Intercontinental Exchange (ICE) Company Report

Record full-year 2025: adjusted EPS $6.95 (+14%), net revenues $9.9 B (+6%), and adjusted free cash flow $4.2 B, with $1.3 B of share repurchases and a 6% dividend increase.
Q4 2025 results: adjusted EPS $1.71 (+13%), net revenues $2.5 B (+7%), and adjusted operating expenses of $1.01 B.
Segment highlights: Exchange net revenues of $1.4 B (+9%), Fixed Income & Data Services revenues of $608 M, and Mortgage Technology revenues of $532 M (+5%) in Q4.
2026 outlook: revenue growth expected in the mid-single-digit range across core segments; adjusted operating expenses projected to rise 4–5% to $4.075–4.14 B, with CapEx of $740–790 M.

1 day ago

Transcript

ICE reports Q4 2025 results

ICE

Earnings

Share Buyback

Guidance Update

ICE delivered Q4 net revenues of $2,504 million, up 7% in constant currency, with adjusted operating income of $1,493 million (+9% CC) and a 60% margin.
Adjusted diluted EPS was $1.71, a 13% increase year-over-year, underscoring strong profitability.
For full-year 2025, ICE generated adjusted free cash flow of $4,187 million (+16%) and returned $2.4 billion to shareholders—including ~$1.3 billion in share repurchases—while ending the year with ~3.0x leverage.
ICE issued FY 2026 guidance, forecasting adjusted operating expenses of $4.075–$4.140 billion, 1Q 2026 expenses of $1.010–$1.020 billion, an effective tax rate of 24–26%, and capital expenditures of $740–$790 million.

1 day ago

Presentation

ICE reports record 2025 earnings

ICE

Earnings

Guidance Update

Share Buyback

FY 2025 record adjusted EPS of $6.95 (+14% YoY), net revenues of $9.9 B (+6%), and adjusted operating income of $6.0 B (+9%); generated $4.2 B of adjusted free cash flow, repurchased $1.3 B of shares, raised dividend by 6%, and reduced leverage ratio to 3.0x.
Q4 2025 adjusted EPS of $1.71 (+13%), net revenues of $2.5 B (+7%), and adjusted operating expenses of $1.01 B.
Exchange segment delivered $1.4 B of Q4 net revenues (+9%) with transaction revenues up 8% and record recurring revenues of $391 M (+11%); January volumes advanced 23% and open interest grew 19%.
2026 outlook: exchange recurring revenues expected to grow mid-single-digits; fixed income & data services recurring revenues to grow mid-single-digits (toward the high end); Q4 mortgage technology revenues were $532 M (+5%).

1 day ago

Transcript

ICE reports Q4 2025 results

ICE

Earnings

Guidance Update

Share Buyback

Full-year 2025: record adjusted EPS of $6.95 (+14% YoY) and net revenues of $9.9 billion (+6%).
Q4 2025: adjusted EPS of $1.71 (+13% YoY), net revenues of $2.5 billion (+7%), and adjusted operating expenses of $1.01 billion.
Segment performance: Exchange Q4 net revenues of $1.4 billion (+9%); Fixed Income & Data Services Q4 revenues of $608 million with recurring revenues of $507 million (+7%); Mortgage Technology Q4 revenues of $532 million (+5%).
Capital allocation: generated $4.2 billion of adjusted free cash flow, repurchased $1.3 billion of stock, increased dividend by 6%, and reduced leverage ratio to 3.0x.
2026 outlook: mid-single-digit recurring revenue growth across Exchange, Fixed Income, and Mortgage Technology; adjusted operating expenses up 4–5% to $4.075–4.14 billion; CapEx of $740–790 million.

