Intercontinental Exchange Inc. delivered a solid start to 2025 with a diversified and resilient earnings profile. In the QQ1 2025 quarter, ICE reported revenue of USD 3.229 billion, a gross margin of 55.1%, and an operating margin of 37.8%, translating into net income of USD 797 million and diluted EPS of USD 1.38. Year-over-year revenue rose 15.3% and operating income climbed about 14.9%, underscoring the durability of ICE’s diversified revenue streams across Exchanges, Fixed Income and Data Services, and Mortgage Technology. Cash generation remained robust, with operating cash flow of USD 966 million and free cash flow of USD 881 million, while the company continued to allocate capital via modest share repurchases and dividends, supported by a substantial cash and investments position and a strong balance sheet.
ICE’s balance sheet remains solid with total assets of USD 142.87 billion and total liabilities of USD 114.83 billion, yielding equity of USD 27.97 billion. Net debt stood at USD 19.84 billion, and liquidity is evidenced by USD 85.61 billion in cash at period-end alongside USD 3.17 billion of cash and short-term investments. The quarter highlighted strong profitability metrics (EBITDA USD 1.66 billion; EBITDA margin ≈ 51.5%), healthy cash conversion, and a disciplined capital allocation framework. Absent explicit quarterly guidance in the provided data, the investment thesis rests on ICE’s ability to scale data services, expand mortgage technology, and sustain high-margin trading and clearing activities amid a favorable but competitive regulatory environment.
Given the absence of earnings-call quotes in the dataset, management commentary is not quoted here. The quantitative profile, however, points to a durable earnings engine with optionality from data services, mortgage technology, and international expansion opportunities that could support continued accretion in profitability and cash flow over the near to medium term.