01—Abstract
Summary
Summary of the 10-Q filed October 30, 2025. Cited figures are marked; the original filing is the authoritative source.
Intercontinental Exchange, Inc. (ICE) reported a solid third quarter for 2025, with revenues, less transaction-based expenses, increasing by 7% year-over-year to $7.43 billiona for the nine months ended September 29, 2025.
Net income attributable to ICE common stockholders also saw a significant jump of 20% to $2.46 billionb for the same period. The company demonstrated strong operational execution, with operating income growing 14% year-over-year to $3.69 billion. This performance was driven by robust growth across its Exchanges and Fixed Income and Data Services segments, while the Mortgage Technology segment showed continued improvement in profitability.
The company's balance sheet remains strong, with total assets growing to $140.9 billionc. ICE continued its commitment to returning capital to shareholders through dividends and share repurchases, with $894 million in stock repurchases during the nine-month period. The company also highlighted its proactive approach to managing market risks and regulatory environments, ensuring operational resilience amidst global economic uncertainties.
02—Key points
Key Highlights
- Total revenues, less transaction-based expenses, grew 7% year-over-year to $7.43 billion for the nine months ended September 29, 2025.
- Net income attributable to ICE common stockholders increased 20% to $2.46 billion for the nine months ended September 29, 2025.
- Operating income rose 14% year-over-year to $3.69 billion for the nine months ended September 29, 2025.
- The Exchanges segment saw an 11% increase in revenue, less transaction-based expenses, driven by energy and cash equities trading.
- Fixed Income and Data Services segment revenue increased 5%, reflecting strength in data and analytics products.
- The company repurchased $894 million of its common stock during the nine months ended September 29, 2025.
- Total assets stood at $140.9 billion as of September 30, 2025, indicating a healthy financial position.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed October 30, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $3.01B$3.03B | −0.9% |
| SG&A Expenses | $77.00M$54.00M | +42.6% |
| Operating Expenses | $1.24B$1.25B | −0.7% |
| Operating Income | $1.17B$1.10B | +6.4% |
| Net Income | $816.00M$657.00M | +24.2% |
| EPS (Basic) | $1.43$1.15 | +24.3% |
| EPS (Diluted) | $1.42$1.14 | +24.6% |
| Shares Outstanding (Basic) | 572.00M574.00M | −0.3% |
| Shares Outstanding (Diluted) | 574.00M577.00M | −0.5% |
05—Questions
Frequently Asked Questions
How did ICE's revenue performance compare to the prior year?
For the nine months ended September 29, 2025, Intercontinental Exchange, Inc. reported a 7% increase in revenues, less transaction-based expenses, reaching $7.43 billion, compared to $6.96 billion in the prior year period. This growth was driven by increases in its Exchanges and Fixed Income and Data Services segments.
What was ICE's profitability for the nine-month period?
Net income attributable to Intercontinental Exchange, Inc. common stockholders was $2.46 billion for the nine months ended September 29, 2025, representing a 20% increase from $2.06 billion in the same period last year. Operating income also showed strong growth, up 14% to $3.69 billion.
How is ICE managing its capital and returning value to shareholders?
ICE continues to return capital to shareholders through dividends and share repurchases. During the nine months ended September 29, 2025, the company paid $831 million in dividends and repurchased $894 million of its common stock. The company also has $1.6 billion remaining under its authorized stock repurchase program as of September 30, 2025.
What is the outlook for the Mortgage Technology segment?
The Mortgage Technology segment showed a 4% revenue increase for both the nine and three months ended September 29, 2025, reaching $1.57 billion for the nine-month period. The segment's operating income improved significantly, turning from a loss of $134 million in the prior year to a profit of $6 million for the nine months ended September 29, 2025, indicating a positive trend in profitability.
06—Continue