ICE Continues Strong Financial Performance with Consolidated Net Revenues of $2Bn, Up 10.6% YoY

Intercontinental Exchange, Inc. (ICE), a leading global provider of data, technology, and market infrastructure, has unveiled its financial results for the third quarter of 2023 (Q3 2023), reporting a strong quarter performance with a 10.6% yearly increase in consolidated net revenues.

Financial Overview for Q3 2023

• For the quarter ended September 30, 2023, consolidated net revenues rose by 10.6% from $1.811 billion in Q3 2022 to $2.003 billion, including exchange net revenues of $1.1 billion with operating margin of 72% and adjusted operating margin of 73%, fixed income and data services revenues of $559 million with operating margin of 36% and adjusted operating margin of 44%, and mortgage technology revenues of $330 million with operating margin of (48)% and adjusted operating margin of 39%.

• Consolidated operating expenses totaled $1.2 billion for the period, 33.6% higher than $898 million in the third quarter of last year. On an adjusted basis, consolidated operating expenses were $812 million, 11.7% higher than $727 million in the year ago quarter.

• Consolidated operating income came in at $845 million with the operating margin of 42%, compared to $913 million and 50% respectively in Q3 2022. On an adjusted basis, consolidated operating income for the period was $1.2 billion and the adjusted operating margin was 59%.

• Operating cash flow through the quarter amounted to $2.6 billion, up 4% compared to $2.5 billion in last year's Q3. While the adjusted free cash flow rose by 19.0% from $2.1 billion to $2.5 billion on a year-on-year basis.

• During the three months, ICE paid $713 million in dividends, compared to $640 million in the same period of last year.

• GAAP diluted earnings per share (EPS) for Q3 2023 stood at $0.96, compared to GAAP diluted loss per share of $0.34 in Q3 2022.

• Adjusted net income attributable to ICE was $824 million in the third quarter of 2023 and adjusted diluted EPS was $1.46 for the period.