# EDGAR Filing Document

**Accession Number:** 0001571949
**File Stem:** 0001104659-25-104017
**Filing Date:** 2025-10
**Character Count:** 34996
**Document Hash:** 8dcaf85c5d203c01a544e408782578d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-104017.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001104659-25-104017

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251030

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Intercontinental Exchange, Inc.
- **CENTRAL INDEX KEY:** 0001571949
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36198
- **FILM NUMBER:** 251432223

**BUSINESS ADDRESS:**
- **STREET 1:** 5660 NEW NORTHSIDE DRIVE,
- **STREET 2:** THIRD FLOOR
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30328
- **BUSINESS PHONE:** 770-857-4700

**MAIL ADDRESS:**
- **STREET 1:** 5660 NEW NORTHSIDE DRIVE,
- **STREET 2:** THIRD FLOOR
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30328

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IntercontinentalExchange Group, Inc.
- **DATE OF NAME CHANGE:** 20130313

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Intercontinental Exchange Group, Inc.
- **DATE OF NAME CHANGE:** 20130312

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) of THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): October 30, 2025

**Intercontinental Exchange, Inc.**

(Exact Name of Registrant as Specified in Charter)

Delaware 001-36198 46-2286804 <br> (State or other jurisdiction of incorporation) (Commission File No.) (I.R.S. Employer Identification Number)

5660 New Northside Drive, Third Floor, Atlanta, Georgia 30328

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (770) 857-4700

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| Title of Each Class | Name of Each Exchange on Which <br> Registered |
| Common Stock, $0.01 par value per share ICE | New York Stock Exchange |
|  | NYSE Texas, Inc. |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 2.02. Results of Operations and Financial Condition.**

On October 30, 2025, Intercontinental Exchange, Inc. ("ICE") announced its financial results for the fiscal quarter ended September 30, 2025. A copy of ICE's press release announcing such financial results is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained herein, including the attached press release, is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934 except as may be expressly set forth by specific reference in such filing.

ICE makes references to non-GAAP financial information in the attached press release. A description of the non-GAAP financial information and a reconciliation of the non-GAAP financial information to the comparable GAAP financial measures are contained in the attached press release and ICE's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

Exhibit No. Description <br> [99.1](tm2529550d1_ex99-1.htm) [Press release dated October 30, 2025.](tm2529550d1_ex99-1.htm) <br> 104 The cover page from Intercontinental Exchange, Inc.'s Current Report on Form 8-K, formatted in Inline XBRL.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | INTERCONTINENTAL EXCHANGE, INC. |
| Date: | October 30, 2025 | /s/ A. Warren Gardiner |
|  |  | A. Warren Gardiner |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2529550d1_ex99-1img01.jpg)

**Intercontinental Exchange Reports Strong Third Quarter 2025**

· **3Q25 net revenues of $2.4 billion, +3% y/y** **Jeffrey C. Sprecher**, **  **  *ICE Chair & Chief Executive Officer, said,* **  *"We are pleased to report our third quarter results, which extend our track record of revenue and earnings per share growth. Our customers continue to rely on our mission-critical data and technology to manage risk and drive efficiency in a dynamic macroeconomic environment. In early October, we also announced a strategic investment in Polymarket, a leading prediction market platform, expanding our footprint into decentralized prediction markets, which is aligned with our commitment to providing innovation and data-driven insights to our customers. As we look to the balance of the year and beyond, our focus remains on leveraging our world-class technology, innovative culture, and operating expertise to better serve our customers and create value for our stockholders."*

· **3Q25 GAAP diluted earnings per share (EPS) of $1.42, +25% y/y** 

· **3Q25 adj. diluted EPS of $1.71, +10% y/y** 

· **3Q25 operating income of $1.2 billion, +6% y/y; adj. operating income of $1.4 billion, +3% y/y** 

