | 2 | 4 | 2 |
| Revenue Growth | 4 | 4 | 2 | 1 | 2 | 2 |
| Competitive Dynamics | 2 | 3 | 1 | 2 | 3 | 2 |
| Innovation & R&D | 1 | 1 | 2 | 3 | 2 | 1 |
| M&A | 2 | 1 | 2 | 1 | 1 | |
| Guidance Reliability | 1 | 1 | 1 | 1 | 2 | |
| Cloud & AI | 1 | 2 | 1 | 1 | ||
| Subscriber Growth | 1 | 1 | 1 | 1 |
GAAP revenue YoY +13.5% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $3.03B | +13.7% | $1.21 | +86.2% | 35.5% | 23.0% |
| FY2025 Q1 | $3.23B | +15.3% | $1.38 | +3.8% | 37.8% | 24.7% |
| FY2025 Q2 | $3.26B | +12.6% | $1.48 | +34.5% | 39.8% | 26.1% |
| FY2025 Q3 | $3.01B | -0.9% | $1.42 | +24.6% | 39.0% | 27.1% |
| FY2025 Q4 | $3.14B | +3.7% | $1.49 | +23.1% | 39.4% | 27.1% |
| FY2026 Q1Selected | $3.67B | +13.5% | $2.48 | +79.7% | 45.4% | 38.5% |
| FY2026 Q2 | $3.61B | +10.7% | $1.69 | +14.2% | 38.5% | 26.5% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What ICE said about other companies on its FY2026 Q1 call, and what other companies said about ICE on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“capital markets firms such as Bullish, Intercontinental Exchange, Marshall Waste and SBI Group”
Intercontinental Exchange participated as a strategic investor in Circle's Arc token presale.
“including our new licensing agreement for options on MSCI Inc. indices listed on the New York Stock Exchange.”
MSCI signed a new licensing agreement for options on MSCI indices listed on the NYSE (owned by ICE).
“our venture with ICE will bring greater transparency and consistency of data to this market.”
Apollo's venture with Intercontinental Exchange (ICE) will assign ICE IDs to private assets, a data/standardization partnership expanding ICE's role in private markets.
“We've had M&T go live.”
M&T Bank went live on ICE's mortgage servicing platform, a customer-adoption signal.
“So we have JPMorgan that continues to ramp.”
JPMorgan continues ramping on ICE's mortgage servicing platform, a customer signal on the bank's mortgage operations.
“the large super regional bank that we've closed here in April is Huntington Bank.”
Huntington signed an Encompass deal and is an existing MSP customer, cross-selling signal on the super-regional bank's mortgage tech stack.
“We obviously now have UWM, United Wholesale Mortgage now live on the platform and building loans.”
UWM is now live building loans on ICE Mortgage Technology's MSP platform, a customer-adoption signal on the largest US wholesale lender.
“OKX, which serves more than 120 million users globally, is working with us to connect its crypto native audience to ICE's regulated markets, including U.S. futures and NYSE tokenized equities while giving us a pathway to launch regulated crypto futures tied to OKX spot crypto prices.”
OKX is partnering with ICE to bridge its 120M+ crypto users into ICE regulated markets and to underpin regulated crypto futures, a signal on OKX's institutionalization push.
“During the quarter, we launched our Polymarket signals and sentiment product, which normalizes prediction market data for institutional workflows and is available exclusively through ICE Feeds.”
ICE distributes Polymarket prediction-market data exclusively through ICE Feeds and collaborates on on-chain settlement, expanding Polymarket's institutional reach.
“We've also signed a memorandum of understanding with Securitize, naming them as the first digital transfer agent to support the tokenized security issuance and life cycle management on our platform.”
Securitize will be the first digital transfer agent on NYSE's tokenized securities platform, a signal on Securitize's role in institutional tokenization.
“A meaningful development during the quarter was the launch of ICE Private Credit Intelligence with Apollo as our anchor partner.”
Apollo is the anchor partner for ICE's new Private Credit Intelligence data platform, reinforcing Apollo's central role as private credit institutionalizes.
