Intercontinental Exchange (ICE) Q2 2025 earnings summary

Executive summary

• Achieved record second quarter and first half 2025 results, with all-time highs in revenue, adjusted operating income, and adjusted EPS, driven by strong performance across all segments.

• Net revenues for Q2 2025 reached $2.5 billion, up 10% year-over-year; adjusted operating income was $1.6 billion, up 13% year-over-year.

• Adjusted diluted EPS grew 19% year-over-year to $1.81; GAAP diluted EPS rose 35% to $1.48.

• Over $1 billion returned to shareholders in the first half of 2025, including $496 million in share repurchases and $555 million in dividends.

• Leverage reduced to target 3x EBITDA, with outstanding debt at $19.2 billion as of June 30, 2025.

Financial highlights

• Adjusted EPS reached $1.81, up 19% year-over-year; net revenue rose 9% to $2.5 billion in Q2 2025.

• Operating margin improved to 50% from 46% year-over-year; adjusted operating margin reached 61%.

• Net income attributable to shareholders was $851 million for Q2 2025; adjusted net income was $1.0 billion.

• Free cash flow for the first half of 2025 was $2.12 billion; adjusted free cash flow was $2.02 billion.

• Cash and cash equivalents increased to $1.0 billion as of June 30, 2025.

Outlook and guidance

• Full-year 2025 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 $995 million–$1.05 billion; GAAP operating expenses at $1.245–$1.255 billion.

• FY25 capex/software guidance of $730–$780 million.

• Effective tax rate guidance for FY25 is 24%-26%.

• A $0.48 per share dividend was announced for Q3 2025, payable September 30, 2025.