Intercontinental Exchange (ICE) — Q2 2026 Earnings Preview

Company	Intercontinental Exchange, Inc.
Ticker	ICE (NYSE)
Reporting Period	Q2 2026 (quarter ended June 30, 2026)
Earnings Date	July 30, 2026 — 8:30 AM ET
Prepared	July 29, 2026

1. Earnings Preview

Key Takeaway: Setup leans toward a beat — consensus has drifted lower since Q1's record print while open interest and volume data already in the public domain point to a constructive quarter; the biggest swing factor is whether energy and interest rate transaction revenue can sustain Q1's extraordinary pace or revert toward seasonal norms.

The bar heading into Q2 2026 is manageable. Consensus adjusted EPS of ~$1.83 sits roughly 22% below Q1's record $2.35, a reset that reflects both the one-time nature of Q1's geopolitical volume surge and management's own guidance that mortgage technology recurring revenue would remain flat sequentially (stripping out ~$4M of Q1 one-time items). Yet the real-time volume data available to the market tells a more constructive story: energy open interest was up 8% year-to-date as of the Piper Sandler conference on June 3, and total F&O open interest hit new records in late April, up 20%+ year-over-year — signals that structural demand, not episodic volatility, is driving ICE's exchange business. Management's tone since Q1 has been unambiguously bullish — CEO Sprecher described the business as 'firing on all cylinders' at the Bernstein conference in May, and COO Williams reinforced the energy structural thesis at Piper Sandler in June, citing LNG globalization and AI power demand as durable tailwinds. Estimate revisions have been modestly negative since Q1 (consensus 2Q EPS moved from ~$1.93 to ~$1.83), suggesting the street has already de-risked the quarter, which creates asymmetric upside if volumes held up through May and June. The stock has underperformed sharply since Q1 earnings — down ~22% from the April 30 close to the late-June trough before recovering to ~$154 today — driven almost entirely by multiple compression rather than estimate cuts, leaving the setup less stretched than it was entering Q1. The key wildcard is the SPGI miss reported July 28 (shares fell ~7.7% on energy data pricing headwinds from the Iran war), which raises the question of whether macro disruption is a headwind or tailwind for ICE's transaction-heavy model — historically, geopolitical volatility has been a net positive for ICE's energy complex.

Bar: Consensus net revenue (ex-transaction expenses) of ~$2.62B for Q2 2026 represents a ~12% sequential decline from Q1's record $2.98B — a low bar given that open interest data and management commentary both point to continued structural strength in energy and rates. The bar on adjusted EPS (~$1.83) is similarly undemanding relative to the underlying business trajectory.

Guidance/Tone: Management has not changed formal guidance since Q1 earnings (opex guided $1.030–$1.040B for Q2, mortgage recurring revenue guided flat). Tone at both the Bernstein and Piper Sandler conferences was constructive-to-bullish, with no cautionary language on volumes or pricing.

Estimate Trajectory: Q2 EPS estimates have drifted ~5% lower since the Q1 print (from ~$1.93 to ~$1.83), while full-year 2026 estimates have moved modestly lower (~$8.12 to ~$7.99). The gap between guidance and consensus is narrow, suggesting limited downside from estimate cuts but meaningful upside if volumes surprised to the high side.

Stock Setup: ICE trades at ~18x NTM P/E vs. a 12-month trailing multiple of ~25x — a significant de-rating that management has attributed to the 'SaaS apocalypse' narrative around data monetization in an AI world. The stock has recovered ~25% from its late-June trough but remains ~16% below year-ago levels, leaving the multiple at a level that does not require a heroic beat to work.

Wildcard: The SPGI Q2 miss (July 28) on energy data pricing headwinds from the Iran war is the most relevant near-term read-through — if the Iran conflict is compressing pricing power for energy data, ICE's FIDS segment could face a similar headwind. Conversely, if the conflict is driving incremental hedging demand (ICE's historical pattern), transaction revenue could surprise to the upside.

2. KPIs & Consensus Expectations

Key Takeaway: Consensus sets a manageable bar across all key metrics — net revenue and adjusted EPS are both well below Q1's record levels, reflecting seasonal normalization. Total F&O daily volume is the bigger swing factor: open interest data already in the public domain suggests volumes held up better than the ~10M contracts/day consensus implies, creating potential upside to both transaction revenue and EPS.

