Intercontinental Exchange Reports Strong Full Year 2025 Results

ATLANTA & NEW YORK--( BUSINESS WIRE)--Intercontinental Exchange (NYSE: ICE):

Jeff Sprecher,

ICE Chair & Chief Executive Officer, said,

“As we close out 2025, we are pleased to report our 20th consecutive year of record revenues and continued earnings per share growth, driven by the strength of our diversified 'all-weather' business model and the trust of our global customers. Across our exchanges, fixed income, and mortgage technology platforms, we continued to modernize critical financial infrastructure leveraging best in class technology and automation, while operating with discipline in a dynamic macro environment. We saw record volumes across our exchange complex, our fixed income franchise continued to scale, and our mortgage technology business finished the year with renewed strength. Entering 2026, we believe the tailwinds behind our businesses are strong and we remain focused on innovation, durable growth, and long-term value creation for our shareholders.”

Intercontinental Exchange (NYSE: ICE), a leading global provider of technology and data, today reported financial results for the fourth quarter and full year of 2025. For the quarter ended December 31, 2025, consolidated net income attributable to ICE was $851 million on $2.5 billion of consolidated revenues less transaction-based expenses. Fourth quarter GAAP diluted earnings per share (EPS) were $1.49. Adjusted net income attributable to ICE was $975 million in the fourth quarter and adjusted diluted EPS were $1.71.

For the full year of 2025, consolidated net income attributable to ICE was $3.3 billion on $9.9 billion of consolidated revenues less transaction-based expenses. Full year 2025 GAAP diluted EPS was $5.77, up 21% year-over-year. On an adjusted basis, net income attributable to ICE for the year was $4.0 billion and adjusted diluted EPS was $6.95, up 14% year-over-year.

Please refer to the reconciliation of non-GAAP financial measures included in this press release for more information on our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted EPS and adjusted free cash flow.

Warren Gardiner, ICE Chief Financial Officer, added: "Our fourth quarter results capped another year of record revenues and operating income, supported by strong, durable cash flows from each of our major business lines and continued attention to operating efficiency. We maintained a balanced approach to leverage, ending the year well within our target leverage range, enabling us to reinvest in our network, while also returning $2.4 billion to shareholders. As we look ahead to 2026, we remain focused on disciplined investment, operational rigor, and enhancing the value we deliver to our customers and shareholders."

Fourth Quarter and Full Year 2025 Business Highlights

Fourth quarter consolidated net revenues were $2.5 billion, up 8% year-over-year, including exchange net revenues of $1.4 billion, fixed income and data services revenues of $608 million and mortgage technology revenues of $532 million. Consolidated operating expenses were $1.3 billion for the fourth quarter of 2025. On an adjusted basis, consolidated operating expenses were $1.0 billion. Consolidated operating income for the fourth quarter was $1.2 billion and the operating margin was 49%. On an adjusted basis, consolidated operating income for the fourth quarter was $1.5 billion and the adjusted operating margin was 60%.

Full year 2025 consolidated net revenues were $9.9 billion, up 7% year-over-year, including exchange net revenues of $5.4 billion, fixed income and data services revenues of $2.4 billion and mortgage technology revenues of $2.1 billion. Consolidated operating expenses were $5.0 billion for 2025. On an adjusted basis, consolidated operating expenses were $3.9 billion. Consolidated operating income for the year was $4.9 billion and the operating margin was 50%. On an adjusted basis, consolidated operating income for the year was $6.0 billion and the adjusted operating margin was 60%.

$ (in millions)

Net

Revenue

Margin

Adj Op

Margin

Net

Revenue

Margin

Adj Op

Margin

Full Year 2025

4Q25

Exchanges

$5,411

74%

75%

$1,364

73%

74%

Fixed Income and Data Services

$2,419

39%

45%

$608

38%

44%

Mortgage Technology

$2,101

41%

$532

39%

Consolidated

$9,931

50%

60%

$2,504

49%

60%

FY25

FY24

% Chg

4Q25

4Q24

% Chg

Recurring Revenue

$5,056

$ 4,829

$1,289

$1,215

Transaction Revenue, net

$4,875

$ 4,450

10%

$1,215

$1,108

10%

Exchanges Segment Results

Fourth quarter exchange net revenues were $1.4 billion, up 10% year-over-year. Exchange operating expenses were $365 million and on an adjusted basis, were $349 million in the fourth quarter. Segment operating income for the fourth quarter was $999 million and the operating margin was 73%. On an adjusted basis, operating income was $1.0 billion and the adjusted operating margin was 74%.

