Q4 25 EPS
$1.71
BEAT +1.79%
Est. $1.68
Q4 25 Revenue
$2.50B
BEAT +512.87%
Est. $408.6M
vs S&P Since Q4 25
-12.8%
TRAILING MARKET
ICE -8.5% vs S&P +4.3%
Full Year 2025 Results
FY 25 EPS
$6.95
BEAT +0.49%
Est. $6.92
FY 25 Revenue
$9.93B
BEAT +0.25%
Est. $9.91B
Market Reaction
Did ICE Beat Earnings? Q4 2025 Results
Intercontinental Exchange closed out Q4 2025 on firm footing, posting adjusted diluted EPS of $1.71 against a consensus estimate of $1.68, a beat of 1.79%, while consolidated net revenues reached $2.50 billion for the quarter, up 8% year-over-year. T… Read more Intercontinental Exchange closed out Q4 2025 on firm footing, posting adjusted diluted EPS of $1.71 against a consensus estimate of $1.68, a beat of 1.79%, while consolidated net revenues reached $2.50 billion for the quarter, up 8% year-over-year. The primary driver was a standout performance in the Exchanges segment, which generated $1.36 billion in Q4 net revenues, up 10%, with energy trading alone contributing $548 million, a 15% gain, as record volumes across the exchange complex provided meaningful lift. Mortgage Technology revenues of $532 million grew 5%, though the segment's thin 1% GAAP operating margin continued to reflect the weight of acquisition-related amortization, a tension analysts have noted as futures strength offsets lingering mortgage-tech headwinds. For the full year, operating cash flow reached $4.66 billion, and ICE returned $2.40 billion to shareholders through buybacks and dividends. Looking ahead, management guided for mid-single-digit recurring revenue growth in both Exchanges and Fixed Income and Data Services in 2026, with capital expenditures of $740 million to $790 million.
Key Takeaways
- • Record volumes across the exchange complex
- • Continued scaling of fixed income franchise
- • Renewed strength in mortgage technology business
- • Energy trading revenue growth of 15% year-over-year in Q4
- • Data and Connectivity Services growth of 16% year-over-year in Q4
- • Strong recurring revenue growth of 6% year-over-year in Q4
- • Transaction revenue growth of 10% year-over-year in Q4
- • Disciplined operating expense management with 60% adjusted operating margin
ICE YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
ICE Revenue by Segment
With YoY comparisons, source: SEC Filings
“As we close out 2025, we are pleased to report our 20th consecutive year of record revenues and continued earnings per share growth, driven by the strength of our diversified 'all-weather' business model and the trust of our global customers. Across our exchanges, fixed income, and mortgage technology platforms, we continued to modernize critical financial infrastructure leveraging best in class technology and automation, while operating with discipline in a dynamic macro environment. We saw record volumes across our exchange complex, our fixed income franchise continued to scale, and our mortgage technology business finished the year with renewed strength. Entering 2026, we believe the tailwinds behind our businesses are strong and we remain focused on innovation, durable growth, and long-term value creation for our shareholders.”
— Jeff Sprecher, Q4 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% |