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Sep 30, 2025
ICE Q3 2025 Earnings Report
Intercontinental Exchange posted strong Q3 results with higher revenue and earnings.
Key Takeaways
ICE delivered solid Q3 2025 results, driven by consistent performance across segments and a strategic investment in Polymarket to expand into decentralized prediction markets.
Net income reached $816 million for Q3 2025.
Adjusted EPS was $1.71, reflecting strong operational efficiency.
Revenue totaled $2.4 billion, led by exchange and mortgage segments.
ICE made a strategic investment in Polymarket, entering decentralized prediction markets.
Revenue by Segment
Forward Guidance
ICE expects continued revenue growth, controlled expenses, and operational investment into Q4 2025 and FY 2026.
Positive Outlook
- Operating cash flow reached $3.4 billion YTD.
- Adjusted free cash flow at $3.2 billion through Q3.
- Over $1.7 billion returned to shareholders YTD.
- Strategic investment in Polymarket for innovation.
- Steady recurring revenue growth in all segments.
Challenges Ahead
- Transaction-based revenue remained flat YoY.
- Mortgage tech operating margin was low at 4%.
- Outstanding debt stood at $19 billion.
- Non-operating expenses for Q4 guided up to $185 million.
- Continued integration costs from Black Knight acquisition.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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