Partnerships & Integrations - Chainlink 与洲际交易所 (ICE) 合作，将 ICE 的综合数据源中的高质量外汇和贵金属汇率整合到 Chainlink 数据中 [1] - 此次合作将使 Chainlink 生态系统中超过 2,000 个应用程序、领先银行、资产管理公司和基础设施提供商能够访问可靠、防篡改和机构级数据 [1] Data & Technology - Chainlink 将提供机构级外汇和贵金属链上数据 [1]

Collaboration Overview - Intercontinental Exchange (ICE) and Chainlink are collaborating to bring high-quality derived forex and precious metals data onchain [1] - ICE's Consolidated Feed data enhances Chainlink's data standard, meeting traditional capital market requirements [1] - The collaboration aims to securely and reliably provide data for onchain markets, fostering the global blockchain economy [2] ICE's Role - ICE operates markets, clearing houses, and data services critical to the world's economy, including the New York Stock Exchange [1] - ICE's FX rates and precious metals prices are relied upon by world-leading banks and asset managers [1] - ICE provides data from over 300 global exchanges and marketplaces [2] - ICE serves as a high-quality data provider supporting Chainlink Data Streams [3] Market Implications - Demand for tokenized real-world assets is expected to reach $301 trillion (USD 30.1 trillion) [2] - The collaboration paves the way towards mainstream adoption of onchain finance [3] - Institutions have the opportunity to establish leadership in the digital asset space [2]

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures showed mixed performance on July 31, with fluctuations in various commodity prices [1] Group 1: Commodity Performance - Raw sugar futures decreased by 0.61%, closing at 16.35 cents per pound [1] - Cotton futures fell by 0.41%, ending at 67.22 cents per pound [1] - Cocoa futures increased by 3.26%, reaching $8,459.00 per ton [1] - Coffee futures rose by 0.48%, closing at 294.80 cents per pound [1]

Core Insights - Intercontinental Exchange (ICE) reported second-quarter 2025 adjusted earnings per share of $1.81, exceeding the Zacks Consensus Estimate by 2.3% and reflecting a year-over-year increase of 19.1% [1][10] - The company achieved record net revenues of $2.5 billion, up 9.8% year over year, and also surpassed the Zacks Consensus Estimate by 0.7% [3][10] - Adjusted operating income rose 13.9% year over year to $1.6 billion, with an adjusted operating margin expansion of 200 basis points to 61% [4][10] Financial Performance - Total operating expenses decreased by 0.4% year over year to $1.3 billion, attributed to lower rent, occupancy, and administrative expenses [3] - Adjusted operating expenses were $983 million, reflecting a 3.8% year-over-year increase, while the adjusted operating income was $1.6 billion [4] - Operating cash flow was reported at $2.5 billion, up 12.1% year over year, and adjusted free cash flow increased by 14.2% to $2 billion [11] Segment Performance - Exchanges' net revenues reached $1.3 billion, a 16% increase year over year, with adjusted operating income of $1.1 billion, up 15.3% [5] - Fixed Income and Data Services revenues were $597 million, a 6% increase year over year, with adjusted operating income rising 2.8% to $261 million [6] - Mortgage Technology revenues increased by 5% to $531 million, with adjusted operating income up 22.1% year over year [7][8] Financial Position - As of June 30, 2025, ICE had cash and cash equivalents of approximately $2.3 billion, a 13.5% increase from December 31, 2024 [9] - Long-term debt stood at $17.3 billion, showing a slight increase from the end of 2024, while total equity rose by 2.9% to $28.5 billion [9] Guidance and Shareholder Returns - For the third quarter of 2025, GAAP operating expenses are expected to be between $1.245 billion and $1.255 billion, with adjusted operating expenses projected between $995 million and $1 billion [12] - ICE repurchased $496 million of its common stock and paid $555 million in dividends in the first half of 2025, with a declared dividend of 48 cents per share for the third quarter [14]

