{"id":809761,"date":"2025-02-06T07:33:38","date_gmt":"2025-02-06T12:33:38","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/intercontinental-exchange-reports-strong-full-year-2024-results\/"},"modified":"2025-02-06T07:33:38","modified_gmt":"2025-02-06T12:33:38","slug":"intercontinental-exchange-reports-strong-full-year-2024-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/intercontinental-exchange-reports-strong-full-year-2024-results\/","title":{"rendered":"Intercontinental Exchange Reports Strong Full Year 2024 Results"},"content":{"rendered":"

<\/p>\n

Intercontinental Exchange Reports Strong Full Year 2024 Results<\/b><\/p>\n

19th consecutive year of record revenues<\/i><\/b><\/p>\n

ATLANTA & NEW YORK–(BUSINESS WIRE<\/a>)–
\nIntercontinental Exchange (NYSE: ICE):<\/p>\n\n\n
\n
    \n
  • 2024 net revenues of $9.3 billion, +16% y\/y
    \n
    <\/b><\/li>\n<\/ul>\n
      \n
    • 2024 GAAP diluted EPS of $4.78, +14% y\/y
      \n
      <\/b><\/li>\n<\/ul>\n
        \n
      • 2024 adj. diluted EPS of $6.07, +8% y\/y
        \n
        <\/b><\/li>\n<\/ul>\n
          \n
        • Record 2024 operating income of $4.3 billion, +17% y\/y; record adj. operating income of $5.5 billion, +16% y\/y
          \n
          <\/b><\/li>\n<\/ul>\n
            \n
          • 2024 operating margin of 46%; adj. operating margin of 59%
            \n
            <\/b><\/li>\n<\/ul>\n
              \n
            • Record annual operating cash flow of $4.6 billion, +30%; record adj. free cash flow of over $3.6 billion, +13% y\/y
              \n
              <\/b><\/li>\n<\/ul>\n
                \n
              • Expect to resume share repurchases in the first quarter<\/b><\/li>\n<\/ul>\n

                \n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Jeffrey C. Sprecher<\/b>,
\n
ICE Chair & Chief Executive Officer<\/i>, said<\/i>,
\n
“We are pleased to report our 19th consecutive year of record revenues and continued earnings per share growth. Our track record of growth is a testament to the resilience of our “all-weather” business model, which through an array of macroeconomic environments, continues to deliver compounding growth as customers access our leading networks to manage risk, consume our mission-critical data and drive greater workflow efficiencies. As we shift to 2025, we remain focused on bringing efficiencies to our customers’ workflows and creating value for our stockholders.”<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nIntercontinental Exchange (NYSE: ICE), a leading global provider of technology and data, today reported financial results for the fourth quarter and full year of 2024. For the quarter ended December 31, 2024, consolidated net income attributable to ICE was $698 million on $2.3 billion of consolidated revenues less transaction-based expenses. Fourth quarter GAAP diluted earnings per share (EPS) were $1.21. Adjusted net income attributable to ICE was $875 million in the fourth quarter and adjusted diluted EPS were $1.52.<\/p>\n

\nFor the full year of 2024, consolidated net income attributable to ICE was $2.8 billion on $9.3 billion of consolidated revenues less transaction-based expenses. Full year 2024 GAAP diluted EPS was $4.78, up 14% year-over-year. On an adjusted basis, net income attributable to ICE for the year was $3.5 billion and adjusted diluted EPS was $6.07, up 8% year-over-year.<\/p>\n

\nPlease refer to the reconciliation of non-GAAP financial measures included in this press release for more information on our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted EPS and adjusted free cash flow.<\/p>\n

\nWarren Gardiner, ICE Chief Financial Officer, added: “As we look back on 2024, our record revenue and operating income demonstrate the strength and resiliency of our unique business model. Our strong and growing cash flows enabled us to reinvest in our business and pay dividends of over $1 billion to stockholders while also significantly reducing leverage. As we enter 2025, we are well positioned to achieve our growth objectives and to invest in our business to strengthen our foundation for continued growth in the future.”<\/p>\n

