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Intercontinental Exchange (ICE) FY2025 results: revenue $12.6 billion, up 7.5% on the year

Intercontinental Exchange, Inc. (ICE) reported revenue of $12.6 billion for fiscal 2025, the year ended 31 December 2025, up 7.5% on the year before. Net income was $3.3 billion, up 20.4%, and diluted earnings per share $5.77. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2026.

Revenue
$12.6 billion
+7.5% on the year
FY2018FY2025
Operating margin
39.0%
36.6% a year earlier
FY2018FY2025
Net income
$3.3 billion
+20.4% on the year
FY2018FY2025
Diluted EPS
$5.77
+20.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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%.
  • Section 31 fees fell to $412 million: Section 31 fees were $412 million for 2025, against $679 million in 2024; none were recorded in the fourth quarter, against $242 million a year earlier.
  • Transaction revenue grew 10%: Transaction revenue, net was $4.9 billion for 2025, up 10%; recurring revenue was $5.1 billion, up 5%. Fourth-quarter transaction revenue was $1.2 billion, up 10%.
Read the Q4 FY2025 earnings call summary

From this 10-K

Intercontinental Exchange provides technology and data to financial institutions, corporations and government entities, with products spanning futures, equities, fixed income and U.S. residential mortgages. It reports three segments, Exchanges, Fixed Income and Data Services, and Mortgage Technology. ICE was founded in 2000 around energy markets, and the majority of its identifiable assets are in the U.S. and the U.K.

Intercontinental Exchange, Inc., the 10-K for 2025

Intercontinental Exchange provides technology and data to financial institutions, corporations and government entities, with products spanning futures, equities, fixed income and U.S. residential mortgages. It reports three segments, Exchanges, Fixed Income and Data Services, and Mortgage Technology. ICE was founded in 2000 around energy markets, and the majority of its identifiable assets are in the U.S. and the U.K.

Exchanges

This segment runs regulated marketplaces for the listing, trading and clearing of derivatives contracts and financial securities, covering commodities, interest rates, foreign exchange, equities, and corporate and exchange-traded funds. It operates 13 regulated exchanges and six clearing houses, positioned in the U.S., U.K., European Union, Canada, Asia Pacific and the Middle East. The segment accounted for 55% of consolidated revenues, less transaction-based expenses, in 2025.

Energy futures and options are built around the Brent crude oil contract, which the company describes as the cornerstone of a global oil network that today includes over 800 related crude and refined oil products. Natural gas benchmarks span North America, Europe and Asia, and the environmental markets have for over two decades carried risk management tools for carbon cap and trade programmes and renewable fuel standards. Agricultural and metals markets cover coffee, cocoa, cotton and sugar, plus precious metals. Financial futures and options include equity contracts on ICE's own indices and on indices from MSCI and FTSE, among them the MSCI Emerging Market Index and the NYSE FAANG+ Index, alongside an interest rate complex whose key products include Euribor, Gilts and the Sterling Overnight Index Average.

Cash equities and equity options trade on five registered securities exchanges including the New York Stock Exchange, across five cash equity and two options markets. Approximately 70% of S&P 500 companies were listed on the NYSE as of 31 December 2025, and the NYSE held 75%, or roughly $10.1 trillion, of exchange-traded fund assets under management at that date, which is client money rather than ICE's own.

Clearing

The six clearing houses each act as a central counterparty, becoming the buyer to every seller and the seller to every buyer for their clearing members, which limits counterparty credit risk for the duration of a position. Guaranty funds give partial protection if a clearing member defaults, and every clearing house other than ICE NGX Canada requires each clearing member to deposit into the relevant fund. ICE has contributed $381 million of its own cash to those funds, which is at risk in a member default, with ICE Clear Europe holding $297 million of it.

Fixed Income and Data Services

ICE Bonds provides electronic fixed income markets supporting click-to-trade, request for quotation and auctions including portfolio trading. ICE Clear Credit clears credit default swaps, supporting single-name CDS on over 700 reference entities and over 180 index CDS instruments. The data business runs end-of-day and continuous evaluated pricing on over three million fixed income securities spanning approximately 150 countries and 80 currencies, covering sovereign, corporate and municipal bonds, mortgage and asset-backed securities and leveraged loans, with a reference data offering alongside and the ICE Data Indices complex built on both. The ICE Global Network offers connectivity reaching over 150 trading venues and over 750 data sources. The segment accounted for 24% of consolidated revenues, less transaction-based expenses, in 2025.

Mortgage Technology

Built over the last nine years around the U.S. residential mortgage market, from application through closing, servicing and the secondary market, this segment accounted for 21% of consolidated revenues, less transaction-based expenses, in 2025. Origination technology is the system of record for a mortgage transaction, automating the gathering, reviewing and verifying of mortgage-related information and enforcing rules so a completed loan adheres to secondary market standards, and it is sold on recurring software-as-a-service subscription fees with transaction-based pricing once a lender exceeds the loans included in its monthly base subscription. Closing solutions digitise the closing and recording process for lenders, title and settlement agents and county recorders, and include the MERS database, the system of record for servicing rights and beneficial ownership interests in loans secured by U.S. residential real estate. Servicing software supports first lien mortgages, home equity loans and lines of credit on a single platform.

From Intercontinental Exchange's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 5 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue12,64011,7619,903+7.5%
Selling, general and administrative293307266-4.6%
Operating income4,9294,3093,694+14.4%
Operating margin39.0%36.6%37.3%
Interest expense803910808-11.8%
Pre-tax income4,3463,6282,894+19.8%
Income tax976826456+18.2%
Effective tax rate22.5%22.8%15.8%
Net income3,3152,7542,368+20.4%
Net margin26.2%23.4%23.9%
Diluted EPS$5.77$4.78$4.19+20.7%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow4,6624,6093,542+1.1%
Capital expenditure373406190-8.1%
Free cash flow4,2894,2033,352+2.0%
Free cash flow margin33.9%35.7%33.8%
Cash from investing-4,249-921-8,797
Cash from financing-6,33479.0-64,345
Depreciation and amortisation1,5601,5371,215+1.5%
Share-based compensation238231257+3.0%
Buybacks1,2940.00.0
Dividends paid1,1051,039955+6.4%
Dividend per share$1.92$1.80$1.68+6.7%
Diluted shares, weighted575m576m565m-0.2%
Shares outstanding at period end567m574m573m-1.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity28,91527,64725,717+4.6%
Non-controlling interest54.051.069.0+5.9%
Redeemable equity22.022.00.00.0%
Debt19,64420,36822,613-3.6%
Operating lease liabilities635335299+89.6%
Other liabilities87,61791,00587,386-3.7%
Total liabilities and equity136,887139,428136,084-1.8%
Goodwill30,64630,59530,553+0.2%
Intangible assets15,35316,30617,317-5.8%
Cash and equivalents837844899-0.8%
Receivables1,5521,4901,366+4.2%
Other assets88,49990,19385,949-1.9%
Total assets136,887139,428136,084-1.8%

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