ICE · 10-Q · 2026Q2 · Full report

U.S. Tax Law Changes

Intercontinental Exchange, Inc. · 2026-07-30 · Importance 65 · Surprise 60

For tax years beginning after December 31, 2025, the Net CFC Tested Income regime under the One Big Beautiful Bill Act replaces the Global Intangible Low-Taxed Income regime. ICE intends to apply the high-tax exception to Net CFC Tested Income for 2026, so most of its 2026 foreign earnings are not expected to be subject to immediate U.S. income taxation. The company reported a $246 million increase in other non-cash adjustments to net income, driven partly by the deferred-tax impact of applying OBBBA tax provisions during 2026. ICE also received tax refunds during 2026, contributing to a $326 million increase in working-capital cash flows.