19 unchanged sentences
Our results of operations are affected by global economic conditions, including macroeconomic conditions and geopolitical events and conflicts.
−Removed: Since 2022, macroeconomic conditions, including changes in interest rates, inflation and significant market volatility, along with geopolitical concerns, have created ongoing uncertainty and volatility in the global economy and resulted in a dynamic operating environment.
+Added: 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.
Our business has been impacted positively and negatively by these global economic conditions.
−Removed: For instance, due to market and interest rate volatility, we have seen increased trading across a number of our products, such as interest rate and equity futures, credit default swaps and bonds.
−Removed: Conversely, increases in mortgage interest rates in 2023 and to a
−Removed: lesser extent, 2024, have resulted in reduced consumer and investor demand for mortgages and adversely impacted the transaction-based revenues in our Mortgage Technology segment.
−Removed: If mortgage rates remain high or further increase, or if mortgage lending practices change, our Mortgage Technology segment revenues may be further impacted.
+Added: For instance, due to market and interest rate volatility, including market volatility during 2025, we have seen increased trading across a number of our products, such as energy, interest rate and equity futures, credit default swaps and bonds.
+Added: 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.
+Added: If mortgage rates 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.
−Removed: From an operational perspective, our businesses, including our exchanges, clearing houses, listings venues, data services businesses and mortgage platforms, have not suffered a material negative impact as a result of the events in Ukraine and the Middle East and surrounding regions.
−Removed: We expect the macroeconomic environment to remain dynamic in the near-term, and we continue to monitor macroeconomic conditions, including interest rates, inflation rates, geopolitical events and military conflicts, including repercussions from the conflicts in Ukraine and the Middle East, and the impact that any of the foregoing may have on the global economy and on our business.
+Added: From an operational perspective, our businesses, including our exchanges, clearing houses, listings venues, data services businesses and mortgage platforms, have not suffered a material negative impact as a result of the events in Ukraine, the Middle East and surrounding regions and Venezuela.
+Added: We expect the macroeconomic environment to remain dynamic in the near-term, and we continue to monitor macroeconomic conditions, including interest rates, inflation rates, changes in tariffs and trade policies, market volatility, prolonged U.S.
+Added: government shutdowns, geopolitical events and military conflicts and repercussions from, and the impact that, any of the foregoing may have on the global economy and on our business.
We also continue to closely monitor credit worthiness of our counterparties, clearing members and our financial service providers and take risk management measures in line with established risk management frameworks.
+Added: Tax Policy Changes
+Added: On July 4, 2025, the One Big Beautiful Bill Act, or OBBBA, was enacted into law.
+Added: The OBBBA includes significant changes to U.S.
+Added: federal and international tax provisions.
+Added: The application of the OBBBA tax provisions did not result in material changes to our total effective tax rate for the year ended December 31, 2025.
+Added: The composition of the income tax provision, however, reflects a decrease in current income tax expenses, offset by an increase in deferred income tax expenses, primarily due to immediate expensing of current year domestic research and development costs and certain capital expenditures, and an election to accelerate deductions of previously capitalized domestic R&D expenditures under the OBBBA.
+Added: We intend to make certain elections under the OBBBA for the 2025 tax year returns and we have reflected the impact of these elections in our financial statements for the year ended December 31, 2025.
Consolidated Financial Highlights
1 unchanged sentence
(1) Operating income/(loss) from our Mortgage Technology segment was $14 million, $(170) million and $(276) million in 2025, 2024 and 2023, respectively.
−Removed: (2) The adjusted figures exclude items that are not reflective of our ongoing core operations and business performance.
+Added: (2) The adjusted figures exclude items that are not reflective of our cash operations or core business performance.
Adjusted net income attributable to ICE is presented net of taxes.
1 unchanged sentence
Generally Accepted Accounting Principles, or U.S.
−Removed: See “—Non-GAAP Financial Measures” below.
+Added: See “—Non-GAAP Measures” below.
Year Ended December 31, Year Ended December 31,
13 unchanged sentences
Adjusted operating margin (2)
−Removed: 59 % 59 % — 59 % 59 % —
+Added: 60 % 59 % 1 pt 59 % 59 % —
Other income/(expense), net $ (583) $ (681) (14) % $ (681) $ (800) (15) %
Income tax expense $ 976 $ 826 18 % $ 826 $ 456 81 %
−Removed: Effective tax rate 23 % 16 % 7 pts 16 % 17 % (1 pt)
+Added: Effective tax rate 22 % 23 % (1 pt) 23 % 16 % 7 pts
Net income attributable to ICE
13 unchanged sentences
We define transaction revenues as those associated with a more specific point-in-time service, such as a trade execution.
−Removed: (2) The adjusted figures exclude items that are not reflective of our ongoing core operations and business performance.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: (2) The adjusted figures exclude items that are not reflective of our cash operations or core business performance.
Adjusted net income attributable to ICE and adjusted diluted earnings per share attributable to ICE common stockholders are presented net of taxes.
These adjusted figures are not calculated in accordance with U.S.
−Removed: See “- Non-GAAP Financial Measures” below.
+Added: See “- Non-GAAP Measures” below.
(3) We believe these non-GAAP liquidity measures provide useful information to management and investors to analyze cash resources generated from our operations.
3 unchanged sentences
See “—Non-GAAP Liquidity Measures” below.
−Removed: • Revenues, less transaction-based expenses, increased $1.3 billion in 2024 from 2023.
+Added: • Revenues, less transaction-based expenses, increased $652 million in 2025 from 2024.
The increase in revenues includes $54 million in favorable foreign exchange effects arising from fluctuations in the U.S.
dollar in 2025 as compared to 2024.
−Removed: • Revenues, less transaction-based expenses, increased $696 million in 2023 from 2022.
+Added: • Revenues, less transaction-based expenses, increased $1.3 billion in 2024 from 2023.
The increase in revenues includes $18 million in favorable foreign exchange effects arising from fluctuations in the U.S.
6 unchanged sentences
dollar in 2024 as compared to 2023.
−Removed: • Other income/(expense), net, in 2024 primarily includes interest income of $141 million, interest expense of $910 million, our equity earnings in OCC of $25 million, estimated equity losses in our investment in Bakkt of $83 million, a gain of $160 million related to the PennyMac arbitration final award payment, a gain of $6 million related to the sale of certain fixed assets and FX remeasurement losses of $15 million.
−Removed: • Other income/(expense), net, in 2023 primarily includes interest income of $319 million, interest expense of $808 million, our equity earnings in OCC of $16 million, estimated equity losses in our investment in Bakkt of $135 million, a fair value loss of $160 million related to the Black Knight Promissory Note, an impairment related to our CAT loan receivable of $16 million, FX remeasurement losses of $12 million, and a loss on the sale of the Dun & Bradstreet investment of $3 million, net of dividends received, that we acquired through the acquisition of Black Knight.
−Removed: • The 23% effective tax rate in 2024 was above the statutory federal income tax rate primarily due to state and local income taxes, including the impacts of recording valuation allowances on certain state deferred tax assets, partially offset by favorable state apportionment changes and statutes of limitations expirations.
−Removed: • The 16% effective tax rate in 2023 was below the statutory federal income tax rate primarily driven by the following factors:
−Removed: favorable audit settlements for historical years, favorable state apportionment changes, and the application of the high-tax exception to Global Intangible Low-Taxed Income.
−Removed: These benefits were partially offset by the impact of the U.K.
−Removed: corporate income tax increase from 19% to 25% effective April 1, 2023, and the tax impact of certain non-deductible Black Knight acquisition costs.
−Removed: • The 17% effective tax rate in 2022 was below the statutory federal income tax rate primarily driven by the deferred income tax benefit from the impairment of our equity investment in Bakkt.
+Added: • Other income/(expense), net, in 2025 primarily includes interest income of $119 million, interest expense of $803 million, equity earnings in our equity method investees of $79 million, a net gain of $55 million related to fair value adjustments and other income from our equity investments, FX remeasurement losses of $18 million and pension and postretirement plan expense of $15 million.
+Added: • Other income/(expense), net, in 2024 primarily includes interest income of $141 million, interest expense of $910 million, our equity earnings in OCC of $25 million, estimated equity losses in our investment in Bakkt of $83
+Added: million, a gain of $160 million related to the PennyMac arbitration final award payment, a gain of $6 million related to the sale of certain fixed assets and FX remeasurement losses of $15 million.
Business Environment and Market Trends
48 unchanged sentences
The following presents selected statements of income data for our Exchanges segment (dollars in millions):
−Removed: (1) The adjusted figures in the charts above are calculated by excluding items that are not reflective of our cash operations and core business performance.
+Added: (1) The adjusted figures in the charts above are calculated by excluding items that are not reflective of our cash operations or core business performance.
As a result, these adjusted figures are not calculated in accordance with U.S.
−Removed: See “- Non-GAAP Financial Measures” below.
+Added: See “- Non-GAAP Measures” below.
Year Ended December 31, Year Ended December 31,
−Removed: 2024 2023 Change 2023 2022 Change
+Added: 2025 2024 Change *
+Added: 2024 2023 Change *
Energy futures and options $ 2,182 $ 1,876 16 % $ 1,876 $ 1,498 25 %
27 unchanged sentences
We consider data and connectivity services revenues and listings revenues to be recurring revenues.
−Removed: Our data and connectivity services revenues are recurring subscription fees related to the various data and connectivity services that we provide which are directly attributable to our exchange venues.
+Added: Our data and connectivity services revenues are recurring subscription fees related to the services that we provide which are directly attributable to our exchange venues.
Our listings revenues are also recurring subscription fees that we earn for the provision of NYSE listings services for public companies and ETFs, and related corporate actions for listed companies.
3 unchanged sentences
Our exchange transaction and clearing revenues are presented net of rebates.
−Removed: We recorded rebates of $1.3 billion and $989 million in 2024 and 2023, respectively.
+Added: We recorded rebates of $1.6 billion and $1.3 billion in 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.
−Removed: The increase in rebates is primarily due to higher volumes traded as compared to 2023.
+Added: The increase in rebates is primarily due to higher volumes traded in certain asset classes as compared to 2024.
• Energy Futures and Options:
Total volume in our energy futures and options markets increased 14% and revenues increased 16% in 2025 from 2024.
−Removed: – Oil futures and options volume increased 21% in 2024 from 2023, in part, due to geopolitical risk in the Middle East and uncertainty regarding oil supply and demand dynamics.
+Added: – Oil futures and options volume increased 12% in 2025 from 2024, in part, due to global geopolitical risk and uncertainty regarding oil supply and demand dynamics.
– Global natural gas futures and options volume increased 18% in 2025 from 2024.
−Removed: The volume increase in our North American gas products was driven by increased volatility related to shifting weather and fundamentals.
−Removed: In addition, growth in our TTF and Asian JKM gas complexes was driven by the continued globalization of the commodity, coupled with price volatility related to geopolitical risks and supply and demand dynamics.
−Removed: – Environmentals and other futures and options volume increased 38% in 2024 from 2023, due to record environmental volumes driven by price volatility related to geopolitical risk in the Middle East, continued demand for market-based mechanisms to price climate risk and help enable greenhouse gas reduction goals, and higher power volumes driven by increased volatility as compared to the prior year.
+Added: The increase in North American gas volumes was driven by heightened market volatility stemming from geopolitical tensions, while continued expansion in our TTF complex reflected ongoing supply-disruption risks and broader geopolitical uncertainty.
+Added: – Environmentals and other futures and options volume increased 12% in 2025 from 2024, primarily due to higher power volumes and continued strength in environmental products.
• Agricultural and Metals Futures and Options:
Total volume in our agricultural and metals futures and options markets decreased 9% and revenues decreased 10% in 2025 from 2024.
−Removed: The overall decrease in agricultural volumes was due to reduced market volatility impacting our Sugar markets following an El Niño year, as well as a global supply shortage impacting our Cocoa markets, with Cocoa prices reaching an all-time high in 2024.
−Removed: – Sugar futures and options volumes decreased 9% in 2024 from 2023.
−Removed: – Other agricultural and metal futures and options volumes increased 4% in 2024 from 2023.
+Added: – Sugar futures and options volumes increased 1% in 2025 from 2024 with the first half of the year increasing due to volatility stemming from shifting global supply-demand dynamics and supply-driven deficits, which was partially offset with a decline in the second half of the year due to the impact of geopolitical risks on sugar markets.
