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 $389 million non-cash markup on a private stake in Polymarket that was booked entirely in the March quarter. Strip both distortions 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.