The Intercontinental Exchange (ICE), parent company of the New York Stock Exchange, has reported stronger-than-expected earnings for the second quarter of 2025, driven by increased trading activity during a volatile period in global markets. The company announced on Thursday that its adjusted earnings per share hit a record high of $1.81, beating analysts’ expectations of $1.77, according to figures from the London Stock Exchange Group (LSEG).
ICE’s total net revenue climbed 10% year-on-year, reaching $2.54 billion in Q2. The strong performance is largely attributed to a 27% increase in revenue from energy-related products, as global tensions and shifting policies continue to fuel uncertainty in the commodities market.
Analysts say that periods of high market volatility often lead to increased trading, as investors look to adjust their portfolios to manage risks and capitalise on sudden market shifts. This trend was evident in the second quarter, as trading volumes surged in April following U.S. President Donald Trump’s announcement of sweeping new tariffs. The situation was further inflamed by rising geopolitical tensions in the Middle East during June.
The market volatility index, commonly known as the VIX and used as a measure of investor fear or anxiety, spiked to record levels in April before tapering off later in the quarter amid growing optimism around possible trade deals. This volatility worked in ICE’s favour, particularly in energy markets, where trading in oil, gas, and related products reached record highs.
ICE reported that its average daily volume (ADV) for energy contracts — which includes Brent crude oil, gasoil, natural gas, and other refined products — rose by 27% compared to the same period last year. The company said this was supported by shifts in OPEC+ policy and changes in the United States’ energy strategy, which led to more activity in the trading of futures, options, and environmental credits such as carbon and renewable credits.
The company also benefited from developments in its listings segment. Revenue from stock listings on the New York Stock Exchange rose by 1% in the quarter, helped by high-profile entries such as the planned IPO of stablecoin issuer Circle. The U.S. IPO market, which had cooled earlier in the year due to market uncertainty, bounced back in the second quarter. Several companies that had held off on going public due to tariff worries decided to move forward, providing a boost to ICE’s listing revenue.
Market experts noted that the return of IPO activity is a positive sign for exchanges like ICE, which earn listing fees and benefit from the overall increase in market participation. The improved investor sentiment in June played a role in encouraging more companies to take the plunge into public markets.
Beyond energy and equities, ICE is also tapping into emerging markets, including trading in environmental credits. As demand for carbon offsets and renewable energy credits increases in response to global climate policies, these new asset classes are expected to become important growth areas for the company.
Despite the strong performance, some analysts caution that ICE’s future earnings may remain sensitive to political decisions, particularly around tariffs and energy policy. However, others believe the company is well-positioned to benefit from both market volatility and the expansion of its trading platforms into new sectors such as sustainable finance and blockchain-based financial products.
ICE has continued to invest in technology and digital transformation, allowing it to expand its reach in both traditional and modern financial markets. With its diversified portfolio — spanning energy, equities, bonds, and crypto-related assets — the company appears well-prepared to handle whatever volatility lies ahead.
As global markets remain sensitive to political headlines and economic shifts, ICE’s strong performance highlights the role of exchanges not just as trading platforms, but as vital infrastructure for the global financial system.