+Added: – Other agricultural and metal futures and options volumes decreased 15% in 2025 from 2024 primarily driven by sustained supply constraints, elevated prices, and shifting demand across cocoa and coffee markets, with geopolitical risks further contributing to lower activity.
• Financial Futures and Options:
Total volume in our financial futures and options markets increased 16% and revenues increased 9% in 2025 from 2024, including the impacts of foreign exchange effects.
−Removed: – Interest rate futures and options volume increased 39% and revenue increased 33% in 2024 from 2023 driven by interest rate volatility and divergence of rate paths by central banks.
−Removed: Interest rate futures and options revenues were $399 million and $299 million in 2024 and 2023, respectively.
−Removed: – Other financial futures and options volume, which includes our MSCI®, FTSE® and NYSE FANG+ equity index products, decreased 6% and revenue decreased 1% in 2024 from 2023.
−Removed: Other financial futures and options volume decreased due to overall lower equity market volatility than in the prior year.
−Removed: Other financial futures and options revenues were $160 million and $161 million in 2024 and 2023, respectively.
+Added: – Interest rate futures and options volume increased 18% and revenue increased 12% in 2025 from 2024 driven by elevated volatility stemming from diverging central bank rate paths and ongoing uncertainty surrounding U.S.
+Added: and global trade policies.
+Added: – Other financial futures and options volume, which includes our MSCI®, FTSE® and NYSE FANG+ equity indices, decreased 5% and revenue increased 1% in 2025 from 2024 primarily due to lower equity market volatility compared to the prior year.
• Cash Equities and Equity Options:
−Removed: Cash equities volume increased 9% in 2024 from 2023 due to increased participation in U.S.
−Removed: equity markets.
+Added: Cash equities volume increased 40% in 2025 from 2024 due to higher industry volumes driven by heightened geopolitical risks and increased retail participation.
Cash equities revenues, net of transaction-based expenses, were $313 million and $307 million in 2025 and 2024, respectively.
−Removed: Equity options volume increased 19% in 2024 from 2023 driven by increased participation and higher market share.
−Removed: Equity options revenues, net of transaction-based expenses, were $124 million and $115 million in 2024 and 2023, respectively.
+Added: The increase was primarily due to higher industry volumes partially offset by lower overall matched market share and lower capture rate.
+Added: Equity options volume increased 13% in 2025 from 2024 and revenues, net of transaction-based expenses, were $154 million and $124 million in 2025 and 2024, respectively.
+Added: The increase was primarily due to higher industry volumes.
• OTC and Other:
1 unchanged sentence
securities exchanges, designated market maker service fees, exchange membership fees and agricultural grading and certification fees.
−Removed: Our OTC and other revenues were flat in 2024 compared to 2023.
+Added: Our OTC and other revenues decreased 1% in 2025 compared to 2024 primarily due to lower net interest income on collateral balances.
• Data and Connectivity Services:
Our data and connectivity services revenues increased 9% in 2025 from 2024.
−Removed: 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.
+Added: The increase in revenue was driven by strong customer retention, new customer additions and increased spending by existing customers.
• Listings Revenues:
−Removed: Through NYSE, NYSE American and NYSE Arca, we generate listings revenue related to the provision of listings services for public companies and ETFs, and related corporate actions for listed companies.
−Removed: Listings revenues decreased 2% in 2024 from 2023, due to the continued roll-off of initial listing fees from the strong initial public offerings, or IPO, market in 2021 and special purpose acquisition company, or SPAC, delistings.
+Added: 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.
+Added: Listings revenues increased 1% in 2025 from 2024, primarily due to new listings.
All listings fees are billed upfront and the identified performance obligations are satisfied over time.
13 unchanged sentences
Financial futures and options 983 851 16 % 851 646 32 %
−Removed: 851 646 32 % 646 646 — %
Total 2,345 2,066 13 % 2,066 1,647 26 %
6 unchanged sentences
Energy futures and options $ 1.74 $ 1.71 2 % $ 1.71 $ 1.70 1 %
−Removed: $ 1.71 $ 1.70 1 % $ 1.70 $ 1.54 10 %
Agricultural and metals futures and options $ 2.19 $ 2.21 (1) % $ 2.21 $ 2.29 (3) %
−Removed: $ 2.21 $ 2.29 (3) % $ 2.29 $ 2.30 — %
Financial futures and options $ 0.61 $ 0.65 (6) % $ 0.65 $ 0.70 (8) %
−Removed: $ 0.65 $ 0.70 (8) % $ 0.70 $ 0.73 (3) %
Open interest is the aggregate number of contracts (long or short) that clearing members hold either for their own account or on behalf of their clients.
Open interest refers to the total number of contracts that are currently “open,” in other words, contracts that have been entered into but not yet liquidated by either an offsetting trade, exercise, expiration or assignment.
−Removed: Open interest is also a measure of the future activity remaining to be closed out in terms of the number of contracts that members and their clients continue to hold in the particular contract and by the number of contracts held for each contract month listed by the exchange.
+Added: Open interest is also a measure that we believe is useful for management and investors in understanding future activity remaining to be closed out in terms of the number of contracts that members and their clients continue to hold in the particular contract and by the number of contracts held for each contract month listed by the exchange.
The following charts and table present our year-end open interest for our futures and options contracts (in thousands, except for percentages):
11 unchanged sentences
NYSE cash equities (shares in millions):
−Removed: Total cash handled volume 2,436 2,231 9 % 2,231 2,409 (7) %
−Removed: Total cash market share matched 19.7 % 19.9 % (0.2 pts) 19.9 % 19.9 % —
+Added: Total cash handled volume (ADV) 3,401 2,436 40 % 2,436 2,231 9 %
+Added: Total cash market share matched 19.0 % 19.7 % (0.7 pts) 19.7 % 19.9 % (0.2 pts)
NYSE equity options (contracts in thousands):
9 unchanged sentences
Our equities and equity options markets pay fees to the SEC pursuant to Section 31 of the Exchange Act.
−Removed: Section 31 fees are recorded on a gross basis as a component of transaction and clearing fee revenue.
−Removed: These Section 31 fees are
−Removed: assessed to recover the government’s costs of supervising and regulating the securities markets and professionals and are subject to change.
−Removed: 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.
+Added: Section 31 fees are recorded on a gross basis as a component of exchanges revenue.
+Added: 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.
+Added: 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 exchanges revenues when invoiced.
The activity assessment fees are designed to equal the Section 31 fees.
1 unchanged sentence
Section 31 fees were $412 million and $679 million in 2025 and 2024, respectively.
−Removed: The increase in Section 31 fees was primarily due to an increase in rates and volumes.
+Added: The decrease in Section 31 fees was primarily due to lower rates, partially offset by an increase in volumes.
The fees we collect are included in cash at the time of receipt and we remit the amounts to the SEC semi-annually as required.
−Removed: The total amount is included in current liabilities and was $316 million as of December 31, 2024.
+Added: In May 2025, the SEC announced that it had ceased collecting Section 31 fees from self-regulatory organizations due to the expectation that the entire fiscal year 2025 appropriation would be collected before the date of the announcement.
+Added: There were no Section 31 fees payable as of December 31, 2025.
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.
16 unchanged sentences
$ 4,050 $ 3,719 9 % $ 3,719 $ 3,241 15 %
−Removed: Operating margin 73 % 71 % 2 pts 71 % 70 % 1 pt
+Added: Operating margin 74 % 73 % 1 pt 73 % 71 % 2 pts
Adjusted operating margin (1)
−Removed: 75 % 73 % 2 pts 73 % 72 % 1 pt
−Removed: (1) The adjusted figures exclude items that are not reflective of our ongoing core operations and business performance.
+Added: 75 % 75 % — 75 % 73 % 2 pts
+Added: (1) The adjusted figures exclude items that are not reflective of our cash operations or core business performance.
These adjusted numbers are not calculated in accordance with GAAP.
−Removed: See “- Non-GAAP Financial Measures” below.
+Added: See “- Non-GAAP Measures” below.
Fixed Income and Data Services Segment
The following charts and table present our selected statements of income data for our Fixed Income and Data Services segment (dollars in millions):
−Removed: (1) The adjusted figures exclude items that are not reflective of our ongoing core operations and business performance.
−Removed: These adjusted numbers are not calculated in accordance with GAAP.
−Removed: See “- Non-GAAP Financial Measures” below.
+Added: (1) The adjusted figures in the charts above are calculated by excluding items that are not reflective of our cash operations or core business performance.
+Added: As a result, these adjusted figures are not calculated in accordance with U.S.
+Added: See “- Non-GAAP Measures” below.
Year Ended December 31, Year Ended December 31,
4 unchanged sentences
Fixed income and credit 1,697 1,637 4 1,637 1,602 2
−Removed: Other data and network services 661 629 5 629 588 7
+Added: Data and network technology 722 661 9 661 629 5
2,419 2,298 5 2,298 2,231 3
4 unchanged sentences
Acquisition-related transaction and integration costs
−Removed: — — — — 1 (95)
+Added: 2 — n/a — — n/a
Operating expenses
3 unchanged sentences
Transaction revenues $ 463 $ 460 1 % $ 460 $ 484 (5) %
−Removed: In the table above, we consider fixed income data and analytics revenues and other data and network services revenues to be recurring revenues.
−Removed: In both 2024 and 2023, 11% of our Fixed Income and Data Services segment revenues were billed in pounds sterling or euros.
+Added: *Percentage changes in the table above deemed "n/a" are not meaningful.
+Added: In the table above, we consider fixed income data and analytics revenues and data and network technology revenues to be recurring revenues.
+Added: In 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.
+Added: This name change was made to better reflect the nature of these revenues and did not impact the measurement or classification of revenue included in this classification.
+Added: In 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.
3 unchanged sentences
Fixed Income and Data Services Revenues
−Removed: Our Fixed Income and Data Services revenues increased 3% in 2024 from 2023 primarily due to strength in our fixed income data and analytics products and our other data and network services.
+Added: Our Fixed Income and Data Services revenues increased 5% in 2025 from 2024 primarily due to strength in our fixed income data and analytics products and our data and network technology.
• Fixed Income Execution:
1 unchanged sentence
Execution fees are reported net of rebates, which were $8 million and $7 million in 2025 and 2024, respectively.
−Removed: Our fixed income execution revenues decreased 6% in 2024 from 2023 as higher revenues from record corporate and municipal bond trading were more than offset by lower levels of U.S.
−Removed: treasury activity.
+Added: Our fixed income execution revenues increased 8% in 2025 from 2024 driven by market volatility related to geopolitical and macroeconomic uncertainty, network expansion and continued expansion of platform functionality across institutional and wealth networks.
• CDS Clearing:
CDS clearing revenues decreased 1% in 2025 from 2024.
+Added: Clearing fees are reported net of rebates, which were $10 million in 2025.
The notional value of CDS cleared, including index options, was $24.9 trillion and $19.8 trillion in 2025 and 2024, respectively.
−Removed: The overall decrease in revenues was primarily due to lower net interest income on collateral balances.
+Added: The overall decrease in revenues was primarily due to lower net interest income on collateral balances due to lower rates.
• Fixed Income Data and Analytics:
−Removed: Our fixed income data and analytics revenues increased 5% in 2024 from 2023 primarily due to growth in our pricing and reference data business and strength in our index business.
−Removed: • Other Data and Network Services:
−Removed: Our other data and network services revenues increased 5% in 2024 from 2023.
−Removed: The increase in revenues was primarily driven by growth in our ICE Global Network offering, coupled with strength in our consolidated feeds and desktop revenues.
−Removed: Annual Subscription Value, or ASV, represents, at a point in time, the data services revenues, which includes Fixed Income Data and Analytics as well as Other Data and Network Services, subscribed for the succeeding 12 months.
+Added: Our fixed income data and analytics revenues increased 5% in 2025 from 2024 primarily due to growth in our pricing and reference data business driven by demand and strength in our index business driven by AUM growth.
+Added: • Data and Network Technology:
+Added: Our data and network technology revenues increased 9% in 2025 from 2024 primarily driven by growth in our ICE Global Network offering, coupled with strength in our consolidated feeds, desktop and derivative analytics revenues.
+Added: The increased demand for data and capacity is due to our continued strategic investments in our data center infrastructure.
+Added: Annual Subscription Value, or ASV, represents, at a point in time, the data services revenues, which include fixed income data and analytics as well as data and network technology, subscribed for the succeeding 12 months.
ASV does not include new sales, contract terminations or price changes that may occur during that 12-month period.
