Intercontinental Exchange Inc. · NYSE:ICE
Intercontinental Exchange — Q4 2025 Earnings Presentation
28 slides from Intercontinental Exchange's earnings presentation, Feb 5, 2026
Slide 1: 4Q25 Earnings Supplement
4Q25 Earnings Supplement February 5, 2026 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-look
Slide 3: ICE Fourth Quarter 2025 Earnings Call Participants
ICE Fourth Quarter 2025 Earnings Call Participants Jeff Sprecher Ben Jackson Warren Gardiner Lynn Martin Chris Edmonds Steve Eagerton Daria Mashchenko Chair & CEO President Chief Financial Officer President, NYSE President, Fixed Income Vice President, Senior Analyst, Chair, ICE Mortgage Chair, Fixe
Slide 4: Record 2025 Performance
Record 2025 Performance +6 % Record net revenues, CC in millions except per share amounts Income statement highlights 2025 2024 % Chg, CC Revenues, net Recurring Revenues $9,931 5,056 $9,279 4,829 6% 5% +9 % Record adj. op income, CC Transaction Revenues, net 4,875 4,450 8% +14 Adj. Op Expenses $3,9
Slide 5: 4Q25 ICE Performance
4Q25 ICE Performance in millions except per share amounts Income statement highlights 4Q25 4Q24 % Chg, CC +7 % Net revenues, CC Revenues, net $2,504 $2,323 7% Recurring Revenues 1,289 1,215 6% +9 Transaction Revenues, net 1,215 1,108 8% Adj. Op Expenses $1,011 $973 3% % Adj. Op Income $1,493 $1,350
Slide 6: 4Q25 Exchanges Performance
4Q25 Exchanges Performance in millions Revenues, net 4Q25 4Q24 % Chg Const +16 % Record data & connectivity Curr services revenues, CC Energy $548 $477 15% 12% Ags 53 54 (5)% (6)% Financials Cash Equities & Equity Options, net OTC & Other 155 120 97 151 114 87 3% 5% 13% (1)% 5% 11% +11 % Record recu
Slide 7: 4Q25 Fixed Income & Data Services Performance
4Q25 Fixed Income & Data Services Performance +10 % Record data & network technology revenues, CC in millions Revenues 4Q25 4Q24 % Chg Const Curr Fixed Income Execution CDS Clearing Fixed Income Data & Analytics $29 72 318 $33 75 301 (6)% (5)% 6% (6)% (6)% 5% +7 % Record recurring revenue, CC Data &
Slide 8: 4Q25 Mortgage Technology Performance
4Q25 Mortgage Technology Performance 32 New Encompass wins in millions Revenues 4Q25 4Q24 % Chg Origination Tech Closing Solutions Servicing Software $188 60 214 $177 52 213 6% 14% — +6 % Origination tech revenues Data & Analytics 70 66 5% Total Revenues $532 $508 5% +20 % Recurring Revenues 391 391
Slide 9: 2026 Guidance
2026 Guidance Expenses ▪ FY26 adj. expenses (1) $4.075 - $4.140 billion ▪ 1Q26 adj. expenses (1) $1.010 - $1.020 billion Other Financial Guidance ▪ 1Q26 adj. non-op expense (2) $180 - $185 million ▪ 1Q26 share count 568 to 574 million ▪ FY26 effective tax rate(3) 24% - 26% ▪ FY26 capital expenditure
Slide 10: A Leading Global Energy Network Powering Growth
A Leading Global Energy Network Powering Growth Built to Serve Evolving Customer Needs Across Dynamic Global Markets Brent Crude Oil Energy ADV & Revenues NBP Gas Lots in thousands, $ in millions NA Basis RBOB UK Environmental Market Heating Oil Gasoil TTF Gas Japan GC Fuel Naphtha ADV Revenue US En
Slide 11: Investments in Data & Technology Driving Growth
Investments in Data & Technology Driving Growth Fixed Income & Data Services Annual Subscription Value (ASV) +7% y/y, CC $2,000 Compounding growth in $1,900 subscription-based revenues $1,800 $ in millions $1,700 $1,600 $1,500 $1,400 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 11
Slide 12: Integrating Capabilities Into a Single, Seamless Ecosystem
Integrating Capabilities Into a Single, Seamless Ecosystem Servicing Lead generation Manage all aspects of servicing for Generate business and strengthen loans; engage customers and relationships retain business ol ogy and c hn D at Te a Customer acquisition Capital markets/ Identify, attract and co
Slide 13: Consistent Track Record of Growth
Consistent Track Record of Growth 2025 Highlights $6.95 Record net revenues +6% y/y, CC Record adj. op income +9% y/y, CC $6.07 Record adj. free cash Flow +16% y/y $5.62 $5.30 Record adj. EPS +14% y/y $5.06 $4.41 $3.77 $3.51 $2.93 $2.76 $2.42 $1.93 $1.68 $1.38 $1.50 $1.07 $0.83 $0.85 $0.68 $0.48 200
