Exchanges — Operating Expenses
Intercontinental Exchange Exchanges — Operating Expenses increased by 2.2% to $365.00M in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 9.3%, from $334.00M to $365.00M. Over 4 years (FY 2021 to FY 2025), Exchanges — Operating Expenses shows relatively stable performance with a 1.8% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
How to read this metric
An increase may indicate rising administrative overhead or technology investment, while a decrease suggests improved cost efficiency or successful integration of automated systems.
Detailed definition
This metric represents the total costs incurred to operate the core exchange business, excluding transaction-based expen...
Peer comparison
Peers in the exchange industry typically track this as 'Operating Expenses' or 'SG&A' for their specific trading segments, often benchmarking against revenue growth to measure margin expansion.
ice_segment_exchanges_operating_expensesHistorical Data
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $326.00M | $330.00M | $356.00M | $299.00M | $304.00M | $301.00M | $305.00M | $332.00M | $311.00M | $313.00M | $325.00M | $326.00M | $356.00M | $307.00M | $334.00M | $354.00M | $353.00M | $357.00M | $365.00M |
| QoQ Change | — | +1.2% | +7.9% | -16.0% | +1.7% | -1.0% | +1.3% | +8.9% | -6.3% | +0.6% | +3.8% | +0.3% | +9.2% | -13.8% | +8.8% | +6.0% | -0.3% | +1.1% | +2.2% |
| YoY Change | — | — | — | — | -6.7% | -8.8% | -14.3% | +11.0% | +2.3% | +4.0% | +6.6% | -1.8% | +14.5% | -1.9% | +2.8% | +8.6% | -0.8% | +16.3% | +9.3% |
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Frequently Asked Questions
- What is Intercontinental Exchange's exchanges — operating expenses?
- Intercontinental Exchange (ICE) reported exchanges — operating expenses of $365.00M in Q4 2025.
- How has Intercontinental Exchange's exchanges — operating expenses changed year-over-year?
- Intercontinental Exchange's exchanges — operating expenses increased by 9.3% year-over-year, from $334.00M to $365.00M.
- What is the long-term trend for Intercontinental Exchange's exchanges — operating expenses?
- Over 4 years (2021 to 2025), Intercontinental Exchange's exchanges — operating expenses has grown at a 1.8% compound annual growth rate (CAGR), from $1.33B to $1.43B.
- What does exchanges — operating expenses mean?
- The total overhead and administrative costs required to run the exchange business segment.