−Removed: However, while it is an indicative forward-looking metric, it does not provide a precise growth forecast of the next 12 months of data services revenues.
+Added: However, while it is
+Added: an indicative forward-looking metric, it does not provide a precise growth forecast of the next 12 months of data services revenues.
Management considers ASV metrics when making financial and operating decisions and believes ASV is useful for management and investors in understanding our data services business performance.
14 unchanged sentences
$ 1,083 $ 1,026 6 % $ 1,026 $ 979 5 %
−Removed: Operating margin 37 % 36 % 1 pt 36 % 34 % 2 pts
+Added: Operating margin 39 % 37 % 2 pts 37 % 36 % 1 pt
Adjusted operating margin (1)
−Removed: 45 % 44 % 1 pt 44 % 43 % 1 pt
−Removed: (1) The adjusted figures exclude items that are not reflective of our ongoing core operations and business performance.
+Added: 45 % 45 % — 45 % 44 % 1 pt
+Added: (1) The adjusted figures exclude items that are not reflective of our cash operations or core business performance.
These adjusted numbers are not calculated in accordance with GAAP.
−Removed: See “- Non-GAAP Financial Measures” below.
+Added: See “- Non-GAAP Measures” below.
Mortgage Technology Segment
The following charts and table present our selected statements of income data for our Mortgage Technology segment (dollars in millions):
−Removed: (1) Servicing Software was a new revenue category beginning in 2023 following completion of the Black Knight acquisition.
−Removed: (2) The adjusted figures exclude items that are not reflective of our ongoing core operations and business performance.
−Removed: These adjusted numbers are not calculated in accordance with GAAP.
−Removed: See “- Non-GAAP Financial Measures” below.
+Added: (1) The adjusted figures in the charts above are calculated by excluding items that are not reflective of our cash operations or core business performance.
+Added: As a result, these adjusted figures are not calculated in accordance with U.S.
+Added: See “- Non-GAAP Measures” below.
Year Ended December 31, Year Ended December 31,
2 unchanged sentences
Closing solutions 223 202 10 202 179 13
−Removed: Servicing software 848 288 194 288 — n/a
+Added: Servicing software 871 848 3 848 288 194
Data and analytics 269 259 4 259 156 66
12 unchanged sentences
*Percentage changes in the table above deemed "n/a" are not meaningful.
−Removed: In the table above, we consider subscription fee and certain other revenues to be recurring revenues.
+Added: In the table above, we consider subscription fees and certain other revenues to be recurring revenues.
Each revenue classification above contains a mix of recurring and transaction revenues, based on the various service offerings described in more detail below.
3 unchanged sentences
Our mortgage technology business is intended to enable greater workflow efficiency and mitigate risks for customers throughout the mortgage life cycle.
−Removed: Black Knight contributed $1.1 billion and $363 million of revenues in 2024 and 2023, respectively, following completion of the acquisition.
+Added: Mortgage technology revenues increased 4% in 2025 from 2024 primarily due to higher origination volumes, contractual price increases, new client implementations and higher default transactions.
• Origination technology:
−Removed: Our origination technology revenues increased 3% in 2024 from 2023 primarily due to incremental origination technology revenue contributed by Black Knight following completion of our acquisition in September 2023.
+Added: Our origination technology revenues increased 4% in 2025 from 2024 driven by origination volumes impacting Encompass and Encompass Network revenues, partially offset by client attrition.
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.
3 unchanged sentences
• Closing solutions:
−Removed: Our closing solutions revenues increased 13% in 2024 from 2023 primarily driven by increased market share and continued adoption of digital solutions.
+Added: Our closing solutions revenues increased 10% in 2025 from 2024 primarily driven by higher industry volume impacting MERS and Simplifile.
Our closing solutions connect key participants, such as lenders, title and settlement agents and individual county recorders, to digitize the closing and recording process.
−Removed: 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.
+Added: Closing solutions also include revenues from our 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.
1 unchanged sentence
• Servicing software:
−Removed: Our servicing software revenues increased $560 million in 2024 from 2023 due to a full year of servicing software revenue contributed by Black Knight following completion of our acquisition in September 2023.
+Added: Our servicing software revenues increased 3% in 2025 from 2024 driven by MSP new client implementations, contractual price increases, renewal expansions and default management revenues, primarily driven by higher foreclosure transactions and loss mitigation revenue.
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.
−Removed: 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.
−Removed: servicing solution provides clients, third-party providers and their developers access to our growing catalog of APIs across the mortgage life cycle.
+Added: We also provide solutions that provide consumers with access to customized, timely
+Added: information about their mortgages and allow our clients’ customer service representatives to access the same customer information, which is key to increasing borrower retention.
+Added: Another servicing solution provides clients, third-party providers and their developers access to our growing catalog of APIs across the mortgage life cycle.
Revenues from servicing solutions are largely subscription-based and recurring in nature based on number of loans serviced.
−Removed: Our default servicing solutions help simplify the complex process for loans that move into default, while supporting servicers with their compliance requirements and to facilitate more efficient loss mitigation processes.
+Added: Our default servicing solutions help simplify the complex process for loans that move into default, while supporting servicers with their compliance requirements and facilitating more efficient loss mitigation processes.
We also offer advanced technology to support the bankruptcy and foreclosure process, and more efficiently manage claims related to pro perties in foreclosure, as well as tools to support loss analysis, to help servicers make the right decisions at the right time.
−Removed: Revenues from default servicing solutions are largely transaction-based and are based on number of foreclosures.
+Added: Revenues from default servicing solutions are largely transaction-based and are based on foreclosure volume.
• Data and analytics :
−Removed: Our Data and Analytics revenues increased 66% in 2024 from 2023 primarily due to the incremental revenue contributed by Black Knight following completion of our acquisition in September 2023.
+Added: Our Data and Analytics revenues increased 4% in 2025 from 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.
5 unchanged sentences
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.
+Added: Revenues related to our data products are largely subscription-based and recurring in nature.
Our data and analytics offerings include property ownership data, lien data, servicing data, automated valuation models and collateral risk scores, among others, provided to clients in the mortgage, real estate and capital markets verticals.
−Removed: Operating Expenses, Operating Income and Operating Margin
−Removed: The following chart summarizes our Mortgage Technology segment's operating expenses, operating income and operating margin (dollars in millions).
−Removed: The primary driver of the increase in operating expenses is related to the impact of the Black Knight acquisition and the corresponding Black Knight related operating expenses.
−Removed: The resulting operating losses and negative margins are primarily related to the acquisition-related transaction and integration costs incurred during the years presented.
+Added: Operating Expenses, Operating Income/(Loss) and Operating Margin
+Added: 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.
12 unchanged sentences
*Percentage changes in the table above deemed "n/a" are not meaningful.
−Removed: (1) The adjusted figures exclude items that are not reflective of our ongoing core operations and business performance.
+Added: (1) The adjusted figures exclude items that are not reflective of our cash operations or core business performance.
These adjusted numbers are not calculated in accordance with GAAP.
−Removed: See “- Non-GAAP Financial Measures” below.
+Added: See “- Non-GAAP Measures” below.
Consolidated Operating Expenses
9 unchanged sentences
Total operating expenses $ 5,002 $ 4,970 1 % $ 4,970 $ 4,294 16 %
−Removed: The majority of our operating expenses do not vary directly with changes in our volume and revenues, except for certain technology and communication expenses, including data acquisition costs, licensing and other fee-related arrangements and a portion of our compensation expense that is tied directly to our data sales or overall financial performance.
+Added: The majority of our operating expenses do not vary directly with changes in our volume and revenues, except for certain technology and communication expenses, including data acquisition costs, licensing and other fee-related arrangements and a portion of our compensation expense that is tied directly to data and mortgage technology sales commissions or overall financial performance.
We expect our operating expenses to increase in absolute terms in future periods in connection with the growth of our business, and to vary from year-to-year based on the type and level of our acquisitions, integration of acquisitions, and other investments.
4 unchanged sentences
Compensation and Benefits Expenses
−Removed: Compensation and benefits expense is our most significant operating expense and includes non-capitalized employee wages, bonuses, non-cash or stock compensation, certain severance costs, benefits and employer payroll taxes.
+Added: Compensation and benefits expense is our most significant operating expense and includes non-capitalized employee wages, bonuses, non-cash or stock compensation, certain severance costs, benefits and employer taxes.
The bonus and stock compensation components of our compensation and benefits expense are based on both our financial performance and individual employee performance.
Therefore, our compensation and benefits expense will vary year-to-year based on our financial performance and fluctuations in our number of employees.
−Removed: The below chart summarizes the significant drivers of our compensation and benefits expense results for the periods presented (dollars in millions, except employee headcount).
+Added: Our employee headcount at the end of each period is included in the table below:
Year Ended December 31,
1 unchanged sentence
Employee headcount 12,844 12,920 (1) %
−Removed: Stock-based compensation expenses $ 212 $ 197 8 %
−Removed: Compensation and benefits expense increased $314 million in 2024 from 2023 primarily due to incremental expense of $269 million attributable to our acquisition of Black Knight and higher payroll, bonus and noncash performance-based restricted stock compensation expenses due to merit and performance, partially offset by higher capitalized labor.
−Removed: The stock-based compensation expenses in the table above relate to employee stock option and restricted stock awards and exclude stock-based compensation related to acquisition-related transaction and integration costs.
+Added: Employee headcount slightly decreased in 2025 from 2024 due to headcount reductions in conjunction with realizing synergies from the Black Knight acquisition.
+Added: Compensation and benefits expense increased $54 million in 2025 from 2024 primarily due to the impact of merit-related pay increases, increased medical claim activity, and an increase in our bonus accrual, partially offset by higher capitalized labor.
Professional Services Expenses
Professional services expense includes fees for consulting services received on strategic and technology initiatives, temporary labor, as well as regulatory, legal and accounting fees, and may fluctuate as a result of changes in our use of these services in our business.
−Removed: Professional services expenses increased $31 million in 2024 from 2023 primarily due to $6 million in incremental expense attributable to our acquisition of Black Knight, combined with increases in NYSE regulatory consulting and general legal matter expenses.
+Added: Professional services expenses increased $4 million in 2025 from 2024 primarily due to higher general legal expenses on certain corporate matters offset by a decrease in NYSE regulatory consulting fees.
Acquisition-Related Transaction and Integration Costs
−Removed: In 2024, we incurred $104 million in acquisition-related transaction and integration costs primarily due to integration expenses related to Black Knight.
−Removed: In 2023, we incurred $269 million in acquisition-related transaction and integration costs primarily due to legal, banker, consulting and integration expenses related to our acquisition and integration of Black Knight and our integration of Ellie Mae.
−Removed: Included in the acquisition-related transaction and integration costs in 2023 were $55 million of Black Knight replacement restricted stock awards that accelerated due to the Divestitures and certain terminations.
+Added: In 2025 and 2024, we incurred $70 million and $104 million, respectively, in acquisition-related transaction and integration costs primarily due to integration expenses related to Black Knight.
We expect to continue to explore and pursue various potential acquisitions and other strategic opportunities to strengthen our competitive position and support our growth.
1 unchanged sentence
Technology and Communication Expenses
−Removed: Technology support services consist of costs for running our wholly-owned data centers, hosting costs paid to third-party data centers, and maintenance of our computer hardware and software required to support our technology and cybersecurity.
+Added: Technology support services consist of costs for running our wholly-owned and leased data centers, hosting costs paid to third-party data centers, and maintenance of our computer hardware and software required to support our technology and cybersecurity.
These costs are driven by system capacity, functionality and redundancy requirements.
2 unchanged sentences
Technology and communications expenses may be impacted by growth in electronic contract volume, our capacity requirements, changes in the number of telecommunications hubs and connections with customers to access our electronic platforms directly.
−Removed: Technology and communications expenses increased by $114 million in 2024 from 2023, primarily due to hardware and software support costs and data services expenses, mainly at Black Knight, combined with rising revenues on certain products causing an increase in our revenue share.
+Added: Technology and communications expenses increased by $22 million in 2025 from 2024, primarily due to increases in hosting, security and customer network costs combined with an increase in our revenue share license expense.
+Added: This was partially offset by a decrease in data services costs.
Rent and Occupancy Expenses
1 unchanged sentence
We have significant operations located in the U.S., U.K., and India, with smaller offices located throughout the world.
−Removed: Rent and occupancy expenses increased $19 million in 2024 from 2023, primarily due to duplicate rent expenses related to our London and New York leased offices and incremental increases attributable to Black Knight offices.