Slide 14: Appendix
Appendix 14
Slide 15: Adjusted Operating Expense
Adjusted Operating Expense Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended in millions December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 GAAP Adjusted GAAP Adjusted GAAP Adjusted GAAP Adjusted Compensation and benefits $ 500 $ 500 $ 487 $ 487 $ 1,9
Slide 16: Adjusted Non-Operating Income/Expense Reconciliation
Adjusted Non-Operating Income/Expense Reconciliation in millions 4Q25 3Q25 2Q25 1Q25 4Q24 Other (expense)/income, net $6 $71 $5 $19 $5 Less: Fair value adjustments of equity investments (20) (33) (2) — — Less: Net income from unconsolidated investees (4) (40) (6) (29) (1) Add/(Less): Other 15 — — —
Slide 17: Adjusted Effective Tax Rate Reconciliation
Adjusted Effective Tax Rate Reconciliation Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended in millions December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Income before income taxes $1,066 $905 $4,346 $3,628 Income tax expense 204 196 976 826 Effecti
Slide 18: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Twelve Months Ended Twelve Months Ended in millions December 31, 2025 December 31, 2024 Net cash provided by operating activities $4,662 $4,609 Less: Capital expenditures (373) (406) Less: Capitalized software development costs (418) (346) Free cash flow 3,871
Slide 19: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Twelve Months Ended in millions December 31, 2025 Adjusted net income (1) $3,993 Add: Interest expense 803 Add: Adjusted income tax expense (1) 1,242 Add: Adjusted depreciation and amortization (1) 567 Adjusted EBITDA (1) $6,605 Debt, as reported $19,644 Debt-to-adjust
Slide 20: ICE Summary Balance Sheet
ICE Summary Balance Sheet As of As of in millions December 31, 2025 December 31, 2024 Change Assets ▪ $837M unrestricted cash Unrestricted Cash $837 $844 $(7) Other Current Assets 84,941 88,251 (3,310) ▪ Total debt of $19.6B; Debt-to- Current Assets 85,778 89,095 (3,317) Adjusted EBITDA(1) of 3.0x P
Slide 21: Fixed Income & Data Supplemental Data
Fixed Income & Data Supplemental Data Annual Subscription Value (ASV) in millions 4Q25 3Q25 2Q25 1Q25 4Q24 ASV(1) $1,990 $1,955 $1,927 $1,883 $1,838 Adjusted for: FX — — (4) 13 20 ASV, CC $1,990 $1,955 $1,923 $1,896 $1,858 (1) ASV is defined as the annual value of subscriptions under contract for th
Slide 22: 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 2025 2020 2021 2022 2023 2024 2025 ADV RPC ADV RPC Interest Rates ADV & RPC
Slide 23: 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 2025 2020 2021 2022 2023 2024 2025 ADV OI ADV OI Interest
Slide 24: GAAP Results
GAAP Results Income Statement Highlights Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended in millions except per share amounts December 31, 2025 December 31, 2024 % Change December 31, 2025 December 31, 2024 % Change Net revenues $2,504 $2,323 8% $9,931 $9,279 7% Operati
Slide 25: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation Fixed Income and Data Mortgage Technology in millions Exchanges Segment Services Segment Segment Consolidated Twelve Months Ended Twelve Months Ended Twelve Months Ended Twelve Months Ended December 31, December 31, Decem
Slide 26: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation Fixed Income and Data Mortgage Technology in millions Exchanges Segment Services Segment Segment Consolidated Three Months Ended Three Months Ended Three Months Ended Three Months Ended December 31, December 31, December
Slide 27: Adjusted Net Income & EPS
Adjusted Net Income & EPS Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended in millions except per share amounts December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net income attributable to ICE $ 851 $ 698 $ 3,315 $ 2,754 Add: Amortization of acquisi
Slide 28: Adjusted Net Income & EPS
Adjusted Net Income & EPS Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months in millions except per share amounts Ended 12/31/23 Ended 12/31/22 Ended 12/31/21 Ended 12/31/20 Ended 12/31/19 Ended 12
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