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Jun 30, 2025
ICE Q2 2025 Earnings Report
Intercontinental Exchange posted strong results with record revenues and double-digit EPS growth.
Key Takeaways
ICE delivered a robust Q2 2025 performance marked by record revenues and solid profitability across its core segments.
Net income reached $851 million, with adjusted EPS of $1.81.
Revenue totaled $2.543 billion, driven by strength in trading, fixed income, and mortgage tech.
Adjusted operating margin hit 61%, with all segments contributing positively.
Returned over $1 billion to shareholders via dividends and buybacks in H1 2025.
Revenue by Segment
Forward Guidance
ICE expects steady growth in recurring revenue and continued cost discipline in Q3 2025.
Positive Outlook
- Recurring revenue in Exchanges expected to grow 4% to 5% for full year 2025.
- Adjusted operating expenses guided between $995M to $1.005B for Q3.
- Adjusted and GAAP non-operating expenses both expected in $170M–$175M range.
- Diluted share count expected between 572M–578M in Q3.
- Strong cash flow enables reinvestment and capital return.
Challenges Ahead
- GAAP operating expenses expected to remain elevated ($1.245B to $1.255B).
- Integration and amortization costs continue to impact margins.
- Mortgage Tech segment operating margin remains low on GAAP basis (2%).
- No geographic revenue breakdown provided.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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