ICE's first quarter 2026 earnings release and presentation can be found in the investor section of ice.com. 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 transaction-based expenses. Throughout this presentation, unless otherwise indicated, references to revenue growth are on a constant currency basis.
Please see explanatory notes on the second page of the earnings supplement for additional details regarding the definition of certain items. Adjusted operating income totaled a record $1.9 billion, up 26%, with meaningful contributions from all three of our operating segments. In the first quarter of 2025, we delivered 8% revenue growth and 16% adjusted EPS growth, which were both records at the time. Our business deepens with use, our recurring revenues compound over time, and our expense discipline creates the capacity to invest in future organic growth by simultaneously delivering strong operating leverage and free cash flow.
On the topic of expenses, adjusted operating expenses totaled $1.035 billion, in line with the midpoint of our updated guidance range. Adjusted free cash flow generation was a first quarter record, $1.2 billion, a figure that speaks to the quality of our earnings and the capital efficiency of our model. First quarter Exchange net revenues reached a record $1.8 billion, up 27% year-over-year. Critically, these results compound on top of 12% growth in 2025, 11% growth in 2024.