ICE Surpasses Forecasts as Exchange Revenue Climbs 10%

The operator of the New York Stock Exchange and global clearinghouses reported adjusted earnings of $1.71 per share, outperforming the $1.68 projected by FactSet analysts. Total revenue climbed to $3.14 billion, while revenue excluding transaction-based expenses reached $2.5 billion, surpassing Wall Street models of $2.47 billion.

Growth Across Core Segments

The company’s exchange business remained its primary growth engine, with revenue increasing 10% to $1.36 billion. This strength was mirrored in the fixed income and data services division, which saw a 5% uptick to $608 million. The mortgage technology segment, a key area of diversification for ICE, contributed $532 million to the quarterly results.

CFO Warren Gardiner attributed the performance to "strong and durable cash flows" and a continued focus on operational efficiency. Looking toward 2026, the company expects revenue in its core exchange and data units to grow in the mid-single digits, while mortgage technology is projected to climb at a low- to mid-single-digit pace.

For the upcoming first quarter, ICE projects adjusted operating expenses between $1.01 billion and $1.02 billion. On an annual basis, the company expects adjusted expenses to settle between $4.08 billion and $4.14 billion as it maintains what Gardiner described as a disciplined investment strategy.