1 day ago

Transcript

Intercontinental Exchange reports strong full year 2025 results

ICE

Earnings

Guidance Update

Share Buyback

Intercontinental Exchange delivered record net revenues of $9.9 billion, up 7% year-over-year, with Q4 revenues of $2.5 billion, up 8% y/y.
Full year GAAP diluted EPS were $5.77, a 21% increase, and adjusted diluted EPS were $6.95, up 14% y/y.
Record operating income reached $4.9 billion (+14% y/y) and adjusted operating income was $6.0 billion (+10% y/y), with operating margins of 50% (60% adj.).
Returned $2.4 billion to shareholders in 2025, including $1.3 billion in share repurchases.
Provided 2026 guidance for mid-single digit recurring revenue growth and GAAP operating expenses of $5.010–$5.075 billion (non-GAAP: $4.075–$4.140 billion).

2 days ago

8-K

Intercontinental Exchange reports FY2025 results

ICE

Earnings

Guidance Update

Share Buyback

Net revenues of $9.9 billion in 2025, up 7% year-over-year; GAAP diluted EPS of $5.77 (+21%) and adjusted diluted EPS of $6.95 (+14%).
Record operating income of $4.9 billion (+14%) and adjusted operating income of $6.0 billion (+10%), translating to a 50% GAAP operating margin and 60% adjusted margin.
Q4 net revenues of $2.5 billion (+8%), GAAP EPS of $1.49 and adjusted EPS of $1.71.
Operating cash flow of $4.7 billion and adjusted free cash flow of $4.2 billion; returned $2.4 billion to shareholders in 2025, including $1.3 billion in share repurchases.
2026 guidance calls for mid-single-digit recurring revenue growth across segments and GAAP operating expenses of $5.010–$5.075 billion (non-GAAP $4.075–$4.140 billion).

2 days ago

Press Release

Intercontinental Exchange reports January 2026 trading statistics

ICE

Record total ADV up 23% y/y and open interest up 18% y/y, including a record 114.4 M lots OI on January 26
Total Energy ADV rose 27% y/y, with record futures OI of 42.4 M lots on January 29
Total Natural Gas ADV jumped 46% y/y; Asia gas ADV surged 137% y/y, both setting new records
Financials ADV increased 18% y/y; Interest Rates ADV up 19% y/y and SONIA ADV up 41% y/y, including record options of 427 k lots

3 days ago

Press Release

ICE reports record trading volumes in January 2026

ICE

ICE achieved its strongest month ever with 245.8 million derivative contracts traded in January 2026, including 199 million futures and 46.9 million options.
The NYSE recorded its highest monthly U.S. equities notional with a daily average of $202.5 billion traded.
Across ICE’s derivatives markets, January set new ADV records of 12 million futures and options, 7.7 million in commodities, 7.2 million in energy and 3 million in natural gas.
Futures open interest hit an all-time high of 60 million contracts (commodities: 44.9 million; energy: 42.4 million; oil: 11.9 million; SONIA: 14.5 million) as of January 29, 2026.

4 days ago

Press Release

ICE launches Treasury clearing service after SEC approval

ICE

Product Launch

New Projects/Investments

ICE's ICE Clear Credit unit received SEC approval to clear U.S. Treasury securities and has made the service operational.
The firm plans to introduce repurchase agreement clearing after testing, targeting a 2026 rollout.
This move injects competition into the roughly $30 trillion Treasury market long dominated by FICC, following the SEC’s central-clearing mandate requiring Treasury clearing compliance by end-2026 and repo compliance by June 30, 2027.
As owner of the NYSE with diversified exchange, data, and mortgage businesses, ICE is positioned to benefit strategically, although its valuation metrics are near historical highs.

4 days ago

Bloomberg

ICE futures and options markets hit record open interest

ICE

ICE’s global futures and options markets reached a record 114 million contracts on January 26, 2026, up 20% y/y.
Commodities futures and options OI hit a record 72 million, including energy contracts at 68.4 million, both up 8% y/y.
Total oil futures and options OI set a new high of 18.6 million (+17% y/y), led by 7.5 million ICE Brent contracts (+27% y/y).
EU natural gas futures and options OI rose to a record 6.3 million, with TTF contracts at 5.8 million, each up 20% y/y.