Intercontinental Exchange Inc

Latest Results (16.12.2025):

Intercontinental Exchange Inc — third quarter 2025: consolidated net revenues were $2.4 billion (up ~3% y/y), GAAP diluted EPS were $1.42 (up 25% y/y) and adjusted diluted EPS were $1.71 (up 10% y/y). Operating income was $1.2 billion (+6% y/y) and adjusted operating income was $1.4 billion (+3% y/y), with GAAP and adjusted consolidated operating margins of 49% and 59%, respectively.

Top-line and earnings

3Q25 consolidated net revenues (revenues less transaction-based expenses) $2.411B; GAAP net income attributable to ICE $816M; GAAP diluted EPS $1.42; adjusted net income $980M; adjusted diluted EPS $1.71.

Profitability

GAAP operating income $1.174B (49% margin); adjusted operating income $1.430B (59% adjusted margin). Consolidated operating expenses $1.237B; adjusted operating expenses $981M.

Segment performance

Exchanges: net revenues $1,265M, operating margin 72% (adj 73%). Fixed Income & Data Services: revenues $618M, margin 39% (adj 45%). Mortgage Technology: revenues $528M, operating income $22M (4% margin) and adjusted operating income $224M (42% adj margin).

Cash flow and capital returns

Operating cash flow through 3Q25 $3.4B; adjusted free cash flow $3.2B. Through Sept. 30, 2025 ICE returned over $1.7B to stockholders year‑to‑date (including $894M buybacks and $831M dividends).

Balance sheet and leverage

Unrestricted cash $850M and total outstanding debt ~$19.0B as of Sept. 30, 2025; total assets $140.9B and total equity $28.7B.

Updated guidance

2025 guidance highlights: Fixed Income & Data Services recurring revenue growth 5–6%; 2025 GAAP operating expenses $4.990–$5.000B (non‑GAAP $3.933–$3.943B). 4Q25 non‑GAAP operating expenses $1.005–$1.015B; 2025 effective tax rate 23–25% (GAAP and non‑GAAP guidance).