Intercontinental Exchange, Inc. (ICE) reported consolidated revenues, less transaction-based expenses, of $9.931 billion for the fiscal year ended December 31, 2025, an increase of 7% compared to $9.279 billion in 2024. The increase includes a $54 million positive impact from foreign exchange fluctuations. Operating income increased by 14% to $4.929 billion, up from $4.309 billion in the previous year. Net income attributable to ICE reached $3.315 billion, a 20% increase from $2.754 billion in 2024, resulting in diluted earnings per share of $5.77, a 21% increase from $4.78 in 2024.
The Exchanges segment contributed $5.411 billion to the total revenues, less transaction-based expenses, representing a 9% increase from $4.959 billion in 2024. The Fixed Income and Data Services segment generated revenues of $2.419 billion, a 5% increase from $2.298 billion in the prior year. The Mortgage Technology segment reported revenues of $2.101 billion, a 4% increase from $2.022 billion in 2024. The company's recurring revenues, defined as predictable and stable income, accounted for 51% of the total revenues, less transaction-based expenses, amounting to $5.056 billion.
Operating expenses for the year totaled $5.002 billion, a 1% increase from $4.970 billion in 2024, which includes a $14 million unfavorable impact from foreign exchange fluctuations. The company's adjusted operating expenses, excluding certain non-cash or non-core items, were $3.939 billion, a 3% increase from $3.810 billion in the previous year. The effective tax rate was 22%, a decrease of 1 percentage point from 23% in 2024. Cash flows from operating activities increased slightly to $4.662 billion, compared to $4.609 billion in the prior year.
Looking ahead, ICE anticipates capital expenditures and capitalized software development costs to range between $740 million and $790 million in 2026. The company's Board of Directors approved an additional $3.0 billion for future share repurchases, effective January 1, 2026. ICE also declared a first quarter 2026 dividend of $0.52 per share, payable on March 31, 2026. The company is also monitoring the potential impact of the One Big Beautiful Bill Act (OBBBA) on its tax liabilities.
About Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. is a global provider of trading platforms, data services, and mortgage technology solutions across asset classes including energy, commodities, fixed income, equities, and U.S. residential mortgages. It operates regulated exchanges, clearinghouses, and offers analytics, indices, and workflow automation tools. Its core value lies in enhancing market transparency, efficiency, and risk management for financial institutions, corporations, and government entities worldwide.
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