Intercontinental Exchange reported Q3 2025 earnings, with net revenue of $2.41 billion, up 3 % year‑over‑year, and gross revenue of $3.01 billion, up 28 % year‑over‑year. The company’s adjusted diluted earnings per share were $1.71, beating the consensus estimate of $1.61 and representing a 6.4 % beat.
Segment performance was robust: the Exchanges segment generated $1.30 billion in net revenue with an adjusted operating margin of 73 %; Fixed Income & Data Services produced $618 million in revenue with a 45 % margin; and Mortgage Technology contributed $528 million in revenue with a 42 % margin. Adjusted operating income for the quarter was $1.40 billion, giving an overall adjusted operating margin of 59 %.
Shareholder returns were strong, with the company returning more than $1.70 billion to shareholders, including $894 million in share repurchases. A dividend of $0.48 per share was announced for Q4 2025, a 7 % increase from the previous year’s dividend.
Strategic initiatives highlighted by CEO Jeffrey Sprecher included a significant investment in the prediction‑market platform Polymarket and the rollout of the AI‑driven ICE Aurora platform, aimed at expanding data services and market infrastructure.
For the full year 2025, ICE provided updated guidance for Fixed Income & Data Services recurring revenue growth of 5‑6 % and outlined expectations for operating expenses.
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