−Removed: See Item 2 “- Properties” above for additional information regarding our leased and owned property.
+Added: Rent and occupancy expenses decreased $23 million in 2025 from 2024, primarily due to duplicate rent during the consolidation of, and exit from, certain of our London and New York leased offices in 2024.
Selling, General and Administrative Expenses
Selling, general and administrative expenses include marketing, advertising, public relations, insurance, bank service charges, dues and subscriptions, travel and entertainment, non-income taxes and other general and administrative costs.
−Removed: Selling, general and administrative expenses increased $41 million in 2024 from 2023, primarily due to $20 million in incremental costs attributable to Black Knight and increases in other underlying costs, including customer acquisition costs from higher IPO activity, marketing, travel and entertainment.
−Removed: In addition, we also incurred a $10 million expense in 2024 for valid claims made following an equity trading issue at NYSE that occurred in June 2024, which is net of insurance proceeds, and $15 million of accruals related to a regulatory matters.
−Removed: These increases were partially offset by 2023 expenses, including a $6 million expense for claims made following a NYSE system outage in January 2023, and an $11 million regulatory matter expense.
+Added: Selling, general and administrative expenses decreased $14 million in 2025 from 2024, primarily due to a decrease in credit loss expense and one-time charges in 2024 including a net $10 million expense for valid claims made following an equity trading issue at NYSE that occurred in June 2024 net of insurance proceeds and $15 million of regulatory matter accruals.
+Added: This was partially offset by a regulatory accrual in 2025 of $4 million and increases in travel costs, marketing and customer acquisition costs at NYSE.
Depreciation and Amortization Expenses
1 unchanged sentence
This expense includes amortization of intangible assets obtained in our acquisitions of businesses over their estimated useful lives.
−Removed: Intangible assets subject to amortization consist primarily of customer relationships, technology, data and databases and trademarks and trade names.
−Removed: We recorded amortization expenses on intangible assets acquired as part of our acquisitions, as well as on other intangible assets, of $1.0 billion and $749 million in 2024 and 2023, respectively.
−Removed: During 2024, $427 million in amortization expense was related to intangible assets acquired in connection with our Black Knight acquisition, as compared to $141 million in 2023.
−Removed: Amortization expense includes a $3 million impairment charge related to developed technology and a $7 million impairment charge related to a trademark intangible for 2024 and 2023, respectively.
+Added: Intangible assets subject to amortization consist primarily of customer relationships, technology, data and databases, trademarks and trade names, and trading products.
+Added: We recorded amortization expenses on intangible assets acquired as part of our acquisitions, as well as on other intangible assets, of $994 million and $1.0 billion in 2025 and 2024, respectively.
+Added: The decrease was primarily related to certain intangibles from our Ellie Mae acquisition becoming fully amortized during the year.
We recorded depreciation expenses on our fixed assets of $566 million and $525 million in 2025 and 2024, respectively.
−Removed: The increase in 2024 over 2023 was primarily due to depreciation of fixed assets in connection with our Black Knight acquisition of $37 million in 2024, as compared to $9 million in 2023, and increases in internally developed software and leasehold improvements.
+Added: The increase in 2025 over 2024 was primarily due to increases in internally developed software assets and network equipment.
Consolidated Non-Operating Income/(Expense)
12 unchanged sentences
Interest Income
−Removed: During 2024 and 2023 we earned interest income of $141 million and $319 million, respectively.
−Removed: Interest income decreased in 2024 from 2023 primarily due to decreased investment balances following the Black Knight acquisition.
−Removed: In 2024 we earned $18 million in interest income on short term investments related to $500 million of the net proceeds from the 2031 Notes which we intend to use to repay a portion of the aggregate principal amount of the 2025 Notes at their maturity.
−Removed: In 2023 we earned $213 million in interest income on the short-term investments related to the $5.0 billion of senior notes issued in connection with, and the operating cash accumulated for, the Black Knight acquisition.
−Removed: In addition, our clearing houses also earned interest income of $93 million in 2024 and $88 million in 2023.
−Removed: The remainder primarily relates to interest earned on various unrestricted and restricted cash balances held within our other group entities.
+Added: Interest income decreased in 2025 from 2024 primarily due to lower interest rates.
+Added: • Our clearinghouses earned interest income of $80 million and $93 million in 2025 and 2024, respectively.
+Added: The decrease was primarily due to lower interest rates.
+Added: • In 2024, we invested $500 million of the net proceeds from the senior notes issued in May 2024 in short term investments which we used to repay a portion of the aggregate principal amount of the 2025 Notes at maturity in May 2025.
+Added: We earned $10 million in interest income on those investments in 2025 compared to $18 million in 2024.
+Added: • The remainder of our interest income primarily relates to interest earned on various unrestricted and restricted cash balances held within our group entities.
Interest Expense
−Removed: In 2024 and 2023, we incurred interest expense of $910 million and $808 million, respectively.
−Removed: Interest expense increased primarily due to increased borrowings raised to fund the Black Knight acquisition.
−Removed: In 2024 and 2023, we incurred Interest expense of $763 million and $703 million, respectively, on our senior notes.
−Removed: In 2024 and 2023, we incurred interest expense of $132 million and $88 million, respectively, on borrowings under our Commercial Paper Program and Term Loan facility (each as defined in "Liquidity and Capital Resources—Debt"), both of which partially funded the Black Knight acquisition.
−Removed: The remainder primarily relates to fees incurred on maintaining our revolving credit facility and other facilities within our group entities.
−Removed: See “— Debt” below.
+Added: Interest expense decreased in 2025 from 2024 primarily due to decreased borrowings as we continued to pay down debt following the Black Knight acquisition.
+Added: • Interest expense incurred on our senior notes in 2025 and 2024 was $749 million and $763 million, respectively.
+Added: The decrease was primarily due to the reduction in the amount of outstanding senior notes in the current year.
+Added: • Interest expense incurred on borrowings under our Commercial Paper program in 2025 and 2024 was $39 million and $94 million, respectively.
+Added: The decrease was primarily due to lower outstanding commercial paper borrowings in the current year.
+Added: • We previously had a term loan that we fully repaid in the second quarter of 2024, therefore, we did not incur any interest expense on the term loan during 2025.
+Added: We incurred $39 million of interest expense under our term loan obligations in 2024.
+Added: • The remainder primarily relates to the interest incurred on maintaining our Credit Facility and other facilities within our group entities.
Other Income/(Expense), net
−Removed: Equity investments and equity method investments
+Added: Equity and Equity Method Investments
Our equity method investments include OCC and Bakkt, among others.
−Removed: We recognized losses of $62 million and $122 million during 2024 and 2023, respectively, of our share of estimated equity method investment losses, net, which are included in other income/(expense), net.
−Removed: The estimated losses during 2024 and 2023 are primarily related to our investment in Bakkt, partially offset by the estimated profits related to our investment in OCC.
−Removed: Both 2024 and 2023 include adjustments to reflect the difference between reported prior period actual results from our original estimates.
−Removed: For our equity investments that do not have readily determinable fair values, in 2024 we recorded a net $1 million fair value loss.
−Removed: In connection with our acquisition of Black Knight, we acquired an investment in Dun & Bradstreet, which we classified as an equity investment.
−Removed: Subsequent to the Black Knight acquisition and prior to December 31, 2023, we sold the entire investment for a total of $187 million and realized a total loss of $3 million on the sales, net of dividends received, which is included in other income/(expense), net, in 2023.
+Added: We recognized income of $79 million and losses of $62 million during 2025 and 2024, respectively, of our share of estimated equity method investment income and losses, net.
+Added: The estimated income during 2025 is primarily related to our share of net income of OCC.
+Added: The estimated losses during 2024 are primarily related to our investment in Bakkt, partially offset by the estimated income related to our investment in OCC.
+Added: In 2025, we recorded a net gain of $19 million related to the tax receivable agreement settlement from the Bakkt reorganization and other share activity.
+Added: For our equity investments that do not have readily determinable fair values, in 2025 we recorded $36 million of fair value gains on our investments related to identifying observable price changes in our investments and equity investments measured using the net asset value per share, or NAV, practical expedient.
+Added: In 2024, we recorded a net $1 million fair value loss for our equity investments that do not have readily determinable fair values.
Legal & regulatory
In 2024, we recorded a gain of $160 million related to the Penny Mac arbitration final award payment.
−Removed: In connection with our sale of Black Knight’s Optimal Blue and Empower LOS businesses we received a Promissory Note as part of the sale proceeds that was originally valued at $235 million on the Divestiture Date.
−Removed: As we elected the fair value option for the Promissory Note, we were required to mark the asset to fair value each reporting period.
−Removed: For subsequent measurement as of December 31, 2023, we wrote down the value of the Promissory Note, resulting in a fair value loss of $160 million, which was included in other income/(expense), net, in 2023.
−Removed: In 2023, we recorded an impairment related to our CAT loan receivable of $16 million.
In 2024, we recorded a $6 million gain on a sale of property and equipment.
1 unchanged sentence
This was primarily attributable to the fluctuations of the pound sterling and euro relative to the U.S.
−Removed: Foreign currency transaction gains and losses are recorded in other income/(expense), net, when the settlement of foreign currency assets, liabilities and payables occur in non-functional currencies and there is an increase or decrease in the period-end foreign
−Removed: currency exchange rates between periods.
+Added: Foreign currency transaction gains and losses are recorded in other income/(expense), net, when the settlement of foreign currency assets, liabilities and payables occur in non-functional currencies and there is an increase or decrease in the period-end foreign currency exchange rates between periods.
See Item 7A “- Quantitative and Qualitative Disclosures About Market Risk -Foreign Currency Exchange Rate Risk” included elsewhere in this Annual Report for more information on these items.
We recognized the other components of net benefit cost of our defined benefit plans in the income statement as non-operating income.
−Removed: The combined net periodic impact of these plans was a $1 million expense and a $2 million benefit in 2024 and 2023, respectively.
+Added: The combined net periodic impact of these plans was a $15 million expense and a $1 million expense in 2025 and 2024, respectively.
Non-Controlling Interests
For consolidated subsidiaries in which our ownership is less than 100%, and for which we have control over the assets, liabilities and management of the entity, the outside stockholders’ interests are shown as non-controlling interests.
−Removed: As of December 31, 2024, our non-controlling interests include those related to the non-ICE limited partners' interest in our CDS clearing subsidiaries and non-controlling interest in ICE Futures Abu Dhabi.
−Removed: As of December 31, 2024, we also had redeemable non-controlling interests, reflected in temporary equity within our consolidated balance sheet, related to a put right held by non-ICE members to require us to purchase their interests in an entity acquired by us in 2024.
+Added: As of December 31, 2025, our non-controlling interests included those related to the non-ICE limited partners' interest in our CDS clearing subsidiaries and non-controlling interest in ICE Futures Abu Dhabi.
+Added: As of December 31, 2025 and 2024, we also had a redeemable non-controlling interest, reflected in temporary equity within our consolidated balance sheet, related to a put right held by non-ICE members to require us to purchase their interests in an entity acquired by us in 2024.
Consolidated Income Tax Provision
−Removed: Consolidated income tax expense was $826 million and $456 million in 2024 and 2023, respectively.
−Removed: The increase in our consolidated income tax expense between years is primarily due to higher pre-tax income and a higher effective tax rate.
+Added: Our consolidated income tax expense was $976 million and $826 million in 2025 and 2024, respectively.
+Added: The increase in our consolidated income tax expense between years is primarily due to higher pre-tax income.
Our effective tax rate was 22% and 23% in 2025 and 2024, respectively.
−Removed: The 23% effective tax rate in 2024 was above the statutory federal income tax rate primarily due to state and local income taxes, including the impacts of recording valuation allowances on certain state deferred tax assets, partially offset by favorable state apportionment changes and statutes of limitations expirations.
−Removed: The 16% effective tax rate in 2023 was below the statutory federal income tax rate primarily driven by the following factors:
−Removed: favorable audit settlements for historical years, favorable state apportionment changes and the application of the high-tax exception to Global Intangible Low-Taxed Income.
−Removed: These benefits were partially offset by the impact of the U.K.
−Removed: corporate income tax increase from 19% to 25% effective April 1, 2023, and the tax impact of certain non-deductible Black Knight acquisition costs.
+Added: Generally, our effective tax rate tends to be higher than the U.S.
