Intercontinental Exchange (ICE) investor relations material

Executive summary

• Achieved record Q2 2025 net revenues of $2.5B–$2.54B, up 9%–10% year-over-year, with adjusted EPS up 19% to $1.81 and strong growth across all segments.

• Returned over $1B to shareholders in H1 2025, including $496M in share repurchases and $555M in dividends.

• Leverage reduced to 3x EBITDA, ahead of target post-Black Knight acquisition.

• Record first half with over 1B contracts traded, driven by energy and interest rate markets.

• Strong cash flows supported reinvestment and achievement of leverage targets.

Financial highlights

• Adjusted operating income rose 13% to $1.56B; operating margin improved to 61%; net income attributable to shareholders was $851M in Q2.

• Net revenues increased 10% to $2.54B; operating income up 22% to $1.3B; net income up 35% to $851M.

• Adjusted free cash flow for YTD 2025 was $2.02B; operating cash flow for H1 was $2.5B.

• Operating margin was 51%; adjusted operating margin reached 61%.

• Cash and cash equivalents increased to $1.0B as of June 30, 2025; outstanding debt was $19.2B.

Outlook and guidance

• FY25 Exchanges recurring revenue growth expected at 4%–5%; Fixed Income & Data Services at mid-single digits; Mortgage Technology at low-to-mid single digits.

• Q3 2025 adjusted operating expenses projected at $995M–$1.05B; full-year capex/software guidance of $730M–$780M.

• FY25 effective tax rate guidance of 24%–26%.

• Management anticipates a dynamic macroeconomic environment, monitoring interest rates, inflation, and geopolitical risks.

• Q3 2025 diluted share count expected between 572M and 578M.