Financial Performance - Revenues, less transaction-based expenses, increased by 9% to $5,016 million for the six months ended June 30, 2025, compared to $4,607 million in 2024[1]. - Operating income rose by 18% to $2,518 million for the six months ended June 30, 2025, up from $2,129 million in 2024[1]. - Net income attributable to ICE increased by 18% to $1,648 million for the six months ended June 30, 2025, compared to $1,399 million in 2024[1]. - Adjusted diluted earnings per share attributable to ICE common stockholders grew by 18% to $3.54 for the six months ended June 30, 2025, from $3.00 in 2024[1]. - Transaction revenues, net, increased by 14% to $2,524 million for the six months ended June 30, 2025, compared to $2,205 million in 2024[1]. - Cash flows from operating activities rose by 12% to $2,472 million for the six months ended June 30, 2025, compared to $2,205 million in 2024[1]. - The operating margin improved to 50% for the six months ended June 30, 2025, up from 46% in 2024[1]. - Total revenues for the six months ended June 30, 2025, increased to $5,016 million, up from $4,607 million in 2024, representing a growth of 8.9%[315]. - Adjusted operating income for the six months ended June 30, 2025, was $3,069 million, compared to $2,730 million in 2024, reflecting an increase of 12.4%[315]. - Free cash flow for the six months ended June 30, 2025, was $2,116 million, compared to $1,895 million in 2024, indicating an increase of 11.7%[321]. - Adjusted free cash flow for the six months ended June 30, 2025, reached $2,023 million, up from $1,771 million in 2024, representing a growth of 14.2%[321]. Segment Performance - The company operates in three reportable business segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology[162]. - Revenues from the Exchanges segment increased by 20% to $4,257 million for the six months ended June 30, 2025, compared to $3,560 million in 2024[1]. - Operating income for the Exchanges Segment increased by 16% to $2,075 million for the six months ended June 30, 2025, compared to $1,787 million in 2024[211]. - Fixed Income and Data Services segment revenues rose by 5% to $1,193 million for the six months ended June 30, 2025, from $1,133 million in 2024[216]. - Operating income for the Fixed Income and Data Services segment increased by 9% to $459 million for the six months ended June 30, 2025, compared to $422 million in 2024[223]. - Mortgage Technology revenues grew by 4% to $1,041 million for the six months ended June 30, 2025, from $1,005 million in 2024[228]. - Closing solutions revenues increased by 9% for the six months ended June 30, 2025, driven by the adoption of digital solutions[229]. - Recurring revenues in the Mortgage Technology segment were $792 million for the six months ended June 30, 2025, a 2% increase from $777 million in 2024[228]. Market and Economic Conditions - Increased trading activity was observed in interest rate and equity futures, credit default swaps, and bonds due to market and interest rate volatility[164]. - The company expects the macroeconomic environment to remain dynamic, closely monitoring interest rates, inflation, and geopolitical events[166]. - The company has not suffered a material negative impact from geopolitical events in Ukraine and the Middle East[165]. - The company is monitoring the effects of EU sanctions against Russia, which may impact specific contracts traded at ICE Futures Europe[174]. - The notional value of CDS cleared increased to $12.8 trillion for the six months ended June 30, 2025, up from $9.1 trillion in 2024, reflecting market volatility[219]. Regulatory and Tax Changes - The enactment of the OBBBA on July 4, 2025, introduced significant changes to U.S. federal tax provisions, impacting the company's tax positions[167]. - The effective tax rate increased to 24% for the six months ended June 30, 2025, compared to 22% in 2024[1]. - Consolidated income tax expense was $522 million for the six months ended June 30, 2025, compared to $403 million for the same period in 2024[274]. - The company is evaluating the impact of new regulations, including the amended EU Benchmarks Regulation and EMIR 3.0, on its operations[170][172]. Operating Expenses and Costs - Total operating expenses increased by 1% to $2,498 million for the six months ended June 30, 2025, compared to $2,478 million in 2024[239]. - Compensation and benefits expenses increased by $45 million for the six months ended June 30, 2025, primarily due to merit-related pay increases and increased medical claim activity[242]. - Professional services expenses increased by $7 million for the six months ended June 30, 2025, primarily due to higher regulatory consulting fees[246]. - Acquisition-related transaction and integration costs were $42 million for the six months ended June 30, 2025, down from $51 million in 2024[247]. - The company expects operating expenses to increase in absolute terms in future periods in connection with business growth and acquisitions[240]. Cash and Debt Management - As of June 30, 2025, the company had $19.2 billion in outstanding debt, with a weighted average cost of 3.7% per annum[293]. - Cash and cash equivalents increased to $1.0 billion as of June 30, 2025, from $844 million at the end of 2024[287]. - The company had a net increase of $4,277 million in cash, cash equivalents, and restricted cash for the six months ended June 30, 2025[290]. - The company has a $3.9 billion senior unsecured revolving credit facility with a maturity date of May 31, 2029, of which $601 million is allocated to backstop the U.S. dollar commercial paper program and $173 million for subsidiary commitments, leaving $3.1 billion available for working capital[294]. - The company repaid $1.3 billion of senior notes that matured in May 2025 during the six months ended June 30, 2025, compared to $1.6 billion of the Term Loan repaid in the same period of 2024[297]. Shareholder Returns - Dividends paid to stockholders increased by $36 million, primarily due to an increase in the dividend per share for the six months ended June 30, 2025, compared to the same period in 2024[297]. - The company declared and paid cash dividends per share of $0.96 for the six months ended June 30, 2025, compared to $0.90 in the same period of 2024, resulting in an aggregate payout of $555 million[305]. - The company resumed share repurchases during the six months ended June 30, 2025, repurchasing $496 million of shares[303]. - As of June 30, 2025, the company had $2.0 billion authorized for future repurchases of common stock[308]. Risk Management - The company is exposed to market risks including interest rate risk, foreign currency exchange rate risk, and credit risk[327]. - Policies and procedures have been implemented to measure, manage, monitor, and report risk exposures[327]. - There have been no material changes to the company's exposure to market risks since the previous disclosures[327].

