Intercontinental Exchange, Inc.
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 31, 2025
ICE$172.27-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-01.
0001571949-25-000007
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0001571949-25-000013
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 290 previous paragraphs and 302 current paragraphs.
189 unchanged; 97 reworded; 10 added; 4 removed; 0 previous and 6 current paragraphs rearranged.
Tables are not compared: 17 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Tax Policy Changes
Current report
On July 4, 2025, the OBBBA was enacted into law. The OBBBA made significant changes to existing U.S. federal and international tax provisions. The most impactful provisions to our business include immediate expensing of domestic U.S. research and experimental and some capital expenditures, and changes to the U.S. taxation of profits from foreign operations and the foreign-derived intangible income deduction. These provisions may have various impacts which are complicated by their different effective dates and many elections available in the OBBBA, as well as uncertainties around U.S. states’ reactions to these federal tax law changes. We are currently evaluating the impact of these provisions on our overall tax positions including their effect on our current and deferred tax assets and liabilities, effective tax rate and cash tax obligations. The OBBBA does not impact our financial statements for the six and three month periods ended June 30, 2025.
Current report
•EMIR 3.0. In June 2025, ESMA released its final report on the Regulatory Technical Standards for the Active Account Requirement under EMIR 3.0. The Active Account Requirement mandates EU market participants to establish accounts for euro-denominated short-term interest rate derivatives at an EU central counterparty and clear a certain number of trades in an EU account. The Active Account Requirement could result in a reduced volume of trading and clearing of euro-denominated short-term interest rate derivatives at ICE Futures Europe and ICE Clear Europe.
Current report
•EU Sanctions Against Russia. In July 2025, the EU approved additional sanctions against Russia including the prohibition on importing Russian petroleum refined in other countries. This restriction may impact the Low Sulphur Gasoil contract traded at ICE Futures Europe and cleared at ICE Clear Europe. We are monitoring the developments of the additional sanctions and any impact on our markets.
Current report
•Financial Futures and Options: Total volumes in our financial futures and options markets increased 28% for both the six and three months ended June 30, 2025 from the comparable periods in 2024 and revenues increased 18% and 21% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024. The first half of 2025 benefited from higher volatility related to market uncertainties surrounding trade policy, central bank policy and geopolitical events.
Current report
On July 4, 2025, the OBBBA was enacted into law. The OBBBA includes significant changes to existing U.S. federal and international tax provisions. These tax law changes did not affect our income tax provision for the six and three months ended June 30, 2025.
Current report
•A decrease in non-cash adjustments to net income of $59 million primarily due to our share of net income from OCC during the six months ended June 30, 2025 compared to our share of net losses primarily driven by Bakkt during the six months ended June 30, 2024 partially offset by an increase in depreciation and amortization; and
Current report
•We had net proceeds from restricted investments of $408 million during the six months ended June 30, 2025 primarily related to $500 million of the net proceeds from the senior notes issued in May 2024 that we invested and used to repay a portion of the aggregate principal amount of the senior notes that matured in May 2025. This is compared to net proceeds from restricted investments of $201 million for the six months ended June 30, 2024.
Current report
•During the six months ended June 30, 2024, we received net proceeds of $739 million from the issuance of senior notes due 2031.
Current report
•During the six and three months ended June 30, 2024, $30 million of expense for valid claims made following an equity trading issue at NYSE that occurred in June 2024.
Removed paragraphs (4)
Previous report
•Financial Futures and Options: Total volumes in our financial futures and options markets increased 28% and revenues increased 15% for the three months ended March 31, 2025 from the comparable period in 2024, driven by elevated volatility related to macroeconomic uncertainty and shifting U.S. trade policy.
Previous report
•Excluding the PennyMac arbitration settlement, the three months ended March 31, 2025 included $113 million of net income increases primarily driven by higher Exchange segment revenues; and
Previous report
•We had net purchases of restricted investments of $83 million during the three months ended March 31, 2025 as compared to net proceeds from restricted investments of $638 million for the three months ended March 31, 2024.
Previous report
The net proceeds for the three months ended March 31, 2024 primarily consisted of short-term restricted investments purchased by ICE Clear Europe for regulatory capital requirements in 2023 of which $680 million matured during the three months ended March 31, 2024;
Reworded paragraphs (97)
Previous wording
•the business environment in which we operate and trends in our industries, including trading volumes, prevalence of clearing, demand for data services, mortgage lending and servicing activity, mortgage delinquencies, fees, changing regulations, competition and consolidation;
Current wording
•the business environment in which we operate and trends in our industries, including trading volumes, prevalence of clearing, demand for data services, mortgage lending and servicing activity, mortgage delinquencies, fees, changing regulations, competition (including from entrants or non-traditional competitors) and consolidation;
Previous wording
Our results of operations are affected by global economic conditions, including macroeconomic conditions and geopolitical events and conflicts. Since 2022, macroeconomic conditions, including changes in interest rates, inflation and significant market volatility, changes in tariffs and trade policies along with geopolitical concerns, have created ongoing uncertainty and volatility in the global economy and resulted in a dynamic operating environment.
