Intercontinental Exchange (ICE) Q4 FY2025 earnings: revenue $3.1 billion, up 3.7% on the year

Intercontinental Exchange, Inc. (ICE) reported revenue of $3.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 3.7% on the same quarter a year earlier. Net income was $851 million, up 21.9% on the year, and diluted earnings per share $1.49. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2026.

Revenue

$3.1 billion

+3.7% on the year · +4.5% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

39.4%

35.5% a year earlier

Q1 FY2024Q4 FY2025

Net income

$851 million

+21.9% on the year · +4.3% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.49

+23.1% on the year · +4.9% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 8 new.

Full-year GAAP and adjusted EPS grew: Adjusted diluted EPS was $6.95, up 14%. Record operating income was $4.9 billion, up 14%, and record adjusted operating income was $6.0 billion, up 10%.
Fourth-quarter revenue rose 8%: Fourth-quarter GAAP diluted EPS was $1.49, against $1.21 a year earlier; adjusted diluted EPS was $1.71, against $1.52. Net income attributable to ICE was $851 million.
Exchange net revenue rose 9%: Fourth-quarter exchange net revenues were $1.4 billion, up 10% year-over-year, with transaction revenue, net up 10% and recurring revenue up 11%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	3,142	3,007	3,030	+4.5%	+3.7%
Selling, general and administrative	74.0	77.0	75.0	-3.9%	-1.3%
Operating income	1,237	1,174	1,077	+5.4%	+14.9%
Operating margin	39.4%	39.0%	35.5%
Interest expense	204	192	213	+6.2%	-4.2%
Pre-tax income	1,066	1,081	905	-1.4%	+17.8%
Income tax	204	250	196	-18.4%	+4.1%
Effective tax rate	19.1%	23.1%	21.7%
Net income	851	816	698	+4.3%	+21.9%
Net margin	27.1%	27.1%	23.0%
Diluted EPS	$1.49	$1.42	$1.21	+4.9%	+23.1%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,275	915	1,506	+39.3%	-15.3%
Capital expenditure	166	62.0	194	+167.7%	-14.4%
Free cash flow	1,109	853	1,312	+30.0%	-15.5%
Free cash flow margin	35.3%	28.4%	43.3%
Cash from investing	-3,082	-82.0	-920
Cash from financing	-5,402	-3,787	2,796
Depreciation and amortisation	389	387	389	+0.5%	0.0%
Share-based compensation	225	4.0	60.0	+5,525.0%	+275.0%
Buybacks	400	398	0.0	+0.5%
Dividends paid	274	276	259	-0.7%	+5.8%
Dividend per share	$0.48	$0.48	$0.45	0.0%	+6.7%
Diluted shares, weighted	572m	574m	577m	-0.3%	-0.9%
Shares outstanding at period end	567m	570m	574m	-0.5%	-1.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	28,915	28,644	27,647	+0.9%	+4.6%
Non-controlling interest	54.0	43.0	51.0	+25.6%	+5.9%
Redeemable equity	22.0	22.0	22.0	0.0%	0.0%
Debt	19,644	19,033	20,368	+3.2%	-3.6%
Operating lease liabilities	635	476	335	+33.4%	+89.6%
Other liabilities	87,617	92,683	91,005	-5.5%	-3.7%
Total liabilities and equity	136,887	140,901	139,428	-2.8%	-1.8%
Goodwill	30,646	30,643	30,595	+0.0%	+0.2%
Intangible assets	15,353	15,589	16,306	-1.5%	-5.8%
Cash and equivalents	837	850	844	-1.5%	-0.8%
Receivables	1,552	1,543	1,490	+0.6%	+4.2%
Other assets	88,499	92,276	90,193	-4.1%	-1.9%
Total assets	136,887	140,901	139,428	-2.8%	-1.8%

Questions

What was Intercontinental Exchange's revenue in Q4 FY2025?

Intercontinental Exchange (ICE) reported revenue of $3.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 3.7% on the same quarter a year earlier.

How much did Intercontinental Exchange earn in Q4 FY2025?

Net income for Q4 FY2025 was $851 million, up 21.9% on the year, and diluted earnings per share $1.49.

When did Intercontinental Exchange report Q4 FY2025 results?

Intercontinental Exchange filed its 10-K for the year that ended with the quarter on 5 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,328	2,459	2,413	2,387	2,377	2,472	2,336	2,429	2,666	2,801	2,897	3,033	3,030	3,229	3,262	3,007	3,142	3,666	3,611	3,630
SG&A	52.0	55.0	57.0	54.0	60.0	74.0	63.0	59.0	70.0	78.0	100	54.0	75.0	76.0	66.0	77.0	74.0	85.0	63.0	74.0
Operating income	880	992	869	913	864	969	955	845	925	1,063	1,066	1,103	1,077	1,221	1,297	1,174	1,237	1,665	1,391	1,410
Operating margin	38%	40%	36%	38%	36%	39%	41%	35%	35%	38%	37%	36%	36%	38%	40%	39%	39%	45%	39%	39%
Interest expense	102	103	161	176	176	176	175	206	251	241	233	223	213	206	201	192	204	203	205	222
Pre-tax income	2,109	832	739	-327	564	849	847	682	516	964	861	898	905	1,067	1,132	1,081	1,066	1,897	1,287	1,242
Tax rate	28%	20%	23%	n/a	22%	21%	4%	18%	24%	19%	26%	25%	22%	24%	24%	23%	19%	25%	24%	23%
Net income	1,527	657	555	-191	425	655	799	541	373	767	632	657	698	797	851	816	851	1,413	958	940
Net margin	66%	27%	23%	-8%	18%	26%	34%	22%	14%	27%	22%	22%	23%	25%	26%	27%	27%	39%	27%	26%
Diluted EPS	$2.70	$1.16	$0.99	-$0.34	$0.76	$1.17	$1.42	$0.96	$0.65	$1.33	$1.10	$1.14	$1.21	$1.38	$1.48	$1.42	$1.49	$2.48	$1.69	$1.67
Operating cash flow	993	756	969	737	1,092	653	1,152	768	969	1,009	1,196	898	1,506	966	1,506	915	1,275	1,326	1,998	1,162
Capital expenditure	62.0	36.0	34.0	55.0	100	21.0	40.0	43.0	86.0	58.0	75.0	79.0	194	85.0	60.0	62.0	166	64.0	144	110
Free cash flow	931	720	935	682	992	632	1,112	725	883	951	1,121	819	1,312	881	1,446	853	1,109	1,262	1,854	1,052
Buybacks	250	475	157	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	241	255	398	400	551	651	400
Dividends paid	186	214	213	213	213	236	236	241	242	258	261	261	259	278	277	276	274	297	294	293
Shares outstanding	561m	559m	558m	559m	559m	559m	560m	572m	573m	573m	573m	574m	574m	574m	572m	570m	567m	566m	561m	558m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 5 February 2026: the filing.