Q2 25 EPS
$1.81
BEAT +2.25%
Est. $1.77
Q2 25 Revenue
$2.54B
BEAT +0.17%
Est. $2.54B
vs S&P Since Q2 25
-30.0%
TRAILING MARKET
ICE -16.0% vs S&P +14.0%
Market Reaction
Did ICE Beat Earnings? Q2 2025 Results
Intercontinental Exchange delivered a solid second quarter, with adjusted diluted EPS of $1.81 beating the $1.77 consensus by 2.25% and consolidated net revenues of $2.54 billion edging past estimates by 0.17%, even as reported revenue reflected a 12… Read more Intercontinental Exchange delivered a solid second quarter, with adjusted diluted EPS of $1.81 beating the $1.77 consensus by 2.25% and consolidated net revenues of $2.54 billion edging past estimates by 0.17%, even as reported revenue reflected a 12.2% year-over-year decline on a headline basis. The clearest engine behind the quarter was ICE's Exchanges segment, which generated $1.42 billion in net revenues, up 14% year-over-year, with energy revenues alone surging 27% to $595 million as persistent market volatility continued to drive trading volumes. GAAP diluted EPS of $1.48 grew 35% year-over-year, while the adjusted operating margin reached 61%, underscoring the operating leverage embedded in ICE's business model. CEO Jeffrey Sprecher credited the company's diversified, "all-weather" structure for the performance. Looking ahead, ICE guided Q3 2025 adjusted operating expenses to a range of $995 million to $1.00 billion and raised its full-year Exchanges recurring revenue growth outlook to 4% to 5%, signaling measured but steady confidence in the back half of the year.
Key Takeaways
- • Energy trading revenue surged 27% driven by market volatility
- • Financials futures and options revenue grew 21% year-over-year
- • Transaction revenues grew 16% year-over-year reflecting elevated trading activity
- • Recurring revenues grew 4% year-over-year demonstrating stability
- • Adjusted operating margin expanded to 61% from 59% in the prior year
ICE YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
ICE Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased to report our second quarter results, which were highlighted by another quarter of record revenues and double-digit earnings per share growth. Amidst a backdrop of continued volatility and uncertainty, our strong second quarter performance reflects the 'all-weather' nature of our business model and the value of our markets, technology, and data services. As we look to the second half of the year and beyond, ICE's diverse platform is well positioned to continue to serve our customers, generate growth and create value for our stockholders.”
— Jeffrey C. Sprecher, Q2 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% |