Core Insights - IntercontinentalExchange (ICE) reported a revenue of $2.54 billion for the quarter ended June 2025, reflecting a year-over-year increase of 9.8% and surpassing the Zacks Consensus Estimate by 0.71% [1] - Earnings per share (EPS) for the same quarter was $1.81, up from $1.52 in the previous year, exceeding the consensus EPS estimate by 2.26% [1] Revenue Breakdown - Mortgage Technology Segment generated $531 million, slightly below the average estimate of $535.23 million, marking a year-over-year increase of 4.9% [4] - Exchanges Segment (less transaction-based) reported revenues of $1.1 billion, significantly lower than the estimated $1.39 billion, representing a decline of 12% year-over-year [4] - Fixed Income and Data Services Segment achieved $597 million, slightly above the average estimate of $595.14 million, with a year-over-year growth of 5.7% [4] - Fixed Income Execution within the Fixed Income and Data Services Segment reported $32 million, close to the estimate of $32.93 million, reflecting a year-over-year increase of 6.7% [4] - Mortgage Technology Segment's Servicing Software generated $220 million, below the estimate of $225.01 million, with a year-over-year growth of 3.8% [4] - Data and Analytics within the Mortgage Technology Segment reported $66 million, slightly below the estimate of $67.43 million, with a year-over-year increase of 6.5% [4] - Closing Solutions in the Mortgage Technology Segment achieved $58 million, exceeding the estimate of $52.42 million, representing an 11.5% year-over-year increase [4] - Origination Technology within the Mortgage Technology Segment reported $187 million, slightly above the estimate of $185.57 million, with a year-over-year growth of 3.9% [4] - Energy revenues in the Exchanges Segment reached $595 million, surpassing the estimate of $580.18 million, with a significant year-over-year increase of 26.9% [4] - Agricultural and Metals revenues in the Exchanges Segment were $65 million, slightly above the estimate of $64.74 million, reflecting a year-over-year decline of 8.5% [4] - Financials in the Exchanges Segment reported $158 million, exceeding the estimate of $156.72 million, with a year-over-year increase of 19.7% [4] - Cash Equities and Equity Options in the Exchanges Segment achieved $123 million, above the estimate of $119.39 million, representing a year-over-year increase of 10.8% [4] Stock Performance - ICE shares have returned +2.2% over the past month, compared to a +2.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Viewpoint - IntercontinentalExchange (ICE) reported quarterly earnings of $1.81 per share, exceeding the Zacks Consensus Estimate of $1.77 per share, and showing an increase from $1.52 per share a year ago [1][2] Financial Performance - ICE's quarterly revenue reached $2.54 billion, surpassing the Zacks Consensus Estimate by 0.71%, and up from $2.32 billion year-over-year [3] - The company has outperformed consensus EPS estimates three times in the last four quarters [2][3] Stock Performance - ICE shares have increased approximately 24.7% since the beginning of the year, compared to an 8.2% gain in the S&P 500 [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [7] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.75 on revenues of $2.51 billion, and for the current fiscal year, it is $7.00 on revenues of $10.03 billion [8] - The outlook for the Securities and Exchanges industry is strong, with the industry currently ranking in the top 10% of over 250 Zacks industries [9] Competitor Insights - CBOE Global, a competitor in the same industry, is expected to report quarterly earnings of $2.42 per share, reflecting a year-over-year increase of 12.6% [10] - CBOE Global's anticipated revenues are projected to be $572.24 million, up 11.4% from the previous year [11]

Financial Data and Key Metrics Changes - The company reported record second quarter adjusted earnings per share of $1.81, up 19% year over year [6] - Net revenue increased by 9% year over year to a record $2.5 billion, with adjusted operating income rising by 13% to a record $1.6 billion [6][8] - Adjusted operating expenses totaled $983 million, towards the low end of guidance, contributing to strong performance [7] Business Line Data and Key Metrics Changes - The Exchange segment achieved record net revenues of $1.4 billion, up 12% year over year, with transaction revenues exceeding $1 billion, up 15% [9] - Fixed Income and Data Services segment revenues reached a record $597 million, with transaction revenues increasing by 8% [11] - Mortgage technology revenues totaled $531 million, up 5% year over year, with recurring revenues also showing growth [12] Market Data and Key Metrics Changes - Energy revenues grew by 25% year over year, with record volumes in oil markets increasing by 25% [20] - Natural gas volumes increased by 14% year over year, contributing to a 27% revenue growth year to date [20] - Environmental markets saw record volumes up 9% year over year, with significant growth in North American markets [21] Company Strategy and Development Direction - The company is focused on driving transparency and creating workflow efficiencies for customers through technology and data integration [35] - Continued investment in technology and data is expected to enhance competitive positioning and operational efficiency in the mortgage sector [26][30] - The strategy includes leveraging AI and blockchain technologies to improve client experience and operational efficiency [41][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a strong finish to the year, with expectations for continued success in 2026 [15] - The company noted that geopolitical dynamics and central bank policies are driving demand for risk management solutions [37] - Management highlighted the importance of maintaining a diverse energy network to manage risks effectively amid evolving market conditions [17][19] Other Important Information - The company returned $532 million to shareholders during the quarter, including $255 million in share repurchases [8] - The leverage ratio was reduced to the target of three times EBITDA, ahead of schedule [8][50] - The company anticipates third quarter adjusted operating expenses to be in the range of $995 million to $1.5 billion, driven by higher customer acquisition costs [14] Q&A Session Summary Question: Inquiry on mortgage technology and AI/blockchain integration - Management indicated that integrating systems to create a comprehensive platform will enhance analytics and customer engagement, with AI being utilized for automation in underwriting and customer service [41][44] Question: Update on capital allocation and M&A activity - Management confirmed reaching the target leverage ratio and indicated a focus on investing in the business while gradually increasing stock buybacks [48][50] Question: Drivers behind origination and closing solution revenue growth - Management noted that growth was driven by new client onboarding, increased industry activity, and improved market conditions [54][56] Question: Data center capacity and revenue opportunities - Management explained ongoing investments in data center capacity to meet client needs and enhance service offerings [60][62] Question: Future opportunities in gas markets and TTF benchmark - Management highlighted geopolitical developments and trade agreements as tailwinds for the growth of natural gas markets, particularly for the TTF benchmark [86][88]

