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Intercontinental Exchange Reports Strong Second Quarter 2025

ATLANTA & NEW YORK--(BUSINESS WIRE)-- Intercontinental Exchange (NYSE: ICE):

Intercontinental Exchange (NYSE: ICE), a leading global provider of technology and data, today reported financial results for the second quarter of 2025. For the quarter ended June 30, 2025, consolidated net income attributable to ICE was $851 million on $2.5 billion of consolidated revenues, less transaction-based expenses. Second quarter GAAP diluted EPS were $1.48. Adjusted net income attributable to ICE was $1.0 billion in the second quarter and adjusted diluted EPS were $1.81. Please refer to the reconciliation of non-GAAP financial measures included in this press release for more information on our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted EPS and adjusted free cash flow.

Warren Gardiner, ICE Chief Financial Officer, added: "Through the first half of 2025, we have generated record revenues and record operating income, underscoring the strength and resiliency of our business model. Our strong and growing cash flows enabled us to reinvest in our business, return over $1 billion of capital to stockholders through the first half, as well as successfully achieve our leverage target related to our 2023 acquisition of Black Knight. As we turn to the second half, we remain focused on extending our track record of growth and creating value for our stockholders."

Second Quarter 2025 Business Highlights

Second quarter consolidated net revenues were $2.5 billion including exchange net revenues of $1.4 billion, fixed income and data services revenues of $597 million and mortgage technology revenues of $531 million. Consolidated operating expenses were $1.2 billion for the second quarter of 2025. On an adjusted basis, consolidated operating expenses were $983 million. Consolidated operating income for the second quarter was $1.3 billion, and the operating margin was 51%. On an adjusted basis, consolidated operating income for the second quarter was $1.6 billion, and the adjusted operating margin was 61%.

Exchanges Segment Results

Second quarter exchange net revenues were $1.4 billion. Exchange operating expenses were $353 million, and adjusted operating expenses were $337 million in the second quarter. Segment operating income for the second quarter was $1.1 billion, and the operating margin was 75%. On an adjusted basis, operating income was $1.1 billion, and the adjusted operating margin was 76%.

Fixed Income and Data Services Segment Results

Second quarter fixed income and data services revenues were $597 million. Fixed income and data services operating expenses were $373 million, and adjusted operating expenses were $336 million in the second quarter. Segment operating income for the second quarter was $224 million, and the operating margin was 37%. On an adjusted basis, operating income was $261 million, and the adjusted operating margin was 44%.

Mortgage Technology Segment Results

Second quarter mortgage technology revenues were $531 million. Mortgage technology operating expenses were $520 million, and adjusted operating expenses were $310 million in the second quarter. Segment operating income for the second quarter was $11 million, and the operating margin was 2%. On an adjusted basis, operating income was $221 million, and the adjusted operating margin was 42%.

Other Matters

• Operating cash flow through the second quarter of 2025 was $2.5 billion and adjusted free cash flow was $2.0 billion.
• Unrestricted cash was $1.0 billion and outstanding debt was $19.2 billion as of June 30, 2025.
• Through the second quarter of 2025, ICE repurchased $496 million of its common stock and paid $555 million in dividends.

Updated Financial Guidance

• ICE's full year 2025 Exchanges recurring revenue growth is now expected to be 4% to 5%.
• ICE's third quarter 2025 GAAP operating expenses are expected to be in a range of $1.245 billion to $1.255 billion. Adjusted operating expenses⁽¹⁾ are expected to be in a range of $995 million to $1,005 million.
• ICE's third quarter 2025 GAAP and adjusted non-operating expense⁽²⁾ are both expected to be in the range of $170 million to $175 million.
• ICE's diluted share count for the third quarter is expected to be in the range of 572 million to 578 million weighted average shares outstanding.

Earnings Conference Call Information

ICE will hold a conference call today, July 31, 2025, at 8:30 a.m. ET to review its second quarter 2025 financial results. A live audio webcast of the earnings call will be available on the company's website at in the investor relations section. Participants may also listen via telephone by dialing 833-470-1428 from the United States or 404-975-4839 from outside of the United States. Telephone participants are required to provide the participant entry number 747311 and are recommended to call 10 minutes prior to the start of the call. The call will be archived on the company's website for replay.

The conference call for the third quarter 2025 earnings has been scheduled for October 30th, 2025 at 8:30 a.m. ET. Please refer to the Investor Relations website at for additional information.

Historical futures, options and cash ADV, rate per contract, open interest data and CDS cleared information can be found at:

Non-GAAP Financial Measures and Reconciliation

We use non-GAAP measures internally to evaluate our performance and in making financial and operational decisions. When viewed in conjunction with our GAAP results and the accompanying reconciliation, we believe that our presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparison of results because the items described below as adjustments to GAAP are not reflective of our core business performance. These financial measures are not in accordance with, or an alternative to, GAAP financial measures and may be different from non-GAAP measures used by other companies. We use these adjusted results because we believe they more clearly highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our core operating performance. We strongly recommend that investors review the GAAP financial measures and additional non-GAAP information included in our Quarterly Report on Form 10-Q, including our consolidated financial statements and the notes thereto.

Adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income attributable to ICE common stockholders, adjusted diluted earnings per share and adjusted free cash flow for the periods presented below are calculated by adding or subtracting the adjustments described below, which are not reflective of our cash operations and core business performance, and their related income tax effect and other tax adjustments (in millions, except for per share amounts):

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE鈥檚 futures, equity, and options exchanges 鈥� including the New York Stock Exchange 鈥� and clearing houses help people invest, raise capital and manage risk. We offer some of the world鈥檚 largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at . Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading 鈥淜ey Information Documents (KIDS).鈥�

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in Intercontinental Exchange, Inc.鈥檚 Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025. We caution you not to place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of an unanticipated event. New factors emerge from time to time, and it is not possible for management to predict all factors that may affect our business and prospects. Further, management cannot assess the impact of each factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

SOURCE: Intercontinental Exchange

Category: Corporate

ICE-CORP

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ICE Investor Relations Contact:

Katia Gonzalez

+1 678 981 3882

[email protected]

[email protected]

ICE Media Contact:

Rebecca Mitchell

+44 207 065 7804

[email protected]

[email protected]

Source: Intercontinental Exchange