· **3Q25 operating margin of 49%; adj. operating margin of 59%** 

· **Through September 30, 2025, returned over $1.7 billion to stockholders, including $894 million in share repurchases** 

**ATLANTA & NEW YORK, October 30, 2025 -** Intercontinental Exchange (NYSE: ICE), a leading global provider of technology and data, today reported financial results for the third quarter of 2025. For the quarter ended September 30, 2025, consolidated net income attributable to ICE was $816 million on $2.4 billion of consolidated revenues, less transaction-based expenses. Third quarter GAAP diluted EPS were $1.42. Adjusted net income attributable to ICE was $980 million in the third quarter and adjusted diluted EPS were $1.71. Please refer to the reconciliation of non-GAAP financial measures included in this press release for more information on our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted EPS and adjusted free cash flow.

Warren Gardiner, ICE Chief Financial Officer, added: "During 2025, we've generated record revenues and operating income. This performance enabled us to return over $1.7 billion to stockholders, while also continuing to invest in strategic growth initiatives. As we look to the balance of 2025 and towards another successful year in 2026, we remain focused on extending our track record of innovation and execution."

**Third Quarter 2025 Business Highlights**

Third quarter consolidated net revenues were $2.4 billion including exchange net revenues of $1.3 billion, fixed income and data services revenues of $618 million and mortgage technology revenues of $528 million. Consolidated operating expenses were $1.2 billion for the third quarter of 2025. On an adjusted basis, consolidated operating expenses were $981 million. Consolidated operating income for the third quarter was $1.2 billion, and the operating margin was 49%. On an adjusted basis, consolidated operating income for the third quarter was $1.4 billion, and the adjusted operating margin was 59%.

---

| | | | |
|:---|:---|:---|:---|
| $(in millions) | **Net <br> Revenues** | **Op <br> Margin** | **Adj Op <br> Margin** |
|  | **3Q25** | **3Q25** | **3Q25** |
| Exchanges | $1265 | 72% | 73% |
| Fixed Income and Data Services | $618 | 39% | 45% |
| Mortgage Technology | $528 | 4% | 42% |
| **Consolidated** | $**2411** | **49%** | **59%** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **3Q25** | **3Q24** | **% Chg** |
| Recurring Revenues | $1275 | $1212 | 5% |
| Transaction Revenues, net | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136 | $1137 | —% |

---

**Exchanges Segment Results**

Third quarter exchange net revenues were $1.3 billion. Exchange operating expenses were $357 million, and adjusted operating expenses were $341 million in the third quarter. Segment operating income for the third quarter was $908 million, and the operating margin was 72%. On an adjusted basis, operating income was $924 million, and the adjusted operating margin was 73%.

---

| | | | | |
|:---|:---|:---|:---|:---|
| $(in millions) | **3Q25** | **3Q24** | **% Chg** | **Const <br> Curr<sup>(1)</sup>** |
| Revenues, net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Energy | $482 | $473 | **2%** | **—%** |
| &nbsp;&nbsp;&nbsp;Ags and Metals | 51 | 60 | **(13)%** | **(13)%** |
| &nbsp;&nbsp;&nbsp;Financials<sup>(2)</sup> | 139 | 141 | **(2)%** | **(4)%** |
| &nbsp;&nbsp;&nbsp;Cash Equities and Equity Options, net | 105 | 107 | **(2)%** | **(2)%** |
| &nbsp;&nbsp;&nbsp;OTC and Other<sup>(3)</sup> | 99 | 109 | **(10)%** | **(11)%** |
| &nbsp;&nbsp;&nbsp;Data and Connectivity Services | 264 | 242 | **9%** | **9%** |
| &nbsp;&nbsp;&nbsp;Listings | 125 | 122 | **2%** | **2%** |
| **Segment Revenues** | $**1265** | $**1254** | **1%** | **—%** |
| Recurring Revenues | $389 | $364 | 7% | 7% |
| Transaction Revenues, net | $876 | $890 | (1)% | (3)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 3Q24, 1.3007 and 1.0991, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Financials include interest rates and other financial futures and options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) OTC & Other includes net interest income and fees on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, exchange member fees, and agriculture grading and certification fees.

