Intercontinental Exchange (ICE) Q3 2025 Earnings
How Did ICE Stock React to Q3 2025 Earnings?
S&P 500 over the same 30 days: +0.25%.
Did ICE Beat Earnings? Q3 2025 Results
Yes. Intercontinental Exchange reported Q3 2025 earnings of $1.71 a share on Oct 30, 2025, beating the $1.61 consensus estimate by 6.4%. Revenue was $2.4B against a $2.4B estimate.
Intercontinental Exchange delivered a strong earnings beat in the third quarter of 2025, posting adjusted diluted EPS of $1.71 against a consensus estimate of $1.61, a 6.44% beat, even as revenue of $2.41 billion came in essentially in line with expectations, edging just 0.12% below estimates. The headline revenue figure reflected a 20.5% year-over-year decline, though the company's filing context clarifies that consolidated net revenues on a comparable basis actually rose 3% year-over-year, with the reported drop largely tied to prior-period dynamics from the Black Knight acquisition integration. The Exchanges segment led operational performance, generating $1.26 billion in net revenues at a 73% adjusted operating margin, while record liquidity across ICE's global natural gas markets underscored the strength of its energy franchise. Mortgage Technology revenues grew 4% to $528 million, though a heavy $195 million amortization burden compressed GAAP margins in that segment. Looking ahead, ICE guided full-year 2025 Fixed Income and Data Services recurring revenue growth of 5% to 6%, with Q4 non-GAAP operating expenses expected between $1.00 billion and $1.01 billion.
- Recurring revenues grew 5% y/y to $1,275 million driven by data and technology subscriptions
- Data and Network Technology revenues up 11% y/y
- Data and Connectivity Services revenues up 9% y/y
- Fixed Income Execution revenues up 15% y/y
- Closing Solutions revenues up 8% y/y in Mortgage Technology
- Adjusted operating margin held at 59%
“We are pleased to report our third quarter results, which extend our track record of revenue and earnings per share growth. Our customers continue to rely on our mission-critical data and technology to manage risk and drive efficiency in a dynamic macroeconomic environment. In early October, we also announced a strategic investment in Polymarket, a leading prediction market platform, expanding our footprint into decentralized prediction markets, which is aligned with our commitment to providing innovation and data-driven insights to our customers. As we look to the balance of the year and beyond, our focus remains on leveraging our world-class technology, innovative culture, and operating expertise to better serve our customers and create value for our stockholders.”
Intercontinental Exchange CEO, on the earnings call
What Was Intercontinental Exchange's Outlook in Q3 2025?
ICE provided updated guidance for Q4 2025 and full-year 2025. For FY2025, Fixed Income & Data Services recurring revenue growth is expected at 5%-6%. Full-year 2025 GAAP operating expenses are guided at $4.990-$5.000 billion, with non-GAAP operating expenses of $3.933-$3.943 billion. For Q4 2025, GAAP operating expenses are expected at $1.255-$1.265 billion and non-GAAP operating expenses at $1.005-$1.015 billion. Q4 2025 non-operating expense is guided at $180-$185 million. The 2025 effective tax rate is expected at 23%-25%, and Q4 2025 weighted average diluted shares are expected at 569-575 million. CFO Warren Gardiner noted the company remains focused on extending its track record of innovation and execution heading into 2026.
ICE YoY Financials
| Metric | Q3 2025 | Q3 2024 | Year over year |
|---|---|---|---|
| Revenue | $2.4B | $3.0B | −20.5% |
| Operating Income | $1.2B | $1.1B | +6.4% |
| Net Income | $816.0M | $657.0M | +24.2% |
ICE Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.