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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ken Worthington | JPMorgan | 7 (0%) |
| Dan Fannon | Jefferies | 7 (14%) |
| Ben Budish | Barclays | 6 (0%) |
| Alex Blostein | Goldman Sachs | 6 (0%) |
| Patrick Moley | Piper Sandler | 5 (0%) |
| Chris Allen | KBW | 4 (25%) |
| Craig Siegenthaler | Bank of America | 4 (0%) |
| Alex Kramm | UBS | 4 (0%) |
| Brian Bedell | Deutsche Bank | 3 (0%) |
| Ashish Sabadra | RBC Capital Markets | 3 (0%) |
| Goldman Sachs | 1 | 6 (0%) |
| Piper Sandler | 1 | 5 (0%) |
| UBS | 1 | 4 (0%) |
| RBC Capital Markets | 2 | 4 (0%) |
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.
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 |
| 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 | +3.6% | $1.49 | +23.1% | 38.3% | 26.8% |
| FY2026 Q1 | $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 and other companies said about each other on FY2026 Q1 earnings calls — 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 read-through.
“So we have JPMorgan that continues to ramp.”
JPMorgan continues ramping on ICE's mortgage servicing platform, a customer read-through 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 read-through 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 read-through 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 read-through 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 read-through 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 read-through on the pharma giant's US listing/capital-markets positioning.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ICE Intercontinental Exchange | 9 | +13.5% | |
| CBOE Cboe Global Markets | 10 | +6.5% | |
| CME CME Group | 7 | +14.5% | |
| COIN Coinbase Global | 1 | -30.5% | |
| FDS FactSet | 6 | +7.1% | |
| MCO Moody's Corporation | 7 | +8.1% | |
| MSCI MSCI | 8 | +14.1% | |
| NDAQ Nasdaq, Inc. | 8 | +2.3% | |
| SPGI S&P Global | 8 | +10.4% |