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ICE
FY2025 Q4
Improving
Intercontinental Exchange Inc. earnings call
Buzzberg read
Record 2025 results with 13th consecutive year of futures revenue growth
ICE reported record full-year and Q4 2025 results, driven by strength across exchanges, energy, and recurring revenues. Management issued a bullish 2026 outlook, citing strong January momentum, significant progress in mortgage technology, and new growth initiatives in tokenization and treasury clearing. Record 2025 EPS of $6.95, up 14% YoY, and record net revenues of $9.9 billion, up 6% YoY.
Buzzberg read Record 2025 results with 13th consecutive year of futures revenue growth ICE reported record full-year and Q4 2025 results, driven by strength across exchanges, energy, and recurring revenues. Management issued a bullish 2026 outlook, citing strong January momentum, significant progress in mortgage technology, and new growth initiatives in tokenization and treasury clearing. Record 2025 EPS of $6.95, up 14% YoY, and record net revenues of $9.9 billion, up 6% YoY. Read full analysisCollapse analysis
ICE reported record full-year and Q4 2025 results, driven by strength across exchanges, energy, and recurring revenues. Management issued a bullish 2026 outlook, citing strong January momentum, significant progress in mortgage technology, and new growth initiatives in tokenization and treasury clearing. Record 2025 EPS of $6.95, up 14% YoY, and record net revenues of $9.9 billion, up 6% YoY.
- Q4 2025 results showed strength in energy complex, with record revenues and strong volume growth in oil, gas, and interest rate futures.
- Momentum continued into January 2026, with record monthly volumes, and management expects another year of profitable growth.
- Mortgage technology business reported strong quarterly performance, and management is confident in 2026 growth, driven by improving market conditions.
Revenue$3.14BReported
EPS$1.71Reported
Gross margin79.75%Reported
Operating margin38.34%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Guidance
2026 mortgage revenue guidance assumes flat to low-teens industry originations growth
Innovation
ICE plans to launch NYSE tokenization platform under existing SEC rules
Show 3 more callouts
Capex
2026 capital expenditure to rise to $740-790 million on AI and data centers
Synergies
Black Knight expense synergies target raised to $275 million by 2028
AI
Mortgage technology wins strong demand from clients for AI automation
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $3.14B | Reported |
| EPS | $1.71 | Reported |
| Gross margin | 79.75% | Reported |
| Operating margin | 38.34% | Reported |
| Free cash flow | $1.109B | Reported |
| Capex | $0.166B | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Capex | FY2026 | $0.74B–$0.79B | $0.765B | Guided |
| Operating margin | FY2026 | $4.14B–$4.75B | $4.445B | Guided |
AI, capex & demand read
Management read
Upbeat
Management expressed confidence, citing record results, accelerating momentum into 2026, and positive outlook across business segments, while also highlighting strategic investments and innovation.
Management AI read
Management discussed AI as a significant enabler and growth driver across the business. They highlighted AI infrastructure investments, data center expansion, and new AI tools, including ICE Aurora AI-enabled agents for mortgage workflows, which are already in beta or rolling out in 2026. They positioned ICE's proprietary data and secure delivery as key differentiators for AI adoption.
Investment and capacity
Management raised capital expenditure guidance to $740-790 million for 2026, including investments in AI infrastructure, data center capacity, and new office space. They highlighted these as strategic growth-enabling investments to meet customer demand.
all 10 named companies below
Companiesreturns since call
Customers
Customers
Warren Gardner
Etsy's transfer to NYSE is a win for ICE's listings franchise.
Evidence
“we also welcomed several transfers, including Virtu, Etsy, the largest transfer in NYSE history, AstraZeneca”
Customers
Ben Jackson
Successful rapid implementation of UWM onto ICE's MSP platform is a major proof point for ICE's mortgage servicing technology and validates cross-sell strategy.
Evidence
“Last month, United Wholesale Mortgage went live on MSP, approximately nine months after signing.”
Customers
Warren Gardner
AstraZeneca has transferred its listing to the NYSE from the London Stock Exchange this week. — A marquee listing loss for the LSE and a major win for NYSE, potentially signaling Europe's largest companies may increasingly seek US listings.
Evidence
“we also welcomed several transfers, including Virtu, Etsy, the largest transfer in NYSE history, AstraZeneca, who officially transferred to the NYSE this week”
Partners
Partners
Jeff Sprecher
Citi's partnership with ICE on tokenized collateral could expand its digital asset services for institutional clients.
Evidence
“such as our recent announcements with BNY and Citi to accept tokenized collateral”
Partners
Ben Jackson
ICE's data partnership with Reddit will integrate social sentiment into its data feeds, enhancing its data and analytics products.
Evidence
“we continue to expand our differentiated offering through new data partnerships, including our recent deal with Reddit”
Supply chain
Supply chain
AstraZeneca has transferred its listing to the NYSE from the London Stock Exchange this week. — A marquee listing loss for the LSE and a major win for NYSE, potentially signaling Europe's largest companies may increasingly seek US listings.
Warren Gardner
Supply chain
Jeff Sprecher
ICE's new clearing service for US cash treasuries, approved by the SEC, is set to compete directly with the existing fixed income clearing services offered by its peers. — This introduces a new competitor to the DTCC's FICC and CME's fixed income clearing, aiming to capture market share in the growing treasury clearing space.
Evidence
“Just last week, I received approval from the U.S. Securities and Exchange Commission to launch a new clearing service for U.S. cash treasuries almost a year in advance of the January 2027 treasury clearing mandate.”
External signals
Supply-chain alpha · 3returns since call
AstraZeneca has transferred its listing to the NYSE from the London Stock Exchange this week.
ICE's new clearing service for US cash treasuries, approved by the SEC, is set to compete directly with the existing fixed income clearing services offered by its peers.
Trading momentum has sharply accelerated into 2026, with January being the strongest month in ICE's history and energy ADV up 27% year-over-year.
Evidence
“We saw record monthly volumes of 23% year-over-year, including a record month for energy ADV. Further supporting momentum into February is robust open interest, growing 19%, including 7% growth in global energy and 48% growth in our intere…”
Methodology & coverage
Management-only analysis. All 10 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.