Intercontinental Exchange (NYSE:ICE) Q4 2025 Earnings call February 05, 2026 08:30 AM ET Company ParticipantsAshish Sabadra - Managing DirectorBen Jackson - PresidentChris Edmonds - President of Fixed Income and Data ServicesCraig Siegenthaler - Managing DirectorDan Fannon - Managing DirectorJeffrey Sprecher - Chair and CEOSimon Clinch - Managing Director and the Head of Financials ResearchSteve Egerton - Head of Investor RelationsWarren Gardiner - CFOConference Call ParticipantsAlex Kramm - Managing Direct ...

Intercontinental Exchange (NYSE:ICE) Q4 2025 Earnings call February 05, 2026 08:30 AM ET Company ParticipantsAshish Sabadra - Managing DirectorBen Jackson - PresidentChris Edmonds - President of Fixed Income and Data ServicesCraig Siegenthaler - Managing DirectorDan Fannon - Managing DirectorJeffrey Sprecher - Chair and CEOSimon Clinch - Managing Director and the Head of Financials ResearchSteve Egerton - Head of Investor RelationsWarren Gardiner - CFOConference Call ParticipantsAlex Kramm - Managing Direct ...

Intercontinental Exchange (NYSE:ICE) Q4 2025 Earnings call February 05, 2026 08:30 AM ET Speaker7Good morning, everyone, and thank you for joining us on today's ICE fourth quarter 2025 earnings conference call and webcast. My name is Drew, and I'll be the operator on the call today. After the prepared remarks, we will have a Q&A session. If you would like to ask a question, please press Star followed by 1 on your telephone keypad. And to withdraw your question, it's Star followed by 2. And with that, I'll h ...

Financial Data and Key Metrics Changes - Third quarter adjusted earnings per share were $1.71, up 10% year over year, marking the best third quarter in the company's history [4] - Net revenues totaled $2.4 billion, supported by a 5% increase in recurring revenue [4] - Adjusted operating expenses for the third quarter were $981 million, with disciplined cost management contributing to this figure [4][5] - The adjusted tax rate for the third quarter was 21%, benefiting from prior year tax audit settlements [5] Business Line Data and Key Metrics Changes - Exchange segment net revenues reached $1.3 billion, with transaction revenue at $876 million [6] - Recurring revenues in the Exchange segment totaled a record $389 million, up 7% year over year, driven by a 9% growth in exchange data services [8] - Fixed income and data services segment revenues were a record $618 million, with transaction revenues of $123 million [9] - Mortgage Technology revenues totaled $528 million, up 4% year over year, with recurring revenues at $391 million [11] Market Data and Key Metrics Changes - Open interest across futures and options surged 16% year over year, with energy futures up 14% and interest rate futures climbing 37% [7][19] - Global gas portfolio volumes increased 20% year to date, with significant growth across North America, Europe, and Asia [20] - Power markets saw volumes up 21% year to date, reinforcing the synergy between gas and power markets [20] Company Strategy and Development Direction - The company is focusing on AI integration to enhance operational efficiency and customer solutions, with the ICE Aurora platform being a key initiative [14][15] - Strategic investments in data center infrastructure are aimed at supporting business growth and meeting increasing customer demand [25] - The company is positioning itself to leverage blockchain technology and improve collateral management through its investment in Polymarket [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic conditions and maintain growth, citing strong performance in the third quarter [41] - The company anticipates continued growth in recurring revenues and transaction volumes, driven by strategic investments and market demand [20][41] - Management highlighted the importance of maintaining high standards in listings and the impact of regulatory changes on market dynamics [9][34] Other Important Information - The company returned $674 million to shareholders during the quarter, including approximately $400 million in share repurchases [5] - The company expects fourth quarter adjusted operating expenses to be in the range of $1.005 billion to $1.015 billion [5][6] Q&A Session Summary Question: Impact of AI in mortgage origination and servicing - Management discussed the transition of mortgage platforms to systems of intelligence, enhancing operational efficiencies and compliance [45][51] Question: Short-term dynamics regarding Flagstar and PennyMac - Management noted that Flagstar's exit would impact revenues, while PennyMac's contribution would not be felt until 2028 [64][66] Question: Details on Polymarket's data licensing and blockchain technology - Management emphasized the innovative architecture of Polymarket and its potential to enhance ICE's workflows and trading efficiency [70][86]