Intercontinental Exchange (ICE) Q2 2026: Growth Cools to 4.8% from 20.4% as Volatility Windfall Fades
Intercontinental Exchange closed the first half of 2026 with diluted EPS up 46.2% to $4.18, but almost none of that acceleration belongs to the second quarter. Net revenue — revenue after the transaction-based expenses ICE merely collects and passes on — grew 4.8% in Q2 to $2,666 million, against 20.4% growth in Q1, and the half-year net income figure carries a $390 million non-cash markup on a private stake in Polymarket that was booked entirely in the March quarter. Strip the $62 million Bakkt gain and Q2 pre-tax income rose 8.2% — not the 43.9% that the half-year net income line implies. What holds the quarter together is mix: the subscription-like revenue that ICE recognizes over time grew 7.0% while volatility-driven transaction revenue grew just 2.1%, meaning the durable half of the business is now outpacing the half that spiked and faded.
1. Consolidated Balance Sheet
1-1. Principal asset movements
Total assets jumped 27.3% to $174,247 million, and that number should be discarded almost immediately. ICE operates clearing houses, and member cash margin deposits sit on the balance sheet as an asset with an exactly offsetting liability. Those deposits rose from $76,789 million to $114,599 million — a $37,810 million swing that is customer money, not ICE capital, and that inflates both sides of the balance sheet identically.
| Item | Dec 31, 2025 ($M) | Jun 30, 2026 ($M) | Change % |
|---|---|---|---|
| Cash and cash equivalents | 837 | 1,067 | +27.5% |
| Customer accounts receivable, net | 1,552 | 1,869 | +20.4% |
| Property and equipment, net | 2,691 | 2,884 | +7.2% |
| Goodwill | 30,646 | 30,632 | −0.0% |
| Other intangible assets, net | 15,353 | 14,870 | −3.1% |
| Other non-current assets | 2,038 | 3,401 | +66.9% |
| Margin deposits and guaranty funds (pass-through) | 76,789 | 114,599 | +49.2% |
| Total assets (reported) | 136,887 | 174,247 | +27.3% |
| Total assets (ex-clearing pass-through) | 55,661 | 57,335 | +3.0% |
On the adjusted basis the balance sheet grew 3.0% — a normal half-year for a mature infrastructure operator. The one genuine change is the 66.9% rise in other non-current assets, which is where ICE parks its strategic minority stakes. Total carrying value of equity and equity-method investments went from $1,614 million to $2,953 million, a $1,339 million build funded by $843 million of cash purchases, $390 million of upward remeasurement, a $62 million Bakkt fair-value gain and $43 million of equity-method income.