Table 1 — Current Quarter Snapshot (Q2 2026)

KPI	Q1 2026 Actual	Q2 2025 Actual (Prior Year)	Q2 2026 Consensus Estimate	YoY Change	Guidance	Consensus vs. Guidance
Adjusted Diluted EPS ($)	$2.35	$1.81	$1.83	+1.1%	No formal guidance	N/A
Net Revenue ex-Transaction Expenses ($B)	$2.977B	$2.543B	$2.621B	+3.1%	No formal guidance	N/A
Total F&O Daily Volume (K contracts)	14,465K	10,058K	9,999K	-0.6%	No formal guidance	N/A
Total Transaction Revenue ($B)	$1.657B	$1.287B	$1.289B	+0.2%	No formal guidance	N/A
Mortgage Technology Recurring Revenue ($M)	$401M	$395M	$402M	+1.8%	~$397M (flat to Q1 ex-$4M one-time)	+1.3% above guidance midpoint
Adjusted Operating Expenses ($B)	$1.035B	N/A — not in VA	N/A — not in VA	N/A	$1.030–$1.040B	N/A

Sources: Visible Alpha Consensus and Actuals Data — Adjusted Diluted EPS, Net Revenue ex-Transaction Expenses, Total F&O Daily Volume, Total Transaction Revenue, Mortgage Technology Recurring Revenue. Q2 2026 consensus as of July 29, 2026. Adjusted Operating Expenses guidance from Q1 2026 earnings call (April 30, 2026).

Table 2 — Beat/Miss History (Last 8 Quarters)

Adjusted Diluted EPS

Quarter	Reported ($)	Consensus ($)	Surprise %	Result
Q1 2026	$2.35	$2.25	+4.4%	Beat
Q4 2025	$1.71	$1.67	+2.4%	Beat
Q3 2025	$1.71	$1.61	+6.2%	Beat
Q2 2025	$1.81	$1.77	+2.3%	Beat
Q1 2025	$1.72	$1.70	+1.2%	Beat
Q4 2024	$1.52	$1.49	+2.0%	Beat
Q3 2024	$1.55	$1.55	0.0%	In-Line
Q2 2024	N/A — not in VA for this period	N/A	N/A	N/A

Total F&O Daily Volume

Quarter	Reported (K)	Consensus (K)	Surprise %	Result
Q1 2026	14,465K	14,459K	+0.04%	In-Line
Q4 2025	9,080K	9,086K	-0.1%	In-Line
Q3 2025	8,001K	7,991K	+0.1%	In-Line
Q2 2025	10,058K	10,060K	-0.02%	In-Line
Q1 2025	9,968K	9,938K	+0.3%	In-Line
Q4 2024	8,464K	8,453K	+0.1%	In-Line
Q3 2024	7,987K	7,987K	0.0%	In-Line
Q2 2024	N/A — not in VA for this period	N/A	N/A	N/A

ICE has beaten adjusted EPS consensus in 6 of the last 7 reported quarters, with beats typically in the +2–6% range. Volume surprises are consistently minimal (within ±0.3%), suggesting the street models volumes accurately but tends to underestimate operating leverage and expense discipline. Source: Visible Alpha Consensus and Actuals Data.

3. Guidance & Commentary Evolution

Key Takeaway: Formal guidance is unchanged since Q1 earnings — opex guided $1.030–$1.040B and mortgage recurring revenue guided flat. Management tone has shifted more bullish at post-earnings conferences, with energy open interest up 8% YTD and the business described as 'firing on all cylinders' — no cautionary signals on any segment.

Metric	Initial Guidance (Q1 2026 Earnings Call, Apr 30)	Revised Guidance	Current Consensus	Note
Adjusted Operating Expenses (Q2 2026)	$1.030B – $1.040B	Unchanged	N/A — not in VA	Consistent with Q1 actual of $1.035B; no post-earnings revision
Mortgage Technology Recurring Revenue (Q2 2026)	~Flat to Q1 (~$397M, ex-$4M one-time items)	Unchanged	$402M	Consensus slightly above guidance midpoint; Huntington Bank Encompass win (April) is incremental positive
Energy Open Interest (Q2 trend)	Up 6% through April (Q1 call)	Up 8% YTD (Piper Sandler, June 3)	N/A — not a consensus KPI	↑ Improved at Piper Sandler conference June 3; COO Williams cited LNG globalization and AI power demand as structural drivers
Total F&O Open Interest (Q2 trend)	New records, up 20%+ YoY (Q1 call)	Records continued into Q2 (Bernstein, May 27)	N/A — not a consensus KPI	↑ Reinforced at Bernstein conference May 27; CEO Sprecher described business as 'firing on all cylinders'
Data Center Capacity (FIDS)	Hall 5 sold out; Hall 6 selling; H2 2026 data network growth 'a little lighter' due to comps	Chicago colo facility announced (Piper Sandler, June 3)	N/A	↑ New Chicago colo facility announced at Piper Sandler; forward auctions providing multi-year demand visibility
FY 2026 Adjusted EPS	No formal FY guidance provided	Unchanged	$7.99	Consensus has drifted ~2% lower since Q1 print; no management guidance to anchor

