Slides
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1 4Q25 February 5, 2026 Earnings Supplement
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2 CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS This presentation may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding ICE’s business that are not historical facts are forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in these forward-looking statements are reasonable, these statements are not guarantees of future results, performance, levels of activity or achievements, and actual results may differ materially from what is expressed or implied in any forward-looking statement. The factors that might affect our performance include, but are not limited to: conditions in global financial markets and domestic and international economic and social conditions, including inflation, changes to international trade policies and tariffs, risk of recession, political uncertainty and discord, prolonged United States, or U.S., government shutdowns, geopolitical events and conflicts (including the conflicts in Ukraine and the Middle East and the events in Venezuela) and sanctions laws; global political conditions; volatility in commodity prices and equity prices, and price volatility of financial benchmarks and instruments such as interest rates, credit spreads, equity indices, foreign exchange rates, and mortgage industry trends; 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; our ability to minimize the risks associated with operating clearing houses in multiple jurisdictions; the global impact of the introduction of, or any changes to, laws, regulations, rules, government policies or tax or accounting requirements with respect to, among other things, financial markets and climate-related risks, as well as increased regulatory scrutiny or enforcement actions; our exchanges’ and clearing houses' compliance with their respective regulatory and oversight responsibilities; the resilience of our electronic platforms and soundness of our business continuity and disaster recovery plans, including in the event of cyberattacks, cyberterrorism or other disruptions; our ability to effectively pursue, implement and realize the anticipated cost savings, growth opportunities and synergies and other benefits from our past or future acquisitions and strategic investments within the expected time frame; the impacts of computer and communications systems failures and delays, inclusive of the performance and reliability of our trading, clearing, data services and mortgage technologies and those of third-party service providers; our ability to keep pace with technological developments and client preferences, including with regard to our emerging technology initiatives and the use of artificial intelligence in certain of our existing products; our ability to ensure that the technology we utilize is not vulnerable to cyberattacks, hacking and other cybersecurity risks or other disruptive events or to minimize the impact of any such events; the impact of climate-related risks and the impact of, and uncertainty related to, the transition to renewable energy, including regulatory and legislative changes; our ability to keep information and data relating to the cust omers of the users of the software and services provided by our ICE Mortgage Technology business confidential; the impacts of a public health emergency or pandemic on our business, results of operations and financial condition as well as the broader business environment; our ability to identify trends and adjust our business to benefit from such trends, including trends in the U.S. mortgage industry such as inflation rates, interest rates, new home purchases, refinancing activity, servicing activity, delinquencies and home builder and buyer sentiment, among others; our ability to evolve our benchmarks and indices in a manner that maintains or enhances their reliability and relevance; the accuracy of our cost and other financial estimates and our belief that cash flows from operations will be sufficient to service our debt and to fund our operational and capital expenditure needs; our ability to incur additional debt and pay off our existing debt in a timely manner; our ability to declare and pa y dividends and repurchase shares of our common stock; our ability to maintain existing market participants and data and mortgage technology customers, and to attract new ones; our ability to offer additional products and services, leverage our risk management capabilities and enhance our technology in a timely and cost-effective fashion; our ability to attract, develop and retain key talent; our ability to protect our intellectual property rights and to operate our business without violating the intellectual property rights of others; and potential adverse results of threatened or pending litigation and regulatory act ions and proceedings. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to ICE’s most recent Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of an unanticipated event. New factors emerge from time to time, and it is not possible for management to predict all factors that may affect our business and prospects. Further, management cannot assess the impact of each factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. GAAP AND NON-GAAP RESULTS This presentation includes non-GAAP measures that exclude certain items we do not consider reflective of our cash operations and core business performance. We believe that the presentation of these non-GAAP measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. These adjusted non-GAAP measures should be considered in context with our GAAP results. A reconciliation of Adjusted Net Income Attributable to ICE, Adjusted Diluted Earnings Per Share Attributable to ICE common stockholders, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Operating Expenses, and Adjusted Free Cash Flow to the equivalent GAAP measure and an explanation of why we deem these non-GAAP measures meaningful appears in our Form 10-K and in the appendix to this presentation. The reconciliation of Adjusted Non-Operating Income/Expense Reconciliation, Adjusted Effective Tax Rate, and Adjusted Debt-to-EBITDA to the equivalent GAAP results appear in the appendix to this presentation. Our Form 10-K, earnings press release and this presentation are available in the Investors and Media section of our website at www.ice.com. EXPLANATORY NOTES Throughout this supplement: • All net revenue figures represent revenues less transaction-based expenses for periods shown. • All earnings per share figures represent diluted weighted average common shares outstanding. • Constant currency (CC) amounts are calculated holding both the pound sterling and euro at the average exchange rate from 2024, 1.2781 and 1.0820, respectively, and from 4Q24, 1.2813 and 1.0664, respectively. • References to Return on Invested Capital, or ROIC, are equal to TTM (Operating Income x (1-Adjusted Tax Rate)) / (Avg Debt + Avg Shareholders Equity + Avg Non-Controlling Interest - Avg Cash, Cash Equiv, & ST Investments). • References to Adjusted Cash Return on Invested Capital, or Adj. Cash ROIC, are equal to TTM Adjusted Free Cash Flow Before Interest Expense, net of Interest Income, and Adjusted for Certain Non-GAAP Cash items / (Avg Debt + Avg Shareholders Equity + Avg Non-Controlling Interest - Avg Cash, Cash Equiv, & ST Investments). These Non-GAAP Cash items include Acquisition and Integration Costs, Regulatory matter accruals, adjusted for taxes. Please refer to the slide in the appendix for more information. • References to Weighted Average Cost of Capital, or WACC, are equal to (Cost of Equity * % of Equity) + {(Cost of Debt * (1- Adjusted Tax Rate)) * % of Debt}. Percent of Debt assumes a capital structure of 3x Debt to Adjusted EBITDA.
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3 ICE Fourth Quarter 2025 Earnings Call Participants Steve Eagerton Vice President, Investor Relations & Revenue Operations Warren Gardiner Chief Financial Officer Jeff Sprecher Chair & CEO Lynn Martin President, NYSE Chair, Fixed Income & Data Services Chris Edmonds President, Fixed Income & Data Services Ben Jackson President Chair, ICE Mortgage Technology Daria Mashchenko Senior Analyst, Investor Relations
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4 Income statement highlights 2025 2024 % Chg, CC Revenues, net $9,931 $9,279 6% Recurring Revenues 5,056 4,829 5% Transaction Revenues, net 4,875 4,450 8% Adj. Op Expenses $3,939 $3,810 3% Adj. Op Income $5,992 $5,469 9% Adj. Op Margin(1) 60% 59% + 1 pt Adj. Diluted EPS(1) $6.95 $6.07 14% Cash metrics 2025 2024 % Chg Adj. Free Cash Flow (FCF) $4,187 $3,620 16% Capital Return $2,399 $1,039 131% in millions except per share amounts Record 2025 Performance Ending 4Q25 leverage ~3.0x; Returned $2.4 billion, including ~$1.3 billion in share repurchases in 2025 +9% Record adj. op income, CC +6% Record net revenues, CC +14% Record adj. diluted EPS(1) (1) Percentage changes are not adjusted for currency impact. Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures.
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5 Income statement highlights 4Q25 4Q24 % Chg, CC Revenues, net $2,504 $2,323 7% Recurring Revenues 1,289 1,215 6% Transaction Revenues, net 1,215 1,108 8% Adj. Op Expenses $1,011 $973 3% Adj. Op Income $1,493 $1,350 9% Adj. Op Margin(1) 60% 58% +2 pts Adj. Diluted EPS(1) $1.71 $1.52 13% Adj. Effective Tax Rate(1) 25% 24% + 1pt in millions except per share amounts +9% Adj. op income, CC +7% Net revenues, CC +13% Adj. diluted EPS(1) 4Q25 ICE Performance (1) Percentage changes are not adjusted for currency impact. Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures.
