ICE Reports Record Q2 Earnings, Announces $5.7 Billion Acquisition of MarketAxess
Intercontinental Exchange (NYSE: ICE) reported record second-quarter earnings for fiscal year 2026 with net revenue reaching $2.7 billion and adjusted EPS at a new high of $1.90. The company attributed the strong performance to growth in its rates business, which rose by 24%, as well as increased activity across financial and energy markets. ICE also announced plans to acquire MarketAxess for $5.7 billion or $167 per share, a deal offering $100 million in annualized cost synergies over three years post-close. The acquisition is expected to increase pro forma leverage temporarily but with a target of returning it below 3.0x within two years. The company continued its aggressive capital return strategy by repurchasing $651 million worth of shares during the quarter, bringing total first-half buybacks to record levels.