+Added: statutory federal income tax rate due to state and local income taxes and higher tax rates in the U.K., our most material non-U.S.
+Added: jurisdiction, partially offset by benefits from foreign-derived intangible income and tax credits.
+Added: Discrete events in each year can change the general trend in either direction such as federal, state and international tax law changes, movements in unrecognized tax benefits, and tax impacts from significant acquisitions, dispositions, and other business changes.
The Organisation for Economic Cooperation and Development, or OECD, Global Anti-Base Erosion Pillar Two minimum tax rules, or Pillar Two, which generally provide for a minimum effective tax rate of 15%, are intended to apply to tax years beginning in 2024.
−Removed: The EU member states and many other countries, including the U.K., our most significant non-U.S.
−Removed: jurisdiction, have committed to implement or have already enacted legislation adopting the Pillar Two rules.
+Added: The EU member states and many other countries, including the U.K., have committed to implement or have already enacted legislation adopting the Pillar Two rules.
In July 2023, the U.K.
enacted the U.K.
−Removed: Finance Act 2023, effective as of January 1, 2024, which included provisions to implement certain portions of the OECD Global Anti-Base Erosion Pillar Two minimum tax rules and included an election to apply a transitional safe harbor to extend certain effective dates to accounting periods commencing on or before December 31, 2026 and ending on or before June 30, 2028.
+Added: Finance Act 2023, effective as of January 1, 2024, which included provisions to implement certain portions of the Pillar Two minimum tax rules and included an election to apply a transitional safe harbor to extend certain effective dates to accounting periods commencing on or before December 31, 2026 and ending on or before June 30, 2028.
These Pillar Two rules, including those in the U.K., did not have a material impact on our income tax provision as of December 31, 2025 or 2024.
2 unchanged sentences
Below are charts that reflect our outstanding debt and capital allocation.
−Removed: The acquisition and integration costs in the chart below include cash paid for acquisitions, net of cash acquired and cash received for divestitures, cash paid for equity and equity method investments, and acquisition-related transaction and integration costs, in each year.
−Removed: (1) 2022 and 2023 acquisition and integration costs, net of divestitures excludes $741 million and $187 million of proceeds from sales of our Euroclear and Dun & Bradstreet investments, respectively.
+Added: The acquisition and integration costs in the chart below include cash paid for acquisitions, net of cash acquired and cash received for divestitures, if any, cash paid for equity and equity method investments, and acquisition-related transaction and integration costs, in each year.
+Added: (1) 2023 acquisition and integration costs, net of divestitures, excludes $187 million of proceeds from the sale of our Dun & Bradstreet investment.
We have financed our operations, growth and cash needs primarily through income from operations and borrowings under our various debt facilities.
4 unchanged sentences
Consolidated cash and cash equivalents were $837 million and $844 million as of December 31, 2025 and 2024, respectively.
−Removed: We had $1.5 billion and $871 million in short-term and long-term restricted cash and cash equivalents as of December 31, 2024 and 2023, respectively.
−Removed: We had $594 million and $680 million in short-term restricted investments as of December 31, 2024 and 2023, respectively.
+Added: We had $1.0 billion and $1.5 billion in short-term and long-term restricted cash and cash equivalents as of December 31, 2025 and 2024, respectively.
+Added: We had $770 million and $596 million in short-term and long-term restricted investments as of December 31, 2025 and 2024, respectively.
We had $76.8 billion and $82.1 billion of cash and cash equivalent margin deposits and guaranty funds as of December 31, 2025 and 2024, respectively.
1 unchanged sentence
subsidiaries was $368 million.
−Removed: Due to the application of Global Intangible Low-Taxed Income as of January 1, 2018, the majority of our foreign earnings for the period January 1, 2018 through December 31, 2022 have been subject to immediate U.S.
+Added: Due to the application of Global Intangible Low-Taxed Income as of January 1, 2018, the majority of our foreign earnings for the period from January 1, 2018 through December 31, 2022 have been subject to immediate U.S.
income taxation, and can be distributed to the U.S.
1 unchanged sentence
income tax consequences.
−Removed: We made and intend to apply the high tax exception to Global Intangible Low-Taxed Income in 2023 and 2024, respectively, and thus the majority of our foreign earnings in 2023 and 2024 are not expected to be subject to immediate U.S.
+Added: We made and intend to apply the high tax exception to Global Intangible Low-Taxed Income in 2023, 2024 and 2025, thus the majority of our foreign earnings in 2023, 2024 and 2025 are not expected to be subject to immediate U.S.
income taxation.
−Removed: However, these foreign earnings can also generally be distributed to the U.S.
+Added: These foreign earnings can generally be distributed to the U.S.
with no material additional U.S.
2 unchanged sentences
We may invest a portion of our cash in excess of short-term operating needs in investment-grade marketable debt securities, including government or government-sponsored agencies and corporate debt securities.
−Removed: The following table presents the major components of net changes in cash and cash equivalents, and restricted cash and cash equivalents (in millions):
+Added: The following table presents the major components of net changes in cash and cash equivalents, and restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds (in millions):
Year Ended December 31,
11 unchanged sentences
Net cash provided by operating activities primarily consists of net income adjusted for certain non-cash items, including depreciation and amortization, deferred taxes, stock-based compensation, and the effects of changes in working capital.
−Removed: The $1.1 billion increase in net cash provided by operating activities during the year ended December 31, 2024 from the comparable period in 2023 was primarily driven by the following:
−Removed: • An increase in net income, excluding depreciation and amortization, of $686 million which is primarily related to the full period impact of the Black Knight acquisition combined with increases in operating income from the Exchanges segment.
−Removed: • An increase in changes in working capital accounts of $451 million, including the following:
−Removed: ◦ A change of $381 million related to the timing of the Section 31 fee rate changes and payments;
−Removed: ◦ A net increase of $70 million related to changes in other underlying working capital accounts, primarily due to timing of payments and receipts.
+Added: The $53 million increase in net cash provided by operating activities during the year ended December 31, 2025 from the comparable period in 2024 was primarily driven by the following:
+Added: • An increase in net income of $568 million which was primarily driven by higher Exchange segment revenue partially offset by the $160 million gain related to the PennyMac arbitration final award payment received during 2024;
+Added: • An increase in non-cash adjustments to net income of $52 million primarily due to the deferred tax expense incurred during 2025 from the application of the OBBBA tax provisions compared to the deferred tax benefit incurred during 2024 and an increase in depreciation and amortization.
+Added: This was partially offset by our share of
+Added: net income from our equity method investees during 2025 compared to our share of net losses primarily driven by Bakkt in 2024 and an increase in non-cash fair value gains of our equity investments;
+Added: • A decrease in changes in working capital accounts of $567 million primarily due to timing of payments and cash receipts and the impact of the SEC announcing in May 2025 that it had ceased collecting Section 31 fees from self-regulatory organizations due to the expectation that the entire fiscal year 2025 appropriation would be collected before the date of the announcement.
Investing Activities
−Removed: The $7.9 billion decrease in cash used in investing activities during the year ended December 31, 2024 from the comparable period in 2023 was primarily driven by the following:
−Removed: • A decrease in cash paid for acquisitions, net of cash acquired, of $10.2 billion primarily related to the Black Knight acquisition in September 2023;
−Removed: • Net proceeds from our restricted investments of $103 million during the year ended December 31, 2024 as compared to net purchases of $671 million during the year ended December 31, 2023.
−Removed: The net purchases of $671 million during the year ended December 31, 2023 primarily consisted of short-term restricted investments purchased by ICE Clear Europe for regulatory capital requirements of which $680 million matured during the year ended December 31, 2024.
−Removed: This was partially offset by the $500 million of net proceeds from the offering of our 2031 Notes during the year ended December 31, 2024 that have been invested and will be used to repay our senior notes maturing in May 2025;
−Removed: • Proceeds of $75 million that we received from the sale of the Promissory Note during the year ended December 31, 2024;
−Removed: • Capital expenditures and capitalized software development costs increased $263 million driven by full period Black Knight activity combined with leasehold improvements and build-out of our new offices and one of our existing data centers;
−Removed: • During the year ended December 31, 2024, we had purchases of equity and equity method investments of $29 million as compared to net proceeds of $179 million during the year ended December 31, 2023.
−Removed: The net proceeds were due to the sale of our Dun & Bradstreet investment for $187 million, partially offset by equity investment purchases;
−Removed: • During the year ended December 31, 2024, we had net purchases of $294 million from the invested margin deposit activity compared to net proceeds of $2.4 billion during the year ended December 31, 2023.
+Added: The $3.3 billion increase in cash used in investing activities during the year ended December 31, 2025 from the comparable period in 2024 was primarily driven by the following:
+Added: • In 2025, we had net purchases of $2.3 billion from the invested margin deposit activity compared to net purchases of $294 million during 2024.
These amounts fluctuate based on clearinghouse treasury investment activity related to collateral and liquidity management;
+Added: • In 2025, we had cash paid for equity and equity method investments of $1.0 billion primarily driven by our investment in Polymarket.
+Added: In 2024, we paid $29 million for equity investments;
+Added: • In 2025, we had net purchases of restricted investments of $169 million compared to net proceeds of $103 million in 2024.
+Added: These amounts also fluctuate based on treasury investment activity related to securing our cash restricted for regulatory requirements or our skin in the game contributions;
+Added: • Proceeds of $75 million that we received from the sale of the Promissory Note during 2024;
+Added: • Capital expenditures and capitalized software development costs increased $39 million driven by increased capitalized software development costs;
+Added: • A decrease in cash paid for acquisitions, net of cash acquired, of $19 million.
Financing Activities
The $6.4 billion change in financing cash flows from cash used in financing activities in 2024 to cash provided by financing activities in 2025 was primarily driven by the following:
−Removed: • The change in cash and cash equivalent margin deposits and guaranty fund liability of $68.9 billion due to reduced volatility from 2022 to 2023 which impacted the prior year change;
−Removed: • During the year ended December 31, 2024, we had net repayments of debt of $861 million, primarily due to the repayment of the Term Loan, partially offset by the issuance of the 2031 Notes.
−Removed: During the year ended December 31, 2023, we had net proceeds from debt issuances of $114 million primarily due to funding of the Black Knight acquisition;
−Removed: • During the year ended December 31, 2024, we had net redemptions of commercial paper of $1.4 billion as compared to net proceeds of $2.0 billion during the year ended December 31, 2023.
−Removed: Our commercial paper issuances and subsequent redemptions were related to financing the Black Knight acquisition;
−Removed: • Dividends paid to stockholders increased $84 million primarily due to the increase in the dividend per share for the year ended December 31, 2024 as compared to the year ended December 31, 2023.
−Removed: As of December 31, 2024, we had $20.4 billion in outstanding debt, consisting of $19.8 billion of senior notes and $529 million under our Commercial Paper Program.
+Added: • The change in cash and cash equivalent margin deposits and guaranty fund liability decreased $6.6 billion;
+Added: • In 2025, we resumed share repurchases and repurchased $1.3 billion of shares with cash during the calendar year;
+Added: • In 2025, we had net repayments of senior notes of $1.3 billion, primarily due to the repayment of senior notes that matured in May and December of 2025 for a total of $2.5 billion, partially offset by the issuance of new senior notes due 2028 and 2031 for $1.2 billion.
+Added: In 2024, we had net repayments of debt of $861 million primarily due to the repayment of a term loan of $1.6 billion, partially offset by the issuance of new senior notes due 2031 for $750 million;
+Added: • In 2025, we had net drawdowns of commercial paper of $506 million as compared to net redemptions of $1.4 billion in 2024.
+Added: The reduction in 2024 was due to the paydown of commercial paper following the Black Knight acquisition in 2023.
+Added: The increase in 2025 was primarily due to funding the Polymarket investment;
+Added: • Dividends paid to stockholders increased $66 million primarily due to the increase in the dividend per share in 2025 as compared to 2024.
+Added: As of December 31, 2025, we had $19.6 billion in outstanding debt, consisting of $18.6 billion of senior notes and $1 billion under our Commercial Paper Program.
As of December 31, 2025, our senior notes of $18.6 billion had a weighted average maturity of 14 years and a weighted average cost of 3.7% per annum.
As of December 31, 2025, our Commercial Paper notes outstanding had original maturities ranging from 2 to 28 days with a weighted average interest rate of 4.0% per annum, and a weighted average remaining maturity of 22 days.
−Removed: As of December 31, 2023, we had $22.6 billion in outstanding debt, consisting of $19.0 billion of senior notes, $2.0 billion under our Commercial Paper Program and $1.6 billion under our Term Loan.