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6 Revenues, net 4Q25 4Q24 % Chg Const Curr Energy $548 $477 15% 12% Ags 53 54 (5)% (6)% Financials 155 151 3% (1)% Cash Equities & Equity Options, net 120 114 5% 5% OTC & Other 97 87 13% 11% Data & Connectivity Services 266 230 16% 16% Listings 125 123 2% 2% Total Revenues, net $1,364 $1,236 10% 9% Recurring Revenues 391 353 11% 11% Transaction Revenues, net 973 883 10% 8% Adj. Operating Expenses $349 $313 11% Adj. Operating Income $1,015 $923 10% Adj. Operating Margin 74% 75% (1) pt in millions Guidance: Expect FY 2026 recurring revenue growth to be in the mid-single digits +11% Record recurring revenues, CC +16% Record data & connectivity services revenues, CC 4Q25 ExchangesPerformance Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures. 55,000 75,000 95,000 115,000 Jan'24 Jan'25 Jan'26 Total F&O OI lots in thousands +18% y/y 14% CAGR
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7 Revenues 4Q25 4Q24 % Chg Const Curr Fixed Income Execution $29 $33 (6)% (6)% CDS Clearing 72 75 (5)% (6)% Fixed Income Data & Analytics 318 301 6% 5% Data & Network Technology 189 170 11% 10% Total Revenues $608 $579 5% 5% Recurring Revenues 507 471 8% 7% Transaction Revenues 101 108 (5)% (6)% Adj. Operating Expenses $341 $329 3% Adj. Operating Income $267 $250 8% Adj. Operating Margin 44% 43% + 1pt 4Q25 Fixed Income & Data Services Performance in millions Guidance: Expect FY 2026 recurring revenue growth to be in the mid-single digits +10% Record data & network technology revenues, CC +7% Record recurring revenue, CC +7% Annual subscription value (ASV), CC Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures.
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8 4Q25 Mortgage Technology Performance in millions +6% Origination tech revenues +20% Transaction revenues Guidance: Expect FY 2026 total segment revenue growth to be in the low-to-mid single digits Revenues 4Q25 4Q24 % Chg Origination Tech $188 $177 6% Closing Solutions 60 52 14% Servicing Software 214 213 — Data & Analytics 70 66 5% Total Revenues $532 $508 5% Recurring Revenues 391 391 — Transaction Revenues 141 117 20% Adj. Operating Expenses $321 $331 (3)% Adj. Operating Income $211 $177 18% Adj. Operating Margin 39% 35% +4 pts Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures. 32 New Encompass wins
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9 2026 Guidance Expenses ▪ FY26 adj. expenses (1) $4.075 - $4.140 billion ▪ 1Q26 adj. expenses (1) $1.010 - $1.020 billion Other Financial Guidance ▪ 1Q26 adj. non-op expense (2) $180 - $185 million ▪ 1Q26 share count 568 to 574 million ▪ FY26 effective tax rate(3) 24% - 26% ▪ FY26 capital expenditures $740 - $790 million (1) Adjusted operating expenses exclude amortization of acquisition-related intangibles and integration expenses. (2) Adjusted non-operating expense excludes equity earnings from unconsolidated investees. (3) This represents 2026 full year guidance for both the GAAP and non-GAAP effective tax rates but note that the GAAP effective tax rate is more susceptible to diverging from this guidance based on items outside the normal course of business.
