Intercontinental Exchange (ICE) Q4 2025 earnings summary

Executive summary

• Achieved record net revenues of $9.93 billion for 2025, up 6–7% year-over-year, with adjusted diluted EPS of $6.95, up 14%, and GAAP diluted EPS of $5.77, up 21% year-over-year.

• Adjusted operating income rose 9–10% to $6.0 billion, with record operating income of $4.9 billion, and adjusted free cash flow of $4.2 billion, up 16%.

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

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

• Achieved 20th consecutive year of record revenues, reflecting strong execution and a diversified business model.

Financial highlights

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

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

• Adjusted operating margin for 2025 was 60%, up 1 point year-over-year; full year consolidated operating margin was 50%.

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

• Free cash flow was $3.9 billion; adjusted free cash flow was $4.2 billion.

Outlook and guidance

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

• CapEx for 2026 projected at $740–$790 million, including $250 million for data center and office expansion.

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

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