Intercontinental Exchange: From Policy Uncertainty to Volume Breakouts-How Trading Activity Is Accelerating!

Intercontinental Exchange closed 2025 with record financial performance, reflecting balanced growth across exchanges, fixed income and data services, and mortgage technology. Adjusted earnings per share reached $6.95 for the year, up 14%, while net revenues increased 6% to $9.9 billion. Fourth quarter net revenues rose 7% and adjusted earnings per share grew 13%, supported by 8% transaction revenue growth and 6% recurring revenue growth. The company generated $4.2 billion in adjusted free cash flow, repurchased $1.3 billion of stock, increased its dividend and reduced leverage to 3 times. Expense synergies from the Black Knight acquisition exceeded prior targets, and management raised its long-term synergy expectations, reinforcing integration execution.