Intercontinental Exchange (ICE) reported third-quarter net revenues of $2.8 billion, up 15% from a year earlier, a faster pace than the 5% increase recorded in the second quarter. The global technology and data company said the period was its best third quarter on record, with revenues, operating income and earnings per share each growing by double digits.

GAAP diluted earnings were $1.67 a share, up 18% from a year earlier, after a 14% year-over-year increase in the second quarter. Adjusted diluted earnings were $2.02 a share, up 18%. Operating income was $1.4 billion, up 20%, and adjusted operating income was $1.7 billion, up 19%. The operating margin was 51% and the adjusted operating margin was 61%.

The acceleration was concentrated in transaction activity. Consolidated transaction revenues, net, were $1.40 billion, up 23% from a year earlier, after a 2% increase in the second quarter. Recurring revenues were $1.37 billion, up 7%.

Exchange net revenues were $1.5 billion, with segment revenues of $1.54 billion, up 22% from a year earlier. Exchange operating income was $1.2 billion, and the operating margin was 75%. Energy revenues were $603 million, up 25%. Agriculture and metals were $83 million, up 62%. Financials were $190 million, up 37%. Cash equities and equity options, net, were $132 million, up 25%. OTC and other were $112 million, up 13%. Data and connectivity services were $292 million, up 10%. Listings were $130 million, up 4%. Exchange transaction revenues, net, were $1.12 billion, up 28%. Exchange recurring revenues were $422 million, up 8%.

Fixed income and data services revenues were $674 million, up 9% from a year earlier. Segment operating income was $245 million, and the operating margin was 36%. Recurring revenues in the segment were $538 million, up 9%. Transaction revenues were $136 million, up 10%.

Mortgage technology revenues were $549 million, up 4% from a year earlier. Segment operating income was $13 million, and the operating margin was 2%. Adjusted operating income in the segment was $219 million, and the adjusted operating margin was 40%. Recurring revenues were $405 million, up 4%. Transaction revenues were $144 million, up 4%.

Through September 30, 2026, ICE returned $2.5 billion to stockholders, including $1.6 billion in share repurchases, after returning $1.8 billion through June 30, including $1.2 billion of repurchases. Operating cash flow through the third quarter was $4.5 billion and adjusted free cash flow was $3.7 billion. Unrestricted cash was $936 million and outstanding debt was $23.3 billion as of September 30, 2026.

On October 21, 2026, the Department of Justice and the Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in ICE’s acquisition of MarketAxess Holdings Inc. The company said it now expects the merger to close in the first quarter of 2027, ahead of the first-half of 2027 timeline announced in July. The merger remains subject to remaining customary closing conditions and other regulatory approvals.

Updated 2026 guidance called for 9% growth in exchange recurring revenue and 8% growth in fixed income and data services recurring revenue. Fourth-quarter operating expenses are guided at $1.317 billion to $1.327 billion on a GAAP basis and $1.082 billion to $1.092 billion on a non-GAAP basis. Fourth-quarter non-operating expense is guided at $170 million to $180 million GAAP and $175 million to $185 million non-GAAP. Full-year 2026 capital expenditures are expected at about $1.05 billion. Fourth-quarter weighted average shares outstanding are guided at 558 million to 563 million.