**Fixed Income and Data Services Segment Results**

Third quarter fixed income and data services revenues were $618 million. Fixed income and data services operating expenses were $374 million, and adjusted operating expenses were $336 million in the third quarter. Segment operating income for the third quarter was $244 million, and the operating margin was 39%. On an adjusted basis, operating income was $282 million, and the adjusted operating margin was 45%.

---

| | | | | |
|:---|:---|:---|:---|:---|
| $(in millions) | **3Q25** | **3Q24** | **% Chg** | **Const <br> Curr<sup>(1)</sup>** |
| Revenues: |  |  |  |  |
| Fixed Income Execution | $33 | $28 | **15%** | **15%** |
| CDS Clearing | 90 | 97 | **(7)%** | **(7)%** |
| Fixed Income Data and Analytics | 311 | 295 | **5%** | **5%** |
| Data and Network Technology | 184 | 166 | **11%** | **10%** |
| **Segment Revenues** | $**618** | $**586** | **5%** | **5%** |
| Recurring Revenues | $495 | $461 | 7% | 7% |
| Transaction Revenues | $123 | $125 | (2)% | (2)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 3Q24, 1.3007 and 1.0991, respectively.

**Mortgage Technology Segment Results**

Third quarter mortgage technology revenues were $528 million. Mortgage technology operating expenses were $506 million, and adjusted operating expenses were $304 million in the third quarter. Segment operating income for the third quarter was $22 million, and the operating margin was 4%. On an adjusted basis, operating income was $224 million, and the adjusted operating margin was 42%.

---

| | | | |
|:---|:---|:---|:---|
| $(in millions) | **3Q25** | **3Q24** | **% Chg** |
| Revenues: |  |  |  |
| Origination Technology | $188 | $182 | **3%** |
| Closing Solutions | 58 | 54 | **8%** |
| Servicing Software | 216 | 209 | **3%** |
| Data and Analytics | 66 | 64 | **4%** |
| **Segment Revenues** | $**528** | $**509** | **4%** |
| Recurring Revenues | $391 | $387 | 1% |
| Transaction Revenues | $137 | $122 | 12% |

---

**Other Matters**

&nbsp;&nbsp;&nbsp;&nbsp;· Operating cash flow through the third quarter of 2025 was $3.4 billion and adjusted free cash flow was $3.2 billion.

&nbsp;&nbsp;&nbsp;&nbsp;· Unrestricted cash was $850 million and outstanding debt was $19.0 billion as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· Through the third quarter of 2025, ICE repurchased $894 million of its common stock and paid $831 million in dividends.

**Updated Financial Guidance**

---

| | |
|:---|:---|
| | **GAAP** |
| **2025 Fixed Income & Data Services Recurring Revenue (% growth)** | 5% - 6% |
| **2025 Operating Expenses** | $4.990 - $5.000 billion $3.933 - $3.943 billion<sup>(1)</sup> |
| **4Q25 Operating Expenses** | $1.255 - $1.265 billion $1.005 - $1.015 billion<sup>(1)</sup> |
| **4Q25 Non-Operating Expense<sup>(2)</sup>** | $180 - $185 million |
| **2025 Effective Tax Rate<sup>(3)</sup>** | 23% - 25% |
| **4Q25 Weighted Average Shares Outstanding** | 569 - 575 million |

---

(1) FY 2025 non-GAAP operating expenses exclude amortization of acquisition-related intangibles, a regulatory matter accrual and Black Knight integration expenses. 4Q 2025 non-GAAP operating expenses exclude amortization of acquisition-related intangibles and Black Knight integration expenses.

(2) Non-operating expense includes interest income, interest expense and net other income/expense. Non-GAAP non-operating expense excludes equity earnings/losses from unconsolidated investees.

