{"id":934491,"date":"2026-02-05T09:34:01","date_gmt":"2026-02-05T14:34:01","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/intercontinental-exchange-reports-strong-full-year-2025-results\/"},"modified":"2026-02-05T09:34:01","modified_gmt":"2026-02-05T14:34:01","slug":"intercontinental-exchange-reports-strong-full-year-2025-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/intercontinental-exchange-reports-strong-full-year-2025-results\/","title":{"rendered":"Intercontinental Exchange Reports Strong Full Year 2025 Results"},"content":{"rendered":"

<\/p>\n

Intercontinental Exchange Reports Strong Full Year 2025 Results<\/b><\/p>\n

20th 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
  • 2025 net revenues of $9.9 billion, +7% y\/y<\/b><\/li>\n<\/ul>\n

    \n\u00a0<\/p>\n

      \n
    • 2025 GAAP diluted EPS of $5.77, +21% y\/y<\/b><\/li>\n<\/ul>\n

      \n\u00a0<\/p>\n

        \n
      • 2025 adj. diluted EPS of $6.95, +14% y\/y<\/b><\/li>\n<\/ul>\n

        \n\u00a0<\/p>\n

          \n
        • Record 2025 operating income of $4.9 billion, +14% y\/y; record adj. operating income of $6.0 billion, +10% y\/y<\/b><\/li>\n<\/ul>\n

          \n\u00a0<\/p>\n

            \n
          • 2025 operating margin of 50%; adj. operating margin of 60%<\/b><\/li>\n<\/ul>\n

            \n\u00a0<\/p>\n

              \n
            • Record annual operating cash flow of $4.7 billion, +1% y\/y; record adj. free cash flow of $4.2 billion, +16% y\/y<\/b><\/li>\n<\/ul>\n

              \n\u00a0<\/p>\n

                \n
              • Through December 31, 2025, returned $2.4 billion to stockholders, including $1.3 billion in share repurchases<\/b><\/li>\n<\/ul>\n<\/td>\n
\n

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

\n

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

\n

Jeff Sprecher<\/b>,<\/p>\n

ICE Chair & Chief Executive Officer<\/i>, said<\/i>,<\/p>\n

\n\u201cAs we close out 2025, we are pleased to report our 20th consecutive year of record revenues and continued earnings per share growth, driven by the strength of our diversified ‘all-weather’ business model and the trust of our global customers. Across our exchanges, fixed income, and mortgage technology platforms, we continued to modernize critical financial infrastructure leveraging best in class technology and automation, while operating with discipline in a dynamic macro environment. We saw record volumes across our exchange complex, our fixed income franchise continued to scale, and our mortgage technology business finished the year with renewed strength. Entering 2026, we believe the tailwinds behind our businesses are strong and we remain focused on innovation, durable growth, and long-term value creation for our shareholders.\u201d<\/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 2025. For the quarter ended December 31, 2025, consolidated net income attributable to ICE was $851 million on $2.5 billion of consolidated revenues less transaction-based expenses. Fourth quarter GAAP diluted earnings per share (EPS) were $1.49. Adjusted net income attributable to ICE was $975 million in the fourth quarter and adjusted diluted EPS were $1.71.<\/p>\n

\nFor the full year of 2025, consolidated net income attributable to ICE was $3.3 billion on $9.9 billion of consolidated revenues less transaction-based expenses. Full year 2025 GAAP diluted EPS was $5.77, up 21% year-over-year. On an adjusted basis, net income attributable to ICE for the year was $4.0 billion and adjusted diluted EPS was $6.95, up 14% 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: “Our fourth quarter results capped another year of record revenues and operating income, supported by strong, durable cash flows from each of our major business lines and continued attention to operating efficiency. We maintained a balanced approach to leverage, ending the year well within our target leverage range, enabling us to reinvest in our network, while also returning $2.4 billion to shareholders. As we look ahead to 2026, we remain focused on disciplined investment, operational rigor, and enhancing the value we deliver to our customers and shareholders.”<\/p>\n

Fourth Quarter and Full Year 2025 Business Highlights<\/b><\/p>\n

\nFourth quarter consolidated net revenues were $2.5 billion, up 8% year-over-year, including exchange net revenues of $1.4 billion, fixed income and data services revenues of $608 million and mortgage technology revenues of $532 million. Consolidated operating expenses were $1.3 billion for the fourth quarter of 2025. On an adjusted basis, consolidated operating expenses were $1.0 billion. Consolidated operating income for the fourth quarter was $1.2 billion and the operating margin was 49%. On an adjusted basis, consolidated operating income for the fourth quarter was $1.5 billion and the adjusted operating margin was 60%.<\/p>\n

\nFull year 2025 consolidated net revenues were $9.9 billion, up 7% year-over-year, including exchange net revenues of $5.4 billion, fixed income and data services revenues of $2.4 billion and mortgage technology revenues of $2.1 billion. Consolidated operating expenses were $5.0 billion for 2025. On an adjusted basis, consolidated operating expenses were $3.9 billion. Consolidated operating income for the year was $4.9 billion and the operating margin was 50%. On an adjusted basis, consolidated operating income for the year was $6.0 billion and the adjusted operating margin was 60%.<\/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 2025<\/b><\/p>\n<\/td>\n

\n

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

\n

4Q25<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$5,411<\/p>\n<\/td>\n

\n

\n74%<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n$1,364<\/p>\n<\/td>\n

