# Intercontinental Exchange (ICE) Q2 2025 Financial Results Summary
Released on July 31, 2025, Intercontinental Exchange (ICE), a prominent global provider of technology and data services, has reported its financial results for the second quarter of 2025.
## Key Financial Highlights
– **Revenues:**
– Consolidated net revenues for Q2 2025: **$2.5 billion**, reflecting an increase of **10% year-over-year (y/y)**.
– Exchange net revenues: **$1.4 billion**, a **14% y/y** increase.
– Fixed income and data services revenues: **$597 million**, a **6% y/y** increase.
– Mortgage technology revenues: **$531 million**, a **5% y/y** increase.
– **Net Income:**
– Consolidated net income attributable to ICE: **$851 million**, which is a **35% y/y** increase compared to Q2 2024.
– **Earnings Per Share (EPS):**
– GAAP diluted EPS: **$1.48**, up **35% y/y**.
– Adjusted diluted EPS: **$1.81**, reflecting a growth of **19% y/y**.
– **Operating Income:**
– Record Q2 operating income of **$1.3 billion**, a **22% y/y** increase.
– Record adjusted operating income of **$1.6 billion**, a growth of **14% y/y**.
– Operating margin: **51%**, with an adjusted operating margin of **61%**.
## Segment Performance
– **Exchanges Segment:**
– Revenues: **$1.415 billion**, a **14% y/y** increase.
– Segment operating income: **$1.1 billion** with an operating margin of **75%**.
– **Fixed Income and Data Services Segment:**
– Revenues: **$597 million**, a **6% y/y** growth.
– Operating income: **$224 million**, with a margin of **37%**.
– **Mortgage Technology Segment:**
– Revenues: **$531 million**, an increase of **5% y/y**.
– Operating income: **$11 million**, with an operating margin of **2%** but adjusted operating income of **$221 million**, yielding a margin of **42%**.
## Shareholder Returns
– Total returned to stockholders through June 30, 2025: over **$1 billion**, which includes:
– Share repurchases amounting to **$496 million**.
– Dividend payouts totaling **$555 million**.
## Additional Financial Metrics
– **Cash Flow:**
– Cash flow through Q2 2025: **$2.5 billion**.
– Adjusted free cash flow: **$2.0 billion**.
– **Debt and Cash Position:**
– Unrestricted cash as of June 30, 2025: **$1.0 billion**.
– Outstanding debt stood at **$19.2 billion**.
## Guidance and Outlook
– For the full year 2025, ICE anticipates exchange recurring revenue growth between **4% to 5%**.
– Q3 2025 GAAP operating expenses are projected between **$1.245 billion to $1.255 billion**.
– Adjusted operating expenses are expected to range from **$995 million to $1.005 billion**.
## Summary
Intercontinental Exchange’s strong second quarter financial performance underscores its robust business model, with record revenues, significant increases in both GAAP and adjusted EPS, and substantial returns to shareholders. The company remains well-positioned for future growth amid market volatility. The strong performance across its various segments reflects its diverse offerings and operational efficiencies.
For further details, including the reconciliation of financial metrics and additional segmentation data, please refer to the detailed quarterly report.
### Consolidated Statements of Income
*In millions, except per share amounts*
| Revenues | Six Months Ended June 30, | Three Months Ended June 30, | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Exchanges | $ 4,257 | $ 3,560 | $ 2,134 | $ 1,826 |
| Fixed income and data services | $ 1,193 | $ 1,133 | $ 597 | $ 565 |
| Mortgage technology | $ 1,041 | $ 1,005 | $ 531 | $ 506 |
| Total revenues | $ 6,491 | $ 5,698 | $ 3,262 | $ 2,897 |
| Transaction-based expenses: | ||||
| Section 31 fees | $ 412 | $ 205 | $ 150 | $ 138 |
| Cash liquidity payments, routing and clearing | $ 1,063 | $ 886 | $ 569 | $ 442 |
| Total revenues, less transaction-based expenses | $ 5,016 | $ 4,607 | $ 2,543 | $ 2,317 |
| Operating expenses: | ||||
| Compensation and benefits | $ 980 | $ 935 | $ 499 | $ 473 |
| Professional services | $ 81 | $ 74 | $ 41 | $ 38 |