−Removed: As of December 31, 2023, our senior notes of $19.0 billion had a weighted average maturity of 15 years and a weighted average cost of 3.6% per annum.
−Removed: This included the $1.0 billion principal amount of Black Knight InfoServ LLC's 3.625% senior notes due 2028, or the Black Knight Notes, that became part of ICE's consolidated long-term debt on the acquisition date of September 5, 2023 and remained outstanding as of December 31, 2023.
−Removed: Our Commercial Paper notes had original maturities of 4 to 45 days, with a weighted average interest rate of 5.70% per annum and a weighted average maturity of 32 days.
−Removed: Our Term Loan had a maturity date of August 31, 2025 and bore interest at a rate of 6.3% as of December 31, 2023.
+Added: As of December 31, 2024, we had $20.4 billion in outstanding debt, consisting of $19.8 billion of senior notes and $529 million under our Commercial Paper Program.
+Added: As of December 31, 2024, our senior notes of $19.8 billion had a weighted
+Added: average maturity of 13 years and a weighted average cost of 3.7% per annum.
+Added: As of December 31, 2024, our Commercial Paper notes outstanding had original maturities ranging from 6 to 20 days with a weighted average interest rate of 4.6% per annum, and a weighted average remaining maturity of 14 days.
+Added: Credit Facilities
We have a $3.9 billion senior unsecured revolving credit facility, or the Credit Facility, with a maturity date of May 31, 2029.
−Removed: As of December 31, 2024, of the $3.9 billion that was available for borrowing under the Credit Facility, $529 million was required to backstop the amount outstanding under the Commercial Paper Program and $172 million was required to support certain broker-dealer and other subsidiary commitments.
+Added: As of December 31, 2025, of the $3.9 billion that was available for borrowing under the Credit Facility, $1.0 billion was required to backstop the amount outstanding under the Commercial Paper Program and $168 million was required to support certain broker-dealer and other subsidiary commitments.
Amounts required to backstop notes outstanding under the Commercial Paper Program will fluctuate as we increase or decrease our commercial paper borrowings.
The remaining $2.7 billion is available for working capital and general corporate purposes, including, but not limited to, acting as a backstop to future increases in the amounts outstanding under the Commercial Paper Program.
−Removed: On May 23, 2022, we issued $8.0 billion in aggregate principal amount of new senior notes, comprised of the following:
−Removed: • $1.25 billion in aggregate principal amount of 3.65% senior notes due in 2025, or the 2025 Notes;
−Removed: • $1.5 billion in aggregate principal amount of 4.00% senior notes due in 2027, or the 2027 Notes;
−Removed: • $1.25 billion in aggregate principal amount of 4.35% senior notes due in 2029, or the 2029 Notes;
−Removed: • $1.5 billion in aggregate principal amount of 4.60% senior notes due in 2033, or the 2033 Notes;
−Removed: • $1.5 billion in aggregate principal amount of 4.95% senior notes due in 2052, or the 2052 Notes;
−Removed: • $1.0 billion in aggregate principal amount of 5.20% senior notes due in 2062, or the 2062 Notes.
−Removed: We used the net proceeds of our senior notes due in 2025, 2027, 2029 and 2062, or collectively, the Notes, together with the issuance of commercial paper, cash on hand and borrowings under the Term Loan, to finance the cash portion of the purchase price for Black Knight.
−Removed: For additional information regarding this transaction, refer to Note 3 to our consolidated unaudited financial statements, included in this Annual Report.
−Removed: We used the $3.0 billion of net proceeds from the offering of the 2033 Notes and the 2052 Notes to redeem $2.7 billion aggregate principal amount of four series of senior notes that would have matured in 2022 and 2023.
−Removed: The balance of the net proceeds was used for general corporate purposes, which included paying down a portion of the amounts outstanding under our Commercial Paper Program.
−Removed: We recorded $30 million in costs associated with the extinguishment and re-financing of our existing debt in connection with our May 2022 debt refinancing.
−Removed: These costs are included in interest expense in our consolidated statements of income for 2022.
−Removed: For additional information regarding this transaction, refer to Note 3 to our consolidated unaudited financial statements, included in this Annual Report.
−Removed: On June 5, 2024, we completed a private offer to exchange the $1 billion aggregate principal amount of the outstanding 3.625% senior notes due 2028 issued by Black Knight InfoServ, LLC, or the Black Knight Notes, for new senior notes issued by ICE.
−Removed: As a result of the settlement of the private exchange offer, approximately $998 million in aggregate principal amount of outstanding Black Knight Notes were cancelled, and ICE issued approximately $998 million in aggregate principal amount of new senior notes, or the ICE Original Exchange Notes, with the same interest payment, maturity dates and interest rate as the Black Knight Notes.
−Removed: On September 10, 2024, we completed a registered exchange offer in which virtually all previously outstanding ICE Original Exchange Notes were exchanged for identical new senior notes that were registered under the Securities Act of 1933, or the ICE Registered Exchange Notes, and thereby became freely transferable, subject to certain restrictions applicable to affiliates and broker dealers.
−Removed: On May 13, 2024, we issued $750 million in aggregate principal amount of 5.25% senior notes due 2031, or the 2031 Notes.
−Removed: We intend to use $500 million of the net proceeds from the offering of the 2031 Notes to repay a portion of the aggregate principal amount of the senior notes maturing in May 2025, or the 2025 Notes.
−Removed: The net proceeds intended to repay the 2025 Notes have been invested and recorded as short-term restricted investments in our consolidated balance sheet as of December 31, 2024.
−Removed: We used the remaining net proceeds to assist with the repayments of the outstanding borrowings under the senior unsecured delayed draw term loan facility, or the Term Loan.
We previously had a $2.4 billion two-year Term Loan that we entered into on May 25, 2022.
−Removed: Draws under the Term Loan bore interest on the principal amount outstanding at either (a) Term Secured Overnight Financing Rate, or Term SOFR,
−Removed: plus an applicable margin of 87.5 basis points plus a credit spread adjustment of 10 basis points or (b) a "base rate" plus an applicable margin.
−Removed: The applicable margin ranged from 0.625% to 1.125% for Term SOFR loans and from 0.000% to 0.125% for base rate loans, in each case, based on a ratings-based pricing grid.
The proceeds from borrowings under the Term Loan were used to fund a portion of the purchase price for the Black Knight acquisition.
During the second quarter of 2024, we fully repaid our outstanding obligations under the Term Loan and debt issuance costs incurred related to the Term Loan were fully amortized at the time of repayment.
+Added: Senior Notes Activity
+Added: On May 13, 2024, we issued $750 million in aggregate principal amount of 5.25% senior notes due 2031.
+Added: We used $500 million of the net proceeds from the offering to repay a portion of the aggregate principal amount of the senior notes that matured in May 2025, or the 2025 Notes.
+Added: The net proceeds used to repay the 2025 Notes were invested and recorded as short-term restricted investments in our consolidated balance sheet as of December 31, 2024.
+Added: We used the remaining net proceeds to assist with the repayments of the outstanding borrowings under the senior unsecured delayed draw term loan facility, or the Term Loan.
+Added: On June 5, 2024, we completed a private offer to exchange the $1 billion aggregate principal amount of the outstanding 3.625% senior notes due 2028 issued by Black Knight InfoServ, LLC, or the Black Knight Notes, for new senior notes issued by ICE.
+Added: As a result of the settlement of the private exchange offer, approximately $998 million in aggregate principal amount of outstanding Black Knight Notes were cancelled, and ICE issued approximately $998 million in aggregate principal amount of new senior notes, or the ICE Original Exchange Notes, with the same interest payment, maturity dates and interest rate as the Black Knight Notes.
+Added: On September 10, 2024, we completed a registered exchange offer in which virtually all previously outstanding ICE Original Exchange Notes were exchanged for identical new senior notes that were registered under the Securities Act of 1933, or the ICE Registered Exchange Notes, and thereby became freely transferable, subject to certain restrictions applicable to affiliates and broker dealers.
+Added: On November 17, 2025, we issued $1.25 billion in aggregate principal amount of new fixed rate senior notes, comprised of the following:
+Added: • $600 million in aggregate principal amount of 3.95% senior notes due in 2028;
+Added: • $650 million in aggregate principal amount of 4.20% senior notes due in 2031, or collectively, the Notes.
+Added: We used the net proceeds from the offering of the Notes to redeem $1.25 billion aggregate principal amount of the 3.75% senior notes that matured December 1, 2025.
+Added: Commercial Paper Program
Our Commercial Paper Program enables us to borrow efficiently at reasonable short-term interest rates and provides us with the flexibility to de-lever using our strong annual cash flows from operating activities whenever our leverage becomes elevated as a result of investment or acquisition activities.
6 unchanged sentences
In December 2025, our Board approved an aggregate of $3.0 billion for future repurchases of our common stock with no fixed expiration date that became effective January 1, 2026.
+Added: The $3.0 billion replaced the previous $3.2 billion approved by the Board in December 2021 of which $1.2 billion remained outstanding as of December 31, 2025.
The approval of our Board for stock repurchases does not obligate us to acquire any particular amount of our common stock.
1 unchanged sentence
Shares repurchased are held in treasury stock.
−Removed: In December 2021 we entered into a new Rule 10b5-1 trading plan that became effective in February 2022.
−Removed: In connection with our acquisition of Black Knight, on May 4, 2022, we terminated our Rule 10b5-1 trading plan and suspended share repurchases.
−Removed: Therefore, we did not have any share repurchases in 2024 and 2023.
−Removed: During 2022 we repurchased 5.0 million shares of our outstanding common stock at a cost of $632 million, excluding shares withheld upon vesting of equity awards, including 4.6 million shares at a cost of $582 million under our Rule 10b5-1trading plan and 0.4 million shares at a cost of $50 million on the open market.
−Removed: Open market repurchases are only made during an open trading period.
−Removed: The remaining balance of Board approved funds for future repurchase as of December 31, 2024 was $2.5 billion.
−Removed: In December 2024, our Board reauthorized the remaining balance of $2.5 million for future repurchases.
+Added: We did not have any share repurchases in 2023 and 2024.
+Added: In February 2025, we entered into a new Rule 10b5-1 trading plan that became effective on February 21, 2025.
+Added: During 2025, we repurchased 7.7 million shares of our outstanding common stock at a cost of $1.3 billion.
+Added: Repurchases may be made from time to time on the open market, through established trading plans, in privately-negotiated transactions or otherwise, in accordance with all applicable securities laws, rules and regulations.
We may begin or discontinue stock repurchases at any time and may enter into, amend or terminate a Rule 10b5-1 trading plan at any time, subject to applicable rules.
7 unchanged sentences
Our future capital requirements will depend on many factors, including the rate of growth across our segments, strategic plans and acquisitions, available sources for financing activities, required and discretionary technology and clearing initiatives, regulatory requirements, the timing and introduction of new products and enhancements to existing products, the geographic mix of our business and potential stock repurchases.
−Removed: We currently expect to incur capital expenditures (including operational and real estate capital expenditures) and to incur software development costs that are eligible for capitalization ranging in the aggregate between $730 million and
−Removed: $780 million in 2025, which we believe will support the enhancement of our technology, business integration and the continued growth of our businesses.
−Removed: As of December 31, 2024, we had $2.5 billion authorized for future repurchases of our common stock, which amount was reauthorized by our board in December 2024.
−Removed: We expect to resume repurchases of our common stock in the first quarter of 2025.
+Added: We currently expect to incur capital expenditures (including operational and real estate capital expenditures) and to incur software development costs that are eligible for capitalization ranging in the aggregate between $740 million and $790 million in 2026, which we believe will support the enhancement of our technology, business integration and the continued growth of our businesses.
+Added: In December 2025, our Board approved an aggregate of $3.0 billion for future repurchases of our common stock with no fixed expiration date that became effective January 1, 2026.
Refer to Note 12 to our consolidated financial statements, included in this Annual Report, for additional details on our stock repurchase program.
1 unchanged sentence
On February 5, 2026, we announced a $0.52 per share dividend for the first quarter of 2026 payable on March 31, 2026 to stockholders of record as of March 17, 2026.
+Added: In conjunction with our investment in Polymarket, we have the potential to purchase up to an additional $1.0 billion of shares from Polymarket employees and investors, subject to certain conditions.
