Intercontinental Exchange's Q2 2025: Key Contradictions in Mortgage Technology and Revenue Growth

Mortgage Technology revenue growth, impact of Rocket purchase on IMT revenue, mortgage technology revenue growth expectations, and fixed income and data analytics growth targets are the key contradictions discussed in Intercontinental Exchange's latest 2025Q2 earnings call.



Record Financial Performance:
- Intercontinental Exchange (ICE) reported record adjusted earnings per share of $1.81, up 19% year-over-year.
- This growth was driven by a 9% increase in net revenue to a record $2.5 billion, with contributions from all three operating segments.

Energy Market Strength:
- The Exchange segment's net revenues sold reached a record $1.4 billion, up 12% year-over-year.
- Growth was driven by record transaction revenues exceeding $1 billion, including a 20% increase in the interest rate business and record energy revenues up 25%.

Mortgage Tech Segment Expansion:
- Mortgage Technology revenues totaled $531 million, up 5% year-over-year, with recurring revenues increasing year-over-year.
- The segment benefited from new customer implementations and cross-sell expansions despite some temporary roll-offs of inactive loans.

Data and Network Technology Growth:
- ICE's Data and Network Technology business saw revenues up 7% in the first half, driven by the ICE Global Network and strong performance in Consolidated Feeds and Desktop Solutions.
- Growth was supported by high-quality data and institutional customer connectivity, enhancing workflow efficiencies.