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10 $500 $1,000 $1,500 $2,000 $2,500 2,000 3,000 4,000 5,000 6,000 2022 2023 2024 2025 RevenueADV ADV Revenue Lots in thousands, $ in millions Energy ADV & Revenues A Leading Global Energy Network Powering Growth ICE Crude Benchmarks ICE Key Nat Gas Markets ICE Key Refined Oil Markets ICE Key Environmental Markets ICE Key LNG Contracts Key Global Oil & Gas Trade Flows Legend US Environmental WTI NA Basis Market EU Environmental NBP Gas TTF Gas RBOB Heating Oil GC Fuel Gasoil Brent Crude Oil Platts Dubai Murban Singapore Gasoil Fuel Oil Jet Japan Naphtha West India JKM UK Environmental Midland WTI Built to Serve Evolving Customer Needs Across Dynamic Global Markets ADV CAGR +19% Rev CAGR +23%
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11 $1,400 $1,500 $1,600 $1,700 $1,800 $1,900 $2,000 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 $ in millions Fixed Income & Data Services Annual Subscription Value (ASV) Investments in Data & Technology Driving Growth +7% y/y, CC Compounding growth in subscription-based revenues
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12 Integrating Capabilities Into a Single, Seamless Ecosystem Capital markets/ secondary marketing Make informed decisions based on data-driven insights Technology and Data Technology and Data Servicing Manage all aspects of servicing for loans; engage customers and retain business Lead generation Generate business and strengthen relationships Customer acquisition Identify, attract and convert your business Settlement and closing Simplify the process from final review to post-close Loan manufacturing Improve efficiency and loan quality
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13 $0.48 $0.68 $0.83 $0.85 $1.07 $1.38 $1.50 $1.68 $1.93 $2.42 $2.76 $2.93 $3.51 $3.77 $4.41 $5.06 $5.30 $5.62 $6.07 $6.95 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Consistent Track Record of Growth 2025 Highlights Record net revenues +6% y/y, CC Record adj. op income +9% y/y, CC Record adj. free cash Flow +16% y/y Record adj. EPS +14% y/y (1) 2013-2025 are adjusted figures that represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures.
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14 Appendix
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15 Adjusted Operating Expense in millions Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 GAAP Adjusted GAAP Adjusted GAAP Adjusted GAAP Adjusted Compensation and benefits $ 500 $ 500 $ 487 $ 487 $ 1,963 $ 1,963 $ 1,909 $ 1,909 Professional services 38 38 40 40 158 158 154 154 Acquisition-related transaction and integration costs 19 1 16 2 70 4 104 2 Technology and communication 223 223 217 217 870 870 848 848 Rent and occupancy 24 24 22 21 88 88 111 89 Selling, general and administrative 74 74 75 70 293 289 307 282 Depreciation and amortization 389 151 389 136 1,560 567 1,537 526 Total operating expenses $ 1,267 $ 1,011 $ 1,246 $ 973 $ 5,002 $ 3,939 $ 4,970 $ 3,810
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16 Adjusted Non-Operating Income/Expense Reconciliation in millions 4Q25 3Q25 2Q25 1Q25 4Q24 Other (expense)/income, net $6 $71 $5 $19 $5 Less: Fair value adjustments of equity investments (20) (33) (2) — — Less: Net income from unconsolidated investees (4) (40) (6) (29) (1) Add/(Less): Other 15 — — — (6) Total adjusted other (expense)/income, net $(3) $(2) $(3) $(10) $(2) Interest income $27 $28 $31 $33 $36 Interest expense $(204) $(192) $(201) $(206) $(213) Total adjusted non-operating other income/(expense), net $(180) $(166) $(173) $(183) $(179)
