Operator

Hello, everyone, and thank you for joining us on today's ICE First Quarter 2026 Earnings Conference Call and Webcast. My name is Drew, and I'll be the operator on the call today. [Operator Instructions]

With that, it's my pleasure to hand over to Steve Eagerton to begin, Head of Investor Relations. Please go ahead, when you are ready.

Steven Eagerton
Vice President of Investor Relations

Good morning. ICE's first quarter 2026 earnings release and presentation can be found in the Investors section of ice.com. These items will be archived, and our call will be available for replay.

Today's call may contain forward-looking statements. These statements, which we undertake no obligation to update, represent our current judgment and are subject to risks, assumptions and uncertainties. For a description of the risks that could cause our results to differ materially from those described in forward-looking statements, please refer to our 2025 Form 10-K, 2026 First Quarter 10-Q and other filings with the SEC. In our earnings supplement, we refer to certain non-GAAP measures. We believe our non-GAAP measures are more reflective of our cash operations and core business performance. You will find a reconciliation to the equivalent GAAP term in the earnings materials. When used on this call, net revenue refers to revenue net of