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Dec 31, 2025
ICE Q4 2025 Earnings Report
Intercontinental Exchange reported strong financial results for the fourth quarter and full year of 2025, marking its 20th consecutive year of record revenues.
Key Takeaways
Intercontinental Exchange (ICE) delivered a robust performance in Q4 2025, with consolidated net revenues reaching $2.5 billion, an 8% increase year-over-year. The company reported GAAP diluted EPS of $1.49 and adjusted diluted EPS of $1.71. Operating income for the quarter was $1.2 billion, with an adjusted operating income of $1.5 billion, reflecting strong operational efficiency across its diversified business model.
Q4 2025 consolidated net revenues were $2.5 billion, an 8% increase year-over-year.
GAAP diluted EPS for Q4 2025 was $1.49, with adjusted diluted EPS at $1.71.
Consolidated operating income for Q4 2025 was $1.2 billion, and adjusted operating income was $1.5 billion.
The adjusted operating margin for the fourth quarter stood at 60%.
Revenue by Segment
Forward Guidance
For 2026, ICE anticipates mid-single digit growth for Exchange Recurring Revenue and Fixed Income & Data Services Recurring Revenue, with low-to-mid single digit growth for Mortgage Technology Revenue. Operating expenses are projected to be between $5.010 billion and $5.075 billion (GAAP) and $4.075 billion and $4.140 billion (Non-GAAP).
Positive Outlook
- Mid-single digit growth expected for 2026 Exchange Recurring Revenue.
- Mid-single digit growth expected for 2026 Fixed Income & Data Services Recurring Revenue.
- Low-to-mid single digit growth expected for 2026 Mortgage Technology Revenue.
- 1Q26 Non-Operating Expense projected between $180 million and $185 million.
- 1Q26 Weighted Average Shares Outstanding expected to be 568-574 million.
Challenges Ahead
- 2026 Operating Expenses are projected to be between $5.010 billion and $5.075 billion (GAAP).
- 1Q26 Operating Expenses are projected to be between $1.245 billion and $1.255 billion (GAAP).
- 2026 Capital Expenditures are projected to be between $740 million and $790 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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