4. Guidance vs. Estimate Revision Tracker

Key Takeaway: Estimates have drifted modestly lower since Q1 earnings across both Q2 and FY2026, with Q2 EPS down ~5% and FY EPS down ~2% from the post-print baseline. The revision trend is mild and orderly — not a sign of deteriorating fundamentals but rather a de-risking of Q1's extraordinary volume levels. Consensus sits slightly above management's only formal guidance (mortgage recurring revenue), suggesting no meaningful gap risk on the guided line.

KPI / Period	Estimate ~5 Days Post Q1 Earnings (May 7, 2026)	Current Consensus (Jul 29, 2026)	Estimate Δ (%)	Initial Guidance (Q1 Call)	Current Guidance	Guidance Δ	Consensus vs. Guidance (%)
Adj. EPS — Q2 2026	$1.93	$1.83	-5.2%	No formal guidance	No formal guidance	N/A	N/A
Adj. EPS — FY 2026	$8.12	$7.99	-1.6%	No formal guidance	No formal guidance	N/A	N/A
Net Revenue ex-Trans. Exp. — Q2 2026	$2.694B	$2.621B	-2.7%	No formal guidance	No formal guidance	N/A	N/A
Net Revenue ex-Trans. Exp. — FY 2026	$11.04B	$10.95B	-0.8%	No formal guidance	No formal guidance	N/A	N/A
Total F&O Daily Volume — Q2 2026	10,745K	9,999K	-6.9%	No formal guidance	No formal guidance	N/A	N/A
Mtg. Tech. Recurring Rev. — Q2 2026	$403M	$402M	-0.1%	~$397M (flat to Q1 ex-one-time)	Unchanged	Unchanged	+1.3% above guidance

Source: Visible Alpha Consensus and Actuals Data. Post-Q1 baseline uses consensus as of May 7, 2026 (approximately 5 trading days after the April 30 earnings release). Current consensus as of July 29, 2026. The most notable revision is the ~7% cut to Q2 F&O daily volume consensus, reflecting the street's de-risking of Q1's extraordinary geopolitical-driven volume spike. However, management's open interest commentary at conferences (up 8% YTD energy OI as of June 3) suggests the volume cut may be too aggressive.

5. Stock Performance

Key Takeaway: ICE has dramatically underperformed both XLF and the S&P 500 since Q1 earnings, falling ~22% to a late-June trough before recovering to ~$154 today. The selloff was almost entirely multiple-driven (NTM P/E compressed from ~23x to ~14x over 6 months) rather than estimate-driven, suggesting the stock was pricing in a structural deterioration that management's conference commentary does not support.

Sector ETF used: XLF (Financial Select Sector SPDR Fund) — appropriate for ICE as a diversified financial infrastructure company. ICE is a top-10 holding in XLF.

Indexed Performance Since Apr 30, 2026 (Base = 100)	Apr 30	Late-June Trough	Jul 29, 2026
ICE	100.0	~77.7 (Jun 29: $122.91)	97.6 ($154.28)
XLF	100.0	~103.1 (Jun 29: $53.72)	108.7 ($56.68)
S&P 500 (SPY)	100.0	~103.1 (Jun 29: $741.00)	101.5 ($729.46)

Key Events Since Q1 Earnings (April 30, 2026):

April 30: Q1 2026 earnings — record beat across all three segments; stock +0.3% on the day (muted reaction).
May 27: Bernstein Strategic Decisions Conference — CEO Sprecher bullish on all segments; stock broadly flat.
June 3: Piper Sandler Global Exchange & Fintech Conference — COO Williams cited energy OI up 8% YTD; stock continued to drift lower amid broader sector rotation.
June 17: CME sued CFTC over perpetual futures classification — regulatory uncertainty around perps weighed on exchange sector broadly.
Late June: ICE hit trough of ~$122–$124, down ~22% from Q1 earnings close, as multiple compression accelerated.
July 1–2: Sharp recovery (+8% in two days) as broader financial sector rallied on strong bank earnings.
July 22–23: CME Q2 earnings (strong) and NDAQ Q2 earnings (strong beat) provided positive read-through; ICE continued recovery.
July 28: SPGI Q2 miss on energy data pricing headwinds; ICE stock +2.6% on the day (diverged from SPGI).