\n

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

\n

\n74%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$2,419<\/p>\n<\/td>\n

\n

\n39%<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n$608<\/p>\n<\/td>\n

\n

\n38%<\/p>\n<\/td>\n

\n

\n44%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$2,101<\/p>\n<\/td>\n

\n

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

\n

\n41%<\/p>\n<\/td>\n

\n

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

\n

\n$532<\/p>\n<\/td>\n

\n

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

\n

\n39%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

$9,931<\/b><\/p>\n<\/td>\n

\n

50%<\/b><\/p>\n<\/td>\n

\n

60%<\/b><\/p>\n<\/td>\n

\n

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

\n

$2,504<\/b><\/p>\n<\/td>\n

\n

49%<\/b><\/p>\n<\/td>\n

\n

60%<\/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

FY25<\/b><\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

4Q25<\/b><\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n$5,056<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n$1,289<\/p>\n<\/td>\n

\n

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

\n

\n6%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$4,875<\/p>\n<\/td>\n

\n

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

\n

\n10%<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n10%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

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

\nFourth quarter exchange net revenues were $1.4 billion, up 10% year-over-year. Exchange operating expenses were $365 million and on an adjusted basis, were $349 million in the fourth quarter. Segment operating income for the fourth quarter was $999 million and the operating margin was 73%. On an adjusted basis, operating income was $1.0 billion and the adjusted operating margin was 74%.<\/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

4Q25<\/b><\/p>\n<\/td>\n

\n

4Q24<\/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$548<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n53<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n155<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n120<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n97<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n266<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n125<\/p>\n<\/td>\n

\n

\n123<\/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

$1,364<\/b><\/p>\n<\/td>\n

\n

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

\n

10%<\/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$391<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n$973<\/p>\n<\/td>\n

\n

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

\n

\n10%<\/p>\n<\/td>\n

\n

\n8%<\/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 4Q24, 1.2813 and 1.0664, 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 $5.4 billion, up 9% year-over-year. Exchange operating expenses, as well as on an adjusted basis, were $1.4 billion for the full year. Segment operating income for 2025 was $4.0 billion and the operating margin was 74%. On an adjusted basis, operating income was $4.1 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

FY25<\/b><\/p>\n<\/td>\n

\n

FY24<\/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$2,182<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n233<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n608<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n467<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n395<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n1,031<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n495<\/p>\n<\/td>\n

\n

\n489<\/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

$5,411<\/b><\/p>\n<\/td>\n

\n

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

\n

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

\n

8%<\/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$1,526<\/p>\n<\/td>\n

\n

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

\n

\n6%<\/p>\n<\/td>\n

\n

\n6%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$3,885<\/p>\n<\/td>\n

\n

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

\n

\n10%<\/p>\n<\/td>\n

\n

\n9%<\/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 2024, 1.2781 and 1.0820, 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 $608 million, up 5% year-over-year. Fixed income and data services operating expenses were $378 million and adjusted operating expenses were $341 million in the fourth quarter. Segment operating income for the fourth quarter was $230 million and the operating margin was 38%. On an adjusted basis, operating income was $267 million and the adjusted operating margin was 44%.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n

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

\n

4Q25<\/b><\/p>\n<\/td>\n

\n

4Q24<\/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$29<\/p>\n<\/td>\n

\n

\n$33<\/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

\n72<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n318<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\nData and Network Technology<\/p>\n<\/td>\n

\n

\n189<\/p>\n<\/td>\n

\n

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

\n

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

\n

10%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

$608<\/b><\/p>\n<\/td>\n

\n

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

\n

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

\n

5%<\/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$507<\/p>\n<\/td>\n

\n

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

\n

\n8%<\/p>\n<\/td>\n

\n

\n7%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$101<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n(6)%<\/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 4Q24, 1.2813 and 1.0664, respectively.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nFull year 2025 fixed income and data services revenues were $2.4 billion, up 5% 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 $933 million and the operating margin was 39%. On an adjusted basis, operating income was $1.1 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

FY25<\/b><\/p>\n<\/td>\n

\n

FY24<\/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$125<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n338<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n1,234<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\nData and Network Technology<\/p>\n<\/td>\n

\n

\n722<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

$2,419<\/b><\/p>\n<\/td>\n

\n

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

\n

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

\n

5%<\/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$1,956<\/p>\n<\/td>\n

\n

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

\n

\n6%<\/p>\n<\/td>\n

\n

\n6%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$463<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n1%<\/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 2024, 1.2781 and 1.0820, respectively.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

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

\nFourth quarter mortgage technology revenues were $532 million. Mortgage technology operating expenses were $524 million and adjusted operating expenses were $321 million in the fourth quarter. Segment operating income for the fourth quarter was $8 million and the operating margin was 1%. On an adjusted basis, operating income was $211 million and the adjusted operating margin was 39%.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n

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

\n

4Q25<\/b><\/p>\n<\/td>\n

\n

4Q24<\/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$188<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n60<\/p>\n<\/td>\n

\n

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

\n

14%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n214<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

$532<\/b><\/p>\n<\/td>\n

\n

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

\n

5%<\/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$391<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n$141<\/p>\n<\/td>\n

\n

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

\n

\n20%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nFull year mortgage technology revenues were $2.1 billion. Mortgage technology operating expenses were $2.1 billion and adjusted operating expenses were $1.2 billion in 2025. Segment operating income for the full year was $14 million and the operating margin was 1%. On an adjusted basis, operating income was $859 million and the adjusted operating margin was 41%.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n

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

\n

FY25<\/b><\/p>\n<\/td>\n

\n

FY24<\/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$738<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n223<\/p>\n<\/td>\n

\n

\n$202<\/p>\n<\/td>\n

\n

10%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n871<\/p>\n<\/td>\n

\n

\n$848<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n269<\/p>\n<\/td>\n

\n

\n$259<\/p>\n<\/td>\n

\n

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

\n

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

\n

$2,101<\/b><\/p>\n<\/td>\n

\n

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

\n

4%<\/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$1,574<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n$527<\/p>\n<\/td>\n

\n

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

\n

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

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