Intercontinental Exchange brings forward its MarketAxess close to the first quarter of 2027

The exchange operator posts third-quarter earnings of $2.02 a share, $0.03 above expectations, on revenue of $2.77B, in line with forecasts.

Intercontinental Exchange now expects its purchase of MarketAxess to close in the first quarter of 2027. It had previously said the first half of 2027. The new date follows clearance under the Hart-Scott-Rodino antitrust law.

Clearance had already removed the main open question on the deal after ICE refiled in September. The earnings release moves the timetable forward rather than only confirming that the review is done.

Third-quarter earnings were $2.02 a share, $0.03 above expectations. Revenue was $2.77B, the same as analysts expected.

For 2026, ICE guides to 9% growth in exchange recurring revenue and 8% growth in fixed income and data services recurring revenue. For the fourth quarter, it expects operating expenses of $1.317 billion to $1.327 billion on a GAAP basis, or $1.082 billion to $1.092 billion adjusted. Non-operating expense is guided at $170 million to $180 million on a GAAP basis, or $175 million to $185 million adjusted. Capital expenditure for 2026 is about $1.050 billion. Weighted average diluted shares are expected at 558 million to 563 million in the fourth quarter.

Warren Gardiner, ICE's chief financial officer, said the company expects to keep returning capital to stockholders alongside its plan to pay down debt after the MarketAxess deal closes.