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17 Adjusted Effective Tax Rate Reconciliation in millions Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 Income before income taxes $1,066 $905 $4,346 $3,628 Income tax expense 204 196 976 826 Effective tax rate 19% 22% 22% 23% Income before income taxes $1,066 $905 $4,346 $3,628 Add: Amortization of acquisition-related intangibles 238 253 993 1,011 Add: Transaction and integration costs 18 14 66 102 Add/(Less): Litigation and regulatory matters — 5 4 (145) (Less)/Add: Net (income)/loss from unconsolidated investees (4) (1) (79) 62 (Less)/Add: Fair value adjustments of equity investments (20) — (55) 1 Add/(Less): Other 15 (5) 15 26 Adjusted income before income taxes $1,313 $1,171 $5,290 $4,685 Income tax expense $204 $196 $976 $826 Add: Income tax effect for the above items 88 69 268 268 Add/(Less): Deferred tax adjustments on acquisition-related intangibles 7 17 (38) 43 Add: Other tax adjustments 28 3 36 3 Adjusted income tax expense $327 $285 $1,242 $1,140 Adjusted effective tax rate 25% 24% 23% 24%
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18 Adjusted Free Cash Flow Reconciliation in millions Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 Net cash provided by operating activities $4,662 $4,609 Less: Capital expenditures (373) (406) Less: Capitalized software development costs (418) (346) Free cash flow 3,871 3,857 Add/(Less): Section 31 fees, net 316 (237) Adjusted free cash flow $4,187 $3,620
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19 Adjusted EBITDA Reconciliation (1) Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures. in millions Twelve Months Ended December 31, 2025 Adjusted net income (1) $3,993 Add: Interest expense 803 Add: Adjusted income tax expense (1) 1,242 Add: Adjusted depreciation and amortization (1) 567 Adjusted EBITDA (1) $6,605 Debt, as reported $19,644 Debt-to-adjusted EBITDA leverage ratio 3.0x
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20 ICE Summary Balance Sheet ▪ $837M unrestricted cash ▪ Total debt of $19.6B; Debt-to- Adjusted EBITDA(1) of 3.0x ▪ $791M 2025 capex / software ▪ Adj. Cash ROIC of 10% ▪ Adj. ROIC of 8% ▪ WACC 8% (1) Debt-to-adjusted EBITDA reflects the ratio of adjusted debt to adjusted EBITDA for the trailing twelve months. This reflects a non-GAAP measure. Please refer to slides in the appendix for reconciliation to the equivalent GAAP measure. in millions As of December 31, 2025 As of December 31, 2024 Change Assets Unrestricted Cash $837 $844 $(7) Other Current Assets 84,941 88,251 (3,310) Current Assets 85,778 89,095 (3,317) PPE (net) 2,691 2,153 538 Other Non-Current Assets 48,418 48,180 238 Total Assets $136,887 $139,428 $(2,541) Liabilities & Equity Short-Term Debt $1,035 $3,027 $(1,992) Other Current Liabilities 83,081 86,526 (3,445) Long-Term Debt 18,609 17,341 1,268 Other Long-Term Liabilities 5,171 4,814 357 Total Liabilities $107,896 $111,708 $(3,812) Redeemable Noncontrolling Interest 22 22 — Total Equity 28,969 27,698 1,271 Total Liabilities & Equity $136,887 $139,428 $(2,541)
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21 Annual Subscription Value (ASV) Fixed Income & Data Supplemental Data in millions 4Q25 3Q25 2Q25 1Q25 4Q24 ASV(1) $1,990 $1,955 $1,927 $1,883 $1,838 Adjusted for: FX — — (4) 13 20 ASV, CC $1,990 $1,955 $1,923 $1,896 $1,858 (1) ASV is defined as the annual value of subscriptions under contract for the succeeding twelve months. ASV does not include new sales, contract terminations or price changes that may occur during that twelve-month period or certain data services that are not subscription-based. (2) ASV CC amounts for all quarters presented are calculated holding the applicable FX rate at the current quarter end spot rate.
