Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Trading venues earn almost all the profit
Exchanges bring in two thirds of revenue but most of the operating income, so ICE's profit moves with trading.
For investorsWhat the trading engine depends on from here
For foundersThe playbook behind owning the venue and the data
Revenue rose 20.7%, but net of the reinstated SEC fee and liquidity payments it rose 14.7%.
Most costs do not track volume, so operating income rose 20.1% while operating expenses rose 9.5%.
Hedgers go where liquidity is deepest, and ICE owns both the venue and the clearing house behind each trade.
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Business Lens describes Intercontinental Exchange from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
