Intercontinental Exchange (ICE) 2025 Financial Results Summary

2026-02-05 · Stocks · QuoteReporter

Intercontinental Exchange (ICE) Q4 2025 Financial Results Summary

ATLANTA & NEW YORK, February 5, 2026 – Intercontinental Exchange (NYSE: ICE) reported its financial results for the fourth quarter and full year of 2025.

Key Financial Metrics

Full Year 2025:
Net Revenues: $9.9 billion, +7% year-over-year
GAAP Diluted EPS: $5.77, +21% year-over-year
Adjusted Diluted EPS: $6.95, +14% year-over-year
Operating Income: $4.9 billion, +14% year-over-year; adjusted operating income of $6.0 billion, +10% year-over-year
Operating Margin: 50%; adjusted operating margin of 60%
Operating Cash Flow: $4.7 billion, +1% year-over-year; adjusted free cash flow of $4.2 billion, +16% year-over-year
Total Returned to Stockholders: $2.4 billion, including $1.3 billion in share repurchases and over $1.1 billion in dividends
Q4 2025:
Consolidated Net Revenues: $2.5 billion, +8% year-over-year
Consolidated Operating Income: $1.2 billion, operating margin of 49%; adjusted operating income of $1.5 billion, adjusted operating margin of 60%
GAAP Diluted EPS: $1.49
Adjusted Diluted EPS: $1.71

Business Segment Highlights

Exchanges:
Net Revenues: $1.4 billion, +10% year-over-year
Operating Income: $999 million, operating margin of 73%; adjusted operating income was $1.0 billion, adjusted operating margin of 74%
Components of Revenue:
- Energy: $548 million, +15%
- Agricultural and Metals: $53 million, (5%)
- Financials: $155 million, +3%
- Cash Equities and Equity Options: $120 million, +5%
Fixed Income and Data Services:
Quarterly Revenues: $608 million, +5% year-over-year
Operating Income: $230 million, operating margin of 38%; adjusted operating income of $267 million, adjusted operating margin of 44%
Mortgage Technology:
Quarterly Revenues: $532 million, +5% year-over-year
Operating Income: $8 million, operating margin of 1%; adjusted operating income was $211 million, adjusted operating margin of 39%

Financial Position

As of December 31, 2025:
Unrestricted Cash and Equivalents: $837 million
Outstanding Debt: $19.6 billion
Share Repurchase Activity: A total of $1.3 billion repurchased in common stock during the year

Additional Business Insights

ICE continued to focus on innovation, operational efficiency, and enhancing long-term value for shareholders despite a dynamic macro environment.
The demand for their diversified business model across exchanges, fixed income, and technology platforms contributed significantly to their record performance.
Momentum in fixed income and growing volumes in exchange trading were key drivers of success for the year.

Conclusion

Intercontinental Exchange’s financial performance in 2025 underscored its capability to thrive in diverse market conditions, with significant year-over-year growth in revenues and earnings. The strategic emphasis on innovation and operational excellence is expected to fuel continued growth in 2026 and beyond.

Revenues:	Twelve Months Ended	Twelve Months Ended	Three Months Ended	Three Months Ended
	December 31, 2025	December 31, 2024	December 31, 2025	December 31, 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 cleaning	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	38	40
Acquisition-related transaction and	70	104	19	16
integration costs
Technology and communication	870	848	223	217
Rent and occupancy	88	111	24	22
Selling, general and administrative	293	307	74	75
Depreciation and amortization	1,560	1,537	389	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	27	36
Interest expense	(803)	(910)	(204)	(213)
Other income/(expense), net	101	88	6	5
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	3,315	2,754	851	698
Intercontinental Exchange, Inc.
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

	As of	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	76,789	82,149
Invested deposits, delivery contracts receivable	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	2
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	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	22	22
consolidated subsidiaries
Equity:
Intercontinental Exchange, Inc. stockholders’ equity:
Common stock	7	7
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	54	51
subsidiaries
Total equity	28,969	27,698
Total liabilities and equity	136,887	139,428