Intercontinental Exchange (ICE) Q4 2025 earnings summary

Executive summary

• Achieved record adjusted EPS of $6.95 for 2025, up 14% year-over-year, and GAAP diluted EPS of $5.77, up 21%, marking the best performance in company history.

• Full year net revenues reached $9.93 billion, up 6–7% year-over-year, with balanced growth across recurring and transaction revenues.

• Adjusted operating income rose 9–10% to $6.0 billion, with record operating income of $4.9 billion (+14% y/y).

• Returned $2.4 billion to shareholders in 2025, including $1.3 billion in share repurchases and over $1.1 billion in dividends.

• Exceeded synergy targets from the Black Knight acquisition, with annualized expense synergies at $230 million and a new target of $275 million by 2028.

Financial highlights

• Fourth quarter net revenues were $2.5 billion, up 7–8% year-over-year; adjusted EPS was $1.71, up 13%.

• 2025 recurring revenues reached $5.06 billion (+5%), and transaction revenues $4.88 billion (+8%).

• Adjusted free cash flow for 2025 was $4.2 billion, up 16% from 2024.

• Adjusted operating margin for 2025 was 60%, up 1 point year-over-year.

• GAAP net income attributable to shareholders was $3.32 billion (+20%), with adjusted net income at $4.0 billion.

Outlook and guidance

• 2026 adjusted operating expenses expected at $4.08–$4.14 billion; GAAP operating expenses at $5.01–$5.08 billion.

• Effective tax rate guidance for 2026 is 24–26%.

• 2026 capital expenditures projected at $740–$790 million, including $250 million for real estate and data centers.

• Recurring revenue growth for Exchanges and Fixed Income & Data Services expected in the mid-single digits; Mortgage Technology revenue growth projected in low- to mid-single digits.

• Excluding one-time items, expense growth expected at 3–4%, driven by merit increases and tech investments.