Current wording
Our results of operations are affected by global economic conditions, including macroeconomic conditions and geopolitical events and conflicts. Recent macroeconomic conditions, including changes in interest rates, inflation and significant market volatility, changes in tariffs and trade policies along with geopolitical concerns, have created ongoing uncertainty and volatility in the global economy and resulted in a dynamic operating environment.
Previous wording
Our business has been impacted positively and negatively by these global economic conditions. For instance, due to market and interest rate volatility, including market volatility during the first few months of 2025, we have seen increased trading across a number of our products, such as interest rate and equity futures, credit default swaps and bonds. Conversely, increases in mortgage interest rates in 2023 and, to a lesser extent, 2024, resulted in reduced consumer and investor demand for mortgages and adversely impacted the transaction-based revenues in our Mortgage Technology segment. If mortgage rates remain high or further increase, or if mortgage lending practices change, our Mortgage Technology segment revenues may be further impacted. In addition, higher interest rates have resulted, and may continue to result, in higher interest rates for our debt instruments as we refinance our existing indebtedness.
Current wording
Our business has been impacted positively and negatively by these global economic conditions. For instance, due to market and interest rate volatility, including market volatility during the first half of 2025, we have seen increased trading across a number of our products, such as interest rate and equity futures, credit default swaps and bonds. Conversely, increases in mortgage interest rates over the past several years have resulted in reduced consumer and investor demand for mortgages and adversely impacted the transaction-based revenues in our Mortgage Technology segment. If mortgage rates remain high or further increase, or if mortgage lending practices change, our Mortgage Technology segment revenues may be further impacted. In addition, higher interest rates have resulted, and may continue to result, in higher interest rates for our debt instruments as we refinance our existing indebtedness.
Previous wording
Our activities and the markets in which we operate are subject to regulations that impact us as well as our customers, and, in turn, meaningfully influence our activities, the manner in which we operate and our strategy. We are primarily subject to the jurisdiction of regulatory agencies in the U.S., United Kingdom, or U.K., EU, Canada, Singapore and Abu Dhabi. Failure to satisfy regulatory requirements can or may give rise to sanctions by the applicable regulator.
Current wording
Our activities and the markets in which we operate are subject to regulations that impact us as well as our customers, and, in turn, meaningfully influence our activities, the manner in which we operate and our strategy. We are primarily subject to the jurisdiction of regulatory agencies in the U.S., U.K., EU, Canada, Singapore and Abu Dhabi. Failure to satisfy regulatory requirements can or may give rise to sanctions by the applicable regulator.
Previous wording
•EU Benchmarks Regulation. In March 2025, the EU Council adopted amendments to the EU Benchmarks Regulation, or EU BMR, which reduces the scope to only include benchmarks defined as critical or significant, EU Paris-aligned benchmarks, EU Climate Transition benchmarks and certain commodity benchmarks. ICE Benchmark Administration and ICE Data Indices are seeking recognition from the European Securities and Markets Authority, or ESMA, as a third-country benchmark administrator in advance of the transition period expiration on December 31, 2025.
Current wording
•EU Benchmarks Regulation. In May 2025, the amended EU Benchmarks Regulation was published in the Official Journal of the EU. Key changes include reducing the scope to only include benchmarks defined as critical or significant, EU Paris-aligned benchmarks, EU Climate Transition benchmarks and certain commodity benchmarks. ICE Benchmark Administration and ICE Data Indices are seeking recognition from the European Securities and Markets Authority, or ESMA, as a third-country benchmark administrator in advance of the transition period expiration on December 31, 2025.
Previous wording
(1) Operating loss from our Mortgage Technology segment was $27 million and $48 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
(1) Operating loss from our Mortgage Technology segment was $16 million and $80 million for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
(1) We define recurring revenues as the portion of our revenues that are generally predictable, stable, and can be expected to occur at regular intervals in the future with a relatively high degree of certainty and visibility. We define transaction revenues as those associated with a more specific point-in-time service, such as a trade execution.
Current wording
(1) We define recurring revenues as the portion of our revenues that are generally predictable, stable, and can be expected to occur at regular intervals in the future with a relatively high degree of certainty and visibility. We define transaction revenues as those associated with a more specific point-in-time service, such as a trade execution. Management evaluates recurring revenues and transaction revenues, net, when making financial and operating decisions and believes they are a useful metric in evaluating our business performance. The definitions of recurring revenues and transaction revenues are not uniform, and therefore the revenues we consider recurring versus transaction may differ from those of other companies. Recurring and transaction revenues are operating metrics and do not necessarily reflect the pattern of revenue recognition in accordance with GAAP and should not be considered a substitute for GAAP revenue.
