Business Segments · Transaction-based expenses
Exchanges — Transaction-based expenses
Intercontinental Exchange Exchanges — Transaction-based expenses increased by 7.0% to $638.00M in Q4 2025 compared to the prior quarter. Year-over-year, this metric declined by 9.8%, from $707.00M to $638.00M. Over 4 years (FY 2021 to FY 2025), Exchanges — Transaction-based expenses shows an upward trend with a 7.6% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
StatementSegment
CategoryEfficiency
SignalLower is better
VolatilityModerate
First reportedQ1 2018
Last reportedQ4 2025
How to read this metric
An increase suggests higher trading volumes or changes in fee structures paid to third-party clearing houses.
Detailed definition
Represents the direct costs incurred by an exchange segment that are tied to the volume of trading activity. These expen...
Peer comparison
Standard across financial exchange operators like CME Group or Nasdaq.
Metric ID:
ice_segment_exchanges_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 | $427.00M | $475.00M | $488.00M | $560.00M | $599.00M | $576.00M | $609.00M | $576.00M | $448.00M | $426.00M | $465.00M | $511.00M | $580.00M | $684.00M | $707.00M | $756.00M | $719.00M | $596.00M | $638.00M |
| QoQ Change | — | +11.2% | +2.7% | +14.8% | +7.0% | -3.8% | +5.7% | -5.4% | -22.2% | -4.9% | +9.2% | +9.9% | +13.5% | +17.9% | +3.4% | +6.9% | -4.9% | -17.1% | +7.0% |
| YoY Change | — | — | — | — | +40.3% | +21.3% | +24.8% | +2.9% | -25.2% | -26.0% | -23.6% | -11.3% | +29.5% | +60.6% | +52.0% | +47.9% | +24.0% | -12.9% | -9.8% |
Range$426.00M – $756.00M
CAGR+9.3%
Avg YoY Growth+13.0%
Median YoY Growth+21.3%
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Frequently Asked Questions
- What is Intercontinental Exchange's exchanges — transaction-based expenses?
- Intercontinental Exchange (ICE) reported exchanges — transaction-based expenses of $638.00M in Q4 2025.
- How has Intercontinental Exchange's exchanges — transaction-based expenses changed year-over-year?
- Intercontinental Exchange's exchanges — transaction-based expenses decreased by 9.8% year-over-year, from $707.00M to $638.00M.
- What is the long-term trend for Intercontinental Exchange's exchanges — transaction-based expenses?
- Over 4 years (2021 to 2025), Intercontinental Exchange's exchanges — transaction-based expenses has grown at a 7.6% compound annual growth rate (CAGR), from $2.02B to $2.71B.
- What does exchanges — transaction-based expenses mean?
- Direct costs associated with processing and clearing trading volume on the exchange.