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Mar 31, 2025
ICE Q1 2025 Earnings Report
ICE posted its strongest quarterly performance to date, with record highs in revenue and earnings.
Key Takeaways
Intercontinental Exchange delivered a record-breaking Q1 2025, with standout performances in revenue, operating income, and adjusted earnings per share, reflecting its robust business model across market conditions.
Achieved record revenue of $2.473 billion for the quarter.
Adjusted net income rose to $995 million, driven by strong core operations.
Operating margin reached 49%, with an adjusted margin of 61%.
Returned $519 million to shareholders through dividends and buybacks.
Revenue by Segment
Forward Guidance
ICE anticipates continued disciplined investment and operational efficiency in Q2 2025, supporting long-term strategic growth.
Positive Outlook
- Expected GAAP operating expenses of $1.230B to $1.240B.
- Adjusted operating expenses forecasted at $980M to $990M.
- GAAP and adjusted non-operating expense expected at $175M to $180M.
- Diluted share count projected at 573M to 579M.
- Continued progress on deleveraging and shareholder returns.
Challenges Ahead
- No specific revenue guidance issued for Q2.
- Mortgage Tech segment posted a $27M operating loss.
- Macroeconomic and geopolitical headwinds remain.
- Data and analytics revenue showed flat performance YoY.
- Cash and cash equivalents declined compared to previous quarter.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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