Intercontinental Exchange Reports Strong Second Quarter 2025 Exhibit 99.1 ICE Chair & Chief Executive Of icer, said, "We are pleased to report our second quarter results, which were highlighted by another quarter of record revenues and double-digit earnings per share growth. Amidst a backdrop of continued volatility and uncertainty, our strong second quarter performance reflects the 'all-weather' nature of our business model and the value of our markets, technology, and data services. As we look to the seco ...

Intercontinental Exchange, parent of the New York Stock Exchange, is in talks to acquire Enverus in a deal that would value the energy data platform at at least $6 billion https://t.co/uOUjfhvugO ...

据知情人士透露，纽交所（NYSE）的所有人/母公司洲际交易所（ICE）洽谈60亿美元收购Enverus的潜 在交易。（彭博） ...

Core Viewpoint - Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, is reportedly in negotiations to acquire Enverus for $6 billion [1] Group 1 - The acquisition talks indicate ICE's strategic move to expand its portfolio and enhance its data analytics capabilities in the energy sector [1] - Enverus is known for providing data and analytics solutions, which could complement ICE's existing offerings [1] - The potential deal highlights the ongoing trend of consolidation in the financial services and data analytics industries [1]

Core Insights - Intercontinental Exchange Inc. (ICE) is anticipated to show improvements in both revenue and earnings for the second quarter of 2025, with revenue expected to reach $2.52 billion, reflecting an 8.8% year-over-year growth [1] - The earnings consensus estimate is set at $1.77 per share, indicating a 16.4% increase compared to the previous year, with a 2.3% upward revision in the last 30 days [2] Revenue Breakdown - Fixed Income and Data Services revenues are projected to be around $595 million, with estimates suggesting a slight increase to $600.4 million due to growth in pricing and reference data [6] - The Exchange segment is expected to generate $2 billion in revenue, with estimates indicating a potential increase to $1.3 billion driven by higher trading volumes in energy and financial futures [7] - The Mortgage Technology segment's revenues are estimated at $535 million, with expectations of reaching $587.8 million due to growth in origination technology and servicing solutions [8] Expense and Volume Insights - Total expenses are anticipated to rise by 8.2% to approximately $1 billion, with adjusted expenses expected between $980 million and $990 million [9] - Non-operating expenses are projected to be between $175 million and $180 million, while share buybacks are likely to contribute positively to the overall performance [11] - ICE reported a 26% increase in average daily volume (ADV) for the second quarter, with notable increases in Natural Gas ADV (up 16%) and Energy ADV (up 27%) [11]

Group 1 - The core point of the article is that speculative net long positions in gasoline futures increased by 8,012 contracts to a total of 98,180 contracts last week [1]

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Intercontinental Exchange (ICE) due to higher revenues, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - ICE is expected to report quarterly earnings of $1.76 per share, reflecting a +15.8% change year-over-year, and revenues of $2.52 billion, which is an 8.8% increase from the previous year [3]. - The consensus EPS estimate has been revised 1.14% higher in the last 30 days, indicating a positive reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows a positive Earnings ESP of +0.51% for ICE, suggesting analysts are optimistic about the company's earnings prospects [12]. - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10]. Historical Performance - ICE has beaten consensus EPS estimates in three out of the last four quarters, with a recent surprise of +1.18% when it reported earnings of $1.72 per share against an expectation of $1.70 [13][14]. Conclusion - ICE is viewed as a compelling candidate for an earnings beat, but investors should consider other factors influencing stock performance beyond just earnings results [15][17].

Market Overview - The three major U.S. stock indexes closed lower last week, with the Dow Jones Industrial Average down 1%, the S&P 500 down 0.3%, and the Nasdaq Composite down 0.1% [1] - The market pullback was influenced by renewed U.S. tariff threats, particularly higher levies on Canada and the European Union, raising concerns about economic growth and inflation [2] Earnings Performance - Despite tariff concerns, many investors focused on strong earnings reports from airlines and consumer stocks, indicating a resilient economy [2] - The second-quarter earnings season is critical for assessing the impact of tariffs on corporate profits [3] Zacks Research Performance - Mogo Inc. shares surged 81.8% since being upgraded to Zacks Rank 2 (Buy) on May 8, significantly outperforming the S&P 500's 11.1% increase [4] - ATI Inc. also saw a 32.6% return since its upgrade to Zacks Rank 2 on May 6, compared to the S&P 500's 10.7% increase [5] - A hypothetical portfolio of Zacks Rank 1 (Strong Buy) stocks returned +6.51% in May 2025, outperforming the S&P 500's +4.47% [5] Zacks Recommendations - Amarin Corporation and European Wax Center shares increased by 62.6% and 49.9%, respectively, after being upgraded to Outperform on May 12, against the S&P 500's 10.5% rise [8] - The Zacks Focus List portfolio returned 8.84% in 2025 (through June 30) compared to the S&P 500's +6.21% [12] Portfolio Performance - The Zacks Earnings Certain Admiral Portfolio (ECAP) returned +3.20% in Q1 2025, outperforming the S&P 500's -4.30% decline [16] - The Zacks Earnings Certain Dividend Portfolio (ECDP) returned +5.74% in Q1 2025, compared to the S&P 500's -2.41% [20] - The Zacks Top 10 Stocks portfolio delivered +11.8% year-to-date through June 2025, outperforming the S&P 500's +6.2% [22] Long-term Performance - Since 2004, the Zacks Focus List portfolio has produced an annualized return of +11.60%, compared to +10.22% for the S&P 500 [15] - The Top 10 portfolio has generated a cumulative return of +2,246.8% since 2012, significantly outperforming the S&P 500's +502.3% [24]

Core Insights - Intercontinental Exchange (ICE) reported a record trading volume of 1.2 billion futures and options contracts in the first half of the year [1] Group 1 - The trading volume of ICE's futures and options contracts reached an all-time high [1]