Other than the facilities for the ICE Clearing Houses, our Credit Facility and our Commercial Paper Program are currently the only significant agreements or arrangements that we have for liquidity and capital resources with third parties.
−Removed: See Notes 10 and 14 to our consolidated financial statements for further discussion.
+Added: See Notes 10 and 14 to our consolidated financial statements included in this Annual Report for further discussion.
In the event of any strategic acquisitions, mergers or investments, or if we are required to raise capital for any reason or desire to return capital to our stockholders, we may incur additional debt, issue additional equity to raise necessary funds, repurchase additional shares of our common stock or pay a dividend.
−Removed: However, we cannot provide assurance that such financing or transactions will be favorable to us.
+Added: However, we cannot provide assurance that such
+Added: financing or transactions will be favorable to us.
See “-Risk Factors" and Note 10 to our consolidated financial statements, included in this Annual Report.
Non-GAAP Measures
+Added: Non-GAAP Financial Measures
We use certain financial measures internally to evaluate our performance and make financial and operational decisions that are presented in a manner that adjusts from their equivalent GAAP measures or that supplement the information provided by our GAAP measures.
4 unchanged sentences
We encourage investors to review the GAAP financial measures included in this Annual Report, including our consolidated financial statements, to aid in their analysis and understanding of our performance and in making comparisons.
−Removed: The table below outlines our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income attributable to ICE and adjusted diluted earnings per share, which are non-GAAP measures that are calculated by making adjustments for items we view as not reflective of our cash operations and core business performance.
+Added: The table below outlines our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income attributable to ICE and adjusted diluted earnings per share attributable to ICE common stockholders, which are non-GAAP measures that are calculated by making adjustments for items we view as not reflective of our cash operations and core business performance.
These measures, including the adjustments and their related income tax effect and other tax adjustments (in millions, except for percentages and per share amounts), are as follows:
26 unchanged sentences
Litigation and regulatory matters 4 (145) 11
−Removed: Net losses from and impairment of unconsolidated investees 62 122 1,340
−Removed: Loss/(Gain) on sale and fair value adjustments of equity investments and dividends received 1 3 (41)
−Removed: Net interest (income)/expense on pre-acquisition-related debt and debt extinguishment — (12) 89
+Added: Net (income)/loss from unconsolidated investees (79) 62 122
+Added: Fair value adjustments of equity investments (55) 1 3
+Added: Net interest income on pre-acquisition-related debt — — (12)
Other 15 26 182
−Removed: Net income tax effect for the above items and deferred tax adjustments (268) (309) (579)
+Added: Net income tax effect for the above items (268) (268) (309)
Deferred tax adjustments on acquisition-related intangibles 38 (43) (126)
9 unchanged sentences
Litigation and regulatory matters include the following as we do not consider events of this type to be reflective of our core business:
+Added: • In 2025, a $4 million accrual related to a regulatory matter;
• In 2024, a $160 million gain related to the PennyMac arbitration award resolution and payment received.
1 unchanged sentence
• In 2023, an accrual related to a regulatory settlement of $11 million.
−Removed: • In 2022, an accrual related to legal and regulatory matters of $9 million.
−Removed: We adjust for our share of net income/(losses) and impairment charges related to our equity method investments, which primarily include OCC and Bakkt.
−Removed: We believe these adjustments provide greater clarity of our performance given that equity method investments are non-cash and not a part of our core operations.
−Removed: Our share of total Bakkt net losses was $83 million, $135 million, and $1.4 billion in 2024, 2023 and 2022, respectively.
−Removed: During 2022, after recording our share of Bakkt's equity method losses, which included an impairment charge recorded by Bakkt, we recorded an impairment in our investment in Bakkt to its fair value as other expense.
−Removed: Our share of OCC net income was $25 million, $16 million and $15 million in 2024, 2023 and 2022, respectively.
−Removed: Similarly, and as included in the table above, we adjust for gains and losses on investment transactions and changes in the fair value of our investments.
Our investments are not considered to be a part of our core business operations and the impacts of changes in our investments are often non-cash in nature.
−Removed: The following non-GAAP adjustments are reported in the table above related to investments:
+Added: We adjust for our share of net income or loss related to our equity method investments, which primarily include OCC and Bakkt.
+Added: The following non-GAAP adjustments are reported in the table above related to fair value and other adjustments of our equity investments:
+Added: • In 2025, we recorded $36 million of fair value gains on our investments related to identifying observable price changes in our investments and equity investments measured using the NAV practical expedient.
+Added: Also, in 2025, we recorded a net gain of $19 million related to the tax receivable agreement settlement from the Bakkt reorganization and other share activity.
• In 2024, we excluded a net $1 million fair value loss on our equity investments without readily determinable fair values;
−Removed: • In 2023, we excluded the combined realized loss of $3 million related to our sales of the Dun & Bradstreet investment, net of dividends;
−Removed: • In 2022, we excluded the $41 million gain on the sale of our Euroclear investment.
+Added: • In 2023, we excluded the realized loss of $3 million related to our sale of the Dun & Bradstreet investment, net of dividends.
We adjust for certain items related to our debt.
Certain debt activities, such as the early termination of notes, pre-acquisition interest and expense and accelerated amortization of debt costs are not considered to be a part of our core business operations and the impacts of changes in our investments are often non-cash in nature.
−Removed: The following non-GAAP adjustments are reported in the table above related to our debt:
+Added: The following non-GAAP adjustment is reported in the table above related to our debt:
• In 2023, we excluded $12 million of net interest income on pre-acquisition-related debt from our May 2022 debt refinancing related to the Black Knight acquisition.
This consisted of $170 million of interest income earned on investments from the pre-acquisition debt proceeds net of $158 million of interest expense on pre-acquisition-related debt.
−Removed: • In 2022, we excluded $59 million of net interest expense on pre-acquisition-related debt from our May 2022 debt refinancing related to the Black Knight acquisition.
−Removed: This consisted of $135 million of interest expense on pre-acquisition-related debt net of $76 million of interest income earned on investments from the pre-acquisition debt proceeds.
−Removed: • In 2022, we adjusted for costs of $30 million associated with the May and June 2022 extinguishment of four series of senior notes that would have matured in 2022 and 2023 using proceeds from our May 2022 issuance of new senior notes.
Other adjustments not considered to be a part of our core business operations include:
+Added: • In 2025, a one-time cumulative actuarial adjustment of $15 million to our NYSE Other Post Employment Benefit plan.
• In 2024, duplicate rent expense of $22 million related to our new London and New York leased office space.
10 unchanged sentences
Non-GAAP tax adjustments include the tax impacts of the pre-tax non-GAAP adjustments, deferred tax adjustments on acquisition-related intangibles and other tax adjustments.
−Removed: Deferred tax adjustments on acquisition-related intangibles include the impact of tax law changes and apportionment updates resulting in a deferred tax benefit of $43 million, a deferred tax benefit of $126 million and a deferred tax expense of $9 million in 2024, 2023 and 2022, respectively.
+Added: Deferred tax adjustments on acquisition-related intangibles include the impact of tax law changes and apportionment updates resulting in a deferred tax expense of $38 million, a deferred tax benefit of $43 million and a deferred tax benefit of $126 million in 2025, 2024 and 2023, respectively.
+Added: The $36 million other tax adjustments in 2025 include $28 million of tax benefits from statutes of limitations expirations for certain pre-acquisition periods and $8 million benefits from favorable audit settlements related to previously recognized transaction gains that were excluded from non-GAAP.
The $3 million other tax adjustments in 2024 were primarily related to pre-acquisition tax matters, including releases of historical unrecognized tax benefits due to statutes of limitations expirations, mostly offset by valuation allowances of certain deferred tax assets that are not realizable in the foreseeable future.
4 unchanged sentences
We believe that free cash flow and adjusted free cash flow are useful as the bases for comparing our performance with our competitors and demonstrate our ability to convert the reinvestment of capital expenditures and capitalized software development costs required to maintain and grow our business, as well as adjust for timing differences related to the payment of Section 31 fees.
−Removed: These non-GAAP liquidity measures are not presented in accordance with, or as an alternative to, GAAP liquidity measures and may be different from non-GAAP measures used by other companies.
+Added: These non-GAAP liquidity measures are not presented in accordance with, or as an alternative to, GAAP liquidity measures and
+Added: may be different from non-GAAP measures used by other companies.
Free cash flow and adjusted free cash flow, including the related adjustments are as follows (in millions):
21 unchanged sentences
As of December 31, 2025, we had $19.6 billion in outstanding debt, including $1.0 billion of short-term debt.
−Removed: Our outstanding debt consists of $19.8 billion of fixed rate senior notes and $529 million in commercial paper.
+Added: Our outstanding debt consists of $18.6 billion of fixed rate senior notes and $1.0 billion in commercial paper.
Our operating leases primarily relate to our leased office space and data center facilities, and as of December 31, 2025, we had fixed lease payment obligations of $965 million, with $71 million payable within one year.
10 unchanged sentences
We are unable to make a reasonable estimate of the periods of cash settlement because it is not possible to reasonably predict the amount of tax, interest and penalties, if any, that might be assessed by a tax authority or the timing of an assessment or payment.
−Removed: It is also not possible to reasonably predict whether or not the applicable statutes of limitations
−Removed: might expire without us being examined by any particular tax authority.
+Added: It is also not possible to reasonably predict whether or not the applicable statutes of limitations might expire without us being examined by any particular tax authority.
See Note 13 to our consolidated financial statements for additional information on our UTBs.
4 unchanged sentences
Refer to Note 2 to our consolidated financial statements included in this Annual Report for information on the new and recently adopted accounting pronouncements that are applicable to us.
−Removed: Critical Accounting Policies
−Removed: We have identified the policies below as critical to our business operations and the understanding of our results of operations.
+Added: Critical Accounting Estimates
+Added: We have identified the estimates and policies below as critical to our business operations and the understanding of our results of operations.
The impact of, and any associated risks related to, these policies on our business operations is discussed throughout “- Management’s Discussion and Analysis of Financial Condition and Results of Operations.” For a detailed discussion on the application of these and other accounting policies, see Note 2 to our consolidated financial statements included in this Annual Report.
4 unchanged sentences
The values and results based on these estimates and judgments could differ significantly under different assumptions or conditions and could change materially in the future.
−Removed: We believe that the following critical accounting policies, among others, affect our more significant judgments and estimates used in the preparation of our consolidated financial statements and could materially increase or decrease our reported results, assets and liabilities.
−Removed: Goodwill and Other Identifiable Intangible Assets
+Added: We believe that the following critical accounting estimates and policies, among others, affect our more significant judgments and estimates used in the preparation of our consolidated financial statements and could materially increase or decrease our reported results, assets and liabilities.
+Added: Business Combinations
+Added: We account for business combinations using the acquisition method of accounting.
Assets acquired and liabilities assumed in connection with our acquisitions are recorded at their estimated fair values.
+Added: We recognize specifically identifiable intangibles if the intangible is either contractual or separable, and we estimate the useful life of the intangible asset based on the estimated period over which the asset is expected to contribute directly or indirectly to future cash flows.
Goodwill represents the excess of the purchase price of an acquired company over the fair value of its identifiable net assets, including identified intangible assets.
−Removed: We recognize specifically identifiable intangibles, such as customer relationships, developed technology, trading products, data and databases, trademarks and trade names, exchange registrations, backlog, and licenses when a specific right or contract is acquired.
−Removed: Our determination of the fair value of the intangible assets and whether or not these assets may be impaired following their acquisition requires us to apply significant judgments and make significant estimates and assumptions regarding future cash flows.
−Removed: If we change our strategy or if market conditions shift, our judgments and estimates may change, which may result in adjustments to recorded asset balances.
−Removed: Intangible assets with finite useful lives are amortized over their estimated useful lives whereas goodwill and intangible assets with indefinite useful lives are not.
−Removed: In performing the allocation of the acquisitions' purchase price to assets and liabilities, we consider, among other factors, the intended use of the acquired assets, analysis of past financial performance and estimates of future performance of the acquired business.
+Added: Our determination of fair value requires us to make significant estimates and assumptions, especially with respect to intangible assets.
+Added: Significant estimates in valuing certain intangible assets include, but are not limited to, forecasted future cash flows, revenue and margin growth rates, customer attrition rates and discount rates that are unobservable and require judgment.
+Added: The resulting fair value calculations and estimates on assigning useful lives affect our future amortization expense, as acquired finite-lived intangible assets are amortized over their useful lives, whereas any indefinite lived intangible assets, including goodwill, are not amortized.