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22 lots in thousands Average Daily Volume & Rate Per Contract (RPC) Trends 1.00 1.20 1.40 1.60 1.80 2,500 3,500 4,500 5,500 2020 2021 2022 2023 2024 2025 ADV Energy ADV & RPC ADV RPC 2.00 2.25 2.50 200 300 400 500 2020 2021 2022 2023 2024 2025 ADV Ags ADV & RPC 0.20 0.40 0.60 1,600 2,300 3,000 3,700 2020 2021 2022 2023 2024 2025 RPCADV Interest Rates ADV & RPC ADV RPC ADV RPC ADV RPC RPC RPC 0.40 0.60 0.80 2,000 2,500 3,000 3,500 4,000 2020 2021 2022 2023 2024 2025 RPCADV Total Financials ADV & RPC
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23 lots in thousands Average Daily Volume & Open Interest (OI) Trends 15,000 27,500 40,000 52,500 65,000 2,500 3,500 4,500 5,500 2020 2021 2022 2023 2024 2025 OIADV Energy ADV & OI 0 1,000 2,000 3,000 4,000 5,000 200 300 400 500 2020 2021 2022 2023 2024 2025 OIADV Ags ADV & OI 0 10,000 20,000 30,000 40,000 1,600 2,300 3,000 3,700 2020 2021 2022 2023 2024 2025 OIADV Interest Rates ADV & OI 0 10,000 20,000 30,000 40,000 2,000 2,500 3,000 3,500 4,000 2020 2021 2022 2023 2024 2025 OIADV Total Financials ADV & OI ADV OI ADV OI ADV OI ADV OI
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24 GAAP Results Income Statement Highlights in millions except per share amounts Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 % Change Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 % Change Net revenues $2,504 $2,323 8% $9,931 $9,279 7% Operating Expenses $1,267 $1,246 2% $5,002 $4,970 1% Operating Income $1,237 $1,077 15% $4,929 $4,309 14% Operating Margin 49% 46% 3 pts 50% 46% 4 pts Net Income attributable to ICE $851 $698 22% $3,315 $2,754 20% Diluted EPS $1.49 $1.21 23% $5.77 $4.78 21%
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25 Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation in millions Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Consolidated Twelve Months Ended December 31, Twelve Months Ended December 31, Twelve Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 2025 2024 2025 2024 Total revenues, less transaction-based expenses $5,411 $4,959 $2,419 $2,298 $2,101 $2,022 $9,931 $9,279 Operating expenses 1,429 1,323 1,486 1,455 2,087 2,192 5,002 4,970 Less: Amortization of acquisition-related intangibles 64 67 150 152 779 792 993 1,011 Less: Transaction and integration costs — — — — 66 102 66 102 Less: Regulatory matters 4 5 — 10 — — 4 15 Less: Other — 11 — 21 — — — 32 Adjusted operating expenses $1,361 $1,240 $1,336 $1,272 $1,242 $1,298 $3,939 $3,810 Operating income/(loss) $3,982 $3,636 $933 $843 $14 $(170) $4,929 $4,309 Adjusted operating income $4,050 $3,719 $1,083 $1,026 $859 $724 $5,992 $5,469 Operating margin 74% 73% 39% 37% 1% (8)% 50% 46% Adjusted operating margin 75% 75% 45% 45% 41% 36% 60% 59%
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26 Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation in millions Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Consolidated Three Months Ended December 31, Three Months Ended December 31, Three Months Ended December 31, Three Months Ended December 31, 2025 2024 2025 2024 2025 2024 2025 2024 Total revenues, less transaction-based expenses $1,364 $1,236 $608 $579 $532 $508 $2,504 $2,323 Operating expenses 365 334 378 368 524 544 1,267 1,246 Less: Amortization of acquisition-related intangibles 16 16 37 38 185 199 238 253 Less: Transaction and integration costs — — — — 18 14 18 14 Less: Regulatory matter — 5 — — — — — 5 Less: Other — — — 1 — — — 1 Adjusted operating expenses $349 $313 $341 $329 $321 $331 $1,011 $973 Operating income/(loss) $999 $902 $230 $211 $8 $(36) $1,237 $1,077 Adjusted operating income $1,015 $923 $267 $250 $211 $177 $1,493 $1,350 Operating margin 73% 73% 38% 36% 1% (7)% 49% 46% Adjusted operating margin 74% 75% 44% 43% 39% 35% 60% 58%