Fourth Quarter and Full Year 2024 Business Highlights<\/b><\/p>\n

\nFourth quarter consolidated net revenues were $2.3 billion, up 6% year-over-year, including exchange net revenues of $1.2 billion, fixed income and data services revenues of $579 million and mortgage technology revenues of $508 million. Consolidated operating expenses were $1.2 billion for the fourth quarter of 2024. On an adjusted basis, consolidated operating expenses were $973 million. Consolidated operating income for the fourth quarter was $1.1 billion and the operating margin was 46%. On an adjusted basis, consolidated operating income for the fourth quarter was $1.4 billion and the adjusted operating margin was 58%.<\/p>\n

\nFull year 2024 consolidated net revenues were $9.3 billion, up 16% year-over-year, including exchange net revenues of $5.0 billion, fixed income and data services revenues of $2.3 billion and mortgage technology revenues of $2.0 billion. Consolidated operating expenses were $5.0 billion for 2024. On an adjusted basis, consolidated operating expenses were $3.8 billion. Consolidated operating income for the year was $4.3 billion and the operating margin was 46%. On an adjusted basis, consolidated operating income for the year was $5.5 billion and the adjusted operating margin was 59%.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n$ (in millions)<\/p>\n<\/td>\n

\n

Net
\n
Revenue<\/b><\/p>\n<\/td>\n

\n

Op
\n
Margin<\/b><\/p>\n<\/td>\n

\n

Adj Op
\n
Margin<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Net
\n
Revenue<\/b><\/p>\n<\/td>\n

\n

Op
\n
Margin<\/b><\/p>\n<\/td>\n

\n

Adj Op
\n
Margin<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Full Year 2024<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

4Q24<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nExchanges<\/p>\n<\/td>\n

\n

\n$4,959<\/p>\n<\/td>\n

\n

\n73%<\/p>\n<\/td>\n

\n

\n75%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$1,236<\/p>\n<\/td>\n

\n

\n73%<\/p>\n<\/td>\n

\n

\n75%<\/p>\n<\/td>\n<\/tr>\n

\n

\nFixed Income and Data Services<\/p>\n<\/td>\n

\n

\n$2,298<\/p>\n<\/td>\n

\n

\n37%<\/p>\n<\/td>\n

\n

\n45%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$579<\/p>\n<\/td>\n

\n

\n36%<\/p>\n<\/td>\n

\n

\n43%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMortgage Technology<\/p>\n<\/td>\n

\n

\n$2,022<\/p>\n<\/td>\n

\n

\n(8)%<\/p>\n<\/td>\n

\n

\n36%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$508<\/p>\n<\/td>\n

\n

\n(7)%<\/p>\n<\/td>\n

\n

\n35%<\/p>\n<\/td>\n<\/tr>\n

\n

Consolidated<\/b><\/p>\n<\/td>\n

\n

$9,279<\/b><\/p>\n<\/td>\n

\n

46%<\/b><\/p>\n<\/td>\n

\n

59%<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$2,323<\/b><\/p>\n<\/td>\n

\n

46%<\/b><\/p>\n<\/td>\n

\n

58%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

FY24<\/b><\/p>\n<\/td>\n

\n

FY23<\/b><\/p>\n<\/td>\n

\n

% Chg<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

4Q24<\/b><\/p>\n<\/td>\n

\n

4Q23<\/b><\/p>\n<\/td>\n

\n

% Chg<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nRecurring Revenue<\/p>\n<\/td>\n

\n

\n$4,829<\/p>\n<\/td>\n

\n

\n$4,138<\/p>\n<\/td>\n

\n

\n17%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$1,215<\/p>\n<\/td>\n

\n

\n$1,199<\/p>\n<\/td>\n

\n

\n1%<\/p>\n<\/td>\n<\/tr>\n

\n

\nTransaction Revenue, net<\/p>\n<\/td>\n

\n

\n$4,450<\/p>\n<\/td>\n

\n

\n$3,850<\/p>\n<\/td>\n

\n

\n16%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$1,108<\/p>\n<\/td>\n

\n

\n$1,002<\/p>\n<\/td>\n

\n

\n11%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Exchanges Segment Results<\/b><\/p>\n

