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Intercontinental Exchange
Intercontinental Exchange (ICE) investor relations material
Intercontinental Exchange Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved record net revenues of $9.93 billion for 2025, up 6–7% year-over-year, with adjusted diluted EPS of $6.95, up 14%, and GAAP diluted EPS of $5.77, up 21% year-over-year.
Adjusted operating income rose 9–10% to $6.0 billion, with record operating income of $4.9 billion, and adjusted free cash flow of $4.2 billion, up 16%.
Returned $2.4 billion to shareholders in 2025, including $1.3 billion in share repurchases and over $1.1 billion in dividends.
Exceeded Black Knight acquisition synergy targets, with annualized expense synergies at $230 million and a new target of $275 million by 2028.
Achieved 20th consecutive year of record revenues, reflecting strong execution and a diversified business model.
Financial highlights
Fourth quarter net revenues were $2.5 billion, up 7–8% year-over-year, with adjusted EPS of $1.71, up 13%.
2025 recurring revenues reached $5.06 billion (+5%), and transaction revenues $4.88 billion (+8%).
Adjusted operating margin for 2025 was 60%, up 1 point year-over-year; full year consolidated operating margin was 50%.
GAAP net income attributable to shareholders was $3.32 billion (+20%), with adjusted net income at $4.0 billion.
Free cash flow was $3.9 billion; adjusted free cash flow was $4.2 billion.
Outlook and guidance
2026 adjusted operating expenses expected at $4.08–$4.14 billion; GAAP operating expenses at $5.01–$5.08 billion.
CapEx for 2026 projected at $740–$790 million, including $250 million for data center and office expansion.
Effective tax rate guidance for 2026 is 24–26%.
Recurring revenue growth for Exchanges and Fixed Income & Data Services expected in mid-single digits; Mortgage Technology revenue growth projected in low- to mid-single digits.
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Next Intercontinental Exchange earnings date
UBS Financial Services Conference 20269 Feb, 2026
Intercontinental Exchange
Next Intercontinental Exchange earnings date
UBS Financial Services Conference 20269 Feb, 2026
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Frequently asked questions
Intercontinental Exchange, Inc., operates regulated exchanges and marketplaces for financial and commodity markets. The company’s products and services include exchange-traded contracts on benchmark commodities, equities, bonds, ETFs and energy; cleared swaps; over-the-counter energy swap execution facility services; central counterparty clearing and settlement of cash products and related services; trading technology software; risk management services; listings services; data management solutions; margin and collateral management solutions; information products comprising market data feeds, apps and indices; consulting, valuation services in the over-the counter markets, and market surveillance tools.
The company also offers post-trade processing solutions for exchange traded derivatives, fixed income securities, foreign exchange, commodities and equity transactions across asset classes. In addition, it provides securities listing assistance services to companies raising capital in the United States, Europe and Asia through its subsidiary NYSE Euronext Corporate Services LLC. Intercontinental Exchange, Inc. was founded in 2000 and is headquartered in Atlanta, Georgia.
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