Previous wording
•Revenues, less transaction-based expenses, increased $183 million for the three months ended March 31, 2025 from the comparable period in 2024. See "—Exchanges Segment", "—Fixed Income and Data Services Segment" and "—Mortgage Technology Segment" below for a discussion of the significant changes in our revenues. The change in revenues during the three months ended March 31, 2025 includes $8 million in unfavorable foreign exchange effects arising from fluctuations in the U.S. dollar from the comparable period in 2024.
Current wording
•Revenues, less transaction-based expenses, increased $409 million and $226 million for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024. See "—Exchanges Segment", "—Fixed Income and Data Services Segment" and "—Mortgage Technology Segment" below for a discussion of the significant changes in our revenues. The change in revenues during the six and three months ended June 30, 2025 includes $13 million and $21 million, respectively, in favorable foreign exchange effects arising from fluctuations in the U.S. dollar from the comparable periods in 2024.
Previous wording
•Operating expenses increased $25 million for the three months ended March 31, 2025 from the comparable period in 2024. See "—Consolidated Operating Expenses" below for a discussion of the significant changes in our operating expenses. The increase in operating expenses during the three months ended March 31, 2025 includes $1 million in favorable foreign exchange effects arising from fluctuations in the U.S. dollar from the comparable period in 2024.
Current wording
•Operating expenses increased $20 million and decreased $5 million for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024. See "—Consolidated Operating Expenses" below for a discussion of the significant changes in our operating expenses. The changes in operating expenses during the six and three months ended June 30, 2025 includes $5 million and $6 million, respectively, in unfavorable foreign exchange effects arising from fluctuations in the U.S. dollar from the comparable periods in 2024.
Previous wording
For the three months ended March 31, 2025 and 2024, 24% and 23%, respectively, of our Exchanges segment revenues, less transaction-based expenses, were billed in pounds sterling or euros. Due to the fluctuations of the pound sterling and euro compared to the U.S. dollar, our Exchanges segment revenues, less transaction-based expenses, were lower by $7 million for the three months ended March 31, 2025 from the comparable period in 2024.
Current wording
For the six and three months ended June 30, 2025, 24% and 23%, respectively, of our Exchanges segment revenues, less transaction-based expenses, were billed in pounds sterling or euros. For the six and three months ended June 30, 2024, 23% and 22%, respectively, of our Exchanges segment revenues, less transaction-based expenses, were billed in pounds sterling or euros. Due to the fluctuations of the pound sterling and euro compared to the U.S. dollar, our Exchanges segment revenues, less transaction-based expenses, were higher by $11 million and $18 million for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024.
Previous wording
Our Exchange transaction and clearing revenues are presented net of rebates. We recorded rebates of $402 million and $297 million for the three months ended March 31, 2025 and 2024, respectively. We offer rebates in certain of our markets primarily to support market liquidity and trading volume by providing qualified participants in those markets a discount to the applicable commission rate. Such rebates are calculated based on volumes traded. The increase in rebates for the three months ended March 31, 2025 was primarily due to higher volumes traded as compared to the comparable period in 2024.
Current wording
Our Exchange transaction and clearing revenues are presented net of rebates. We recorded rebates of $842 million and $616 million for the six months ended June 30, 2025 and 2024, respectively, and $440 million and $319 million for the three months ended June 30, 2025 and 2024, respectively. We offer rebates in certain of our markets primarily to support market liquidity and trading volume by providing qualified participants in those markets a discount to the applicable commission rate. Such rebates are calculated based on volumes traded. The increase in rebates for the six and three months ended June 30, 2025 was primarily due to higher volumes traded as compared to the comparable periods in 2024.
Previous wording
•Energy Futures and Options: Total volumes in our energy futures and options markets increased 24% and revenues increased 22% for the three months ended March 31, 2025 from the comparable period in 2024.
Current wording
•Energy Futures and Options: Total volumes in our energy futures and options markets increased 25% for both the six and three months ended June 30, 2025 from the comparable periods in 2024 and revenues increased 24% and 27% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024.
Previous wording
–Oil futures and options volume increased 18% for the three months ended March 31, 2025 from the comparable period in 2024, due to ongoing geopolitical risks and uncertainty regarding oil supply and demand fundamentals.
Current wording
–Oil futures and options volume increased 25% and 32% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024, due to a confluence of geopolitical risks and macroeconomic uncertainty.
Previous wording
–Global natural gas futures and options volume increased 33% for the three months ended March 31, 2025 from the comparable period in 2024. The volume increase in our North American gas products was driven by volatility related to rising variability in storage outcomes and increased demand for natural gas. In addition, continued growth in our TTF and Asian JKM gas contracts was driven by weather-related supply and demand dynamics, supply disruptions and geopolitical uncertainty.
