Intercontinental Exchange Inc. · NYSE:ICE
Intercontinental Exchange — Q3 2025 Earnings Presentation
24 slides from Intercontinental Exchange's earnings presentation, Oct 30, 2025
Slide 1: 3Q25 Earnings Supplement
3Q25 Earnings Supplement October 30, 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 Third Quarter 2025 Earnings Call Participants
ICE Third Quarter 2025 Earnings Call Participants Jeff Sprecher Ben Jackson Warren Gardiner Lynn Martin Chris Edmonds Katia Gonzalez Chair & CEO President Chief Financial Officer President, NYSE President, Fixed Income Manager, Investor Chair, ICE Mortgage Chair, Fixed Income & Data Services Relatio
Slide 4: Record 3Q25 ICE Performance
Record 3Q25 ICE Performance in millions except per share amounts +5 % Total recurring revenues, CC Income statement highlights 3Q25 3Q24 % Chg, CC +10 % Revenues, net $2,411 $2,349 2% Recurring Revenues 1,275 1,212 5% Transaction Revenues, net 1,136 1,137 (1)% Adj. diluted EPS(1) Adj. Op Expenses $9
Slide 5: 3Q25 Exchanges Performance
3Q25 Exchanges Performance in millions Revenues, net 3Q25 3Q24 % Chg Const Curr +9 % Data & connectivity services Energy $482 $473 2% —% revenues, CC Ags 51 60 (13)% (13)% Financials 139 141 (2)% (4)% +7 % Cash Equities & Equity Options, net 105 107 (2)% (2)% OTC & Other 99 109 (10)% (11)% Data & Co
Slide 6: 3Q25 Fixed Income & Data Services Performance
3Q25 Fixed Income & Data Services Performance in millions +10 % Data & network technology Revenues 3Q25 3Q24 % Chg Const revenues, CC Curr Fixed Income Execution $33 $28 15% 15% CDS Clearing 90 97 (7)% (7)% Fixed Income Data & Analytics Data & Network Technology Total Revenues 311 184 $618 295 166 $
Slide 7: 3Q25 Mortgage Technology Performance
3Q25 Mortgage Technology Performance in millions +3 % Servicing software revenues Revenues 3Q25 3Q24 % Chg Origination Tech $188 $182 3% Closing Solutions 58 54 8% Servicing Software Data & Analytics Total Revenues 216 66 $528 209 64 $509 3% 4% 4% +4 % Data & analytics revenues Recurring Revenues 39
Slide 8: AI Across ICE
AI Across ICE ■ AI adoption and data center ■ ICE’s proprietary datasets are ■ Enhancing productivity across expansion are expected to drive increasingly vital as AI adoption lending and servicing operations significant energy demand over the grows in trading strategies, offering through automated w
Slide 9: Consistent Track Record of Growth
Consistent Track Record of Growth YTD Highlights $6.07 Record net revenues +6% y/y, CC $5.62 Record adj. op income +9% y/y, CC $5.30 $5.24 $5.06 Record adj. free cash flow +21% y/y Record adj. EPS +15% y/y $4.41 $3.77 $3.51 $2.93 $2.76 $2.42 $1.93 $1.68 $1.50 $1.38 $1.07 $0.83 $0.85 $0.68 $0.48 2006
Slide 10: Appendix
Appendix 10
Slide 11: 2025 Guidance
2025 Guidance Revenues Prior Current FY25 Exchanges recurring growth 4% - 5% 4% - 5% FY25 Fixed Income & Data Services recurring growth Mid-single digits 5% - 6% FY25 Total Mortgage Technology growth Low-to-mid single digits Low-to-mid single digits Expenses FY25 adj. expenses (1) $3.915 - $3.965 bi
Slide 12: Adjusted Operating Expense
Adjusted Operating Expense Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended in millions September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 GAAP Adjusted GAAP Adjusted GAAP Adjusted GAAP Adjusted Compensation and benefits $ 483 $ 483 $ 487 $ 487 $ 1,4
Slide 13: Adjusted Non-Operating Income/Expense Reconciliation
Adjusted Non-Operating Income/Expense Reconciliation in millions 3Q25 2Q25 1Q25 4Q24 3Q24 Other income/(expense), net $71 $5 $19 $5 $(21) Less: Fair value adjustments of equity investments (33) (2) — — (2) (Less)/add: Net (income)/loss from unconsolidated investees (40) (6) (29) (1) 18 Less: Other —
Slide 14: Adjusted Effective Tax Rate Reconciliation
Adjusted Effective Tax Rate Reconciliation Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended in millions September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Income before income taxes $1,081 $898 $3,280 $2,723 Income tax expense 250 227 772 630 Effecti
Slide 15: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Nine Months Ended Nine Months Ended in millions September 30, 2025 September 30, 2024 Net cash provided by operating activities $3,387 $3,103 Less: Capital expenditures (207) (212) Less: Capitalized software development costs (318) (264) Free cash flow 2,862 2,
Slide 16: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Twelve Months Ended in millions September 30, 2025 Adjusted net income (1) $3,893 Add: Interest expense 812 Add: Adjusted income tax expense (1) 1,200 Add: Adjusted depreciation and amortization (1) 552 Adjusted EBITDA (1) $6,457 Debt, as reported $19,033 Adjusted Debt
Slide 17: ICE Summary Balance Sheet
ICE Summary Balance Sheet As of As of in millions September 30, 2025 December 31, 2024 Change Assets ▪ $850M unrestricted cash Unrestricted Cash $850 $844 $6 Other Current Assets 89,996 88,251 1,745 ▪ Total debt of $19.0B; Adj. Debt-to- Current Assets 90,846 89,095 1,751 EBITDA(1) of 2.9x PPE (net)
Slide 18: Fixed Income & Data Supplemental Data
Fixed Income & Data Supplemental Data Annual Subscription Value (ASV) in millions 3Q25 2Q25 1Q25 4Q24 3Q24 ASV(1) $1,955 $1,927 $1,883 $1,838 $1,831 Adjusted for: FX — (4) 13 20 4 ASV, CC $1,955 $1,923 $1,896 $1,858 $1,835 (1) ASV is defined as the annual value of subscriptions under contract for th
Slide 19: 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 3Q25 3Q25 ADV RPC ADV RPC ADV Interest Rate
Slide 20: 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 3Q25 3Q25 ADV OI ADV OI I
Slide 21: GAAP Results
GAAP Results Income Statement Highlights Three Months Ended Three Months Ended in millions except per share amounts September 30, 2025 September 30, 2024 % Chg Net revenues $2,411 $2,349 3% Operating Expenses $1,237 $1,246 (1)% Operating Income $1,174 $1,103 6% Operating Margin 49% 47% 2 pts Net Inc
Slide 22: 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 Nine Months Ended Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 3
Slide 23: 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 September 30, September 30, Septemb
Slide 24: Adjusted Net Income & EPS
Adjusted Net Income & EPS Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended in millions except per share amounts September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net income attributable to ICE $ 816 $ 657 $ 2,464 $ 2,056 Add: Amortization of acquisi
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