Filing Flows › Intercontinental Exchange (ICE) › Q1 2025
Intercontinental Exchange (ICE) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
Intercontinental Exchange (ICE) reported revenue of $3.2B for the first quarter 2025 (Q1 2025), +15% from a year earlier and +7% from the quarter before. Operating margin was 37.8%, net earnings $797M (24.7% of revenue).
Intercontinental Exchange, Q1 2025: revenue $3.2B (+15% year over year), operating margin 37.8%, net earnings $797M, operating cash flow $966M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.2B | +7% | +15% |
| Operating profit | $1.2B | +13% | +15% |
| Net earnings | $797M | +14% | +4% |
| Operating cash flow | $966M | -36% | -4% |
| Free cash flow | $777M | — | -10% |
What changed
Revenue was $3.2B in Q1 2025, up 15% year over year and up 7% from the previous quarter. Cash equities and equity options was the largest line at 27% of revenue. Cash equities and equity options added $0.27B year over year (up 43%), 62% of the total change.
Operating profit was $1.2B, a 37.8% margin (down 0.1 points year over year). Of the extra revenue versus a year earlier, 37% reached operating profit, below the 38% margin then. Total costs grew 16% against revenue growth of 15%. The fastest-growing cost line was Other operating costs (+16%). Net earnings were $0.80B, up 4% year over year. The effective tax rate was 23.9%.
Operating cash flow was $1.0B (down 4% year over year), 119% of net earnings. Non-cash charges added back $0.39B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.24B. After capitalized software development costs ($0.10B) and capital expenditures ($0.09B), free cash flow as the company reports it was $0.78B.
Questions
What was Intercontinental Exchange's revenue in the first quarter 2025?
Intercontinental Exchange (ICE) reported revenue of $3.2B for the first quarter 2025 (Q1 2025), +15% from a year earlier and +7% from the quarter before.
Was Intercontinental Exchange profitable in the first quarter 2025?
Operating profit was $1.2B (37.8% of revenue) and net earnings $797M.