$ (in millions)

4Q25

4Q24

% Chg

Const

Curr (1)

Revenue, net:

Energy

$548

$477

15%

12%

Ags and Metals

(5)%

(6)%

Financials (2)

155

151

(1)%

Cash Equities and Equity Options

120

114

OTC and Other (3)

13%

11%

Data and Connectivity Services

266

230

16%

Listings

125

123

Segment Revenue

$1,364

$1,236

10%

Recurring Revenue

$391

$353

11%

Transaction Revenue, net

$973

$883

10%

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 4Q24, 1.2813 and 1.0664, respectively.

(2) Financials include interest rates and other financial futures and options.

(3) OTC & other primarily includes physical energy, interest income on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, technology development fees, exchange member fees, and agriculture grading and certification fees.

Full year exchange net revenues were $5.4 billion, up 9% year-over-year. Exchange operating expenses, as well as on an adjusted basis, were $1.4 billion for the full year. Segment operating income for 2025 was $4.0 billion and the operating margin was 74%. On an adjusted basis, operating income was $4.1 billion and the adjusted operating margin was 75%.

$ (in millions)

FY25

FY24

% Chg

Const

Curr (1)

Revenue, net:

Energy

$2,182

$1,876

16%

15%

Ags and Metals

233

257

(10)%

Financials (2)

608

559

Cash Equities and Equity Options

467

431

OTC and Other (3)

395

400

(1)%

(2)%

Data and Connectivity Services

1,031

947

Listings

495

489

Segment Revenue

$5,411

4,959

Recurring Revenue

$1,526

$ 1,436

Transaction Revenue, net

$3,885

$ 3,523

10%

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 2024, 1.2781 and 1.0820, respectively.

(2) Financials include interest rates and other financial futures and options.

Fixed Income and Data Services Segment Results

Fourth quarter fixed income and data services revenues were $608 million, up 5% year-over-year. Fixed income and data services operating expenses were $378 million and adjusted operating expenses were $341 million in the fourth quarter. Segment operating income for the fourth quarter was $230 million and the operating margin was 38%. On an adjusted basis, operating income was $267 million and the adjusted operating margin was 44%.

$ (in millions)

4Q25

4Q24

% Chg

Const

Curr (1)

Revenue:

Fixed Income Execution

$29

$33

(6)%

CDS Clearing

(5)%

(6)%

Fixed Income Data and Analytics

318

301

Data and Network Technology

189

170

11%

10%

Segment Revenue

$608

$579

Recurring Revenue

$507

$471

Transaction Revenue

$101

$108

(5)%

(6)%

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 4Q24, 1.2813 and 1.0664, respectively.

Full year 2025 fixed income and data services revenues were $2.4 billion, up 5% year-over-year. Fixed income and data services operating expenses were $1.5 billion and on an adjusted basis, were $1.3 billion for the year. Segment operating income for the full year was $933 million and the operating margin was 39%. On an adjusted basis, operating income was $1.1 billion and the adjusted operating margin was 45%.

$ (in millions)

FY25

FY24

% Chg

Const

Curr (1)

Revenue:

Fixed Income Execution

$125

$117

CDS Clearing

338

343

(1)%

(2)%

Fixed Income Data and Analytics

1,234

1,177

Data and Network Technology

722

661

Segment Revenue

$2,419

2,298

Recurring Revenue

$1,956

$1,838

Transaction Revenue

$463

$460

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 2024, 1.2781 and 1.0820, respectively.

Mortgage Technology Segment Results

Fourth quarter mortgage technology revenues were $532 million. Mortgage technology operating expenses were $524 million and adjusted operating expenses were $321 million in the fourth quarter. Segment operating income for the fourth quarter was $8 million and the operating margin was 1%. On an adjusted basis, operating income was $211 million and the adjusted operating margin was 39%.