Current wording
–Global natural gas futures and options volume increased 24% and 14% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024. The volume increase in our North American gas products was driven by volatility related to shifting supply and demand dynamics. In addition, continued growth in our TTF complex was, in part, driven by supply disruption and geopolitical uncertainty.
Previous wording
–Environmentals and other futures and options volume increased 25% for the three months ended March 31, 2025 from the comparable period in 2024, due to higher power and environmental volumes compared to the prior year period.
Current wording
–Environmentals and other futures and options volume increased 15% and 6% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024, due to higher power and environmental volumes compared to the prior year periods.
Previous wording
•Agricultural and Metals Futures and Options: Total volumes in our agricultural and metals futures and options markets decreased 13% and revenues decreased 11% for the three months ended March 31, 2025 from the comparable period in 2024, primarily due to lower cocoa volumes.
Current wording
•Agricultural and Metals Futures and Options: Total volumes in our agricultural and metals futures and options markets decreased 11% and 8% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024 and revenues decreased 10% for both the six and three months ended June 30, 2025 from the comparable periods in 2024. In the first half of 2025, increased sugar, cotton, and canola volumes were more than offset by lower coffee and cocoa volumes.
Previous wording
–Sugar futures and options volumes increased 20% for the three months ended March 31, 2025 from the comparable period in 2024, driven by price volatility related to a global deficit due to supply constraints and strong demand.
Current wording
–Sugar futures and options volumes increased 11% and 2% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024, driven by volatility related to shifting supply and demand dynamics.
Previous wording
–Other agricultural and metal futures and options volume decreased 30% for the three months ended March 31, 2025 from the comparable period in 2024, primarily driven by an ongoing global supply shortage and historically high prices impacting our cocoa markets.
Current wording
–Other agricultural and metal futures and options volume decreased 23% and 15% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024, primarily driven by elevated prices related to supply constraints, geopolitical risks and shifting demand impacting our coffee and cocoa markets.
Previous wording
–Interest rate futures and options volume increased 31% and revenue increased 17% for the three months ended March 31, 2025 from the comparable period in 2024, driven by elevated volatility related to divergence of rate paths by central banks and shifting U.S. trade policy.
Current wording
–Interest rate futures and options volume increased 32% for both the six and three months ended June 30, 2025 from the comparable periods in 2024 and revenue increased 22% and 27% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024, driven by elevated volatility related to divergence of rate paths by central banks and trade policy uncertainty.
Previous wording
–Other financial futures and options volume, which includes our MSCI®, FTSE® and NYSE FANG+ equity indices, U.S. Dollar Index and foreign exchange products, increased 3% and revenue increased 8% for the three months ended March 31, 2025 from the comparable period in 2024. The overall increase in other financial futures and options volume was primarily due to higher equity market volatility than during the comparable period in 2024.
Current wording
–Other financial futures and options volume, which includes our MSCI®, FTSE® and NYSE FANG+ equity indices, U.S. Dollar Index and foreign exchange products, increased 3% and 2% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024 and revenue increased 8% and 7% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024. The overall increase in other financial futures and options volume was primarily due to higher equity market volatility than during the comparable periods in 2024.
Previous wording
•Cash Equities and Equity Options: Cash equities volume increased 20% for the three months ended March 31, 2025 from the comparable period in 2024, due to higher industry volumes and heightened volatility driven by uncertainty related to geopolitical risks. Cash equities revenues, net of transaction-based expenses, were $81 million and $71 million for the three months ended March 31, 2025 and 2024, respectively. The increase in revenues was driven by an increase in volume, partially offset by lower market share. Equity options volume increased 8% for the three months ended March 31, 2025 from the comparable period in 2024, driven by higher industry volumes. Equity options revenues, net of transaction-based expenses, were $38 million and $28 million for the three months ended March 31, 2025 and 2024, respectively. The increase in revenues was driven by an increase in volume, partially offset by lower market share.
Current wording
•Cash Equities and Equity Options: Cash equities volume increased 34% and 47% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024, primarily due to higher industry volumes. Cash equities revenues, net of transaction-based expenses, were $164 million and $151 million for the six months ended June 30, 2025 and 2024, respectively, and $83 million and $80 million for the three months ended June 30, 2025 and 2024, respectively. The increase in revenues was driven by an increase in volume, partially offset by lower market share. Equity options volume increased 6% and 5% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024, driven by higher industry volumes. Equity options revenues, net of transaction-based expenses, were $78 million and $59 million for the six months ended June 30, 2025 and 2024, respectively, and $40 million and $31 million for the three months ended June 30, 2025 and 2024, respectively.
