Intercontinental Exchange (ICE) Company Report

ICE has delivered consistent EPS growth since 2006 through its three diversified segments—energy, exchange, and fixed income & data—with high recurring revenues and a focus on technology integration.
Energy trading benefits from secular trends—energy transition risk management, AI-driven data center power demand, and LNG liberalization—evidenced by futures open interest growth: +10% energy, +20% oil, +30% Brent, +40% TTF Y/Y.
The exchange segment will implement selective, value-based price increases across commodities, rates, and data products, targeting areas where ICE has demonstrably added customer value.
Fixed Income Data Services has exceeded revenue synergy targets via accelerated integration of acquisitions, cross-selling loan origination and servicing platforms, and leveraging AI to modernize systems and automate workflows.
ICE’s minority investment in Polymarket explores non-intermediated settlement, user-driven event contract marketplaces, and development of sentiment data indicators for capital market use.

2 days ago

Transcript

ICE presents growth outlook at UBS’s 2025 Technology and AI Conference

ICE

New Projects/Investments

ICE emphasized its diversified business model driving consistent EPS growth since 2006 across three segments, weathering all market environments.
In energy trading, ICE highlighted secular drivers—energy transition, AI-related data center power demand and LNG liberalization—with open interest up 10% in futures, oil futures +20%, Brent +30%, and TTF +40% YOY.
In interest rate markets, ICE’s open interest grew 75% YOY in UK Sonia and 20% YOY in Euribor, reflecting heightened client hedging amid rate uncertainty.
The fixed income & data services segment saw an inflection in growth driven by its data network technology business—rising from mid-single digits to double-digit growth in Q3—as clients upgrade data center capacity.
ICE made a minority investment in Polymarket to explore non-intermediated settlement, rapid on-chain contract creation, and sentiment-based indicators for capital markets data.

2 days ago

Transcript

ICE outlines capital allocation, leverage targets and strategic investments

ICE

New Projects/Investments

Share Buyback

ICE CFO Warren Gardiner said the company is in its budget process, focusing on investing across its diversified $10 billion revenue stream and $6.5 billion EBITDA while maintaining a balanced capital allocation between growth initiatives, debt reduction and share buybacks.
As of 3Q 2025, ICE ended the quarter at 2.9x gross debt/EBITDA (target 2.75–3.0x); the October Polymarket investment raises pro forma leverage to ~3.25x, prompting a continued mix of modest debt paydown and opportunistic buybacks.
ICE’s energy franchise delivered high single- to low double-digit open interest growth, underpinned by expanding global benchmarks (Brent, TTF, Midland) and secular trends such as LNG trade—projected to double over the next two decades.
The minority investment in Polymarket aims to integrate decentralized market infrastructure—such as stablecoin-based collateral—to improve ICE’s clearing efficiency and enable 24/7 collateral movements across its six global clearinghouses.

Nov 18, 2025, 4:40 PM

Transcript

ICE outlines capital strategy, market growth, and technology investments

ICE

Share Buyback

New Projects/Investments

ICE generates $10 bn in revenue and $6.5 bn in EBITDA annually, maintaining a diversified portfolio and prioritizing balanced investments across all business segments.
The company ended Q3 at 2.9× gross debt/EBITDA (target 2.75–3×), combining modest debt reduction with $400 mn of share buybacks in Q3 and planning continued opportunistic repurchases.
Its energy business sustains mid–high single-digit revenue growth, with open interest up high single digits to low double digits, fueled by expanding global oil and LNG trade and broad adoption of benchmarks like Brent, TTF, and Midland.
ICE’s investment in Polymarket aims to integrate decentralized market infrastructure—exploring smart-contract plumbing, stablecoin collateral rails for 24/7 margining, and the new IRM2 risk model to boost clearing efficiency.
Black Knight integration has delivered $200 mn of run-rate expense synergies ahead of schedule; ICE is unifying origination and servicing platforms, with JPMorgan adopting both correspondent and retail channels.

Nov 18, 2025, 4:40 PM

Transcript

ICE outlines capital allocation, Polymarket investment, and growth strategies

ICE

Share Buyback

New Projects/Investments

ICE CFO Warren Gardiner highlights a $10 billion revenue base generating $6.5 billion EBITDA, with budget focus on strategic investments across diversified asset classes.
Leverage remained within target at ~2.9× gross debt/EBITDA as of Q3, pro forma post-Polymarket at ~3.25×, balancing debt repayment with $400 million buybacks in Q3.
ICE closed a strategic stake in Polymarket to access prediction-market data and blockchain-based clearing infrastructure, exploring stablecoin collateral use to streamline cross-market margin flows.
Secular trends in energy trading persist, with open interest growth in flagship products in the high single-digit to low double-digit range and benchmarks (Brent, TTF, LNG) expanding global liquidity.
Mortgage platform integration with Black Knight is ahead of schedule, achieving $200 million in synergies by year-end, while AI-driven document processing and customer-service tools aim to reduce origination costs.

