Intercontinental Exchange Q4 EPS Climbs 12.5% to $1.71 with Record $2.5B Revenues
Intercontinental Exchange reported fourth-quarter adjusted EPS of $1.71, up 12.5% year over year and 2.4% above estimates. Net revenues reached a record $2.5 billion, margins expanded 200 basis points to 60%, and operating expenses rose 1.7%.
1. Q4 Financial Results
Intercontinental Exchange delivered adjusted EPS of $1.71 in Q4, a 12.5% increase year over year and 2.4% above consensus. Net revenues hit a record $2.5 billion, down 17.3% year over year but still 1.2% ahead of forecasts, driven by strength across trading and data services.
2. Margin Expansion and Expenses
Adjusted operating expenses rose 3.9% to $1.0 billion, while adjusted operating income increased 1.1% to $1.5 billion. The company expanded its adjusted operating margin by 200 basis points to 60%, reflecting improved efficiency and revenue mix.
3. 2026 Outlook
ICE expects mid-single-digit organic net revenue growth overall, with Data Vantage revenue rising in the mid- to high-single-digit range. Management projects adjusted operating expenses of $864–$879 million and capital expenditures of $73–$83 million, targeting continued margin expansion.