(3) This represents 2025 full year guidance for both the GAAP and non-GAAP effective tax rates but note that the GAAP effective tax rate is more susceptible to diverging from this guidance based on items outside the normal course of business that are adjusted for to derive our non-GAAP results. Such items can be unknown, unpredictable or uncertain, requiring unreasonable efforts to determine with any precision and which could potentially be confusing or misleading.

**Earnings Conference Call Information**

ICE will hold a conference call today, October 30, 2025, at 8:30 a.m. ET to review its third quarter 2025 financial results. A live audio webcast of the earnings call will be available on the company's website at www.ice.com in the investor relations section. Participants may also listen via telephone by dialing 833-470-1428 from the United States or 404-975-4839 from outside of the United States. **Telephone participants are required to provide the participant entry number 835499 and are recommended to call 10 minutes prior to the start of the call**. The call will be archived on the company's website for replay.

The conference call for the fourth quarter 2025 earnings has been scheduled for February 5th, 2025 at 8:30 a.m. ET. Please refer to the Investor Relations website at www.ir.theice.com for additional information.

Historical futures, options and cash ADV, rate per contract, open interest data and CDS cleared information can be found at: https://ir.theice.com/investor-resources/supplemental-information/default.aspx

**Consolidated Statements of Income**

**(In millions, except per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues**: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchanges | $6118 | $5498 | $1861 | $1938 |
| &nbsp;&nbsp;&nbsp;Fixed income and data services | 1811 | 1719 | 618 | 586 |
| &nbsp;&nbsp;&nbsp;Mortgage technology | 1569 | 1514 | 528 | 509 |
| Total revenues | 9498 | 8731 | 3007 | 3033 |
| Transaction-based expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Section 31 fees | 412 | 437 |  | 232 |
| &nbsp;&nbsp;&nbsp;Cash liquidity payments, routing and clearing | 1659 | 1338 | 596 | 452 |
| Total revenues, less transaction-based expenses | 7427 | 6956 | 2411 | 2349 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | 1463 | 1422 | 483 | 487 |
| &nbsp;&nbsp;&nbsp;Professional services | 120 | 114 | 39 | 40 |
| &nbsp;&nbsp;&nbsp;Acquisition-related transaction and integration costs | 51 | 88 | 9 | 37 |
| &nbsp;&nbsp;&nbsp;Technology and communication | 647 | 631 | 219 | 212 |
| &nbsp;&nbsp;&nbsp;Rent and occupancy | 64 | 89 | 23 | 30 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 219 | 232 | 77 | 54 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 1171 | 1148 | 387 | 386 |
| Total operating expenses | 3735 | 3724 | 1237 | 1246 |
| Operating income | 3692 | 3232 | 1174 | 1103 |
| Other income/(expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 92 | 105 | 28 | 39 |
| &nbsp;&nbsp;&nbsp;Interest expense | (599) | (697) | (192) | (223) |
| &nbsp;&nbsp;&nbsp;Other income/(expense), net | 95 | 83 | 71 | (21) |
| Total other income/(expense), net | (412) | (509) | (93) | (205) |
| Income before income tax expense | 3280 | 2723 | 1081 | 898 |
| Income tax expense | 772 | 630 | 250 | 227 |
| **Net income** | $2508 | $2093 | $831 | $671 |
| Net income attributable to non-controlling interests | (44) | (37) | (15) | (14) |
| **Net income attributable to Intercontinental Exchange, Inc.** | $2464 | $2056 | $816 | $657 |
| Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $4.30 | $3.59 | $1.43 | $1.15 |
| &nbsp;&nbsp;&nbsp;Diluted | $4.28 | $3.57 | $1.42 | $1.14 |
| Weighted average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 573 | 573 | 572 | 574 |
| &nbsp;&nbsp;&nbsp;Diluted | 576 | 576 | 574 | 577 |