$ (in millions)

4Q25

4Q24

% Chg

Revenue:

Origination Technology

$188

$177

Closing Solutions

14%

Servicing Software

214

213

—%

Data and Analytics

Segment Revenue

$532

$508

Recurring Revenue

$391

—%

Transaction Revenue

$141

$117

20%

Full year mortgage technology revenues were $2.1 billion. Mortgage technology operating expenses were $2.1 billion and adjusted operating expenses were $1.2 billion in 2025. Segment operating income for the full year was $14 million and the operating margin was 1%. On an adjusted basis, operating income was $859 million and the adjusted operating margin was 41%.

$ (in millions)

FY25

FY24

% Chg

Revenue:

Origination Technology

$738

$713

Closing Solutions

223

$202

10%

Servicing Software

871

$848

Data and Analytics

269

$259

Segment Revenue

$2,101

2,022

Recurring Revenue

$1,574

$1,555

Transaction Revenue

$527

$467

13%

Other Matters

Financial Guidance

GAAP

Non-GAAP

2026 Exchange Recurring Revenue (% growth)

Mid-single digits

2026 Fixed Income & Data Services Recurring Revenue (% growth)

Mid-single digits

2026 Mortgage Technology Revenue (% growth)

Low-to-mid single digits

2026 Operating Expenses

$5.010 - $5.075 billion

$4.075 - $4.140 billion (1)

1Q26 Operating Expenses

$1.245 - $1.255 billion

$1.010 - $1.020 billion (1)

1Q26 Non-Operating Expense (2)

$180 - $185 million

2026 Capital Expenditures

$740 - $790 million

2026 Effective Tax Rate (3)

24% - 26%

1Q26 Weighted Average Shares Outstanding

568 - 574 million

(1) 2026 and 1Q26 non-GAAP operating expenses exclude amortization of acquisition-related intangibles and integration expenses.

(2) Non-operating expense includes interest income, interest expense and net other income/expense. Adjusted non-operating expense excludes equity earnings from unconsolidated investees.

(3) This represents 2026 full year guidance for both the GAAP and non-GAAP effective tax rates but note that the GAAP effective tax rate is more susceptible to diverging from this guidance based on items outside the normal course of business that are adjusted for to derive our non-GAAP results. Such items can be unknown, unpredictable or uncertain, requiring unreasonable efforts to determine with any precision and which could potentially be confusing or misleading.

Earnings Conference Call Information

ICE will hold a conference call today, February 5, at 8:30 a.m. ET to review its fourth quarter 2025 financial results. A live audio webcast of the earnings call will be available on the company's website at www.theice.com in the investor relations section. Participants may also listen via telephone by dialing 833-470-1428 from the United States or 404-975-4839 from outside of the United States. Telephone participants are required to provide the participant entry number 745229 and are recommended to call 10 minutes prior to the start of the call. The call will be archived on the company's website for replay.

The conference call for the first quarter 2026 earnings has been scheduled for April 30th at 8:30 a.m. ET. Please refer to the Investor Relations website at www.ir.theice.com for additional information.

Historical futures, options and cash ADV, rate per contract, open interest data and CDS cleared information can be found at: https://ir.theice.com/investor-resources/supplemental-information/default.aspx

Consolidated Statements of Income

(In millions, except per share amounts)

Twelve Months Ended

December 31,

Three Months Ended

December 31,

Revenues:

2025

2024

2025

2024

Exchanges

8,120

7,441

2,002

1,943

Fixed income and data services

2,419

2,298

608

579

Mortgage technology

2,101

2,022

532

508

Total revenues

12,640

11,761

3,142

3,030

Transaction-based expenses:

Section 31 fees

412

679

—

242

Cash liquidity payments, routing and clearing

2,297

1,803

638

465

Total revenues, less transaction-based expenses

9,931

9,279

2,504

2,323

Operating expenses:

Compensation and benefits

1,963

1,909

500

487

Professional services

158

154

Acquisition-related transaction and integration costs

104

Technology and communication

870

848

223

217

Rent and occupancy

111

Selling, general and administrative

293

307

Depreciation and amortization

1,560

1,537

389

Total operating expenses

5,002

4,970

1,267

1,246

Operating income

4,929

4,309

1,237

1,077

Other income/(expense):

Interest income

119

141

Interest expense

(803

)

(910

)

(204

)

(213

)

Other income/(expense), net

101

Total other income/(expense), net

(583

)

(681

)

(171

)

(172

)

Income before income tax expense

4,346

3,628

1,066

905

Income tax expense

976

826

204

196

Net income

3,370

2,802

862

709

Net income attributable to non-controlling interests

(55

)

(48

)

(11

)

(11

)

Net income attributable to Intercontinental Exchange, Inc.

