Intercontinental Exchange (ICE) Q2 2025 earnings summary

Executive summary

• Achieved record second quarter and first half 2025 results, with net revenues of $2.54B in Q2, up 9%-10% year-over-year, and all-time highs in adjusted operating income and EPS.

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

• All three operating segments contributed to growth, with strong performance in energy, interest rates, and mortgage technology.

• Over $1B returned to shareholders in the first half, including $496M in share repurchases and $555M in dividends.

• Leverage target of 3x EBITDA achieved ahead of schedule, increasing capital return and investment flexibility.

Financial highlights

• Adjusted EPS reached $1.81, up 19% year-over-year; net revenue grew 9%-10% to $2.5B in Q2.

• Adjusted operating income rose 13% to $1.6B; operating margin improved to 50%-51%, with adjusted margin at 61%.

• Net income attributable to shareholders was $851M for Q2; adjusted net income for Q2 was $1.0B.

• Free cash flow for the first half was $2.12B, with adjusted free cash flow at $2.02B.

• Outstanding debt decreased to $19.2B as of June 30, 2025; unrestricted cash at $1.0B.

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 $995M–$1.005B; GAAP operating expenses at $1.245B–$1.255B.

• FY25 capex/software guidance of $730M–$780M; Q3 diluted share count expected between 572M and 578M.

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

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