Previous wording
•OTC and Other: OTC and other transactions include revenues from our OTC energy business and other trade confirmation services, as well as net interest income and fees on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, exchange membership fees and agricultural grading and certification fees. Our OTC and other revenues decreased 1% for the three months ended March 31, 2025 from the comparable period in 2024.
Current wording
•OTC and Other: OTC and other transactions include revenues from our OTC energy business and other trade confirmation services, as well as net interest income and fees on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, exchange membership fees and agricultural grading and certification fees. Our OTC and other revenues decreased 2% and 4% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024.
Previous wording
•Data and Connectivity Services: Our data and connectivity services revenues increased 5% for the three months ended March 31, 2025 from the comparable period in 2024. The increase in revenue was driven by the strong retention rate of existing customers, the addition of new customers and increased purchases by existing customers.
Current wording
•Data and Connectivity Services: Our data and connectivity services revenues increased 5% and 6% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024. The increase in revenue was driven by the strong retention rate of existing customers, the addition of new customers and increased purchases by existing customers.
Previous wording
•Listings Revenues: Through NYSE, NYSE American, NYSE Arca and NYSE Texas, we generate listings revenue related to the provision of listings services for public companies and ETFs, and related corporate actions for listed companies. Listings revenues were flat for the three months ended March 31, 2025 from the comparable period in 2024. All listings fees are billed upfront, and revenues are recognized over time as the identified performance obligations are satisfied.
Current wording
•Listings Revenues: Through NYSE, NYSE American, NYSE Arca and NYSE Texas, we generate listings revenue related to the provision of listings services for public companies and ETFs, and related corporate actions for listed companies. Listings revenues increased 1% for both the six and three months ended June 30, 2025 from the comparable periods in 2024. All listings fees are billed upfront, and revenues are recognized over time as the identified performance obligations are satisfied.
Previous wording
Our equities and equity options markets pay fees to the SEC pursuant to Section 31 of the Exchange Act. Section 31 fees are recorded on a gross basis as a component of transaction and clearing fee revenue. These Section 31 fees are assessed to recover the government’s costs of supervising and regulating the securities markets and professionals and are subject to change. We, in turn, collect corresponding activity assessment fees from member organizations clearing or settling trades on the equities and options exchanges, and recognize these amounts in our transaction and clearing revenues when invoiced. The activity assessment fees are designed to equal the Section 31 fees. As a result, activity assessment fees and the corresponding Section 31 fees do not have an impact on our net income, although the timing of payment by us will vary from collections. Section 31 fees were $262 million and $67 million for the three months ended March 31, 2025 and 2024, respectively. The increase in Section 31 fees during the three months ended March 31, 2025 was primarily due to an increase volumes during the period combined with higher rates. The fees we collect are included in cash at the time of receipt and we remit the amounts to the SEC twice a year as required. The total amount of Section 31 fees payable is included in current liabilities and was $260 million as of March 31, 2025.
Current wording
Our equities and equity options markets pay fees to the SEC pursuant to Section 31 of the Exchange Act. Section 31 fees are recorded on a gross basis as a component of transaction and clearing fee revenue. These Section 31 fees are assessed to recover the government’s costs of supervising and regulating the securities markets and professionals and are subject to change. We, in turn, collect corresponding activity assessment fees from member organizations clearing or settling trades on the equities and options exchanges, and recognize these amounts in our transaction and clearing revenues when invoiced. The activity assessment fees are designed to equal the Section 31 fees. As a result, activity assessment fees and the corresponding Section 31 fees do not have an impact on our net income, although the timing of payment by us will vary from collections. Section 31 fees were $412 million and $205 million for the six months ended June 30, 2025 and 2024, respectively, and $150 million and $138 million for the three months ended June 30, 2025 and 2024, respectively. The increase in Section 31 fees during the six months ended June 30, 2025 was primarily due to an increase in volumes during the period combined with higher rates and the increase in Section 31 fees during the three months ended June 30, 2025 was primarily due to an increase in volumes, partially offset by lower rates. The fees we collect are included in cash at the time of receipt and we remit the amounts to the SEC twice a year as required. The total amount of Section 31 fees payable is included in current liabilities and was $409 million as of June 30, 2025.
Previous wording
We make liquidity payments to cash and options trading customers, as well as routing charges made to other exchanges which are included in transaction-based expenses. We incur routing charges when we do not have the best bid or offer in the market for a security that a customer is trying to buy or sell on one of our securities exchanges. In that case, we route the customer’s order to the external market center that displays the best bid or offer. The external market center charges us a fee per share (denominated in tenths of a cent per share) for routing to its system. We record routing charges on a gross basis as a component of transaction and clearing fee revenue. Cash liquidity payments, routing and clearing fees were $494 million and $444 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
We make liquidity payments to cash and options trading customers, as well as routing charges made to other exchanges which are included in transaction-based expenses. We incur routing charges when we do not have the best bid or offer in the market for a security that a customer is trying to buy or sell on one of our securities exchanges. In that case, we route the customer’s order to the external market center that displays the best bid or offer. The external market center charges us a fee per share (denominated in tenths of a cent per share) for routing to its system. We record routing charges on a gross basis as a component of transaction and clearing fee revenue. Cash liquidity payments, routing and clearing fees were $1.1 billion and $886 million for the six months ended June 30, 2025 and 2024, respectively, and $569 million and $442 million for the three months ended June 30, 2025 and 2024, respectively.
