Filing Flows › Intercontinental Exchange (ICE) › Q2 2025
Intercontinental Exchange (ICE) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Intercontinental Exchange (ICE) reported revenue of $3.3B for the second quarter 2025 (Q2 2025), +13% from a year earlier and +1% from the quarter before. Operating margin was 39.8%, net earnings $851M (26.1% of revenue).
Intercontinental Exchange, Q2 2025: revenue $3.3B (+13% year over year), operating margin 39.8%, net earnings $851M, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.3B | +1% | +13% |
| Operating profit | $1.3B | +6% | +22% |
| Net earnings | $851M | +7% | +35% |
| Operating cash flow | $1.5B | +56% | +26% |
| Free cash flow | $1.4B | +64% | +29% |
What changed
Revenue was $3.3B in Q2 2025, up 13% year over year and up 1% from the previous quarter. Cash equities and equity options was the largest line at 26% of revenue. Cash equities and equity options added $0.15B year over year (up 22%), 41% of the total change. OTC and other declined 5%.
Operating profit was $1.3B, a 39.8% margin (up 3.0 points year over year). Of the extra revenue versus a year earlier, 63% reached operating profit, above the 37% margin then. Total costs grew 7% against revenue growth of 13%. Net earnings were $0.85B, up 35% year over year. The effective tax rate was 23.6%.
Operating cash flow was $1.5B (up 26% year over year), 174% of net earnings. Non-cash charges added back $0.40B of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items added $0.24B. Capital expenditures of $0.06B left free cash flow of $1.4B.
Questions
What was Intercontinental Exchange's revenue in the second quarter 2025?
Intercontinental Exchange (ICE) reported revenue of $3.3B for the second quarter 2025 (Q2 2025), +13% from a year earlier and +1% from the quarter before.
Was Intercontinental Exchange profitable in the second quarter 2025?
Operating profit was $1.3B (39.8% of revenue) and net earnings $851M.