| Acquisition-related transaction and integration costs | $ 42 | $ 51 | $ 10 | $ 15 |
| Technology and communication | $ 428 | $ 419 | $ 215 | $ 214 |
| Rent and occupancy | $ 41 | $ 59 | $ 20 | $ 30 |
| Selling, general and administrative | $ 142 | $ 178 | $ 66 | $ 100 |
| Depreciation and amortization | $ 784 | $ 762 | $ 395 | $ 381 |
| Total operating expenses | $ 2,498 | $ 2,478 | $ 1,246 | $ 1,251 |
| Operating income | $ 2,518 | $ 2,129 | $ 1,297 | $ 1,066 |
| Other income/(expense): | ||||
| Interest income | $ 64 | $ 66 | $ 31 | $ 36 |
| Interest expense | $(407) | $(474) | $(201) | $(233) |
| Other income/(expense), net | $ 24 | $ 104 | $ 5 | $(8) |
| Total other income/(expense), net | $(319) | $(304) | $(165) | $(205) |
| Income before income tax expense | $ 2,199 | $ 1,825 | $ 1,132 | $ 861 |
| Income tax expense | $ 522 | $ 403 | $ 267 | $ 222 |
| Net income | $ 1,677 | $ 1,422 | $ 865 | $ 639 |
| Net income attributable to non-controlling interest | $(29) | $(23) | $(14) | $(7) |
| Net income attributable to Intercontinental Exchange, Inc. | $ 1,648 | $ 1,399 | $ 851 | $ 632 |
| Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders: | ||||
| Basic | $ 2.87 | $ 2.44 | $ 1.49 | $ 1.10 |
| Diluted | $ 2.86 | $ 2.43 | $ 1.48 | $ 1.10 |
| Weighted average common shares outstanding: | ||||
| Basic | 574 | 573 | 573 | 573 |
| Diluted | 576 | 575 | 575 | 575 |
### Consolidated Balance Sheets
*In millions*
| As of June 30, 2025 | As of December 31, 2024 | |
|---|---|---|
| Assets: | ||
| Current assets: | ||
| Cash and cash equivalents | $ 1,003 | $ 844 |
| Short-term restricted cash and cash equivalents | $ 1,252 | $ 1,142 |
| Short-term restricted investments | $ 124 | $ 594 |
| Cash and cash equivalent margin deposits and guaranty funds | $ 86,221 | $ 82,149 |
| Invested deposits, delivery contracts receivable and unsettled variation margin | $ 2,947 | $ 2,163 |
| Customer accounts receivable, net | $ 1,651 | $ 1,490 |
| Prepaid expenses and other current assets | $ 771 | $ 713 |
| Total current assets | $ 93,969 | $ 89,095 |
| Property and equipment, net | $ 2,368 | $ 2,153 |
| Other non-current assets: | ||
| Goodwill | $ 30,652 | $ 30,595 |
| Other intangible assets, net | $ 15,845 | $ 16,306 |
| Long-term restricted cash and cash equivalents | $ 304 | $ 368 |
| Long-term restricted investments | $ 66 | — |
| Other non-current assets | $ 971 | $ 911 |
| Total other non-current assets | $ 47,838 | $ 48,180 |
| Total assets | $ 144,175 | $ 139,428 |
| Liabilities and Equity: | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $ 1,067 | $ 1,051 |
| Section 31 fees payable | $ 409 | $ 316 |
| Accrued salaries and benefits | $ 267 | $ 438 |
| Deferred revenue | $ 509 | $ 236 |
| Short-term debt | $ 1,850 | $ 3,027 |
| Margin deposits and guaranty funds | $ 86,221 | $ 82,149 |
| Invested deposits, delivery contracts payable and unsettled variation margin | $ 2,947 | $ 2,163 |
| Other current liabilities | $ 173 | $ 173 |
| Total current liabilities | $ 93,443 | $ 89,553 |
| Non-current liabilities: | ||
| Non-current deferred tax liability, net | $ 3,805 | $ 3,904 |
| Long-term debt | $ 17,358 | $ 17,341 |
| Accrued employee benefits | $ 169 | $ 170 |
| Non-current operating lease liability | $ 458 | $ 335 |
| Other non-current liabilities | $ 415 | $ 405 |
| Total non-current liabilities | $ 22,205 | $ 22,155 |
| Total liabilities | $ 115,648 | $ 111,708 |
| Commitments and contingencies | ||
| Redeemable non-controlling interest in consolidated subsidiaries | $ 22 | $ 22 |
| Equity: | ||
| Intercontinental Exchange, Inc. stockholders’ equity: | ||
| Common stock | $ 7 | $ 7 |
| Treasury stock, at cost | $(6,981) | $(6,385) |
| Additional paid-in capital | $ 16,472 | $ 16,292 |
| Retained earnings | $ 19,164 | $ 18,071 |
| Accumulated other comprehensive loss | $(218) | $(338) |
| Total Intercontinental Exchange, Inc. stockholders’ equity | $ 28,444 | $ 27,647 |
| Non-controlling interest in consolidated subsidiaries | $ 61 |