\nFourth quarter exchange net revenues were $1.2 billion, up 9% year-over-year. Exchange operating expenses were $334 million and on an adjusted basis, were $313 million in the fourth quarter. Segment operating income for the fourth quarter was $902 million and the operating margin was 73%. On an adjusted basis, operating income was $923 million and the adjusted operating margin was 75%.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n$ (in millions)<\/p>\n<\/td>\n

\n

4Q24<\/b><\/p>\n<\/td>\n

\n

4Q23<\/b><\/p>\n<\/td>\n

\n

% Chg<\/b><\/p>\n<\/td>\n

\n

Const
\n
Curr(1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenue, net:<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nEnergy<\/p>\n<\/td>\n

\n

\n$477<\/p>\n<\/td>\n

\n

\n$414<\/p>\n<\/td>\n

\n

16%<\/b><\/p>\n<\/td>\n

\n

16%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nAgs and Metals<\/p>\n<\/td>\n

\n

\n54<\/p>\n<\/td>\n

\n

\n63<\/p>\n<\/td>\n

\n

(13)%<\/b><\/p>\n<\/td>\n

\n

(13)%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nFinancials(2)<\/sup><\/p>\n<\/td>\n

\n

\n151<\/p>\n<\/td>\n

\n

\n116<\/p>\n<\/td>\n

\n

30%<\/b><\/p>\n<\/td>\n

\n

27%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nCash Equities and Equity Options<\/p>\n<\/td>\n

\n

\n114<\/p>\n<\/td>\n

\n

\n99<\/p>\n<\/td>\n

\n

15%<\/b><\/p>\n<\/td>\n

\n

15%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nOTC and Other(3)<\/sup><\/p>\n<\/td>\n

\n

\n87<\/p>\n<\/td>\n

\n

\n89<\/p>\n<\/td>\n

\n

(3)%<\/b><\/p>\n<\/td>\n

\n

(3)%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nData and Connectivity Services<\/p>\n<\/td>\n

\n

\n230<\/p>\n<\/td>\n

\n

\n234<\/p>\n<\/td>\n

\n

(2)%<\/b><\/p>\n<\/td>\n

\n

(2)%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nListings<\/p>\n<\/td>\n

\n

\n123<\/p>\n<\/td>\n

\n

\n121<\/p>\n<\/td>\n

\n

1%<\/b><\/p>\n<\/td>\n

\n

1%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Segment Revenue<\/b><\/p>\n<\/td>\n

\n

$1,236<\/b><\/p>\n<\/td>\n

\n

$1,136<\/b><\/p>\n<\/td>\n

\n

9%<\/b><\/p>\n<\/td>\n

\n

9%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRecurring Revenue<\/p>\n<\/td>\n

\n

\n$353<\/p>\n<\/td>\n

\n

\n$355<\/p>\n<\/td>\n

\n

\n(1)%<\/p>\n<\/td>\n

\n

\n(1)%<\/p>\n<\/td>\n<\/tr>\n

\n

\nTransaction Revenue, net<\/p>\n<\/td>\n

\n

\n$883<\/p>\n<\/td>\n

\n

\n$781<\/p>\n<\/td>\n

\n

\n13%<\/p>\n<\/td>\n

\n

\n13%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
\n

\n(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 4Q23, 1.2420 and 1.0765, respectively.<\/p>\n<\/td>\n<\/tr>\n

\n

\n(2) Financials include interest rates and other financial futures and options.<\/p>\n<\/td>\n<\/tr>\n

\n

\n(3) OTC & other primarily includes physical energy, interest income 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, technology development fees, exchange member fees, and agriculture grading and certification fees.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nFull year exchange net revenues were $5.0 billion, up 12% year-over-year. Exchange operating expenses were $1.3 billion and on an adjusted basis, were $1.2 billion for the full year. Segment operating income for 2024 was $3.6 billion and the operating margin was 73%. On an adjusted basis, operating income was $3.7 billion and the adjusted operating margin was 75%.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n$ (in millions)<\/p>\n<\/td>\n

