ICE · 10-Q · 2026Q3 · Full report

Investment Fair Value Gains

Intercontinental Exchange, Inc. · 2026-10-29 · Importance 78 · Surprise 82 · From source text

ICE recorded $390 million of fair-value gains on equity investments without readily determinable fair values during the nine months ended September 30, 2026, compared with $35 million in 2025. The 2026 gain primarily reflected observable price changes in Polymarket preferred stock and was substantially recognized in the quarter ended March 31, 2026. ICE also recognized a $62 million unrealized fair-value gain on its Bakkt investment during the nine months, all in the quarter ended June 30, 2026. Equity-method investment income declined to $59 million from $75 million for the nine-month periods, partly because of Bakkt losses recorded while it was classified as an equity-method investment.

Key facts

• ICE recorded $390 million and $35 million of fair value gains on equity investments without readily determinable fair values for the nine months ended September 30, 2026 and 2025, respectively; the 2026 gain primarily related to Polymarket preferred stock. source
• During the nine months ended September 30, 2026, ICE excluded $452 million of non-cash fair value gains, primarily a $389 million Polymarket observable price change gain and a $62 million unrealized gain on its Bakkt investment. source
• ICE recognized an unrealized $62 million fair value gain on its Bakkt investment during the nine months ended September 30, 2026, all recognized in the three months ended June 30, 2026. source
• ICE recognized equity-method investment income of $59 million and $75 million for the nine months ended September 30, 2026 and 2025, respectively, and $16 million and $40 million for the three-month periods. source

Impact estimates