Intercontinental Exchange · Earnings release

Intercontinental Exchange Reports Strong Second

· Record 2Q25 net revenues of $2.5 billion, +10% y/y

Jeffrey C. Sprecher,

ICE Chair & Chief Executive Officer, said,

"We are pleased to report our second quarter results, which were highlighted by another quarter of record revenues and double-digit earnings per share growth. Amidst a backdrop of continued volatility and uncertainty, our strong second quarter performance reflects the 'all-weather' nature of our business model and the value of our markets, technology, and data services. As we look to the second half of the year and beyond, ICE's diverse platform is well positioned to continue to serve our customers, generate growth and create value for our stockholders."

· 2Q25 GAAP diluted earnings per share (EPS) of $1.48, +35% y/y

· Record 2Q25 operating income of $1.3 billion, +22% y/y; record adj. operating income of $1.6 billion, +14% y/y

· 2Q25 operating margin of 51%; adj. operating margin of 61%

· Through June 30, 2025, returned over $1 billion to stockholders, including $496 million in share repurchases

ATLANTA & NEW YORK, July 31, 2025 - Intercontinental

Exchange (NYSE: ICE), a leading global provider of technology and data, today reported financial results for the second quarter of 2025.

For the quarter ended June 30, 2025, consolidated net income attributable to ICE was $851 million on $2.5 billion of consolidated

revenues, less transaction-based expenses. Second quarter GAAP diluted EPS were $1.48. Adjusted net income attributable to ICE was $1.0

billion in the second quarter and adjusted diluted EPS were $1.81. 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: "Through

the first half of 2025, we have generated record revenues and record operating income, underscoring the strength and resiliency of our

business model. Our strong and growing cash flows enabled us to reinvest in our business, return over $1 billion of capital to stockholders

through the first half, as well as successfully achieve our leverage target related to our 2023 acquisition of Black Knight. As we turn

to the second half, we remain focused on extending our track record of growth and creating value for our stockholders."

1

Second Quarter 2025 Business Highlights

Second quarter consolidated net revenues were $2.5 billion including

exchange net revenues of $1.4 billion, fixed income and data services revenues of $597 million and mortgage technology revenues of $531

million. Consolidated operating expenses were $1.2 billion for the second quarter of 2025. On an adjusted basis, consolidated operating

expenses were $983 million. Consolidated operating income for the second quarter was $1.3 billion, and the operating margin was 51%.

On an adjusted basis, consolidated operating income for the second quarter was $1.6 billion, and the adjusted operating margin was 61%.

$ (in millions)

Net

Revenues

Op

Margin

Adj Op

Margin

Exchanges

$

%

%

Fixed Income and Data Services

$

%

%

Mortgage Technology

$

2

%

%

Consolidated

$

%

%

% Chg

Recurring Revenues

$

$

4

%

Transaction Revenues, net

$

$

%

Exchanges Segment Results

Second quarter exchange net revenues were $1.4 billion. Exchange operating

expenses were $353 million, and adjusted operating expenses were $337 million in the second quarter. Segment operating income for the

second quarter was $1.1 billion, and the operating margin was 75%. On an adjusted basis, operating income was $1.1 billion, and the adjusted

operating margin was 76%.

2

$ (in millions)

% Chg

Const

Curr(1)

Revenues, net:

Energy

$

$

%

%

Ags and Metals

)%

)%

Financials(2)

%

%

Cash Equities and Equity Options, net

%

%

OTC and Other(3)

(4

)%

(5

)%

Data and Connectivity Services

6

%

6

%

Listings

1

%

1

%

Segment Revenues

$

$

%

%

Recurring Revenues

$

$

5

%

5

%

Transaction Revenues, net

$

$

%

%

(1) Net revenues in constant currency are calculated

holding both the pound sterling and euro at the average exchange rate from 2Q24, 1.2623 and 1.0766, respectively.

(2) Financials include interest rates and other financial

futures and options.

(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

Second quarter fixed income and data services revenues were $597 million.

Fixed income and data services operating expenses were $373 million, and adjusted operating expenses were $336 million in the second

quarter. Segment operating income for the second quarter was $224 million, and the operating margin was 37%. On an adjusted basis, operating

income was $261 million, and the adjusted operating margin was 44%.