\n

FY24<\/b><\/p>\n<\/td>\n

\n

FY23<\/b><\/p>\n<\/td>\n

\n

% Chg<\/b><\/p>\n<\/td>\n

\n

Const
\n
Curr(1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenue, net:<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nEnergy<\/p>\n<\/td>\n

\n

\n$1,876<\/p>\n<\/td>\n

\n

\n$1,498<\/p>\n<\/td>\n

\n

25%<\/b><\/p>\n<\/td>\n

\n

25%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nAgs and Metals<\/p>\n<\/td>\n

\n

\n257<\/p>\n<\/td>\n

\n

\n271<\/p>\n<\/td>\n

\n

(5)%<\/b><\/p>\n<\/td>\n

\n

(5)%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nFinancials(2)<\/sup><\/p>\n<\/td>\n

\n

\n559<\/p>\n<\/td>\n

\n

\n460<\/p>\n<\/td>\n

\n

22%<\/b><\/p>\n<\/td>\n

\n

19%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nCash Equities and Equity Options<\/p>\n<\/td>\n

\n

\n431<\/p>\n<\/td>\n

\n

\n383<\/p>\n<\/td>\n

\n

13%<\/b><\/p>\n<\/td>\n

\n

13%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nOTC and Other(3)<\/sup><\/p>\n<\/td>\n

\n

\n400<\/p>\n<\/td>\n

\n

\n398<\/p>\n<\/td>\n

\n

\u2014<\/b><\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n<\/tr>\n

\n

\nData and Connectivity Services<\/p>\n<\/td>\n

\n

\n947<\/p>\n<\/td>\n

\n

\n933<\/p>\n<\/td>\n

\n

2%<\/b><\/p>\n<\/td>\n

\n

2%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nListings<\/p>\n<\/td>\n

\n

\n489<\/p>\n<\/td>\n

\n

\n497<\/p>\n<\/td>\n

\n

(2)%<\/b><\/p>\n<\/td>\n

\n

(2)%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Segment Revenue<\/b><\/p>\n<\/td>\n

\n

$4,959<\/b><\/p>\n<\/td>\n

\n

$4,440<\/b><\/p>\n<\/td>\n

\n

12%<\/b><\/p>\n<\/td>\n

\n

11%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRecurring Revenue<\/p>\n<\/td>\n

\n

\n$1,436<\/p>\n<\/td>\n

\n

\n$1,430<\/p>\n<\/td>\n

\n

\n\u2014%<\/p>\n<\/td>\n

\n

\n\u2014%<\/p>\n<\/td>\n<\/tr>\n

\n

\nTransaction Revenue, net<\/p>\n<\/td>\n

\n

\n$3,523<\/p>\n<\/td>\n

\n

\n$3,010<\/p>\n<\/td>\n

\n

\n17%<\/p>\n<\/td>\n

\n

\n17%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
\n

\n(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 2023, 1.2438 and 1.0817, respectively.<\/p>\n<\/td>\n<\/tr>\n

\n

\n(2) Financials include interest rates and other financial futures and options.<\/p>\n<\/td>\n<\/tr>\n

\n

\n(3) OTC & other primarily includes physical energy, interest income 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, technology development fees, exchange member fees, and agriculture grading and certification fees.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Fixed Income and Data Services Segment Results<\/b><\/p>\n

\nFourth quarter fixed income and data services revenues were $579 million, up 3% year-over-year. Fixed income and data services operating expenses were $368 million and adjusted operating expenses were $329 million in the fourth quarter. Segment operating income for the fourth quarter was $211 million and the operating margin was 36%. On an adjusted basis, operating income was $250 million and the adjusted operating margin was 43%.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n$ (in millions)<\/p>\n<\/td>\n

\n

4Q24<\/b><\/p>\n<\/td>\n

\n

4Q23<\/b><\/p>\n<\/td>\n

\n

% Chg<\/b><\/p>\n<\/td>\n

\n

Const
\n
Curr(1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenue:<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nFixed Income Execution<\/p>\n<\/td>\n

\n

\n$33<\/p>\n<\/td>\n

\n

\n$35<\/p>\n<\/td>\n

\n

(7)%<\/b><\/p>\n<\/td>\n

\n

(7)%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nCDS Clearing<\/p>\n<\/td>\n

