Intercontinental Exchange 8-K
PositiveEarningsNew guidance
Record exchange volumes and renewed mortgage technology strength drove another record revenue year.
Filed 2026-02-05 07:30 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
FY2025 and Q4 results with 2026 guidance. ICE reported its 20th consecutive year of record net revenues, with full-year diluted EPS growth; Q4 net revenues rose 8% Y/Y. Management cited record exchange volumes, continued growth in fixed income and data services, and renewed strength in mortgage technology.
Key Figures
| Metric | FY2025 | FY2024 | Y/Y |
|---|---|---|---|
| Net revenue, less transaction-based expenses | $9.93B | $9.28B | 7% |
| Operating income | $4.93B | $4.31B | 14% |
| Adjusted operating income (non-GAAP) | $5.99B | $5.47B | 10% |
| Net income attributable to ICE | $3.32B | $2.75B | 20% |
| Adjusted net income attributable to ICE (non-GAAP) | $3.99B | $3.50B | 14% |
| Diluted EPS | $5.77 | $4.78 | 21% |
| Adjusted diluted EPS (non-GAAP) | $6.95 | $6.07 | 14% |
| Operating cash flow | $4.66B | $4.61B | 1% |
| Free cash flow | $3.87B | $3.86B | 0.36% |
| Adjusted free cash flow (non-GAAP) | $4.19B | $3.62B | 16% |
| Metric | 4Q25 | 4Q24 | Y/Y |
|---|---|---|---|
| Net revenue, less transaction-based expenses | $2.50B | $2.32B | 8% |
| Operating income | $1.24B | $1.08B | 15% |
| Adjusted operating income (non-GAAP) | $1.49B | $1.35B | 11% |
| Net income attributable to ICE | $851M | $698M | 22% |
| Adjusted net income attributable to ICE (non-GAAP) | $975M | $875M | 11% |
| Diluted EPS | $1.49 | $1.21 | 23% |
| Adjusted diluted EPS (non-GAAP) | $1.71 | $1.52 | 13% |
- FY2025 unrestricted cash was $837M and outstanding debt was $19.6B.
- ICE returned $2.4B to stockholders through Q4, including $1.3B of share repurchases and more than $1.1B of dividends.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Exchange recurring revenue growth | FY2026 | Mid-single digits | — | — |
| Fixed income and data services recurring revenue growth | FY2026 | Mid-single digits | — | — |
| Mortgage technology revenue growth | FY2026 | Low-to-mid single digits | — | — |
| Operating expenses (GAAP) | FY2026 | $5.010B-$5.075B | — | — |
| Operating expenses (non-GAAP) | FY2026 | $4.075B-$4.14B | — | — |
| Operating expenses (GAAP) | Q1 2026 | $1.245B-$1.255B | — | — |
| Operating expenses (non-GAAP) | Q1 2026 | $1.01B-$1.02B | — | — |
| Non-operating expense | Q1 2026 | $180M-$185M | — | — |
| Capital expenditures | FY2026 | $740M-$790M | — | — |
| Effective tax rate (GAAP and non-GAAP) | FY2026 | 24%-26% | — | — |
| Weighted average shares outstanding | Q1 2026 | 568M-574M | — | — |
Investor Takeaways
- Watch Q1 2026 results against the quarterly expense, non-operating expense and share-count outlook.
- FY2026 recurring revenue growth across the three businesses will show whether the growth trends underpinning the outlook continue.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3