Performance decomposition: Over the trailing 6 months, ICE's NTM EV/EBITDA multiple compressed from ~16.6x to ~13.9x (a ~16% contraction), while the stock fell ~11%. Over 12 months, the multiple compressed ~23% while the stock fell ~16% — confirming that virtually all of the underperformance is multiple-driven, not earnings-driven. The 1-month recovery (+25.6%) has been almost entirely multiple expansion (+19%), with limited contribution from estimate revisions. Source: Stock Price Data (Yahoo Finance).

6. Material News & Developments

Key Takeaway: The most important development since Q1 earnings is the CME vs. CFTC lawsuit over perpetual futures classification (June 17) — a regulatory battle that directly affects ICE's competitive positioning and its OKX partnership strategy. The SPGI Q2 miss (July 28) is the most relevant near-term read-through for ICE's FIDS segment heading into tomorrow's print.

July 28, 2026 — SPGI Q2 Miss on Energy Data Pricing: S&P Global shares fell ~7.7% after missing Q2 estimates, with management citing the US-Iran War as making it harder to boost pricing on energy data contracts. This is a direct read-through risk for ICE's FIDS segment, which also monetizes energy data. However, ICE's model is more transaction-driven (benefiting from volatility) vs. SPGI's subscription-based energy data, which may insulate ICE from the same pricing headwind.
July 22–23, 2026 — CME and NDAQ Q2 Earnings (Strong Beats): CME reported Q2 ADV of 29.8M contracts (second-highest Q2 ever) with market data revenue up 20% to a record $238M. NDAQ reported EPS of $1.07 (+25% YoY) vs. consensus of $0.99, with record U.S. options and cash equities volumes. Both results validate a strong Q2 trading environment that should benefit ICE's exchange businesses.
July 27, 2026 — CME Launches Single-Stock Futures: CME launched cash-settled single-stock futures on 55 U.S. equities (including SpaceX), tradeable 23 hours/day. This is a competitive development for ICE's NYSE listings franchise and its broader derivatives strategy, though ICE's energy and rates complex is not directly affected.
July 9, 2026 — CFTC Blocks CME's 24/7 Crude Oil Futures: The CFTC blocked CME's plan for 24/7 crude oil futures trading, citing ongoing regulatory review. This is a read-through for ICE's own extended-hours energy trading initiative (announced at Piper Sandler) — regulatory headwinds on 24/7 trading could slow ICE's competitive response to Hyperliquid.
June 21, 2026 — CME Sues CFTC Over Perpetual Futures: CME filed suit against the CFTC to prevent Kalshi from offering perpetual futures, arguing they are swaps under Dodd-Frank. This directly intersects with ICE's OKX partnership (oil-linked perpetuals) and its regulatory strategy. A CME win would create headwinds for ICE's perp ambitions; a CME loss would validate ICE's approach.
June 17, 2026 — CME CEO Duffy Steps Down; Lynne Fitzpatrick Named First Female CEO: Leadership transition at ICE's largest exchange competitor. Fitzpatrick is a CME veteran; the transition is unlikely to change CME's competitive posture materially but removes a vocal critic of perpetual futures from the CEO seat.
June 3, 2026 — Piper Sandler Conference (ICE COO Williams): Energy open interest up 8% YTD; Hall 5 sold out, Hall 6 selling; new Chicago colo facility announced; 24/7 tokenized NYSE equities platform expected to complete 'in the coming months.' Anthropic Mythos AI model integrated into ICE's cybersecurity tools via the Glasswing program.
May 27, 2026 — Bernstein Conference (ICE CEO Sprecher): Business described as 'firing on all cylinders'; stock trades at 'meaningful discount to peers'; AI is a tailwind not a headwind; working with 3 large banks on tokenizing deposits; NYSE already connected to blockchain for settlement in ICE's own data center as proof of concept.
April 2026 — Huntington Bank Encompass Deal: ICE signed an Encompass deal with Huntington Bank (large superregional, existing MSP customer) in April — a cross-sell win demonstrating the mortgage technology flywheel. Management highlighted this on the Q1 call as evidence of the origination/servicing/data cross-sell working.
April 30, 2026 — Q1 2026 Record Earnings: ICE reported its strongest quarter in company history with record results across all three segments simultaneously. Adjusted EPS of $2.35 beat consensus of $2.25 by 4.4%. Net revenues of $2.977B beat consensus of $2.942B. Record free cash flow and aggressive share repurchases highlighted.