Previous wording
During the three months ended March 31, 2025, we changed the caption of a disaggregated revenue line item in our Fixed Income and Data Services segment previously presented as "Other data and network services" to "Data and network technology" within the table above. This name change was made to better reflect the nature of the revenues included in this caption and did not impact the measurement or classification of revenue included in this caption.
Current wording
During the six months ended June 30, 2025, we changed the caption of a disaggregated revenue line item in our Fixed Income and Data Services segment previously presented as "Other data and network services" to "Data and network technology" within the table above. This name change was made to better reflect the nature of the revenues included in this caption and did not impact the measurement or classification of revenue included in this caption.
Previous wording
For the three months ended March 31, 2025 and 2024, 10% and 11%, respectively, of our Fixed Income and Data Services segment revenues were billed in pounds sterling or euros. As the pound sterling or euro exchange rate changes, the U.S. equivalent of revenues denominated in foreign currencies changes accordingly. Due to the fluctuations of the pound sterling and euro compared to the U.S. dollar, our Fixed Income and Data Services revenues were lower by $1 million for the three months ended March 31, 2025 than the comparable period in 2024.
Current wording
For the six and three months ended June 30, 2025, 10% and 11%, respectively, of our Fixed Income and Data Services segment revenues were billed in pounds sterling or euros. For both of the six and three months ended June 30, 2024, 11% of our Fixed Income and Data Services segment revenues were billed in pounds sterling or euros. As the pound sterling or euro exchange rate changes, the U.S. equivalent of revenues denominated in foreign currencies changes accordingly. Due to the fluctuations of the pound sterling and euro compared to the U.S. dollar, our Fixed Income and Data Services revenues were higher by $2 million and $3 million for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024.
Previous wording
Our Fixed Income and Data Services revenues increased 5% for the three months ended March 31, 2025 from the comparable period in 2024, primarily due to strength in our fixed income data and analytics products and our data and network technology.
Current wording
Our Fixed Income and Data Services revenues increased 5% and 6% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024, primarily due to strength in our fixed income data and analytics products and our data and network technology.
Previous wording
•Fixed Income Execution: Fixed income execution includes revenues from ICE Bonds. Execution fees are reported net of rebates, which were $2 million and $3 million for the three months ended March 31, 2025, and 2024, respectively. Our fixed income execution revenues increased 16% for the three months ended March 31, 2025 from the comparable period in 2024 driven by elevated market volatility related to geopolitical and macroeconomic uncertainty.
Current wording
•Fixed Income Execution: Fixed income execution includes revenues from ICE Bonds. Execution fees are reported net of rebates, which were $6 million and $4 million for the six and three months ended June 30, 2025, respectively, and $5 million and $2 million for the six and three months ended June 30, 2024, respectively. Our fixed income execution revenues increased 12% and 8% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024 driven by market volatility related to geopolitical and macroeconomic uncertainty.
Previous wording
•CDS Clearing: CDS clearing revenues increased 2% for the three months ended March 31, 2025 from the comparable period in 2024. The notional value of CDS cleared was $7.0 trillion and $5.0 trillion for the three months ended March 31, 2025 and 2024, respectively. The overall increase in the notional value of CDS cleared was primarily driven by elevated market volatility related to geopolitical and macroeconomic uncertainty.
Current wording
•CDS Clearing: CDS clearing revenues increased 3% and 5% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024. The notional value of CDS cleared was $12.8 trillion and $9.1 trillion for the six months ended June 30, 2025 and 2024, respectively, and $5.8 trillion and $4.1 trillion for the three months ended June 30, 2025 and 2024, respectively. The overall increase in the notional value of CDS cleared was primarily driven by market volatility related to geopolitical and macroeconomic uncertainty.
Previous wording
•Fixed Income Data and Analytics: Our fixed income data and analytics revenues increased 4% for the three months ended March 31, 2025 from the comparable period in 2024 due to growth in our pricing and reference data business and strength in our index business.
Current wording
•Fixed Income Data and Analytics: Our fixed income data and analytics revenues increased 4% for both the six and three months ended June 30, 2025 from the comparable periods in 2024 due to growth in our pricing and reference data business and strength in our index business.