Nov 18, 2025, 4:40 PM

Transcript

Intercontinental Exchange issues $1.25B of senior notes to refinance 2025 debt

ICE

Debt Issuance

Intercontinental Exchange completed the public offering of $600 million of 3.950% Senior Notes due 2028 and $650 million of 4.200% Senior Notes due 2031 under its automatic shelf registration on November 17, 2025.
ICE received approximately $1.236 billion in net proceeds, after underwriting discounts, to repay its 3.75% Senior Notes due December 1, 2025 at maturity.
BofA Securities, J.P. Morgan Securities and Wells Fargo Securities served as representatives of the underwriters in the offering pursuant to an underwriting agreement dated November 5, 2025.

Nov 17, 2025, 9:20 PM

8-K

ICE reports record liquidity in global natural gas markets

ICE

ICE’s global natural gas futures open interest hit 25.3 million contracts, a 13% y/y increase as of October 28, 2025.
North American natural gas futures OI reached 21.2 million on November 3, 2025 (+9% y/y), with Henry Hub futures OI up 12% y/y.
U.S. Financial Gas futures and options markets posted record OI of 12.7 million on October 31, 2025, up 8% y/y.
Physical U.S. natural gas markets saw record October volume of 660,000 contracts (1.65 billion MMBTU) and an average daily volume of ~30,000 contracts.
European natural gas futures OI climbed to 3.3 million on October 30, 2025 (+32% y/y), including TTF futures OI at 2.8 million (+32% y/y).

Nov 10, 2025, 1:00 PM

Press Release

ICE Mortgage Monitor reports refinance candidate pool at 3.5-year high

ICE

ICE’s U.S. Conforming 30-year Fixed Mortgage Rate Lock Index dipped to 6.17% in late October—the lowest in a year—boosting the number of highly qualified refinance candidates to 1.7 million, the largest since early 2022.
Including broader borrower profiles, 4.1 million mortgage holders are “in the money” to refinance and could save at least 75 bps; this cohort would expand to nearly 5 million if rates ease to 6.125%.
Prepayment speeds for 2023- and 2024-vintage GNMA- and GSE-securitized loans more than doubled in September and October versus August, driven by refinance closings.
Homeowners entered Q4 with $17.3 trillion in home equity—of which $11.2 trillion is tappable (average $204,000 per borrower)—and the cost to withdraw $50,000 of equity has fallen by over $100 as HELOC rates dropped from ~10% to low 7% in Q3 2025.

Nov 10, 2025, 11:00 AM

Press Release

Intercontinental Exchange reports October trading statistics

ICE

Revenue Acceleration/Inflection

Total open interest rose 16% y/y, reaching a record 59.0 M lots on October 30
Energy ADV increased 9% y/y; energy OI up 9% y/y, including a record 41.9 M lots on October 30
Oil ADV climbed 7% y/y; oil OI up 14% y/y, with a record 11.5 M lots on October 30
Financials OI grew 33% y/y, with a record futures OI of 14.9 M lots on October 30
NYSE Cash Equities ADV jumped 75% y/y; NYSE Equity Options ADV rose 53% y/y

Nov 5, 2025, 1:30 PM

Press Release

Intercontinental Exchange reports Q3 2025 results

ICE

Earnings

Guidance Update

Share Buyback

ICE delivered $1.71 adjusted EPS, up 10% YoY, and $2.4 billion net revenues with a 5% increase in recurring revenue, marking its best Q3 ever.
Exchange segment net revenues were $1.3 billion, with record recurring revenues of $389 million (+7% YoY); Fixed Income & Data Services generated $618 million in revenues and $495 million in recurring revenues, each a quarterly record and up 7% YoY.
Returned $674 million to shareholders—including $400 million in share buybacks—and reduced debt by $175 million, cutting gross leverage to ~2.9× EBITDA.
Q4 guidance: adjusted operating expenses of $1.005 billion–$1.015 billion, non-operating expense of $180 million–$185 million, a normalized tax rate of 24%–26%, and segment recurring revenue growth of 5%–6%.

Oct 30, 2025, 12:30 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Intercontinental Exchange.

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