ICE · 10-Q · 2026Q3 · Full report
Operating Expense Trends
Intercontinental Exchange, Inc. · 2026-10-29 · Importance 36 · Surprise 14 · No source text
Consolidated operating expenses increased to $3.942 billion for the nine months ended September 30, 2026, from $3.735 billion in the prior-year period, and to $1.355 billion for the quarter from $1.237 billion. Compensation and benefits expense rose $77 million for the nine months and $43 million for the quarter, reflecting merit increases, higher bonus accruals and stock compensation, and the qualifying retirement provision, partly offset by higher capitalized labor. Technology and communication expenses increased $78 million and $26 million, respectively, due to data-center space, hardware and software maintenance pricing, and revenue-share license expenses. Headcount was 12,842 at September 30, 2026, essentially unchanged from 12,844 a year earlier.
Key facts
- ICE incurred Section 31 fees of $571 million and $412 million for the nine months ended September 30, 2026 and 2025, respectively, and $283 million for the three months ended September 30, 2026. source
- Cash liquidity payments, routing and clearing fees were $1.9 billion and $1.7 billion for the nine months ended September 30, 2026 and 2025, and $582 million and $596 million for the respective three-month periods. source
- Consolidated operating expenses were $3.942 billion for the nine months ended September 30, 2026, versus $3.735 billion in 2025, and $1.355 billion for the three months, versus $1.237 billion in 2025. source
- Amortization expense on acquired and other intangible assets was $713 million and $756 million for the nine months ended September 30, 2026 and 2025, respectively, and $239 million and $250 million for the three-month periods. source
- Fixed-asset depreciation expense was $459 million and $415 million for the nine months ended September 30, 2026 and 2025, respectively, and $160 million and $137 million for the three-month periods. source
- For the nine months ended September 30, 2026, adjusted operating expenses were $3,141 million, compared with $2,928 million for the same period in 2025. source
- The SEC reinstated the Section 31 fee rate in April 2026 after setting it to zero beginning in May 2025. source
- Compensation and benefits expense increased $77 million for the nine months and $43 million for the three months ended September 30, 2026, compared with 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | realized | -5.9% | For the nine months ended September 30, 2026, adjusted operating expenses were $3,141 million, compared with $2,928 million for the same… |
| operating_income | negative | realized | -5.7% | Consolidated operating expenses were $3.942 billion for the nine months ended September 30, 2026, versus $3.735 billion in 2025, and… |
| operating_income | negative | realized | -1.2% | Fixed-asset depreciation expense was $459 million and $415 million for the nine months ended September 30, 2026 and 2025, respectively,… |
| operating_income | positive | realized | +1.2% | Amortization expense on acquired and other intangible assets was $713 million and $756 million for the nine months ended September 30,… |