\n

\n75<\/p>\n<\/td>\n

\n

\n81<\/p>\n<\/td>\n

\n

(8)%<\/b><\/p>\n<\/td>\n

\n

(8)%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nFixed Income Data and Analytics<\/p>\n<\/td>\n

\n

\n301<\/p>\n<\/td>\n

\n

\n286<\/p>\n<\/td>\n

\n

5%<\/b><\/p>\n<\/td>\n

\n

5%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Data and Network Services<\/p>\n<\/td>\n

\n

\n170<\/p>\n<\/td>\n

\n

\n161<\/p>\n<\/td>\n

\n

6%<\/b><\/p>\n<\/td>\n

\n

5%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Segment Revenue<\/b><\/p>\n<\/td>\n

\n

$579<\/b><\/p>\n<\/td>\n

\n

$563<\/b><\/p>\n<\/td>\n

\n

3%<\/b><\/p>\n<\/td>\n

\n

2%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRecurring Revenue<\/p>\n<\/td>\n

\n

\n$471<\/p>\n<\/td>\n

\n

\n$447<\/p>\n<\/td>\n

\n

\n5%<\/p>\n<\/td>\n

\n

\n5%<\/p>\n<\/td>\n<\/tr>\n

\n

\nTransaction Revenue<\/p>\n<\/td>\n

\n

\n$108<\/p>\n<\/td>\n

\n

\n$116<\/p>\n<\/td>\n

\n

\n(8)%<\/p>\n<\/td>\n

\n

\n(8)%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n
\n

\n(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 4Q23, 1.2420 and 1.0765, respectively.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nFull year 2024 fixed income and data services revenues were $2.3 billion, up 3% year-over-year. Fixed income and data services operating expenses were $1.5 billion and on an adjusted basis, were $1.3 billion for the year. Segment operating income for the full year was $843 million and the operating margin was 37%. On an adjusted basis, operating income was $1.0 billion and the adjusted operating margin was 45%.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n$ (in millions)<\/p>\n<\/td>\n

\n

FY24<\/b><\/p>\n<\/td>\n

\n

FY23<\/b><\/p>\n<\/td>\n

\n

% Chg<\/b><\/p>\n<\/td>\n

\n

Const
\n
Curr(1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenue:<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nFixed Income Execution<\/p>\n<\/td>\n

\n

\n$117<\/p>\n<\/td>\n

\n

\n$124<\/p>\n<\/td>\n

\n

(6)%<\/b><\/p>\n<\/td>\n

\n

(6)%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nCDS Clearing<\/p>\n<\/td>\n

\n

\n343<\/p>\n<\/td>\n

\n

\n360<\/p>\n<\/td>\n

\n

(5)%<\/b><\/p>\n<\/td>\n

\n

(5)%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nFixed Income Data and Analytics<\/p>\n<\/td>\n

\n

\n1,177<\/p>\n<\/td>\n

\n

\n1,118<\/p>\n<\/td>\n

\n

5%<\/b><\/p>\n<\/td>\n

\n

5%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Data and Network Services<\/p>\n<\/td>\n

\n

\n661<\/p>\n<\/td>\n

\n

\n629<\/p>\n<\/td>\n

\n

5%<\/b><\/p>\n<\/td>\n

\n

5%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Segment Revenue<\/b><\/p>\n<\/td>\n

\n

$2,298<\/b><\/p>\n<\/td>\n

\n

$2,231<\/b><\/p>\n<\/td>\n

\n

3%<\/b><\/p>\n<\/td>\n

\n

3%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRecurring Revenue<\/p>\n<\/td>\n

\n

\n$1,838<\/p>\n<\/td>\n

\n

\n$1,747<\/p>\n<\/td>\n

\n

\n5%<\/p>\n<\/td>\n

\n

\n5%<\/p>\n<\/td>\n<\/tr>\n

\n

\nTransaction Revenue<\/p>\n<\/td>\n

\n

\n$460<\/p>\n<\/td>\n

\n

\n$484<\/p>\n<\/td>\n

\n

\n(5)%<\/p>\n<\/td>\n

\n

\n(5)%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n
\n

\n(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 2023, 1.2438 and 1.0817, respectively.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Mortgage Technology Segment Results<\/b><\/p>\n

\nFourth quarter mortgage technology revenues were $508 million. Mortgage technology operating expenses were $544 million and adjusted operating expenses were $331 million in the fourth quarter. Segment operating loss for the fourth quarter was $36 million and the operating margin was (7)%. On an adjusted basis, operating income was $177 million and the adjusted operating margin was 35%.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n$ (in millions)<\/p>\n<\/td>\n

\n

4Q24<\/b><\/p>\n<\/td>\n

\n

4Q23<\/b><\/p>\n<\/td>\n

\n

% Chg<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenue:<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOrigination Technology<\/p>\n<\/td>\n

\n

\n$177<\/p>\n<\/td>\n

\n

\n$170<\/p>\n<\/td>\n

\n

4%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nClosing Solutions<\/p>\n<\/td>\n

\n

\n52<\/p>\n<\/td>\n

\n

\n43<\/p>\n<\/td>\n

\n

22%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nServicing Software<\/p>\n<\/td>\n

\n

\n213<\/p>\n<\/td>\n

\n

\n219<\/p>\n<\/td>\n

\n

(3)%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nData and Analytics<\/p>\n<\/td>\n

\n

\n66<\/p>\n<\/td>\n

\n

\n70<\/p>\n<\/td>\n

\n

(5)%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Segment Revenue<\/b><\/p>\n<\/td>\n

\n

$508<\/b><\/p>\n<\/td>\n

\n

$502<\/b><\/p>\n<\/td>\n

\n

1%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRecurring Revenue<\/p>\n<\/td>\n

\n

\n$391<\/p>\n<\/td>\n

\n

\n$397<\/p>\n<\/td>\n

\n

\n(2)%<\/p>\n<\/td>\n<\/tr>\n

\n

\nTransaction Revenue<\/p>\n<\/td>\n

\n

\n$117<\/p>\n<\/td>\n

\n

\n$105<\/p>\n<\/td>\n

\n

\n12%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nFull year mortgage technology revenues were $2.0 billion. Mortgage technology operating expenses were $2.2 billion and adjusted operating expenses were $1.3 billion in 2024. Segment operating loss for the full year was $170 million and the operating margin was (8)%. On an adjusted basis, operating income was $724 million and the adjusted operating margin was 36%.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n$ (in millions)<\/p>\n<\/td>\n

\n

FY24<\/b><\/p>\n<\/td>\n

\n

FY23<\/b><\/p>\n<\/td>\n

\n

% Chg<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenue:<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOrigination Technology<\/p>\n<\/td>\n

\n

\n$713<\/p>\n<\/td>\n

\n

\n$694<\/p>\n<\/td>\n

\n

3%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nClosing Solutions<\/p>\n<\/td>\n

\n

\n202<\/p>\n<\/td>\n

\n

\n179<\/p>\n<\/td>\n

\n

13%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nServicing Software<\/p>\n<\/td>\n

\n

\n848<\/p>\n<\/td>\n

\n

\n288<\/p>\n<\/td>\n

\n

194%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nData and Analytics<\/p>\n<\/td>\n

\n

\n259<\/p>\n<\/td>\n

\n

\n156<\/p>\n<\/td>\n

\n

66%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Segment Revenue<\/b><\/p>\n<\/td>\n

\n

$2,022<\/b><\/p>\n<\/td>\n

\n

$1,317<\/b><\/p>\n<\/td>\n

\n

54%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRecurring Revenue<\/p>\n<\/td>\n

\n

\n$1,555<\/p>\n<\/td>\n

\n

\n$961<\/p>\n<\/td>\n

\n

\n62%<\/p>\n<\/td>\n<\/tr>\n

\n

\nTransaction Revenue<\/p>\n<\/td>\n

\n

\n$467<\/p>\n<\/td>\n

\n

\n$356<\/p>\n<\/td>\n

\n

\n31%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Other Matters<\/b><\/p>\n