7. Peer Commentaries — Last 60 Days / Q2 2026 Read-Through

Key Takeaway: Peer commentary from CME (Q2 earnings, July 22), NDAQ (Q2 earnings, July 23), and MKTX (Morgan Stanley conference, June 9) collectively paint a picture of record or near-record Q2 trading volumes, accelerating data demand driven by AI and digital assets, and a robust IPO environment — all of which are direct tailwinds for ICE's exchange, FIDS, and listings businesses. The only cautionary note is the SPGI miss on energy data pricing, which warrants monitoring for ICE's FIDS segment.

Note: Only commentary specifically about Q2 2026 conditions or post-Q1 2026 observations is included below. Prior-quarter-only commentary has been excluded.

CME Group (CME) — Q2 2026 Earnings Call, July 22, 2026

Relevance to ICE: CME is ICE's closest competitor in derivatives and energy futures. CME's Q2 results are the single most important peer read-through for ICE's exchange segment.

Q2 ADV of 29.8M contracts — second-highest Q2 in CME history, within 1% of the record set a year ago. May and June were 'particularly strong' following a tough April comparison. Open interest ended Q2 up 8% YoY and up 16% since the start of 2026. This is a strong positive read-through for ICE's energy and rates volumes, which also benefit from the same macro volatility drivers.
Market data revenue hit a record $238M in Q2 (+20% YoY), marking 33 consecutive quarters of YoY growth and the 8th consecutive record quarter. This validates ICE's FIDS data monetization thesis and suggests the AI-driven data demand cycle is intact heading into ICE's print.
July volume tracking 18% ahead of last year — CME's early Q3 commentary is highly constructive. While ICE reports Q2 tomorrow, this signals the macro environment that drove Q2 strength has continued into July, which is relevant for ICE's Q3 guidance commentary.
Perpetual futures framed as inferior products: CME management characterized perps as 'leveraged spot products' with 'limited investor protections' and costs 'orders of magnitude more expensive' than regulated futures. This aligns with ICE's own messaging and reinforces the regulatory moat around traditional exchange-traded derivatives.
Crypto futures volume up 32% vs. Q2 2025; 24/7 crypto trading saw $1.5B traded over first 8 weekends. This validates ICE's extended-hours energy trading initiative and OKX partnership strategy.
Treasury clearing mandate phasing in over next year — CME noted the evolving Treasury landscape as a growth driver. ICE's Treasury clearing is already operationally live (SEC approval February 2026), positioning ICE ahead of CME in this market.

Nasdaq (NDAQ) — Q2 2026 Earnings Call, July 23, 2026

Relevance to ICE: NDAQ competes directly with ICE's NYSE for listings and U.S. equity market share. NDAQ's data and fintech businesses are also direct analogs to ICE's FIDS segment.

Record industry volumes in U.S. options and U.S. cash equities in Q2 — NDAQ reported 11% organic net revenue growth in its market services division. Record derivatives contract volumes up 33% in the quarter. The June 18 triple witching recorded $296B in notional value traded (largest ever), and the June 26 Russell reconstitution set records with $334B in notional value (more than triple the prior record). These are direct positive read-throughs for ICE's NYSE equity and options businesses.
Strongest first half in U.S. exchange history for listings — $111B in operating company proceeds raised, underpinned by the SpaceX IPO ($86B, largest IPO in history on June 12). NDAQ welcomed 26 new operating companies in Q2 raising $106B. The IPO pipeline is described as 'robust' across AI infrastructure, healthcare/biotech, defense, and consumer. This is a direct positive for ICE's NYSE listings franchise.
Data demand accelerating from three drivers: AI use cases, digital assets, and 23.5 trading — NDAQ reported 34% YoY increase in enterprise data licenses. Index AUM exceeded $1 trillion for the first time. NDAQ launched MCP servers for AI-driven data workflows (same initiative ICE is pursuing). This validates ICE's FIDS data monetization strategy and suggests the AI data demand cycle is real and accelerating.
Tokenization pilot on Canton network in July — NDAQ successfully transmitted tokenized money market funds as collateral through Calypso. Working with Kraken on tokenized equities with instantaneous settlement (expected early next year). This is a competitive development for ICE's NYSE tokenized securities platform, but also validates the market opportunity ICE is pursuing.
Financial crime management (Verafin) delivered 22% revenue growth — clients 'downright eager' to adopt AI automations saving 'up to 80% of their time.' This validates ICE's AI deployment in mortgage servicing (16 workflow agents live, one workflow reduced from 46 touch points over 10 days to 6 touch points over 2 days).

