Intercontinental Exchange Inc. · NYSE:ICE
Intercontinental Exchange — Q2 2025 Earnings Presentation
26 slides from Intercontinental Exchange's earnings presentation, Jul 31, 2025
Slide 1: 2Q25 Earnings Supplement
2Q25 Earnings Supplement July 31, 2025 1
Slide 2: Cautionary Statement Regarding Forward Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS This presentation may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding ICE’s business that are not historical facts are forward- loo
Slide 3: ICE Second Quarter 2025 Earnings Call Participants
ICE Second Quarter 2025 Earnings Call Participants Jeff Sprecher Ben Jackson Warren Gardiner Chris Edmonds Katia Gonzalez Chair & CEO President Chief Financial Officer President, Fixed Income Manager, Investor Chair, ICE Mortgage & Data Services Relations Technology 3
Slide 4: Record 2Q25 ICE Performance
Record 2Q25 ICE Performance in millions except per share amounts +9 % Record net revenues, CC Income statement highlights 2Q25 2Q24 % Chg, CC +13 % Revenues, net $2,543 $2,317 9% Recurring Revenues 1,256 1,206 4% Transaction Revenues, net 1,287 1,111 14% Record adj. op income, CC Adj. Op Expenses $9
Slide 5: 2Q25 Exchanges Performance
2Q25 Exchanges Performance +25 % in millions Revenues, net 2Q25 2Q24 % Chg Const Curr Energy $595 $469 27% 25% Record energy revenues, CC Ags 65 71 (10)% (10)% Financials 158 132 21% 15% Cash Equities & Equity Options, net 123 111 10% 10% +20 % OTC & Other 96 101 (4)% (5)% Data & Connectivity Servic
Slide 6: 2Q25 Fixed Income & Data Services Performance
2Q25 Fixed Income & Data Services Performance in millions +8 % ICE Bonds revenues, CC Revenues 2Q25 2Q24 % Chg Const Curr Fixed Income Execution $32 $30 8% 8% CDS Clearing 82 78 5% 4% Fixed Income Data & Analytics Data & Network Technology Total Revenues 306 177 $597 293 164 $565 4% 8% 6% 4% 7% 5% +
Slide 7: 2Q25 Mortgage Technology Performance
2Q25 Mortgage Technology Performance in millions +4% Servicing software revenues Revenues 2Q25 2Q24 % Chg Origination Tech $187 $180 4% Closing Solutions 58 52 10% Servicing Software Data & Analytics Total Revenues 220 66 $531 212 62 $506 4% 7% 5% +7 % Data & analytics revenues Recurring Revenues 39
Slide 8: Diverse Energy Network Positioned for Long-Term Growth
Diverse Energy Network Positioned for Long- Term Growth Energy Revenue Mix(1) Energy Revenues $ in millions Environmentals & Other 10% $1,152 +13% Brent CAGR 27% $629 Global Natural Gas 40% Other Oil 23% 1H20 1H25 8 (1) Mix of energy revenues based on the six months ended June 30, 2025.
Slide 9: Comprehensive Platform Driving Growth
Comprehensive Platform Driving Growth ICE Bonds Revenues Fixed Income & Data Services Annual Subscription Value (ASV) $70 $60 +9% CAGR $ in millions +6% y/y, $50 $2,000 CC $40 $30 $20 $1,800 1H20 1H25 $ in millions CDS Clearing Revenues $1,600 $180 +8% $150 CAGR $ in millions $1,400 $120 $90 $1,200
Slide 10: End-to-End Platform Drives Efficiencies Across the Workflow
End-to-End Platform Drives Efficiencies Across the Workflow Servicing Lead generation Manage all aspects of servicing Generate business and for loans; engage customers strengthen relationships and retain business Capital markets/ Customer acquisition secondary marketing Identify, attract and Make in
Slide 11: Consistent Track Record of Growth
Consistent Track Record of Growth 1H25 Highlights $6.07 Record net revenues +9% y/y, CC $5.62 Record adj. op income +12% y/y, CC $5.30 $5.06 Record adj. free cash flow +14% y/y Record adj. EPS +18% y/y $4.41 $3.77 $3.51 $3.54 $2.93 $2.76 $2.42 $1.93 $1.68 $1.50 $1.38 $1.07 $0.83 $0.85 $0.68 $0.48 20
Slide 12: Appendix
Appendix 12
Slide 13: 2025 Guidance
2025 Guidance Revenues Prior Current FY25 Exchanges recurring growth Low-single digits 4% - 5% FY25 Fixed Income & Data Services recurring growth Mid-single digits Mid-single digits FY25 Total Mortgage Technology growth Low-to-mid single digits Low-to-mid single digits Expenses FY25 adj. expenses (1
Slide 14: Adjusted Operating Expense
Adjusted Operating Expense Three Months Ended Three Months Ended Six Months Ended Six Months Ended in millions June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 GAAP Adjusted GAAP Adjusted GAAP Adjusted GAAP Adjusted Compensation and benefits $ 499 $ 499 $ 473 $ 473 $ 980 $ 980 $ 935 $ 935 Pro
