ICE Q4 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Thu, February 5, 2026 astatine 9:18 AM CST 47 min read

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Thursday, Feb. 5, 2026 astatine 8:30 a.m. ET

• Chair and Chief Executive Officer — Jeffrey Sprecher

• Chief Financial Officer — Warren Gardiner

• President — Benjamin Jackson

• President, NYSE — Lynn Martin

• President, Fixed Income and Data Services — Christopher Edmonds

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With america connected the telephone contiguous are Jeffrey Sprecher, Chair and CEO, Warren Gardiner, Chief Financial Officer, Benjamin Jackson, President, Lynn Martin, President of the NYSE, and Christopher Edmonds, President of Fixed Income and Data Services. I'll present crook implicit the telephone to Warren. Thanks, Steve.

Warren Gardiner: Welcome to the call. I'm gladsome to person you starring capitalist relations for america going forward. Good morning, everyone, and convey you for joining america today. I'll statesman connected Slide 4 with our exceptional full-year 2025 results, which show the spot of our diversified concern exemplary and the consistency of our execution. 2025 was a landmark twelvemonth for Intercontinental Exchange, Inc. We delivered grounds adjusted net per stock of $6.95, a 14% summation twelvemonth implicit year, marking the champion show successful our company's history. This accomplishment reflects some the resilience of our franchise and our team's relentless absorption connected operational excellence.

Full-year nett revenues reached a grounds $9.9 billion, up 6% twelvemonth implicit year, with balanced maturation crossed our platform, including 5% maturation successful recurring revenues, providing durability and visibility, and 8% maturation successful transaction revenues, which show robust lawsuit engagement and increasing request for hazard absorption tools. Our disciplined attack to disbursal absorption continues to thrust operating adjusted operating expenses totaled $3.9 billion, reflecting our committedness to outgo subject portion besides investing strategically. I'm peculiarly pleased to study that annualized disbursal synergies from our 2023 Black Knight acquisition exited the twelvemonth astatine an annualized complaint of astir $230 million, exceeding the updated $200 cardinal people that we acceptable aboriginal past year.

Based connected this momentum, we present expect full disbursal synergies to scope $275 cardinal by 2028, a $75 cardinal increase, oregon astir 40% supra our archetypal committedness erstwhile we announced the transaction backmost successful 2022. This outperformance underscores our integration capabilities and our proven quality to place incremental worth instauration opportunities. These results drove grounds adjusted operating income of $6 billion, up 9% twelvemonth implicit year, demonstrating the prime and scalability of our concern model. Turning to superior allocation, our grounds operating show generated $4.2 cardinal successful adjusted escaped currency flow, which we deployed strategically to heighten shareholder value.