Q1 25 EPS
$1.72
BEAT +0.99%
Est. $1.70
Q1 25 Revenue
$2.47B
BEAT +0.29%
Est. $2.47B
vs S&P Since Q1 25
-37.2%
TRAILING MARKET
ICE -8.2% vs S&P +29.0%
Market Reaction
Did ICE Beat Earnings? Q1 2025 Results
Intercontinental Exchange delivered a strong first quarter, with adjusted diluted EPS of $1.72 edging past the $1.70 consensus estimate by 0.99% and revenue of $2.47 billion landing just ahead of expectations, as the exchange and financial data giant… Read more Intercontinental Exchange delivered a strong first quarter, with adjusted diluted EPS of $1.72 edging past the $1.70 consensus estimate by 0.99% and revenue of $2.47 billion landing just ahead of expectations, as the exchange and financial data giant described the period as its best quarter to date. The primary engine behind the results was a 12% year-over-year surge in Exchanges segment net revenues to $1.37 billion, led by a 22% jump in energy revenues to $557.00 million and a 21% gain in cash equities and equity options to $119.00 million, reflecting broad-based trading strength amid volatile global markets. Adjusted operating income reached a record $1.51 billion at a 61% margin, while the Mortgage Technology segment, still absorbing $199.00 million in Black Knight acquisition-related amortization, delivered a solid 40% adjusted operating margin. Analysts have maintained a strong-buy consensus on the stock, citing ICE's resilient, diversified business model. Looking ahead, the company guided Q2 2025 adjusted operating expenses to $980.00 million to $990.00 million, signaling continued cost discipline as management focuses on deleveraging its $20.30 billion debt load.
Key Takeaways
- • Energy revenues grew 22% y/y driven by strong trading activity
- • Financials (interest rates) revenues grew 15% y/y
- • Cash equities and equity options revenues grew 21% y/y
- • Transaction revenues grew 13% y/y while recurring revenues grew 3% y/y
- • Adjusted operating margin expanded to 61% from 59% y/y
- • Fixed Income and Data Services recurring revenues grew 5% y/y
ICE YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
ICE Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased to report the best quarter in ICE's history, highlighted by record revenues, record operating income and earnings per share growth. Amidst a backdrop of continued geopolitical and macroeconomic uncertainty, our first quarter performance reflects the quality of our all-weather business model and the value of our markets, technology and data services. Looking to the balance of the year and beyond, ICE's diverse platform is well positioned to serve our customers, generate growth and create value for our stockholders.”
— Jeffrey C. Sprecher, Q1 2025 Earnings Press Release
ICE Earnings Trends
ICE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ICE EPS Trend
Earnings per share: estimate vs actual
ICE Revenue Trend
Quarterly revenue: estimate vs actual
ICE Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $2.35 | — | $2.98B | +1.04% |
| Q4 25 BEAT FY | $1.68 | $1.71 | +1.79% | $2.50B | +512.87% |
| FY Full Year | $6.92 | $6.95 | +0.49% | $9.93B | +0.25% |
| Q3 25 BEAT | $1.61 | $1.71 | +6.44% | $2.41B | -0.12% |
| Q2 25 BEAT | $1.77 | $1.81 | +2.25% | $2.54B | +0.17% |
| Q1 25 BEAT | $1.70 | $1.72 | +0.99% | $2.47B | +0.29% |