Intercontinental Exchange Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.06%.
Did ICE Beat Earnings? Q4 2025 Results
Intercontinental Exchange closed out Q4 2025 on firm footing, posting adjusted diluted EPS of $1.71 against a consensus estimate of $1.68, a beat of 1.79%, while consolidated net revenues reached $2.50 billion for the quarter, up 8% year-over-year. The primary driver was a standout performance in the Exchanges segment, which generated $1.36 billion in Q4 net revenues, up 10%, with energy trading alone contributing $548 million, a 15% gain, as record volumes across the exchange complex provided meaningful lift. Mortgage Technology revenues of $532 million grew 5%, though the segment's thin 1% GAAP operating margin continued to reflect the weight of acquisition-related amortization, a tension analysts have noted as futures strength offsets lingering mortgage-tech headwinds. For the full year, operating cash flow reached $4.66 billion, and ICE returned $2.40 billion to shareholders through buybacks and dividends. Looking ahead, management guided for mid-single-digit recurring revenue growth in both Exchanges and Fixed Income and Data Services in 2026, with capital expenditures of $740 million to $790 million.
- Record volumes across the exchange complex
- Continued scaling of fixed income franchise
- Renewed strength in mortgage technology business
- Energy trading revenue growth of 15% year-over-year in Q4
- Data and Connectivity Services growth of 16% year-over-year in Q4
- Strong recurring revenue growth of 6% year-over-year in Q4
- Transaction revenue growth of 10% year-over-year in Q4
- Disciplined operating expense management with 60% adjusted operating margin
“As we close out 2025, we are pleased to report our 20th consecutive year of record revenues and continued earnings per share growth, driven by the strength of our diversified 'all-weather' business model and the trust of our global customers. Across our exchanges, fixed income, and mortgage technology platforms, we continued to modernize critical financial infrastructure leveraging best in class technology and automation, while operating with discipline in a dynamic macro environment. We saw record volumes across our exchange complex, our fixed income franchise continued to scale, and our mortgage technology business finished the year with renewed strength. Entering 2026, we believe the tailwinds behind our businesses are strong and we remain focused on innovation, durable growth, and long-term value creation for our shareholders.”
Intercontinental Exchange CEO, on the earnings call
Forward Guidance & Outlook
For 2026, ICE guides mid-single-digit recurring revenue growth in both the Exchanges and Fixed Income & Data Services segments, and low-to-mid single-digit growth in Mortgage Technology. GAAP operating expenses are expected at $5.010-$5.075 billion, with non-GAAP operating expenses of $4.075-$4.140 billion. Q1 2026 GAAP operating expenses are guided at $1.245-$1.255 billion (non-GAAP $1.010-$1.020 billion). Q1 2026 non-operating expense is expected at $180-$185 million. Capital expenditures are guided at $740-$790 million, with an effective tax rate of 24%-26% and Q1 2026 weighted average diluted shares of 568-574 million.
ICE YoY Financials
ICE Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.