Filing Flows › Intercontinental Exchange (ICE) › Q4 2025
Intercontinental Exchange (ICE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 5, 2026
Intercontinental Exchange (ICE) reported revenue of $3.1B for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +4% from the quarter before. Operating margin was 39.4%, net earnings $851M (27.1% of revenue).
Intercontinental Exchange, Q4 2025: revenue $3.1B (+4% year over year), operating margin 39.4%, net earnings $851M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1B | +4% | +4% |
| Operating profit | $1.2B | +5% | +15% |
| Net earnings | $851M | +4% | +22% |
| Operating cash flow | $1.3B | +39% | -15% |
| Free cash flow | $1.1B | +30% | -15% |
What changed
Revenue was $3.1B in Q4 2025, up 4% year over year and up 4% from the previous quarter. Cash equities and equity options was the largest line at 24% of revenue.
Operating profit was $1.2B, a 39.4% margin (up 3.8 points year over year). Of the extra revenue versus a year earlier, 143% reached operating profit, above the 36% margin then. Total costs fell 2% while revenue rose 4%. Net earnings were $0.85B, up 22% year over year. The effective tax rate was 19.1%.
Operating cash flow was $1.3B (down 15% year over year), 148% of net earnings. Non-cash charges added back $0.39B of depreciation and amortization and $0.23B of share-based compensation. Working capital and other items used $0.20B. Capital expenditures of $0.17B left free cash flow of $1.1B.
Questions
What was Intercontinental Exchange's revenue in the fourth quarter 2025?
Intercontinental Exchange (ICE) reported revenue of $3.1B for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +4% from the quarter before.
Was Intercontinental Exchange profitable in the fourth quarter 2025?
Operating profit was $1.2B (39.4% of revenue) and net earnings $851M.