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27 Adjusted Net Income & EPS in millions except per share amounts Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 Net income attributable to ICE $ 851 $ 698 $ 3,315 $ 2,754 Add: Amortization of acquisition-related intangibles 238 253 993 1,011 Add: Transaction and integration costs 18 14 66 102 Add/(Less): Litigation and regulatory matters — 5 4 (145) (Less)/Add: Net (income)/loss from unconsolidated investees (4) (1) (79) 62 (Less)/Add: Fair value adjustments of equity investments (20) — (55) 1 Add/(Less): Other 15 (5) 15 26 Less: Net income tax effect for the above items (88) (69) (268) (268) (Less)/Add: Deferred tax adjustments on acquisition-related intangibles (7) (17) 38 (43) Less: Other tax adjustments (28) (3) (36) (3) Adjusted net income attributable to ICE $ 975 $ 875 $ 3,993 $ 3,497 Diluted earnings per share $ 1.49 $ 1.21 $ 5.77 $ 4.78 Adjusted diluted earnings per share $ 1.71 $ 1.52 $ 6.95 $ 6.07 Diluted weighted average common shares outstanding 572 577 575 576
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28 in millions except per share amounts Twelve Months Ended 12/31/23 Twelve Months Ended 12/31/22 Twelve Months Ended 12/31/21 Twelve Months Ended 12/31/20 Twelve Months Ended 12/31/19 Twelve Months Ended 12/31/18 Twelve Months Ended 12/31/17 Twelve Months Ended 12/31/16 Twelve Months Ended 12/31/15 Twelve Months Ended 12/31/14 Twelve Months Ended 12/31/13 Net income attributable to ICE $2,368 $1,446 $4,058 $2,089 $1,933 $1,988 $2,526 $1,429 $1,274 $981 $254 Add/(Less): Amortization of acquisition-related intangibles 748 610 622 388 309 291 261 302 140 131 56 Transaction and integration costs and acquisition-related success fees 269 91 98 101 — 30 31 46 83 124 140 Litigation and regulatory matters 11 9 16 38 — — 14 — — — — Loss/(Gain) on sale and fair value adjustment of equity investments and dividends received, net 3 (41) (1,321) (55) (19) (15) (167) — — — 190 (Gain)/Loss on deconsolidation of Bakkt and other businesses — — (1,419) — — 1 (104) — — (4) — Net (income)/loss from and impairment of unconsolidated investees 122 1,340 42 (71) (62) (156) (36) (25) (6) (26) — Net interest (income)/expense on pre-acquisition-related debt and debt extinguishment (12) 89 4 19 — — — — 5 — 51 Other 182 — (7) 13 47 4 — 37 15 (11) 57 Net income tax effect for the above items and deferred tax adjustments (309) (579) 587 (109) (76) (96) (797) (134) (83) (89) (85) Deferred tax adjustments on acquisition-related intangibles (126) 9 183 36 (8) (5) 10 (22) (82) (14) — Other tax adjustments (79) — — — 3 (13) — 23 7 12 — Adjusted net income attributable to ICE $3,177 $2,974 $2,863 $2,449 $2,127 $2,029 $1,738 $1,656 $1,353 $1,104 $663 Diluted EPS $4.19 $2.58 $7.18 $3.77 $3.42 $3.43 $4.25 $2.39 $2.28 $1.69 $0.77 Adjusted Diluted EPS $5.62 $5.30 $5.06 $4.41 $3.77 $3.51 $2.93 $2.76 $2.42 $1.93 $1.68 Diluted weighted average common shares outstanding 565 561 565 555 565 579 594 599 559 573 396 Adjusted Net Income & EPS