Previous wording
•Data and Network Technology: Our data and network technology revenues increased 7% for the three months ended March 31, 2025 from the comparable period in 2024, driven by growth in our ICE Global Network offering, coupled with strength in our consolidated feeds, desktop and derivative analytics revenues.
Current wording
•Data and Network Technology: Our data and network technology revenues increased 7% and 8% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024, driven by growth in our ICE Global Network offering, coupled with strength in our consolidated feeds, desktop and derivative analytics revenues.
Previous wording
As of March 31, 2025, ASV was $1.883 billion, which increased 5.5% compared to the ASV as of March 31, 2024. ASV represents nearly 100% of total data services revenues for this segment. This does not adjust for year-over-year foreign exchange fluctuations.
Current wording
As of June 30, 2025, ASV was $1.927 billion, which increased 7.3% compared to the ASV as of June 30, 2024. ASV represents nearly 100% of total data services revenues for this segment. This does not adjust for year-over-year foreign exchange fluctuations.
Previous wording
Our mortgage technology revenues are derived from our comprehensive, end-to-end U.S. residential mortgage platform. Our mortgage technology business is intended to enable greater workflow efficiency and mitigate risks for customers throughout the mortgage life cycle. Mortgage technology revenues increased 2% for the three months ended March 31, 2025 from the comparable period in 2024.
Current wording
Our mortgage technology revenues are derived from our comprehensive, end-to-end U.S. residential mortgage platform. Our mortgage technology business is intended to enable greater workflow efficiency and mitigate risks for customers throughout the mortgage life cycle. Mortgage technology revenues increased 4% and 5% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024.
Previous wording
•Origination technology: Our origination technology revenues increased 1% for the three months ended March 31, 2025 from the comparable period in 2024. Our origination technology acts as a system of record for the mortgage transaction, automating the gathering, reviewing, and verifying of mortgage-related information and enabling automated enforcement of rules and business practices designed to help ensure that each completed loan transaction is of high quality and adheres to secondary market standards. These revenues are based on recurring Software as a Service, or SaaS, subscription fees, with an additive transaction-based or success-based pricing fee as lenders exceed the number of loans closed that are included with their monthly base subscription, as well as professional services.
Current wording
•Origination technology: Our origination technology revenues increased 2% and 4% for the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024, driven by Encompass and Encompass Network revenues. Our origination technology acts as a system of record for the mortgage transaction, automating the gathering, reviewing, and verifying of mortgage-related information and enabling automated enforcement of rules and business practices designed to help ensure that each completed loan transaction is of high quality and adheres to secondary market standards. These revenues are based on recurring Software as a Service, or SaaS, subscription fees, with an additive transaction-based or success-based pricing fee as lenders exceed the number of loans closed that are included with their monthly base subscription, as well as professional services.
Previous wording
•Closing solutions: Our closing solutions revenues increased 9% during the three months ended March 31, 2025 from the comparable period in 2024, driven by continued adoption of digital solutions. Our closing solutions connect key participants, such as lenders, title and settlement agents and individual county recorders, to digitize the closing and recording process. Closing solutions also include revenues from our MERSCORP Holdings, Inc., or MERS, database, which provides a system of record for recording and tracking changes, servicing rights and beneficial ownership interests in loans secured by U.S. residential real estate. Revenues from closing solutions are largely transaction-based and are based on the volume of loans closed.
Current wording
•Closing solutions: Our closing solutions revenues increased 9% and 10% during the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024, driven by continued adoption of digital solutions. Our closing solutions connect key participants, such as lenders, title and settlement agents and individual county recorders, to digitize the closing and recording process. Closing solutions also include revenues from our MERSCORP Holdings, Inc., or MERS, database, which provides a system of record for recording and tracking changes, servicing rights and beneficial ownership interests in loans secured by U.S. residential real estate. Revenues from closing solutions are largely transaction-based and are based on the volume of loans closed.
Previous wording
•Servicing software: Our servicing software revenues increased 3% during the three months ended March 31, 2025 from the comparable period in 2024, driven by our MSP mortgage servicing system revenues and default management revenues. Our servicing software revenues include integrated mortgage servicing solutions, which help automate all areas of the servicing process, from loan boarding to final payment or default, to help lower costs, reduce risk and improve financial performance. Our servicing solutions support first lien mortgages, home equity loans and lines of credit on a single platform to manage all servicing processes, including loan setup and maintenance, escrow administration, investor reporting, and regulatory requirements. We also provide solutions that provide consumers with access to customized, timely information about their mortgages and allow our clients’ customer service representatives to access the same customer information, which is key to increasing borrower retention. Another servicing solution provides clients, third-party providers and their developers access to our growing catalog of application programming interfaces, or APIs, across the mortgage life cycle. Revenues from servicing solutions are largely subscription-based and recurring in nature based on number of loans serviced.
