Q4 2025 Intercontinental Exchange Inc Earnings Call Transcript
Key Points
- Intercontinental Exchange Inc (ICE) delivered record adjusted earnings per share of $6.95 in 2025, marking a 14% increase year over year.
- Full year net revenues reached a record $9.9 billion, up 6% year over year, with balanced growth across the platform.
- The company achieved annualized expense synergies from the 2023 Black Knight acquisition at an annualized rate of approximately $230 million, exceeding the $200 million target.
- ICE's Exchange segment delivered record fourth quarter net revenues of $1.4 billion, up 9% year over year, driven by strong growth in global oil and natural gas markets.
- The Fixed Income and Data Services segment achieved record revenues of $318 million, driven by strong demand for pricing and reference data offerings.
- The mortgage technology segment faced challenges with some customer renewals coming in at lower minimums, impacting recurring revenues.
- The fixed income segment experienced lower retail corporate and treasury activity, offsetting growth in municipal bond revenue.
- ICE anticipates continued headwinds from Encompass minimum adjustments in 2026, although these are expected to diminish.
- The company expects 2026 adjusted operating expenses to grow between 4% and 5%, driven by stock-based compensation and strategic technology investments.
- The Exchange segment's recurring revenue growth is expected to slow to mid-single digits in 2026, compared to the double-digit growth seen in 2025.
Good morning, everyone, and thank you for joining us on today's ICE fourth quarter 2025 earnings conference call and webcast. My name is Drew, and I'll be the operator on the call today. (Operator instructions)
And with that, I'll hand over to Steve Eagerton, VP of Investor Relations, to begin. Please go ahead, when you're ready.
Good morning. ICE's fourth quarter 2025 earnings release and presentation can be found in the Investors section of ice.com. These items will be archived, and our call will be available for replay. Today's call may contain forward-looking statements. These statements, which we undertake no obligation to update, represent our current judgment and are subject to risks, assumptions and uncertainties.
For a description of the risks that could cause our results to differ materially from those described in forward-looking statements, please refer to our 2025 Form 10-K and other filings with the SEC. In our earnings supplement, we refer to
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