MarketAxess (MKTX) — Morgan Stanley U.S. Financials Conference, June 9, 2026

Relevance to ICE: MKTX is the leading electronic fixed income trading venue. Its commentary on Q2 fixed income market conditions is a direct read-through for ICE's fixed income execution and data businesses.

2026 is in 'record territory of new issue' — driven by hyperscaler demand to fund AI data center build-out. MKTX expects 'record levels' of new issuance in 2026. This is a direct positive for ICE's fixed income data and analytics business (ICE Data Services), which monetizes new issue data and pricing.
50% of MKTX's top-line revenue growing double-digit, with the trend 'playing out into Q2 as well.' Emerging markets fixed income 'still seeing it perform at higher levels.' This validates the fixed income market activity backdrop for ICE's FIDS segment.
Record portfolio trading globally; block trading volumes in EM up ~35% in May; automation adoption accelerating with dealers and clients 'increasing their size that they're willing to put into the machine.' This validates ICE's electronic fixed income trading investments and the broader electronification trend that benefits ICE's bond trading platforms.
AI proving 'super helpful' for bond selection, execution strategy, and counterparty identification — MKTX's CP+ AI-derived pricing has become a benchmark in U.S. credit and is the 'only real-time pricing in EM.' This validates ICE's AI-driven data strategy and the competitive moat of proprietary pricing data.

S&P Global (SPGI) — Q2 2026 Earnings, July 28, 2026 (Cautionary Read-Through)

Relevance to ICE: SPGI's energy data and analytics business (Platts/Commodity Insights) is a partial analog to ICE's FIDS energy data offerings. SPGI's miss is the most relevant cautionary read-through heading into ICE's print.

SPGI missed Q2 estimates, with shares falling ~7.7% (largest intraday decline since February). Management cited the US-Iran War as making it harder to boost pricing on energy data contracts. This raises the question of whether ICE's FIDS energy data pricing faces similar headwinds.
Key distinction: ICE's energy business is more transaction-driven (exchange fees on energy futures volume) vs. SPGI's subscription-based energy data model. Geopolitical volatility (Iran war) has historically been a net positive for ICE's energy transaction volumes (more hedging demand) even if it creates pricing friction for subscription data. The net effect for ICE is likely positive, but the SPGI miss warrants monitoring for ICE's FIDS data pricing commentary.

8. Insider Transaction Activity

Key Takeaway: All insider transactions since Q1 earnings are 10b5-1 planned sales — no discretionary open-market selling and no open-market buying. The activity is routine and does not signal any unusual insider view on the upcoming print. The absence of discretionary buying despite a ~22% stock decline from the Q1 close to the late-June trough is notable but not alarming given the pre-planned nature of all transactions.

Name	Title	Transaction Type	Shares	Approx. Value	Transaction Date	Note
Lynn C. Martin	President, NYSE Group	10b5-1 Planned Sale	15,882	~$2.22M	July 16, 2026	Pre-planned; 10b5-1 plan established May 29, 2025; sold 23% of direct holdings
William Jefferson Hague	Director	10b5-1 Planned Sale	1,333	~$0.19M (est.)	June 12, 2026	Pre-planned; routine director sale
William Jefferson Hague	Director	10b5-1 Planned Sale	91	~$0.01M (est.)	June 9, 2026	Pre-planned; small routine director sale
Sharon Bowen	Director	10b5-1 Planned Sale	667	~$0.10M (est.)	May 22, 2026	Pre-planned; routine director sale
Warren Gardiner	Chief Financial Officer	10b5-1 Planned Sale	2,490	~$0.38M (est.)	May 19, 2026	Pre-planned; CFO sale, routine

Source: SEC Form 4 Filings. All transactions are open-market sales under pre-established 10b5-1 trading plans. No discretionary open-market purchases or sales were identified in the period since Q1 earnings (April 30, 2026 through July 29, 2026). The CFO (Warren Gardiner) sale in May is the most notable given his role, but the pre-planned nature removes any informational content. No 10b5-1 plan initiations were filed in the period, which is consistent with the pre-earnings quiet period.