3,315

2,754

851

698

Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:

Basic

5.79

4.80

1.50

1.22

Diluted

5.77

4.78

1.49

1.21

Weighted average common shares outstanding:

Basic

572

573

570

574

Diluted

575

576

572

577

Consolidated Balance Sheets

(In millions)

As of

December 31, 2025

December 31, 2024

Assets:

Current assets:

Cash and cash equivalents

837

844

Short-term restricted cash and cash equivalents

748

1,142

Short-term restricted investments

629

594

Cash and cash equivalent margin deposits and guaranty funds

76,789

82,149

Invested deposits, delivery contracts receivable and unsettled variation margin

4,437

2,163

Customer accounts receivable, net

1,552

1,490

Prepaid expenses and other current assets

786

713

Total current assets

85,778

89,095

Property and equipment, net

2,691

2,153

Other non-current assets:

Goodwill

30,646

30,595

Other intangible assets, net

15,353

16,306

Long-term restricted cash and cash equivalents

240

368

Long-term restricted investments

141

Other non-current assets

2,038

909

Total other non-current assets

48,418

48,180

Total assets

136,887

139,428

Liabilities and Equity:

Current liabilities:

Accounts payable and accrued liabilities

1,078

1,051

Section 31 fees payable

—

316

Accrued salaries and benefits

455

438

Deferred revenue

204

236

Short-term debt

1,035

3,027

Margin deposits and guaranty funds

76,789

82,149

Invested deposits, delivery contracts payable and unsettled variation margin

4,437

2,163

Other current liabilities

118

173

Total current liabilities

84,116

89,553

Non-current liabilities:

Non-current deferred tax liability, net

3,998

3,904

Long-term debt

18,609

17,341

Accrued employee benefits

174

170

Non-current operating lease liability

635

335

Other non-current liabilities

364

405

Total non-current liabilities

23,780

22,155

Total liabilities

107,896

111,708

Commitments and contingencies

Redeemable non-controlling interest in consolidated subsidiaries

Equity:

Intercontinental Exchange, Inc. stockholders’ equity:

Common stock

Treasury stock, at cost

(7,792

)

(6,385

)

Additional paid-in capital

16,643

16,292

Retained earnings

20,281

18,071

Accumulated other comprehensive loss

(224

)

(338

)

Total Intercontinental Exchange, Inc. stockholders’ equity

28,915

27,647

Non-controlling interest in consolidated subsidiaries

Total equity

28,969

27,698

Total liabilities and equity

136,887

139,428

Non-GAAP Financial Measures and Reconciliation

We use non-GAAP measures internally to evaluate our performance and in making financial and operational decisions. When viewed in conjunction with our GAAP results and the accompanying reconciliation, we believe that our presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparison of results because the items described below as adjustments to GAAP are not reflective of our core business performance. These financial measures are not in accordance with, or an alternative to, GAAP financial measures and may be different from non-GAAP measures used by other companies. We use these adjusted results because we believe they more clearly highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our core operating performance. We strongly recommend that investors review the GAAP financial measures and additional non-GAAP information included in our Annual Report on Form 10-K, including our consolidated financial statements and the notes thereto.

Adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income attributable to ICE, adjusted diluted earnings per share attributable to ICE common stockholders, and adjusted free cash flow for the periods presented below are calculated by adding or subtracting the adjustments described below, which are not reflective of our cash operations and core business performance, and their related income tax effect and other tax adjustments (in millions, except for per share amounts):

Adjusted Operating Income, Operating Margin and Operating Expense Reconciliation

(In millions)

(Unaudited)

Exchanges

Segment

Fixed Income

and Data

Services

Segment

Mortgage

Technology

Segment

Consolidated

Year Ended

December 31,

Year Ended

December 31,

Year Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

2025

2024

2025

2024

Total revenues, less transaction-based expenses

5,411

4,959

2,419

2,298

2,101

2,022

9,931

9,279

Operating expenses

1,429

1,323

1,486

1,455

2,087

2,192

5,002

4,970

Less: Amortization of acquisition-related intangibles

150

152

779

792

993

1,011

Less: Transaction and integration costs

—

102

Less: Regulatory matters

—

Less: Other

—

Adjusted operating expenses

1,361

1,240

1,336

1,272

1,242

1,298

3,939

3,810

Operating income/(loss)