Current wording
•Servicing software: Our servicing software revenues increased 4% for both the six and three months ended June 30, 2025 from the comparable periods in 2024, driven by MSP and default management revenues. Our servicing software revenues include integrated mortgage servicing solutions, which help automate all areas of the servicing process, from loan boarding to final payment or default, to help lower costs, reduce risk and improve financial performance. Our servicing solutions support first lien mortgages, home equity loans and lines of credit on a single platform to manage all servicing processes, including loan setup and maintenance, escrow administration, investor reporting, and regulatory requirements. We also provide solutions that provide consumers with access to customized, timely information about their mortgages and allow our clients’ customer service representatives to access the same customer information, which is key to increasing borrower retention. Another servicing solution provides clients, third-party providers and their developers access to our growing catalog of application programming interfaces, or APIs, across the mortgage life cycle. Revenues from servicing solutions are largely subscription-based and recurring in nature based on number of loans serviced.
Previous wording
•Data and analytics: Our Data and Analytics revenues decreased 1% during the three months ended March 31, 2025 from the comparable period in 2024. Data and Analytics revenues include those related to ICE Mortgage Technology’s Data & Document Automation and Mortgage Analyzer solutions, or Analyzer, which offers customers greater efficiency by streamlining data collection and validation through our automated document recognition and data extraction capabilities. Analyzer revenues can be both recurring and transaction-based in nature. In addition, our data offerings include real-time industry and peer benchmarking tools, which provide originators a granular view into the real-time trends of the U.S. residential mortgage market, as well as credit and prepayment models, custom and proprietary analytics, valuation, and MLS solutions. We also provide de-identified mortgage origination data for lenders and industry participants to access industry data and origination information. Revenues related to our data products are largely subscription-based and recurring in nature. The data and insights from these solutions inform, support and enhance our other solutions to help lenders and servicers make more informed decisions, improve performance, identify and predict risk and generate more qualified leads. Revenues related to our data products are largely subscription-based and recurring in nature.
Current wording
•Data and analytics: Our Data and Analytics revenues increased 3% and 7% during the six and three months ended June 30, 2025, respectively, from the comparable periods in 2024, driven by continued adoption of data solutions and increased purchases by existing customers. Data and Analytics revenues include those related to ICE Mortgage Technology’s Data & Document Automation and Mortgage Analyzer solutions, or Analyzer, which offers customers greater efficiency by streamlining data collection and validation through our automated document recognition and data extraction capabilities. Analyzer revenues can be both recurring and transaction-based in nature. In addition, our data offerings include real-time industry and peer benchmarking tools, which provide originators a granular view into the real-time trends of the U.S. residential mortgage market, as well as credit and prepayment models, custom and proprietary analytics, valuation, and MLS solutions. We also provide de-identified mortgage origination data for lenders and industry participants to access industry data and origination information. Revenues related to our data products are largely subscription-based and recurring in nature. The data and insights from these solutions inform, support and enhance our other solutions to help lenders and servicers make more informed decisions, improve performance, identify and predict risk and generate more qualified leads. Revenues related to our data products are largely subscription-based and recurring in nature.
Previous wording
The following chart summarizes our Mortgage Technology segment's operating expenses, operating loss and operating margin (dollars in millions). See “—Consolidated Operating Expenses” below for a discussion of the significant changes in our operating expenses.
Current wording
The following chart summarizes our Mortgage Technology segment's operating expenses, operating income/(loss) and operating margin (dollars in millions). See “—Consolidated Operating Expenses” below for a discussion of the significant changes in our operating expenses.
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Current report — wording carried from elsewhere
*Percentage changes in the table above deemed "n/a" are not meaningful
Current report — wording carried from elsewhere
*Percentage changes in the table above deemed "n/a" are not meaningful
Current report — wording carried from elsewhere
Our equity method investments include OCC and Bakkt, among others. During the six months ended June 30, 2025 and 2024, we recognized $35 million of our share of estimated equity method investment income, net, and $45 million of our share of estimated equity method investment losses, net, respectively. During the three months ended June 30, 2025 and 2024, we recognized $6 million of our share of estimated equity method investment income, net, and $3 million of our share of estimated equity method investment losses, net, respectively.
Current report — wording carried from elsewhere
During both the six months ended June 30, 2025 and 2024, 15% of our consolidated revenues, less transaction-based expenses were denominated in pounds sterling or euros. During both the three months ended June 30, 2025 and 2024, 15% of our consolidated revenues, less transaction-based expenses were denominated in pounds sterling or euros.
Current report — wording carried from elsewhere
As the pound sterling or euro exchange rate changes, the U.S. equivalent of revenues and expenses denominated in foreign currencies changes accordingly.
Current report — wording carried from elsewhere
Other adjustments not considered to be a part of our core business operations include: