Intercontinental Exchange(ICE) - 2025 Q1 - Quarterly Results

Financial Performance - Record 1Q25 net revenues of $2.5 billion, representing an 8% year-over-year increase[1] - 1Q25 GAAP diluted earnings per share (EPS) of $1.38, up 4% year-over-year; adjusted diluted EPS of $1.72, up 16% year-over-year[1][4] - Record 1Q25 operating income of $1.2 billion, a 15% increase year-over-year; adjusted operating income of $1.5 billion, an 11% increase year-over-year[1][6] - Adjusted net income attributable to ICE for the three months ended March 31, 2025, was $995 million, compared to $852 million for the same period in 2024, reflecting a year-over-year increase of 16.8%[29] - Operating income for the consolidated segment was $1.22 billion for Q1 2025, compared to $1.06 billion for Q1 2024, reflecting a growth of 14.9%[27] Margins and Cash Flow - Consolidated operating margin for 1Q25 was 49%; adjusted operating margin was 61%[1][6] - Exchange net revenues for 1Q25 were $1.4 billion, with an operating margin of 74%[6][8] - Fixed income and data services revenues were $596 million, with an adjusted operating margin of 46%[6][11] - Mortgage technology revenues were $510 million, with an adjusted operating margin of 40%[6][13] - Adjusted operating margin improved to 61% for Q1 2025, compared to 59% for Q1 2024, indicating a positive trend in operational efficiency[27] - Operating cash flow in 1Q25 was $966 million; adjusted free cash flow was $833 million[1][17] - Adjusted free cash flow for the three months ended March 31, 2025, was $833 million, compared to $877 million for the same period in 2024, indicating a decrease of 5.0%[31] - The company reported a net cash provided by operating activities of $966 million for Q1 2025, compared to $1.009 billion for Q1 2024, a decrease of 4.3%[31] Shareholder Returns and Expenses - Returned $519 million to stockholders in 1Q25, including $241 million in share repurchases[1][5] - Second quarter 2025 GAAP operating expenses are expected to be in the range of $1.230 billion to $1.240 billion[1][17] Balance Sheet - Total assets increased to $142.87 billion as of March 31, 2025, up from $139.43 billion on December 31, 2024, representing a growth of 1.73%[23] - Total current liabilities increased to $92.72 billion as of March 31, 2025, from $89.55 billion at the end of 2024, an increase of 2.43%[23] - Total equity increased to $28.02 billion as of March 31, 2025, up from $27.70 billion at the end of 2024, representing a growth of 1.16%[24] - Cash and cash equivalents decreased to $783 million as of March 31, 2025, down from $844 million on December 31, 2024, a decline of 7.2%[23]