Intercontinental Exchange Reports Record $9.3 Billion Revenue for 2024, Driven by Energy Futures Growth

Intercontinental Exchange, Inc. (ICE) reported record consolidated revenues, less transaction-based expenses, of $9.3 billion for the year ended December 31, 2024, a 16% increase compared to $8.0 billion in 2023. Recurring revenues totaled $4.8 billion, a 17% increase year-over-year, while transaction revenues, net, reached $4.4 billion, a 16% increase. Operating income was $4.3 billion, a 17% increase from 2023, while the operating margin remained at 46%. Adjusted operating income, excluding items not reflective of ongoing core operations, was $5.5 billion, a 16% increase. Net income attributable to ICE was $2.8 billion, a 16% increase, resulting in diluted earnings per share of $4.78, a 14% increase. Adjusted net income attributable to ICE was $3.5 billion, a 10% increase.

Significant changes compared to the previous fiscal year included a 25% increase in energy futures and options volume, driven by geopolitical risk and uncertainty in oil supply and demand. Conversely, agricultural and metals futures and options volume decreased by 2%, and revenues decreased by 5%. Financial futures and options volume increased by 32%, and revenues increased by 22%. Cash equities volume increased by 9%, and equity options volume increased by 19%. The Mortgage Technology segment's operating income was a loss of $170 million, compared to a loss of $276 million in 2023, primarily due to the impact of higher interest rates on mortgage lending volume. Operating expenses increased by $676 million, primarily due to the acquisition of Black Knight, Inc. in September 2023.

The company's strategic developments included the acquisition of Black Knight, Inc., which contributed $1.1 billion in revenues in 2024. The acquisition also resulted in increased regulatory scrutiny from the Federal Financial Institutions Examination Council and the Consumer Financial Protection Bureau. ICE also completed a private exchange offer and a registered exchange offer for Black Knight senior notes. The company continues to invest in improving its data distribution and software services, and in expanding its exchanges, fixed income and data services, and mortgage technology offerings.

Key operational developments included a total employee headcount of 12,920 as of December 31, 2024, with 7,747 employees in the U.S. and 5,173 internationally. The company operates 13 regulated exchanges and 6 clearing houses strategically positioned globally. The ICE Global Network provides connectivity to over 150 trading venues and data from over 750 data sources. The company's Annual Subscription Value for data services increased by 4.9% to $1.8 billion as of December 31, 2024.

ICE noted that its results of operations are affected by global economic conditions, including macroeconomic conditions and geopolitical events and conflicts. The company expects the macroeconomic environment to remain dynamic in the near term and will continue to monitor various factors, including interest rates, inflation, and geopolitical events. The company also stated that it intends to continue to explore and pursue acquisitions and other strategic opportunities to strengthen its competitive position and enhance stockholder value.