Q3 25 EPS
$1.71
BEAT +6.44%
Est. $1.61
Q3 25 Revenue
$2.41B
MISS 0.12%
Est. $2.41B
vs S&P Since Q3 25
-2.7%
TRAILING MARKET
ICE +3.3% vs S&P +6.0%
Market Reaction
Did ICE Beat Earnings? Q3 2025 Results
Intercontinental Exchange delivered a strong earnings beat in the third quarter of 2025, posting adjusted diluted EPS of $1.71 against a consensus estimate of $1.61, a 6.44% beat, even as revenue of $2.41 billion came in essentially in line with expe… Read more Intercontinental Exchange delivered a strong earnings beat in the third quarter of 2025, posting adjusted diluted EPS of $1.71 against a consensus estimate of $1.61, a 6.44% beat, even as revenue of $2.41 billion came in essentially in line with expectations, edging just 0.12% below estimates. The headline revenue figure reflected a 20.5% year-over-year decline, though the company's filing context clarifies that consolidated net revenues on a comparable basis actually rose 3% year-over-year, with the reported drop largely tied to prior-period dynamics from the Black Knight acquisition integration. The Exchanges segment led operational performance, generating $1.26 billion in net revenues at a 73% adjusted operating margin, while record liquidity across ICE's global natural gas markets underscored the strength of its energy franchise. Mortgage Technology revenues grew 4% to $528 million, though a heavy $195 million amortization burden compressed GAAP margins in that segment. Looking ahead, ICE guided full-year 2025 Fixed Income and Data Services recurring revenue growth of 5% to 6%, with Q4 non-GAAP operating expenses expected between $1.00 billion and $1.01 billion.
Key Takeaways
- • Recurring revenues grew 5% y/y to $1,275 million driven by data and technology subscriptions
- • Data and Network Technology revenues up 11% y/y
- • Data and Connectivity Services revenues up 9% y/y
- • Fixed Income Execution revenues up 15% y/y
- • Closing Solutions revenues up 8% y/y in Mortgage Technology
- • Adjusted operating margin held at 59%
ICE YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
ICE Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased to report our third quarter results, which extend our track record of revenue and earnings per share growth. Our customers continue to rely on our mission-critical data and technology to manage risk and drive efficiency in a dynamic macroeconomic environment. In early October, we also announced a strategic investment in Polymarket, a leading prediction market platform, expanding our footprint into decentralized prediction markets, which is aligned with our commitment to providing innovation and data-driven insights to our customers. As we look to the balance of the year and beyond, our focus remains on leveraging our world-class technology, innovative culture, and operating expertise to better serve our customers and create value for our stockholders.”
— Jeffrey C. Sprecher, Q3 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% |