---

**Consolidated Balance Sheets**

**(In millions)**

---

| | | |
|:---|:---|:---|
|  | **As of**<br>**September 30, 2025**<br>**(Unaudited)** |<br>**As of**<br>**December 31, 2024** |
| **Assets:** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $850 | $844 |
| &nbsp;&nbsp;&nbsp;Short-term restricted cash and cash equivalents | 1123 | 1142 |
| &nbsp;&nbsp;&nbsp;Short-term restricted investments | 247 | 594 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalent margin deposits and guaranty funds | 83607 | 82149 |
| &nbsp;&nbsp;&nbsp;Invested deposits, delivery contracts receivable and unsettled variation margin | 2636 | 2163 |
| &nbsp;&nbsp;&nbsp;Customer accounts receivable, net | 1543 | 1490 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 840 | 713 |
| Total current assets | 90846 | 89095 |
| Property and equipment, net | 2413 | 2153 |
| Other non-current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 30643 | 30595 |
| &nbsp;&nbsp;&nbsp;Other intangible assets, net | 15589 | 16306 |
| &nbsp;&nbsp;&nbsp;Long-term restricted cash and cash equivalents | 241 | 368 |
| &nbsp;&nbsp;&nbsp;Long-term restricted investments | 129 | 2 |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 1040 | 909 |
| Total other non-current assets | 47642 | 48180 |
| Total assets | $140901 | $139428 |
| **Liabilities and Equity:** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $1042 | $1051 |
| &nbsp;&nbsp;&nbsp;Section 31 fees payable |  | 316 |
| &nbsp;&nbsp;&nbsp;Accrued salaries and benefits | 342 | 438 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 361 | 236 |
| &nbsp;&nbsp;&nbsp;Short-term debt | 1667 | 3027 |
| &nbsp;&nbsp;&nbsp;Margin deposits and guaranty funds | 83607 | 82149 |
| &nbsp;&nbsp;&nbsp;Invested deposits, delivery contracts payable and unsettled variation margin | 2636 | 2163 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 125 | 173 |
| Total current liabilities | 89780 | 89553 |
| Non-current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Non-current deferred tax liability, net | 4000 | 3904 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 17366 | 17341 |
| &nbsp;&nbsp;&nbsp;Accrued employee benefits | 167 | 170 |
| &nbsp;&nbsp;&nbsp;Non-current operating lease liability | 476 | 335 |
| &nbsp;&nbsp;&nbsp;Other non-current liabilities | 403 | 405 |
| Total non-current liabilities | 22412 | 22155 |
| Total liabilities | 112192 | 111708 |
| Commitments and contingencies |  |  |
| Redeemable non-controlling interest in consolidated subsidiaries | 22 | 22 |
| **Equity:** |  |  |
| Intercontinental Exchange, Inc. stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 7 | 7 |
| &nbsp;&nbsp;&nbsp;Treasury stock, at cost | (7388) | (6385) |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 16568 | 16292 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 19704 | 18071 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (247) | (338) |
| Total Intercontinental Exchange, Inc. stockholders' equity | 28644 | 27647 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest in consolidated subsidiaries | 43 | 51 |
| Total equity | 28687 | 27698 |
| Total liabilities and equity | $140901 | $139428 |

---

**Non-GAAP Financial Measures and Reconciliation**

We use non-GAAP measures internally to evaluate our performance and in making financial and operational decisions. When viewed in conjunction with our GAAP results and the accompanying reconciliation, we believe that our presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparison of results because the items described below as adjustments to GAAP are not reflective of our core business performance. These financial measures are not in accordance with, or an alternative to, GAAP financial measures and may be different from non-GAAP measures used by other companies. We use these adjusted results because we believe they more clearly highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our core operating performance. We strongly recommend that investors review the GAAP financial measures and additional non-GAAP information included in our Quarterly Report on Form 10-Q, including our consolidated financial statements and the notes thereto.

Adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income attributable to ICE common stockholders, adjusted diluted earnings per share and adjusted free cash flow for the periods presented below are calculated by adding or subtracting the adjustments described below, which are not reflective of our cash operations and core business performance, and their related income tax effect and other tax adjustments (in millions, except for per share amounts):

**Adjusted Operating Income, Operating Margin and Operating Expense Reconciliation**

**(In millions)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Exchanges <br> Segment** | **Exchanges <br> Segment** | **Fixed Income<br> and Data <br> Services <br> Segment** | **Fixed Income<br> and Data <br> Services <br> Segment** | **Mortgage <br> Technology <br> Segment** | **Mortgage <br> Technology <br> Segment** | **Consolidated** | **Consolidated** |
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Total revenues, less transaction-based expenses | $4047 | $3723 | $1811 | $1719 | $1569 | $1514 | $7427 | $6956 |
| Operating expenses | 1064 | 989 | 1108 | 1087 | 1563 | 1648 | 3735 | 3724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Amortization of acquisition-related intangibles | 48 | 51 | 113 | 114 | 594 | 593 | 755 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Transaction and integration costs |  |  |  |  | 48 | 88 | 48 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Regulatory matter | 4 |  |  | 10 |  |  | 4 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Other |  | 11 |  | 20 |  |  |  | 31 |
| Adjusted operating expenses | $1012 | $927 | $995 | $943 | $921 | $967 | $2928 | $2837 |
| Operating income/(loss) | $2983 | $2734 | $703 | $632 | $6 | $(134) | $3692 | $3232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income | $3035 | $2796 | $816 | $776 | $648 | $547 | $4499 | $4119 |
| Operating margin | 74% | 73% | 39% | 37% | —% | (9)% | 50% | 46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating margin | 75% | 75% | 45% | 45% | 41% | 36% | 61% | 59% |

---

**Adjusted Operating Income, Operating Margin and Operating Expense Reconciliation**

**(In millions)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Exchanges <br> Segment** | **Exchanges <br> Segment** | **Fixed Income <br> and Data <br> Services <br> Segment** | **Fixed Income <br> and Data <br> Services <br> Segment** | **Mortgage <br> Technology<br> Segment** | **Mortgage <br> Technology<br> Segment** | **Consolidated** | **Consolidated** |
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Total revenues, less transaction-based expenses | $1265 | $1254 | $618 | $586 | $528 | $509 | $2411 | $2349 |
| Operating expenses | 357 | 307 | 374 | 376 | 506 | 563 | 1237 | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Amortization of acquisition-related intangibles | 16 | 17 | 38 | 37 | 195 | 198 | 249 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Transaction and integration costs |  |  |  |  | 7 | 37 | 7 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Regulatory matter |  |  |  | 10 |  |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Add)/Less: Other |  | (19) |  | 6 |  |  |  | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating expenses | $341 | $309 | $336 | $323 | $304 | $328 | $981 | $960 |
| Operating income/(loss) | $908 | $947 | $244 | $210 | $22 | $(54) | $1174 | $1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income | $924 | $945 | $282 | $263 | $224 | $181 | $1430 | $1389 |
| Operating margin | 72% | 76% | 39% | 36% | 4% | (11)% | 49% | 47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating margin | 73% | 75% | 45% | 45% | 42% | 35% | 59% | 59% |

