Earnings summaries and quarterly performance for Intercontinental Exchange.
Executive leadership at Intercontinental Exchange.
Board of directors at Intercontinental Exchange.
Caroline L. Silver
Director
Duriya M. Farooqui
Director
Judith A. Sprieser
Director
Lord Hague of Richmond
Director
Lord Hill of Oareford
Director
Mark F. Mulhern
Director
Martha A. Tirinnanzi
Director
Shantella E. Cooper
Director
Sharon Y. Bowen
Director
Thomas E. Noonan
Lead Independent Director
Research analysts who have asked questions during Intercontinental Exchange earnings calls.
Alexander Blostein
Goldman Sachs
7 questions for ICE
Kenneth Worthington
JPMorgan Chase & Co.
7 questions for ICE
Ashish Sabadra
RBC Capital Markets
4 questions for ICE
Ben Budish
Barclays PLC
4 questions for ICE
Christopher Allen
Citigroup
4 questions for ICE
Craig Siegenthaler
Bank of America
4 questions for ICE
Dan Fannon
Jefferies & Company Inc.
4 questions for ICE
Kyle Voigt
Keefe, Bruyette & Woods
4 questions for ICE
Patrick Moley
Piper Sandler & Co.
4 questions for ICE
Alex Kramm
UBS Group AG
3 questions for ICE
Benjamin Budish
Barclays PLC
3 questions for ICE
Daniel Fannon
Jefferies Financial Group Inc.
3 questions for ICE
Simon Clinch
Redburn Atlantic
3 questions for ICE
Bill Keay
RBC Capital Markets
2 questions for ICE
Brian Bedell
Deutsche Bank
2 questions for ICE
Robin Holby
TD Cowen
1 question for ICE
Simon Alistair Clinch
Redburn Atlantic
1 question for ICE
Recent press releases and 8-K filings for ICE.
- ICE’s NYSE will become the U.S. options listing venue for MSCI benchmark indexes in early 2026, pending regulatory approval.
- Options on the MSCI Emerging Markets, EAFE, ACWI, World, and USA indexes will trade on NYSE Arca and NYSE American options markets.
- The agreement expands the long-standing partnership by unifying MSCI futures and options under ICE, which held >70% of global MSCI futures trading volume and saw average daily notional volume of $19.5 billion in 2025.
- ICE total open interest rose 17% y/y, with average daily volume up 19% in December, 7% in 4Q25 and a record 14% for 2025
- Energy segment open interest grew 6% y/y (record futures OI of 42.0 M lots), with ADV up 16% in December, 10% in 4Q25 and 15% in 2025
- Interest rates trading saw open interest surge 54% y/y, ADV up 33% in December, 7% in 4Q25 and 19% for the full year
- NYSE cash equities ADV climbed 18% in December, 43% in 4Q25 and 40% in 2025; NYSE equity options ADV increased 11%, 29% and 13% respectively
- Delinquencies rose by 275,000 to 2.3 million, pushing the 30+ day delinquency rate to 3.85%, the highest in over four years.
- A record 609,000 borrowers entered delinquency in November—the largest single-month inflow since May 2020.
- Prepayment activity declined 18% month-over-month, with the single-month mortality rate falling to 0.83%.
- Foreclosure starts dropped 31.5% to 26,000, while pre-sale inventory held at 0.41%, both remaining above prior-year levels.
- ICE Climate’s municipal-level risk data is now accessible on Investortools’ Perform system, streamlining fixed-income climate risk analysis.
- Users gain direct access to forward-looking physical climate risk scores and value-at-risk metrics for flood, hurricane, wildfire, and drought.
- The integration includes emissions and economic exposure data, providing a comprehensive view of climate-related risk.
- Builds on existing ICE–Investortools collaboration, which already integrates ICE Bonds data, Continuous Evaluated Pricing (CEP), and ICE BofA indices via the Investortools Dealer Network.
