Filing Flows › Intercontinental Exchange (ICE) › Q3 2025
Intercontinental Exchange (ICE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Intercontinental Exchange (ICE) reported revenue of $3.0B for the third quarter 2025 (Q3 2025), -0.9% from a year earlier and -8% from the quarter before. Operating margin was 39.0%, net earnings $816M (27.1% of revenue).
Intercontinental Exchange, Q3 2025: revenue $3.0B (-0.9% year over year), operating margin 39.0%, net earnings $816M, operating cash flow $915M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.0B | -8% | -0.9% |
| Operating profit | $1.2B | -9% | +6% |
| Net earnings | $816M | -4% | +24% |
| Operating cash flow | $915M | -39% | +2% |
| Free cash flow | $853M | -41% | +4% |
What changed
Revenue was $3.0B in Q3 2025, down 1% year over year and down 8% from the previous quarter. Cash equities and equity options was the largest line at 23% of revenue. Cash equities and equity options lost $0.09B year over year (down 11%), 346% of the total change.
Operating profit was $1.2B, a 39.0% margin (up 2.7 points year over year). Total costs fell 5% while revenue fell 1%. The fastest-growing cost line was SG&A (+43%). Net earnings were $0.82B, up 24% year over year. The effective tax rate was 23.1%.
Operating cash flow was $0.92B (up 2% year over year), 110% of net earnings. Non-cash charges added back $0.39B of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items used $0.31B. Capital expenditures of $0.06B left free cash flow of $0.85B.
Questions
What was Intercontinental Exchange's revenue in the third quarter 2025?
Intercontinental Exchange (ICE) reported revenue of $3.0B for the third quarter 2025 (Q3 2025), -0.9% from a year earlier and -8% from the quarter before.
Was Intercontinental Exchange profitable in the third quarter 2025?
Operating profit was $1.2B (39.0% of revenue) and net earnings $816M.