---

**Adjusted Net Income Attributable to ICE and Diluted EPS**

**(In millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Nine Months <br> Ended <br> September 30, <br> 2025** | **Nine Months <br> Ended <br> September 30, <br> 2024** |
| Net income attributable to ICE | $2464 | $2056 |
| &nbsp;&nbsp;&nbsp;Add: Amortization of acquisition-related intangibles | 755 | 758 |
| &nbsp;&nbsp;&nbsp;Add: Transaction and integration costs | 48 | 88 |
| &nbsp;&nbsp;&nbsp;Add/(less): Litigation and regulatory matters | 4 | (150) |
| &nbsp;&nbsp;&nbsp;(Less)/add: Net (income)/loss from unconsolidated investees | (75) | 63 |
| &nbsp;&nbsp;&nbsp;(Less)/add: Fair value adjustments of equity investments | (35) | 1 |
| &nbsp;&nbsp;&nbsp;Add: Other |  | 31 |
| &nbsp;&nbsp;&nbsp;Less: Income tax effect for the above items | (180) | (199) |
| &nbsp;&nbsp;&nbsp;Add/(less): Deferred tax adjustments on acquisition-related intangibles | 45 | (26) |
| &nbsp;&nbsp;&nbsp;Less: Other tax adjustments | (8) |  |
| Adjusted net income attributable to ICE | $3018 | $2622 |
| Diluted earnings per share attributable to ICE common stockholders | $4.28 | $3.57 |
| Adjusted diluted earnings per share attributable to ICE common stockholders | $5.24 | $4.55 |
| Diluted weighted average common shares outstanding | 576 | 576 |

---

**Adjusted Net Income Attributable to ICE and Diluted EPS**

**(In millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months <br> Ended <br> September 30, <br> 2025** | **Three Months <br> Ended <br> September 30, <br> 2024** |
| Net income attributable to ICE | $816 | $657 |
| &nbsp;&nbsp;&nbsp;Add: Amortization of acquisition-related intangibles | 249 | 252 |
| &nbsp;&nbsp;&nbsp;Add: Transaction and integration costs | 7 | 37 |
| &nbsp;&nbsp;&nbsp;Add: Regulatory matter |  | 10 |
| &nbsp;&nbsp;&nbsp;(Less)/add: Net (income)/loss from unconsolidated investees | (40) | 18 |
| &nbsp;&nbsp;&nbsp;Less: Fair value adjustments of equity investments | (33) | (2) |
| &nbsp;&nbsp;&nbsp;Less: Other |  | (13) |
| &nbsp;&nbsp;&nbsp;Less: Income tax effect for the above items | (50) | (74) |
| &nbsp;&nbsp;&nbsp;Add: Deferred tax adjustments on acquisition-related intangibles | 39 | 9 |
| &nbsp;&nbsp;&nbsp;Less: Other tax adjustments | (8) |  |
| Adjusted net income attributable to ICE | $980 | $894 |
| Diluted earnings per share attributable to ICE common stockholders | $1.42 | $1.14 |
| Adjusted diluted earnings per share attributable to ICE common stockholders | $1.71 | $1.55 |
| Diluted weighted average common shares outstanding | 574 | 577 |

---

**Adjusted Free Cash Flow Calculation**

**(In millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Nine Months <br> Ended <br> September 30, <br> 2025** | **Nine Months <br> Ended <br> September 30, <br> 2024** |
| Net cash provided by operating activities | $3387 | $3103 |
| Less: Capital expenditures | (207) | (212) |
| Less: Capitalized software development costs | (318) | (264) |
| Free cash flow | $2862 | $2627 |
| Add: Section 31 fees, net | 316 | 4 |
| Adjusted free cash flow | $3178 | $2631 |

---

**About Intercontinental Exchange**

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE's futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world's largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at <u>https://www.ice.com/privacy-security-center/terms-of-use</u>. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading "Key Information Documents (KIDS)."

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in Intercontinental Exchange, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025. We caution you not to place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of an unanticipated event. New factors emerge from time to time, and it is not possible for management to predict all factors that may affect our business and prospects. Further, management cannot assess the impact of each factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

SOURCE: Intercontinental Exchange

Category: Corporate

ICE Investor Relations Contact:

Katia Gonzalez

+1 678 981 3882

<u>katia.gonzalez@ice.com</u>

investors@ice.com

ICE Media Contact:

Rebecca Mitchell

+44 207 065 7804

<u>rebecca.mitchell@ice.com</u>

media@ice.com