ICE
Mortgage
Technology
generated
$531
million
in
revenue
for
the
quarter,
up
4%
from
the
previous
period,
and
had
operating
income
of
$11
million
—
its
first
profit
in
more
than
two
years.
The
segment
shifted
from
operating
losses
of
$27
million
in
Q1
2025
and
$32
million
in
Q2
2024.

On
the
servicing
side,
ICE
generated
$220
million
from
its
MSP
servicing
platform,
$187
million
from
the

Encompass
loan
origination
system,
$66
million
from
data
and
analytics,
and
$58
million
from
closing
solutions.

Since

completing
its
acquisition
of

Black
Knight
nearly
two
years
ago,
ICE
has
grown
its
Encompass
LOS,
which
now
supports
both
mortgage
originations
and
servicing.
The
company
secured
23
new
Encompass
customers
in
the
second
quarter,
including
a
large
regional
bank,
it
reported
during
its
earnings
call.

Exchange
revenue
reached
$1.4
billion
in
the
second
quarter,
generating
$1.1
billion
in
operating
income
with
a
75%
margin,
or
76%
on
an
adjusted
basis.
Operating
expenses
were
$353
million,
or
$337
million
adjusted.

Operating
income
amounted
to
$1.3
billion
with
a
51%
margin,
or
$1.6
billion
and
61%
on
an
adjusted
basis.
Expenses
fell
to
$1.2
billion,
or
$983
million
adjusted.

“Through
the
first
half
of
2025,
we
have
generated
record
revenues
and
record
operating
income,
underscoring
the
strength
and
resiliency
of
our
business
model,”
said
Warren
Gardiner,
the
company’s
chief
financial
officer.

“Our
strong
and
growing
cash
flows
enabled
us
to
reinvest
in
our
business,
return
over
$1
billion
of
capital
to
stockholders
through
the
first
half,
as
well
as
successfully
achieve
our
leverage
target
related
to
our
2023
acquisition
of
Black
Knight.
As
we
turn
to
the
second
half,
we
remain
focused
on
extending
our
track
record
of
growth
and
creating
value
for
our
stockholders.”

Future
outlook:
Servicing
revenue,
financial
guidance

The
company
ended
the
quarter
with
$1
billion
in
unrestricted
cash
and
$19.2
billion
in
debt.
Operating
cash
flow
for
the
first
half
of
2025
reached
$2.5
billion,
with
$2
billion
in
adjusted
free
cash
flow.
ICE
returned
$1.05
billion
to
shareholders
through
$496
million
in
stock
buybacks
and
$555
million
in
dividends.

“We
are
pleased
to
report
our
second
quarter
results,
which
were
highlighted
by
another
quarter
of
record
revenues
and
double-digit
earnings
per
share
growth,”
said
Jeffrey
C.
Sprecher,
the
company’s
chair
and
CEO.

“Amidst
a
backdrop
of
continued
volatility
and
uncertainty,
our
strong
second-quarter
performance
reflects
the

‘all-weather’
nature
of
our
business
model
and
the
value
of
our
markets,
technology,
and
data
services.
As
we
look
to
the
second
half
of
the
year
and
beyond,
ICE’s
diverse
platform
is
well-positioned
to
continue
to
serve
our
customers,
generate
growth
and
create
value
for
our
stockholders.”

The
company
is
also
continuing
to
build
momentum
following
its

April
agreement
to
bring

United
Wholesale
Mortgage
onto
its
mortgage
servicing
platform.
UWM
moved
servicing
in-house
with
ICE
after
rival

Rocket
Mortgage

acquired

Mr.
Cooper.

While
the
Rocket-Mr.
Cooper
merger
is
expected
to
cause
some
attrition
later
this
year,
ICE
executives
said
they
expect
servicing
revenue
to
remain
near
second-quarter
levels.

ICE
said
it
now
expects
full-year
2025
recurring
revenue
growth
for
its
exchange
business
to
come
in
between
4%
and
5%.
Third-quarter
operating
expenses
are
projected
at
$1.245
billion
to
$1.255
billion,
or
$995
million
to
$1.005
billion
on
an
adjusted
basis.