ICE
Intercontinental Exchange, Inc.160.05
-0.87-0.54%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A colors mortgage refis, energy drivers
Q&A drilled into mortgage rebound potential and energy durability without walk-backs or new guidance shifts. Ben Jackson pegged 4 million refi-eligible loans today, jumping to 7.5-8 million on 50bps rate cuts, with affordability at four-year highs. Energy volumes got geopolitical color: India-Russia trade lifts Brent (OI +35% YTD), TTF doubles amid Iran/Venezuela flux. Chris Edmonds swatted AI disruption fears with FIDS moats in proprietary exchange data and history. No surprises. Management reaffirmed synergy momentum. Watch refis and Brent sustain.
Key Stats
Market Cap
91.62BP/E (TTM)
29.15Basic EPS (TTM)
5.49Dividend Yield
0.01%Recent Filings
10-K
FY2025 results
ICE posted record FY2025 revenues less transaction-based expenses of $9.9B, up 7% y/y, driven by 10% growth in Exchanges transaction revenues from 13% higher futures/options ADV and 40% surge in NYSE cash equities handled volume. Q4 accelerated with energy futures up 16% y/y on geopolitical volatility, financial futures 9% higher, while data services grew 9% on retention and new clients; Mortgage Technology turned profitable at $14M operating income after Black Knight integration synergies. Free cash flow hit $3.9B, funding $1.3B buybacks and $1.1B dividends amid $19.6B debt at 3.7% weighted cost. No annual guidance disclosed in the 10-K. Cyberattacks loom large, given ICE's critical financial infrastructure role.
8-K
ICE's record $9.9B revenues
Intercontinental Exchange posted record 2025 net revenues of $9.9 billion, up 7% y/y, with GAAP diluted EPS at $5.77, up 21%. Exchanges drove $5.4 billion in revenues, up 9%, while mortgage tech hit $2.1 billion but GAAP margin of 1%. Returned $2.4 billion to shareholders. Guidance signals mid-single-digit recurring revenue growth.
8-K
ICE closes $1.25B notes
8-K
ICE Q3 revenues up 3%
ICE reported Q3 2025 net revenues of $2.4B, up 3% y/y, with GAAP EPS at $1.42 (+25%) and adjusted EPS $1.71 (+10%). Exchanges hit $1.3B revenues while mortgage tech swung to 4% GAAP margin from loss. Returned $1.7B to shareholders YTD. Strategic Polymarket investment expands into prediction markets.
10-Q
Q3 FY2025 results
ICE posted Q3 revenues of $3.0B, down 1% y/y yet flat q/q (derived), with Exchanges off 4% y/y on softer equity volumes while Fixed Income and Mortgage Technology grew 5% y/y each on data strength and closing adoption. Operating income climbed 6% y/y to $1.2B, margins steady at 49%, fueled by lower Section 31 fees; diluted EPS rose 25% y/y to $1.42, reconciling to 574M shares. Cash hit $850M, total debt $19.0B at 3.7% weighted average; $3.9B revolver fully available bar backstops. Free cash flow not disclosed in the 10-Q. Volumes fluctuate with volatility.
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