“facilitated the largest transfer in our history with AstraZeneca and maintained a retention rate above 99%”
AstraZeneca moved its listing to the NYSE in the largest transfer in ICE's history, a signal on the pharma giant's US listing/capital-markets positioning.
| Company | Score | Trend | Rev YoY | Headline |
|---|---|---|---|---|
| ICEIntercontinental Exchange | 9 | +13.5% | ICE delivered record Q1 net revenues of $3 billion, up 18%, with adjusted EPS of $2.35 surging 37% year-over-year as record exchange volumes spanned all asset classes and the global energy franchise underwent structural repricing | |
| CBOECboe Global Markets | 10 | +6.5% | Cboe Global Markets posted record net revenue of $729 million, up 29% year-over-year, with adjusted diluted EPS rising 48% to a record $3.70 (GAAP EPS was $3.66) | |
| CMECME Group | 7 | +14.5% | Record Volume Across All Six Asset Classes | |
| COINCoinbase Global | 1 | -30.5% | Coinbase reported a Q1 net loss of $394 million as total revenue declined 21% quarter-over-quarter amid a broad crypto market downturn that crushed transaction revenue across all segments | |
| FDSFactSet | 6 | +7.1% | FactSet delivered its fourth consecutive quarter of ASV growth acceleration at 6.7%, powered by double-digit Data Solutions growth across all firm types and rapid adoption of AI capabilities including the MCP Server with 120+ clients since December launch | |
| MCOMoody's Corporation | 7 | +8.1% | Record Rated Issuance Driven by AI Infrastructure | |
| MSCIMSCI | 8 | +14.1% | MSCI delivered over 13% organic revenue growth and nearly 14% adjusted EPS growth, with the ABF run rate hitting $872 million on $103 billion in record inflows and hedge funds driving subscription acceleration, marking record Q1 results across multiple dimensions | |
| NDAQNasdaq, Inc. | 8 | +2.3% | Nasdaq delivered net revenue of $1.4 billion with 13% growth as FinTech achieved record revenue with ACV bookings surging over 50% and 80% cloud-based, while Capital Markets Technology grew 20% with broad-based demand | |
| SPGIS&P Global | 8 | +10.4% | S&P Global grew Q1 2026 revenue 10% (9% organic constant currency) with adjusted diluted EPS up 14% year-over-year, as Ratings demonstrated resilience amid macro volatility and Indices delivered double-digit growth across all product lines |
ICE delivered record Q1 net revenues of $3 billion, up 18%, with adjusted EPS of $2.35 surging 37% year-over-year as record exchange volumes spanned all asset classes and the global energy franchise underwent structural repricing
Cboe Global Markets posted record net revenue of $729 million, up 29% year-over-year, with adjusted diluted EPS rising 48% to a record $3.70 (GAAP EPS was $3.66)
Coinbase reported a Q1 net loss of $394 million as total revenue declined 21% quarter-over-quarter amid a broad crypto market downturn that crushed transaction revenue across all segments
| Company | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| ICE | 8 | 8 | 9 | 5 | 8 | 9 |
| CBOE | 7 | 8 | 8 | 9 | 9 | 10 |
| CME | 6 | 8 | 7 | 4 | 7 | 7 |
| COIN | 9 | 7 | 5 | 9 | 1 | 1 |
| FDS | 6 | 6 | 5 | 7 | 6 | 6 |
| MCO | 8 | 4 | 7 | 10 | 9 | 7 |
| MSCI | 6 | 7 | 7 | 7 | 7 | 8 |
| NDAQ | 9 | 8 | 8 | 8 | 8 | 8 |
| SPGI | 9 | 7 | 7 | 10 | 8 | 8 |
FactSet delivered its fourth consecutive quarter of ASV growth acceleration at 6.7%, powered by double-digit Data Solutions growth across all firm types and rapid adoption of AI capabilities including the MCP Server with 120+ clients since December launch
MSCI delivered over 13% organic revenue growth and nearly 14% adjusted EPS growth, with the ABF run rate hitting $872 million on $103 billion in record inflows and hedge funds driving subscription acceleration, marking record Q1 results across multiple dimensions
Nasdaq delivered net revenue of $1.4 billion with 13% growth as FinTech achieved record revenue with ACV bookings surging over 50% and 80% cloud-based, while Capital Markets Technology grew 20% with broad-based demand
S&P Global grew Q1 2026 revenue 10% (9% organic constant currency) with adjusted diluted EPS up 14% year-over-year, as Ratings demonstrated resilience amid macro volatility and Indices delivered double-digit growth across all product lines