ICE Intercontinental Exchange (ICE) Q3 FY25 earnings call
Intercontinental Exchange delivered a record third quarter, driven by robust recurring revenue growth across its Exchange and Fixed Income segments. The company is strategically investing in AI to enhance internal efficiencies and client solutions, exemplified by the ICE Aurora platform and the Polymarket investment, which aims to leverage blockchain for improved collateral management and market innovation. Management remains focused on extending its growth trajectory and creating shareholder value through strategic investments and capital returns.
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ICE operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | This call Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Assets under management (AUM) ETF benchmarked to ICE indices | $648BIn our index business, ETF AUM benchmarked to our indices has grown to $648 billion at the end of 2024 from less than $100 billion in 2017, a key driver of the double-digit average annual revenue growth over that timeframe.Source: earnings call transcript | $754BIn our fixed income data and analytics business, record third quarter revenues of $311 million increased 5% year-over-year, driven by growth in pricing and reference data in our index business, which reached a record $754 billion in ETF AUM at the end of the third quarter.Source: earnings call transcript | $794BOur fixed income data and analytics business achieved record revenues of $318 million, up 5%, driven by our pricing and reference data offering, which posted its best quarter for net new business since 2020 and our index business, which ended the year with a record $794 billion in ETF AUM tracking ICE indices, up over 20% versus last year.Source: earnings call transcript | $829BWithin Fixed Income Data & Analytics, we achieved record revenues of $322 million, up 7%, aided by strong net new business trends in our pricing and reference data offering and continued momentum in our Index business, which ended the quarter with a record $829 billion in ETF AUM, up 21% year-over-year.Source: earnings call transcript | $922BWithin fixed income and Data Services, record revenues were aided by strong net new business and pricing and reference data, deepening consumption of our fixed income data sets including early signs of engagement by clients building AI-driven workflows and continued momentum in our index business, which ended the quarter with a record $922 billion in ETF assets under management, up 29% year-over-year.Source: earnings call transcript | +11.2% |
| Retention rate NYSE listings | — | — | 99%+In addition, our retention rate remained above 99% while we also welcomed several transfers, including Virtu, Etsy and the largest transfer in NYSE history, AstraZeneca, who officially transferred to the NYSE this week.Source: earnings call transcript | 99%+In the first quarter, we welcomed 25 new operating companies, facilitated the largest transfer in our history with AstraZeneca and maintained a retention rate above 99%.Source: earnings call transcript | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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