Intercontinental Exchange posts Q2 earnings beat, in-line revenue

ATLANTA - Intercontinental Exchange (NYSE:ICE) reported better-than-expected second quarter earnings on Thursday, posting record revenue and double-digit earnings growth amid market volatility.

The global exchange operator and data provider reported adjusted earnings of $1.81 per share for the second quarter, exceeding analyst estimates of $1.77. Revenue reached a record $2.54 billion, in line with analyst expectations, representing a 10% increase compared to the same period last year.

ICE’s strong performance was driven by its diverse business segments, with exchange net revenues rising 14% to $1.42 billion, primarily fueled by a 27% surge in energy trading. Fixed income and data services revenue grew 6% to $597 million, while mortgage technology revenue increased 5% to $531 million.

"Amidst a backdrop of continued volatility and uncertainty, our strong second quarter performance reflects the ’all-weather’ nature of our business model and the value of our markets, technology, and data services," said Jeffrey C. Sprecher, ICE Chair & Chief Executive Officer.

The company’s operating margin improved to 51% from 46% a year earlier, with adjusted operating margin reaching 61%. ICE returned over $1 billion to stockholders through the first half of 2025, including $496 million in share repurchases and $555 million in dividends.

Looking ahead, ICE updated its guidance for full-year 2025, now expecting exchanges recurring revenue growth of 4% to 5%. The company has successfully achieved its leverage target related to its 2023 acquisition of Black Knight (BMV:BKIN).

"Through the first half of 2025, we have generated record revenues and record operating income, underscoring the strength and resiliency of our business model," said Warren Gardiner, ICE Chief Financial Officer.

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