At the acquisition date, a preliminary allocation of the purchase price is recorded based upon a preliminary valuation performed with the assistance of a third-party valuation specialist.
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Estimation uncertainty may exist due to the sensitivity of the respective fair value to underlying assumptions about the future performance of an acquired business in our discounted cash flow models.
−Removed: Significant assumptions
−Removed: typically include revenue growth rates and expense synergies that form the basis of the forecasted results and the discount rate.
−Removed: Our goodwill and other indefinite-lived intangible assets are evaluated for impairment annually in our fiscal fourth quarter or more frequently if conditions exist that indicate that the value may be impaired.
+Added: There were no material business combinations individually or in aggregate in 2025 and 2024 subject to the critical accounting estimates described above.
+Added: In 2023, we acquired Black Knight which is described in Note 3 to our consolidated financial statements.
+Added: The measurement period for the Black Knight business combination ended in 2024.
+Added: Goodwill and Other Intangible Assets Impairment Assessment
+Added: Our goodwill is evaluated for impairment annually in our fiscal fourth quarter or more frequently if conditions exist that indicate that the value may be impaired.
We test our goodwill for impairment at the reporting unit level, and we have identified four reporting units.
Our reporting units identified for our goodwill testing are the NYSE, Other Exchanges, Fixed Income and Data Services, and Mortgage Technology reporting units.
−Removed: These impairment evaluations are performed by comparing the carrying value of the goodwill or other indefinite-lived intangibles to its estimated fair value.
−Removed: In accordance with ASU 2017-04, Simplifying the Test for Goodwill Impairment , for both goodwill and indefinite-lived intangible impairment testing, we have the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying amount.
−Removed: Alternatively, we may choose to bypass the qualitative option and perform quantitative testing to determine if the fair value is less than the carrying value.
−Removed: If the fair value of the goodwill or indefinite-lived intangible asset is less than its carrying value, an impairment loss is recognized in earnings in an amount equal to the difference.
For our goodwill impairment testing, we have elected to bypass the qualitative assessment and apply the quantitative approach.
The current year goodwill impairment test was performed with the assistance of a third-party valuation specialist.
−Removed: For our testing of indefinite-lived intangible assets, we apply qualitative and quantitative approaches.
−Removed: Application of the impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit.
−Removed: We have historically determined the fair value of our reporting units based on various valuation techniques, including discounted cash flow analysis and a multiple of earnings approach.
−Removed: In assessing whether goodwill and other intangible assets are impaired, we must make estimates and assumptions regarding future cash flows, long-term growth rates of our business, operating margins, discount rates, weighted average cost of capital and other factors to determine the fair value of our assets.
+Added: Application of the impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, and determination of the fair value of each reporting unit.
+Added: We determined the fair value of our reporting units based on an equally weighted income and market approach.
+Added: For the discounted cash flow income approach, estimates and assumptions include revenue and expense growth rates used to calculate projected future cash flows, cost of capital assumptions, and long term growth rates, among others.
+Added: For the guideline public company market approach, estimates and assumptions include the determination of comparable public companies for each reporting unit and the selection and weighting of market multiples.
These estimates and assumptions require management’s judgment, and changes to these estimates and assumptions, as a result of changing economic and competitive conditions, could materially affect the determination of fair value and/or impairment.
−Removed: We considered potential indicators of impairment to goodwill and other intangible assets for each of our reporting units, which included continued global inflation concerns and changing interest rates, including their effect on our forecasts and discount rates, among other things.
−Removed: We did not record any impairments in 2024, 2023 or 2022 as a result of our goodwill and indefinite-lived intangible assets impairment testing.
+Added: As a result of our goodwill impairment tests, we did not record any impairments in 2025, 2024 or 2023.
+Added: Indefinite-lived Intangible Assets
+Added: Our indefinite-lived intangible assets are evaluated for impairment annually in our fiscal fourth quarter or more frequently if conditions exist that indicate that the value may be impaired.
+Added: For our testing of indefinite-lived intangible assets, we apply qualitative and quantitative approaches.
+Added: For the indefinite-lived intangible assets subject to the quantitative approach, we utilize an income approach to estimate the fair value of the intangible.
+Added: Estimates and assumptions include determining the amount and timing of future cash flows and the selection of appropriate discount rates, royalty rates and long-term growth rate assumptions.
+Added: Changes in these estimates and assumptions could materially affect the determination of fair value and/or impairment.
+Added: For the indefinite-lived intangible assets subject to the qualitative approach, we assess all relevant events and circumstances that could affect the significant inputs used to determine the fair value of the intangible including both internal and external factors.
+Added: As a result of our indefinite-lived intangible asset impairment tests, we did not record any impairments in 2025, 2024 or 2023.
+Added: Finite-lived Intangible Assets
We are also required to evaluate other finite-lived intangible assets for impairment by first determining whether events or changes in circumstances indicate that the carrying value of these assets to be held and used may not be recoverable.
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Fair value of these assets is based on various valuation techniques, including discounted cash flow analysis, which are assessed and conducted in accordance with our internal impairment analysis policies.
−Removed: Other than impairments in 2024 and 2023 of developed technology and certain trademark intangible assets, respectively, we did not record any impairments in 2024, 2023 or 2022 as a result of our definite-lived impairment asset testing.
+Added: Other than impairments in 2024 and 2023 of developed technology and certain trademark intangible assets, respectively, we did not record any additional impairments in 2025, 2024 or 2023 as a result of our finite-lived impairment asset testing.
+Added: Equity Investments Without Readily Determinable Fair Values
+Added: We hold certain material investments in privately held companies in the form of equity securities without readily determinable fair values and in which we do not have a controlling interest or significant influence.
+Added: Investments in equity securities without readily determinable fair values are initially recorded at cost and are subsequently adjusted to fair value for impairments and price changes from observable transactions in the same or a similar security from the same issuer.
+Added: We assess our investment portfolio quarterly for impairment and to identify observable price changes.
+Added: Investments in privately held equity securities are valued using significant unobservable inputs or data in inactive markets.
+Added: This valuation requires judgment due to the absence of market prices and inherent lack of liquidity.
+Added: In determining the estimated fair value of our investments in privately held companies, we utilize the most recent data available including observed
+Added: transactions such as equity financing transactions of the investees and sales of the existing shares of the investees’ securities.
+Added: The determination of whether an observed transaction is similar to the equity securities held by us requires significant management judgment based on the rights and preferences of the securities.
+Added: The impairment analysis for investments in equity securities includes a qualitative analysis of factors including the investee’s financial performance, industry and market conditions, and other relevant factors.
+Added: If an equity investment is considered to be impaired, we will establish a new carrying value for the investment and recognize an impairment in our consolidated statements of income.
We are subject to income taxes in the U.S., U.K.
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We have exposure to market risk for changes in interest rates relating to our cash and cash equivalents, short-term and long-term restricted cash and cash equivalents, short-term and long-term investments and indebtedness.
−Removed: As of December 31, 2024 and 2023, our cash and cash equivalents and short-term and long-term restricted cash and cash equivalents and investments were $3.0 billion and $2.5 billion, respectively.
+Added: As of December 31, 2025 and 2024, our cash and cash equivalents and short-term and long-term restricted cash and cash
+Added: equivalents and investments were $2.6 billion and $3.0 billion, respectively.
We do not use our investment portfolio for trading or other speculative purposes.
−Removed: A hypothetical 100 basis points decrease in short-term interest rates would decrease our annual interest income by $25 million as of December 31, 2024, assuming no change in the amount or composition of our cash and cash equivalents and short-term and long-term restricted cash and cash equivalents.
−Removed: As of December 31, 2024, we had $20.4 billion in outstanding debt, consisting of $19.8 billion of unsecured senior notes and $529 million in commercial paper.
+Added: A hypothetical 100 basis points decrease in short-term interest rates would decrease our annual interest income by $28 million as of December 31, 2025, assuming no change in the amount or composition of our cash and cash equivalents and short-term and long-term restricted cash and cash equivalents and investments.
+Added: As of December 31, 2025, we had $19.6 billion in outstanding debt, consisting of $18.6 billion of unsecured senior notes and $1.0 billion in commercial paper.
See Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations – Debt," and Note 10 to our consolidated financial statements included in this Annual Report.
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Foreign denominated percentage of:
+Added: Exchanges segment revenues, less transaction based expenses 11 % 13 % 11 % 12 %
+Added: Fixed income and data services segment revenue 5 5 6 5
+Added: Mortgage technology segment revenues — — — —
Revenues, less transaction-based expenses
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Impact of the currency fluctuations (1) on:
+Added: Exchanges segment revenues, less transaction based expenses $ 17 $ 28 $ 15 $ —
+Added: Fixed income and data services segment revenue 4 5 3 —
+Added: Mortgage technology segment revenues — — — —
Revenues, less transaction-based expenses
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We have a significant part of our assets, liabilities, revenues and expenses recorded in pounds sterling or euros.
−Removed: In 2024 and 2023, 15% and 14%, respectively, of our consolidated revenues, less transaction-based expenses, were denominated in pounds sterling or euros, and in 2024 and 2023, 8% and 9%, respectively, of our consolidated operating expenses were denominated in pounds sterling or euros.
+Added: In both 2025 and 2024, 15% of our consolidated revenues, less transaction-based expenses, were denominated in pounds sterling or euros, and in 2025 and 2024, 9% and 8%, respectively, of our consolidated operating expenses were denominated in pounds sterling or euros.
As the pound sterling or euro exchange rate changes, the U.S.
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The foreign currency transaction losses were primarily attributable to the fluctuations of the pound sterling and euro relative to the U.S.
−Removed: A 10% adverse change in the underlying foreign currency exchange rates as of December 31, 2024, assuming no change in the composition of the foreign currency denominated assets, liabilities and payables and assuming no hedging activity, would result in a foreign currency loss of $9 million.
+Added: A 10% adverse change in the underlying foreign currency exchange rates as of
+Added: December 31, 2025, assuming no change in the composition of the foreign currency denominated assets, liabilities and payables and assuming no hedging activity, would result in a foreign currency loss of $14 million.
We entered into foreign currency hedging transactions during 2025 and 2024 as economic hedges to help mitigate a portion of our foreign exchange risk exposure and may enter into additional hedging transactions in the future to help mitigate our foreign exchange risk exposure.
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Canadian dollars Position in euros
−Removed: Assets £ 758 C$ 2,904 € 192
+Added: Assets £ 734 $ 2,828 € 199
of which goodwill represents 498 383 92
Liabilities 143 2,374 32
−Removed: Net currency position £ 609 C$ 445 € 144
+Added: Net currency position £ 591 $ 454 € 167
Net currency position, in $USD $ 797 $ 331 $ 197
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The impact of the foreign currency exchange rate differences in the table below were primarily driven by fluctuations of the pound sterling as compared to the U.S.
−Removed: dollar which were 1.2514, 1.2732 and 1.2093 as of December 31, 2024, 2023, and 2022,
−Removed: respectively.
+Added: dollar which were 1.3474, 1.2514 and 1.2732 as of December 31, 2025, 2024, and 2023, respectively.
Changes in Accumulated Other Comprehensive Income/ (Loss) from Foreign Currency Translation Adjustments (in millions)
Balance, as of January 1, 2023
−Removed: Net current period other comprehensive loss (128)
−Removed: Balance, as of December 31, 2022
Net current period other comprehensive income 48
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Balance, as of December 31, 2024
−Removed: The future impact on our business relating to the U.K.
−Removed: leaving the EU and the corresponding regulatory changes are uncertain at this time, including future impacts on currency exchange rates.
+Added: Net current period other comprehensive income 99
+Added: Balance, as of December 31, 2025
We are exposed to credit risk in our operations in the event of a counterparty default.
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Refer to Note 14 to our consolidated financial statements for more information on the ICE Clearing Houses' cash and cash equivalent margin deposits and guaranty funds, invested deposits, delivery contracts receivable and unsettled variation margin which were $81.2 billion as of December 31, 2025.
−Removed: While we seek to achieve a reasonable rate of return which may generate interest income for our clearing members, we are primarily concerned with preservation of capital and managing the risks associated with these deposits.
+Added: While we seek to achieve a reasonable rate of return which may generate interest income for our clearing members, we are primarily concerned with preservation of capital and managing the risks associated with these
As the ICE Clearing Houses may pass on interest revenues (minus costs) to the clearing members, this could include negative or reduced yield due to market conditions.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.