| ICE |
Report |
Adjusted EPS |
BEAT |
pred ~$1.90 vs. cons $1.84 |
MEDIUM |
| ICE |
Report |
Total Net Revenue |
BEAT |
pred ~$2.72B vs. cons $2.65B |
MEDIUM |
| ICE |
Report |
Exchanges Segment Net Revenue |
IN-LINE |
pred ~$1.46B vs. cons $1.45B |
LOW |
| ICE |
Guide |
FY2026 Adjusted Operating Expense |
UNCHANGED |
guide ~$4.17B vs. cons $4.16B (FY2026) |
MEDIUM |
| ICE |
Guide |
FIDS Data & Network Technology recurring revenue growth |
LOWER |
guide ~6% vs. cons 9% (H2 2026) |
MEDIUM |
| ICE |
Guide |
FY2026 Exchanges segment net revenue growth (durability of rates/energy OI) |
BETTER |
guide ~15% vs. cons 12% (FY2026) |
LOW |
| ICE |
Return |
Day-1 residual (stock − beta × S&P 500) |
+1.5% |
— |
MEDIUM |
| ICE |
Return |
5-day cumulative residual |
-1.5% (FADE) |
A modest EPS/revenue beat against an already-lowered bar (consensus cut ~7% over 90 days) likely drives an initial pop, but management's flagged H2 deceleration in FIDS Data & Network Technology (post-Mahwah Hall 5 buildout) and normalizing energy open interest comps should prompt sell-side analysts to trim FY26/2027 estimates even after the Q2 beat - classic 'beat-but-cut-forward' out-period math. With the stock already up ~25% off its June lows into the print, there is limited room for follow-through without a blowout, making a partial giveback of Day-1 gains over the next several sessions the more likely path as estimate revisions catch up to the cautious guidance tone. |
MEDIUM |