What to Expect From Intercontinental Exchange This Earnings Season

Core Insights - Intercontinental Exchange Inc. (ICE) is anticipated to show improvements in both revenue and earnings for Q3 2025, with revenues expected to reach $2.4 billion, reflecting a 2.7% year-over-year growth [1][11] - The earnings per share (EPS) consensus estimate is $1.62, indicating a 4.5% increase from the previous year, although the estimate has decreased by 5.8% in the last 30 days [2][11] Revenue Expectations - The Zacks Consensus Estimate for Fixed Income and Data Services revenues is $612 million, while a more optimistic estimate is $616.9 million [6] - The Exchange segment is projected to generate $1.9 billion, with a more favorable estimate of $2 billion due to increased trading volumes in various markets [7] - The Mortgage Technology segment's revenues are estimated at $528 million, with a more conservative estimate of $491.2 million [8] Expense Projections - Total expenses are expected to rise by 2.2% to approximately $981.3 million, driven by higher compensation, professional expenses, and technology costs [9] - GAAP operating expenses are projected to be between $1.45 billion and $1.55 billion, while adjusted operating expenses are expected to range from $999 million to $1.005 billion [10] Market Activity - Continued share buybacks are likely to contribute positively to ICE's performance, with a reported 0.2% increase in average daily volume (ADV) for Q3 [12] - Total Commodities ADV decreased by 2.2% year-over-year, while Energy ADV saw a decline of 1.6%, contrasting with a 3.6% increase in Total Financials ADV [12]