3,982

3,636

933

843

(170

)

4,929

4,309

Adjusted operating income

4,050

3,719

1,083

1,026

859

724

5,992

5,469

Operating margin

74%

73%

39%

37%

(8)%

50%

46%

Adjusted operating margin

75%

45%

41%

36%

60%

59%

Adjusted Operating Income, Operating Margin and Operating Expense Reconciliation

(In millions)

(Unaudited)

Exchanges

Segment

Fixed Income

and Data

Services

Segment

Mortgage

Technology

Segment

Consolidated

Three Months

Ended

December 31,

Three Months

Ended

December 31,

Three Months

Ended

December 31,

Three Months

Ended

December 31,

2025

2024

2025

2024

2025

2024

2025

2024

Total revenues, less transaction-based expenses

1,364

1,236

608

579

532

508

2,504

2,323

Operating expenses

365

334

378

368

524

544

1,267

1,246

Less: Amortization of acquisition-related intangibles

185

199

238

253

Less: Transaction and integration costs

—

Less: Regulatory matter

—

Less: Other

—

Adjusted operating expenses

349

313

341

329

321

331

1,011

973

Operating income/(loss)

999

902

230

211

(36

)

1,237

1,077

Adjusted operating income

1,015

923

267

250

211

177

1,493

1,350

Operating margin

73%

38%

36%

(7)%

49%

46%

Adjusted operating margin

74%

75%

44%

43%

39%

35%

60%

58%

Adjusted Net Income Attributable to ICE and EPS

(In millions)

(Unaudited)

Twelve Months

Ended

December 31,

2025

Twelve Months

Ended

December 31,

2024

Net income attributable to ICE

3,315

2,754

Add: Amortization of acquisition-related intangibles

993

1,011

Add: Transaction and integration costs

102

Add/(Less): Litigation and regulatory matters

(145

)

(Less)/Add: Net (income)/loss from unconsolidated investees

(79

)

(Less)/Add: Fair value adjustments of equity investments

(55

)

Add: Other

Less: Net income tax effect for the above items

(268

)

(268

)

Add/(Less): Deferred tax adjustments on acquisition-related intangibles

(43

)

Less: Other tax adjustments

(36

)

Adjusted net income attributable to ICE

3,993

3,497

Diluted earnings per share attributable to ICE common stockholders

5.77

4.78

Adjusted diluted earnings per share attributable to ICE common stockholders

6.95

6.07

Diluted weighted average common shares outstanding

575

576

Adjusted Net Income Attributable to ICE and EPS

(In millions)

(Unaudited)

Three Months

Ended

December 31,

2025

Three Months

Ended

December 31,

2024

Net income attributable to ICE

851

698

Add: Amortization of acquisition-related intangibles

238

253

Add: Transaction and integration costs

Add: Regulatory matter

—

Less: Net income from unconsolidated investees

)

Less: Fair value adjustments of equity investments

(20

)

—

Add/(Less): Other

)

Less: Net income tax effect for the above items

(88

)

(69

)

(Less)/Add: Deferred tax adjustments on acquisition-related intangibles

)

(17

)

Less: Other tax adjustments

(28

)

Adjusted net income attributable to ICE

975

875

Diluted earnings per share attributable to ICE common stockholders

1.49

1.21

Adjusted diluted earnings per share attributable to ICE common stockholders

1.71

1.52

Diluted weighted average common shares outstanding

572

577

Adjusted Free Cash Flow Calculation

(In millions)

(Unaudited)

Twelve Months

Ended

December 31,

2025

Twelve Months

Ended

December 31,

2024

Net cash provided by operating activities

4,662

4,609

Less: Capital expenditures

(373

)

(406

)

Less: Capitalized software development costs

(418

)

(346

)

Free cash flow

3,871

3,857

Add/(less): Section 31 fees, net

316

(237

)

Adjusted free cash flow

4,187

3,620

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at http://www.intercontinentalexchange.com/terms-of-use. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in Intercontinental Exchange, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026. We caution you not to place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of an unanticipated event. New factors emerge from time to time, and it is not possible for management to predict all factors that may affect our business and prospects. Further, management cannot assess the impact of each factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

SOURCE: Intercontinental Exchange

ICE-CORP