Intercontinental ExchangeICE

10-Q · 30 jul 2026 · for the period to 30 jun 2026

accession 0001571949-26-000011

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every reason’s state · derivation order

01ICE's revenue base has become increasingly predictable through multi-year data subscriptions and mortgage servicing contracts that renew automatically. The 7.9% ASV growth demonstrates pricing power and customer retention in data products, while per-loan servicing fees create recurring revenue tied to the stock of mortgages being serviced rather than volatile origination activity. This subscription-heavy mix reduces earnings volatility compared to pure transaction-fee exchanges.

service annuitygets paid again without selling again

holdsread 1 sep 2026

02ICE's clearing houses occupy a regulatory-mandated position in derivatives markets. The EMIR 3.0 Active Account Requirement actually reinforces ICE's position by requiring EU participants to use an EU-authorized CCP—which ICE Clear Netherlands now is—creating a compliance-driven barrier that competitors without EU authorization cannot easily overcome. The 26% increase in CDS clearing notional demonstrates growing centralization of credit risk through ICE's infrastructure.

regulatory positionowns a thing that cannot be built or permitted twice

holdsread 1 sep 2026

03ICE operates ICE Endex, described as the primary European exchange for emissions allowance trading under the EU Emissions Trading SystemEnergy futures and options revenues increased 16% for the six months ended June 30, 2026 from the comparable period in 2025

scarcity assetowns a thing that cannot be built or permitted twice

holdsread 1 sep 2026

04Mortgage Technology segment operates Encompass (origination SaaS), MERS (closing registry), MSP (servicing software), and Simplifile (closing solutions)Origination technology revenues are based on recurring SaaS subscription fees with additive transaction-based pricing as lenders exceed loans closed in their monthly base subscriptionMERS and Simplifile closing solutions revenues are largely transaction-based, driven by volume of loans closed

switching costsis wired into how the customer already works

holdsread 1 sep 2026

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