3

$ (in millions)

% Chg

Const

Curr(1)

Revenues:

Fixed Income Execution

$

$

8

%

8

%

CDS Clearing

5

%

4

%

Fixed Income Data and Analytics

4

%

4

%

Data and Network Technology

8

%

7

%

Segment Revenues

$

$

6

%

5

%

Recurring Revenues

$

$

6

%

5

%

Transaction Revenues

$

$

6

%

5

%

(1) Revenues in constant currency are calculated holding

both the pound sterling and euro at the average exchange rate from 2Q24, 1.2623 and 1.0766, respectively.

Mortgage Technology Segment Results

Second quarter mortgage technology revenues were $531 million. Mortgage

technology operating expenses were $520 million, and adjusted operating expenses were $310 million in the second quarter. Segment operating

income for the second quarter was $11 million, and the operating margin was 2%. On an adjusted basis, operating income was $221 million,

and the adjusted operating margin was 42%.

$ (in millions)

% Chg

Revenues:

Origination Technology

$

$

4

%

Closing Solutions

%

Servicing Software

4

%

Data and Analytics

7

%

Segment Revenues

$

$

5

%

Recurring Revenues

$

$

2

%

Transaction Revenues

$

$

%

4

Other Matters

·

Operating cash flow through the second quarter of 2025 was $2.5 billion and adjusted free cash flow was $2.0 billion.

·

Unrestricted cash was $1.0 billion and outstanding debt was $19.2 billion as of June 30, 2025.

·

Through the second quarter of 2025, ICE repurchased $496 million of its common stock and paid $555 million in dividends.

Updated Financial Guidance

·

G1ICE's full year 2025 Exchanges recurring revenue growth is now expected to be 4% to 5%.

·

G2ICE's third quarter 2025 GAAP operating expenses are expected to be in a range of $1.245 billion to $1.255 billion. G3Adjusted operating expenses(1) are expected to be in a range of $995 million to $1,005 million.

·

G4G5ICE's third quarter 2025 GAAP and adjusted non-operating expense(2) are both expected to be in the range of $170 million to $175 million.

·

G6ICE's diluted share count for the third quarter is expected to be in the range of 572 million to 578 million weighted average shares outstanding.

(1) 3Q 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.

5

Earnings Conference Call Information

ICE will hold a conference call today, July 31, 2025, at 8:30

a.m. ET to review its second 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 747311 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 third quarter 2025 earnings has been scheduled

for October 30th, 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

6

Consolidated Statements of Income

(In millions, except per share amounts)

(Unaudited)

Six Months Ended

Three Months Ended

Revenues:

Exchanges

$

$

$

$

Fixed income and data services

Mortgage technology

Total revenues

Transaction-based expenses:

Section 31 fees

Cash liquidity payments, routing and clearing

Total revenues, less transaction-based expenses

Operating expenses:

Compensation and benefits

Professional services

Acquisition-related transaction and integration costs

Technology and communication

Rent and occupancy

Selling, general and administrative

Depreciation and amortization

Total operating expenses

Operating income

Other income/(expense):

Interest income

Interest expense

Other income/(expense), net

5

(8)

Total other income/(expense), net

Income before income tax expense

Income tax expense

Net income

$

$

$

$

Net income attributable to non-controlling interest

(7)

Net income attributable to Intercontinental Exchange, Inc.

$

$

$

$

Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:

Basic

$

$

$

$

Diluted

$

$

$

$

Weighted average common shares outstanding:

Basic

Diluted

7

Consolidated Balance Sheets

(In millions)

As of

As of

(Unaudited)

Assets:

Current assets:

Cash and cash equivalents

$

$

Short-term restricted cash and cash equivalents

Short-term restricted investments

Cash and cash equivalent margin deposits and guaranty funds

Invested deposits, delivery contracts receivable and unsettled variation margin

Customer accounts receivable, net

Prepaid expenses and other current assets

Total current assets

Property and equipment, net

Other non-current assets:

Goodwill

Other intangible assets, net

Long-term restricted cash and cash equivalents

Long-term restricted investments

—

Other non-current assets

Total other non-current assets

Total assets

$

$

Liabilities and Equity:

Current liabilities:

Accounts payable and accrued liabilities

$

$

Section 31 fees payable

Accrued salaries and benefits

Deferred revenue

Short-term debt

Margin deposits and guaranty funds

Invested deposits, delivery contracts payable and unsettled variation margin

Other current liabilities

Total current liabilities

Non-current liabilities:

Non-current deferred tax liability, net

Long-term debt

Accrued employee benefits

Non-current operating lease liability

Other non-current liabilities

Total non-current liabilities

Total liabilities

Commitments and contingencies

Redeemable non-controlling interest in consolidated subsidiaries

Equity:

Intercontinental Exchange, Inc. stockholders’ equity:

Common stock

7

7

Treasury stock, at cost

)

)

Additional paid-in capital

Retained earnings

Accumulated other comprehensive loss

)

)

Total Intercontinental Exchange, Inc. stockholders’ equity

Non-controlling interest in consolidated subsidiaries

Total equity

Total liabilities and equity

$

$

8

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):

9

Adjusted Operating Income, Operating Margin

and Operating Expense Reconciliation

(In millions)

(Unaudited)

Exchanges

Segment

Fixed Income

and Data

Services

Segment

Mortgage

Technology

Segment

Consolidated

Six Months Ended June 30,

Total revenues, less transaction-based expenses

$

$

$

$

$

$

$

$

Operating expenses

Less: Amortization of acquisition-related intangibles

Less: Transaction and integration costs

—

—

—

—

Less: Regulatory matter

4

—

—

—

—

—

4

—

Less: Other

—

—

—

—

—

Adjusted operating expenses

$

$

$

$

$

$

$

$

Operating income/(loss)

$

$

$

$

$

)

$

)

$

$

Adjusted operating income

$

$

$

$

$

$

$

$

Operating margin

%

%

%

%

(2

)%

(8

)%

%

%

Adjusted operating margin

%

%

%

%

%

%

%

%

Adjusted Operating Income, Operating Margin

and Operating Expense Reconciliation

(In millions)

(Unaudited)

Exchanges

Segment

Fixed Income

and Data

Services

Segment

Mortgage

Technology

Segment

Consolidated

Three Months Ended June 30,

Total revenues, less transaction-based expenses

$

$

$

$

$

$

$

$

Operating expenses

Less: Amortization of acquisition-related intangibles

Less: Transaction and integration costs

—

—

—

—

Less: Other

—

—

7

—

—

—

Adjusted operating expenses

$

$

$

$

$

$

$

$

Operating income/(loss)

$

$

$

$

$

$

)

$

$

Adjusted operating income

$

$

$

$

$

$

$

$

Operating margin

%

%

%

%

2

%

(6

)%

%

%

Adjusted operating margin

%

%

%

%

%

%

%

%

Adjusted Net Income Attributable to ICE and

Diluted EPS

(In millions)

(Unaudited)

Six Months

Ended June 30,

Six Months

Ended June 30,

Net income attributable to ICE

$

$

Add: Amortization of acquisition-related intangibles

Add: Transaction and integration costs

Add/(less): Litigation and regulatory matters

4

)

(Less)/add: Net (income)/loss from unconsolidated investees

)

(Less)/add: Fair value adjustments of equity investments

(2

)

3

Add: Other

—

Less: Income tax effect for the above items

)

)

Add/(less): Deferred tax adjustments on acquisition-related intangibles

6

)

Adjusted net income attributable to ICE

$

$

Diluted earnings per share attributable to ICE common stockholders

$

$

Adjusted diluted earnings per share attributable to ICE common stockholders

$

$

Diluted weighted average common shares outstanding

Adjusted Net Income Attributable to ICE and

Diluted EPS

(In millions)

(Unaudited)

Three Months

Ended June 30,

Three Months

Ended June 30,

Net income attributable to ICE

$

$

Add: Amortization of acquisition-related intangibles

Add: Transaction and integration costs

(Less)/add: Net (income)/loss from unconsolidated investees

(6

)

3

Less: Fair value adjustments of equity investments

(2

)

—

Add: Other

—

Less: Income tax effect for the above items

)

)

Add: Deferred tax adjustments on acquisition-related intangibles

3

Adjusted net income attributable to ICE

$

$

Diluted earnings per share attributable to ICE common stockholders

$

$

Adjusted diluted earnings per share attributable to ICE common stockholders

$

$

Diluted weighted average common shares outstanding

Adjusted Free Cash Flow Calculation

(In millions)

(Unaudited)

Six Months

Ended June 30,

Six Months

Ended June 30,

Net cash provided by operating activities

$

$

Less: Capital expenditures

)

)

Less: Capitalized software development costs

)

)

Free cash flow

$

$

Less: Section 31 fees, net

)

)

Adjusted free cash flow

$

$

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 https://www.ice.com/privacy-security-center/terms-of-use.

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-CORP

ICE Investor Relations Contact:

Katia Gonzalez

katia.gonzalez@ice.com

investors@ice.com

ICE Media Contact:

Rebecca Mitchell

rebecca.mitchell@ice.com

media@ice.com