- The NYSE led with seven of the 10 largest IPOs in 2025, capturing nearly 70% of large technology IPO proceeds, including Klarna, Figma, and Circle Internet Group.
- Recorded a peak of 1.1 trillion messages processed in a single day via Pillar technology, with average processing times of 30 microseconds.
- Welcomed 428 new ETFs totaling $64.62 billion in AUM, maintaining its role as the world’s largest ETF marketplace with over $10 trillion listed.
- Launched 25 digital asset ETFs, remained the top U.S. crypto ETF trading platform, and listed issuers like Bullish and Twenty One Capital.
- Introduced NYSE Texas in March, achieving 100+ dual listings with a combined market capitalization above $2 trillion.
- ICE launched TTF Daily Options on December 8, 2025, offering enhanced granularity for short-term gas hedging.
- Record trading through 2025 reached 103 million contracts in TTF futures and options, the first time annual volumes exceeded 100 million.
- TTF 1st Line Financial futures volumes surpassed 1 million YTD, with open interest peaking above 200,000 contracts on December 10, 2025.
- JKM LNG futures also traded over 1 million contracts YTD, hitting a November record of 147,650 trades and OI topping 224,000 contracts on December 11, 2025.
- ICE CEO Jeff Sprecher highlighted tokenization’s role in enabling 24/7/365 capital movement via digital money and stablecoins, noting legacy systems’ rigidity and regulator caution.
- ICE made a strategic investment in Polymarket to gain DeFi protocol expertise, facilitate tech knowledge transfer, and explore institutional distribution of real-time prediction-market data.
- The energy franchise saw continued structural growth, with open interest in European natural gas up 46% year-over-year, driven by global LNG trade and eastward risk management demand.
- ICE is expanding its data center capacity, building a second co-location facility to support high-frequency and AI-driven trading firms with low-latency access.
- Internally, ICE’s AI Center of Excellence has deployed copilots for code, customer support, and mortgage processing, helping to moderate expense growth across operations.
- Tokenization to enable 24/7/365 capital movement, driven by stablecoins and filling gaps in legacy systems’ operating hours.
- ICE’s strategic investment in Polymarket grants DeFi engineering expertise and access to real-time event-driven market data, with plans to distribute insights to over 5,000 institutional clients.
- The energy franchise remains a growth engine, led by global LNG trade and eastward market shifts—European natural gas open interest rose 46% year-over-year.
- ICE is expanding its data center capacity with a second facility, offering co-location and annual rack auctions to support HFT and emerging AI-driven trading needs.
- ICE sees tokenization as key to enabling 24/7/365 movement of capital, noting legacy payment systems’ limited hours and the rapid adoption of stablecoins globally.
- The $2 billion investment in Polymarket aims to acquire DeFi engineering expertise and develop a real-time “hot news” data feed for up to 5,000 institutional clients.
- The energy derivatives franchise remains a growth driver, with European natural gas open interest up 46% year-over-year, fueled by LNG globalization and eastward trade rebalancing.
- ICE is expanding its exchange data center footprint with a second New Jersey facility, offering co-location and low-latency, AI-driven trading capabilities.
- An internal AI Center of Excellence has deployed copilots for code writing and customer support, streamlining language-oriented tasks and moderating expense growth.
- Reappointed by UK Department for Energy Security & Net Zero to host UK Allowance (UKA) auctions for the UK’s Emissions Trading Scheme through 2028, extending a role dating back to 2012.
- 2026 UKA auction calendar comprises 51.9 million allowances across 25 auctions, a 7.3% decrease from 2025.
- Plans to invest up to $2 billion in Polymarket, valued at ~$8 billion prior to the investment.
- Diversified revenue mix: 54% from exchanges, 22% from mortgage technology, 24% from fixed-income and data services; market cap $89.43 billion, operating margin 38.6%, net margin 25.24%, Altman Z-Score 0.89.
Quarterly earnings call transcripts for Intercontinental Exchange.
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