Slide 15: Adjusted Non-Operating Income/Expense Reconciliation
Adjusted Non-Operating Income/Expense Reconciliation in millions 2Q25 1Q25 4Q24 3Q24 2Q24 Other income/(expense), net $5 $19 $5 $(21) $(8) Less: Fair value adjustments of equity investments (2) — — (2) — (Less)/add: Net (income)/loss from unconsolidated investees (6) (29) (1) 18 3 Less: Other — — (6
Slide 16: Adjusted Effective Tax Rate Reconciliation
Adjusted Effective Tax Rate Reconciliation Three Months Ended Three Months Ended Six Months Ended Six Months Ended In millions June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Income before income taxes $1,132 $861 $2,199 $1,825 Income tax expense 267 222 522 403 Effective tax rate 24% 26% 24
Slide 17: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Six Months Ended June Six Months Ended June in millions 30, 2025 30, 2024 Net cash provided by operating activities $2,472 $2,205 Less: Capital expenditures (145) (133) Less: Capitalized software development costs (211) (177) Free cash flow $2,116 $1,895 Less:
Slide 18: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Twelve Months Ended in millions June 30, 2025 Adjusted net income (1) $3,807 Add: Interest expense 843 Add: Adjusted income tax expense (1) 1,223 Add: Adjusted depreciation and amortization (1) 548 Adjusted EBITDA (1) $6,421 Debt, as reported $19,208 Adjusted Debt-to-E
Slide 19: ICE Summary Balance Sheet
ICE Summary Balance Sheet in millions BALANCE SHEET 06/30/2025 12/31/2024 CHANGE Assets ▪ $1.0B unrestricted cash Unrestricted Cash $1,003 $844 $159 Other Current Assets 92,966 88,251 4,715 ▪ Total debt of $19.2B; Adj. Debt-to- Current Assets 93,969 89,095 4,874 EBITDA(1) of 3.0x PPE (net) 2,368 2,1
Slide 20: Fixed Income & Data Supplemental Data
Fixed Income & Data Supplemental Data Annual Subscription Value (ASV) in millions 2Q25 1Q25 4Q24 3Q24 2Q24 ASV(1) $1,927 $1,883 $1,838 $1,831 $1,795 Adjusted for: FX — 17 24 7 20 ASV, CC(2) $1,927 $1,900 $1,862 $1,838 $1,815 (1) ASV is defined as the annual value of subscriptions under contract for
Slide 21: Average Daily Volume & Rate Per Contract (RPC) Trends
Average Daily Volume & Rate Per Contract (RPC) Trends lots in thousands Energy ADV & RPC ADV Ags ADV & RPC RPC ADV RPC 5,500 1.80 500 2.50 1.60 4,500 400 1.40 2.25 3,500 300 1.20 2,500 1.00 200 2.00 2020 2021 2022 2023 2024 YTD 2020 2021 2022 2023 2024 YTD 2Q25 2Q25 ADV RPC ADV RPC ADV Interest Rate
Slide 22: Average Daily Volume & Open Interest (OI) Trends
Average Daily Volume & Open Interest (OI) Trends lots in thousands ADV Energy ADV & OI OI ADV Ags ADV & OI OI 5,500 65,000 500 5,000 4,000 52,500 4,500 400 3,000 40,000 2,000 3,500 300 27,500 1,000 2,500 15,000 200 0 2020 2021 2022 2023 2024 YTD 2020 2021 2022 2023 2024 YTD 2Q25 2Q25 ADV OI ADV OI I
Slide 23: GAAP Results
GAAP Results INCOME STATEMENT HIGHLIGHTS Three Months Ended Three Months Ended in millions except per share amounts June 30, 2025 June 30, 2024 % Chg Net Revenues $2,543 $2,317 10% Operating Expenses $1,246 $1,251 —% Operating Income $1,297 $1,066 22% Operating Margin 51% 46% 5 pts Net Income attrib
Slide 24: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation Fixed Income and Data Services Mortgage Technology in millions Exchanges Segment Segment Segment Consolidated Six Months Ended Six Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2025 20
Slide 25: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation Fixed Income and Data Services Mortgage Technology in millions Exchanges Segment Segment Segment Consolidated Three Months Ended Three Months Ended Three Months Ended Three Months Ended June 30, June 30, June 30, June 30,
Slide 26: Adjusted Net Income & EPS
Adjusted Net Income & EPS Three Months Ended Three Months Ended Six Months Ended Six Months Ended in millions except per share amounts June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net income attributable to ICE $ 851 $ 632 $ 1,648 $ 1,399 Add: Amortization of acquisition-related intangibl
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