Intercontinental Exchange (ICE) investor relations material

Executive summary

• Achieved record Q3 2025 results with net revenues of $2.41 billion, up 2–3% year-over-year, and adjusted diluted EPS of $1.71, up 10%, with GAAP diluted EPS of $1.42, up 25% year-over-year.

• Operating income for Q3 was $1.2 billion (+6% y/y), with adjusted operating income at $1.4 billion (+3% y/y); adjusted operating margin was 59%.

• Over $1.7 billion was returned to shareholders through dividends and share repurchases in the first nine months of 2025, including $674 million in Q3.

• Strategic investment in Polymarket expands presence in decentralized prediction markets and event-driven data.

• Disciplined cost management and AI-driven innovation supported margin expansion and productivity gains.

Financial highlights

• Q3 2025 consolidated net income attributable to shareholders was $816 million, up 24–25% year-over-year; adjusted net income was $980 million.

• Recurring revenues for Q3 were $1.275 billion, up 5% year-over-year, with strong growth in data and network technology.

• Exchange segment Q3 net revenues were $1.3 billion; Fixed Income & Data Services revenues were $618 million; Mortgage Technology revenues were $528 million.

• Adjusted free cash flow for the first nine months was $3.18 billion, up 21% year-over-year.

• Adjusted debt-to-EBITDA leverage ratio at quarter-end was 2.9x, with $19.0 billion in outstanding debt.

Outlook and guidance

• Q4 2025 adjusted operating expenses expected at $1.005–$1.015 billion; full-year non-GAAP operating expenses projected at $3.933–$3.943 billion.

• FY25 recurring revenue growth guidance: Exchanges 4–5%, Fixed Income & Data Services 5–6%, Mortgage Technology low-to-mid single digits.

• FY25 effective tax rate projected at 23–25%.

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

• $1.6 billion remains authorized for future share repurchases.