Financial Data and Key Metrics Changes - The company reported record second quarter adjusted earnings per share of $1.81, a 19% increase year over year [5] - Net revenue reached a record $2.5 billion, up 9% year over year, with adjusted operating income increasing by 13% to a record $1.6 billion [5][6] - Adjusted operating expenses totaled $983 million, at the low end of guidance, contributing to strong performance and allowing for $532 million returned to shareholders [6] Business Line Data and Key Metrics Changes - The Exchange segment achieved record net revenues of $1.4 billion, up 12% year over year, with transaction revenues exceeding $1 billion, a 15% increase [7] - Fixed Income and Data Services segment revenues totaled a record $597 million, with transaction revenues increasing by 8% driven by a 28% growth in the muni business [10] - Mortgage technology revenues reached $531 million, up 5% year over year, with recurring revenues also increasing [11] Market Data and Key Metrics Changes - Energy revenues grew by 25% year over year, with record volumes in oil markets increasing 25% and natural gas markets seeing a 14% increase [20][21] - The company reported a 19% revenue growth in its global gas complex year to date, with TTF emerging as a global reference point for gas pricing [20][87] - The NYSE listings business raised approximately $9 billion in new IPO proceeds in the first half of the year [9] Company Strategy and Development Direction - The company is focused on leveraging technology and data to enhance workflow efficiencies and transparency for customers across various asset classes [35][36] - Continued investment in the energy market is emphasized, with a diverse energy network providing deep liquidity and price transparency [17][19] - The company aims to integrate AI and blockchain technologies to improve efficiency and client experience in mortgage technology [42][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a strong finish to the year, with expectations for continued success into 2026 [13][14] - The company noted that geopolitical dynamics and central bank policies are driving demand for risk management solutions [38] - Management highlighted the importance of maintaining a flexible business model to adapt to changing market conditions [39] Other Important Information - The company achieved its leverage target of three times EBITDA ahead of schedule, allowing for increased capital returns to shareholders [6][48] - The integration of technology and data across various segments is expected to drive future growth and operational efficiencies [27][80] Q&A Session Summary Question: Follow-up on mortgage tech and new technologies - Management discussed integrating systems to create a comprehensive platform for clients, enhancing analytics and customer engagement through AI [42][43] Question: Capital allocation and M&A transactions - Management confirmed reaching target leverage and indicated a focus on business investment and stock buybacks, while remaining open to M&A opportunities [48][50] Question: Drivers of origination and closing solution revenue growth - Management attributed revenue growth to new client relationships, increased industry activity, and improved market conditions [54][56] Question: Data center capacity and revenue opportunities - Management highlighted ongoing investments in data center capacity to meet client needs and enhance service offerings [61][62] Question: Fixed income segment growth drivers - Management noted strong performance in network technology and index business, with expectations for continued growth in the fixed income data and analytics sector [64][66] Question: Strength of gas markets and TTF's future opportunities - Management discussed TTF's growth potential as a global benchmark for gas, driven by geopolitical factors and increasing energy demand [83][87]

July 31, 2025 1 CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS 2Q25 Earnings Supplement This presentation may contain "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding ICE's business that are not historical facts are forward- looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in these forward-looking st ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36198 INTERCONTINENTAL EXCHANGE, INC. (Exact name of registrant as specified in its charter) Delaware 46-2286804 (State or other ...