Business Segments · Revenues, less transaction-based expenses:
Exchanges — Revenues, less transaction-based expenses:
Intercontinental Exchange Exchanges — Revenues, less transaction-based expenses: increased by 7.8% to $1.36B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 10.4%, from $1.24B to $1.36B. Over 4 years (FY 2021 to FY 2025), Exchanges — Revenues, less transaction-based expenses: shows an upward trend with a 8.8% CAGR. This is a positive signal — higher values indicate stronger performance for this metric.
Analysis
StatementSegment
CategoryProfitability
SignalHigher is better
VolatilityStable
First reportedQ1 2018
Last reportedQ4 2025
How to read this metric
An increase indicates improved pricing power or higher net trading activity.
Detailed definition
Calculated as the net revenue generated by the exchange segment after deducting direct transaction-related costs. This m...
Peer comparison
Commonly referred to as 'Net Revenue' or 'Net Trading Revenue' in the exchange industry.
Metric ID:
ice_segment_exchanges_revenues_less_transaction_based_expensesHistorical Data
19 periods
| 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 | $909.00M | $959.00M | $1.01B | $1.08B | $1.01B | $1.00B | $982.00M | $1.10B | $1.09B | $1.11B | $1.14B | $1.22B | $1.25B | $1.25B | $1.24B | $1.37B | $1.42B | $1.27B | $1.36B |
| QoQ Change | — | +5.5% | +5.7% | +6.8% | -7.2% | -0.4% | -1.9% | +11.7% | -0.4% | +1.9% | +2.0% | +7.7% | +1.9% | +0.6% | -1.4% | +10.6% | +3.5% | -10.6% | +7.8% |
| YoY Change | — | — | — | — | +10.6% | +4.4% | -3.2% | +1.3% | +8.8% | +11.3% | +15.7% | +11.5% | +14.0% | +12.6% | +8.8% | +11.8% | +13.6% | +0.9% | +10.4% |
Range$909.00M – $1.42B
CAGR+9.4%
Avg YoY Growth+8.8%
Median YoY Growth+10.6%
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Frequently Asked Questions
- What is Intercontinental Exchange's exchanges — revenues, less transaction-based expenses:?
- Intercontinental Exchange (ICE) reported exchanges — revenues, less transaction-based expenses: of $1.36B in Q4 2025.
- How has Intercontinental Exchange's exchanges — revenues, less transaction-based expenses: changed year-over-year?
- Intercontinental Exchange's exchanges — revenues, less transaction-based expenses: increased by 10.4% year-over-year, from $1.24B to $1.36B.
- What is the long-term trend for Intercontinental Exchange's exchanges — revenues, less transaction-based expenses:?
- Over 4 years (2021 to 2025), Intercontinental Exchange's exchanges — revenues, less transaction-based expenses: has grown at a 8.8% compound annual growth rate (CAGR), from $3.86B to $5.41B.
- What does exchanges — revenues, less transaction-based expenses: mean?
- Net revenue from exchange operations after subtracting direct transaction costs.