0001571949-25-000018
SEC filingICE 三季度营收微降但盈利大增，Exchanges 分部现金股票交易量激增驱动，利润率显著提升。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $3,007M | $3,033M | -1% |
| Gross Profit | $2,411M | $2,349M | +3% |
| Gross Margin | 80.2% | 77.4% | +280bps |
| Operating Income | $1,174M | $1,103M | +6% |
| Operating Margin | 49% | 47% | +200bps |
| Net Income | $816M | $657M | +24% |
| Diluted EPS | $1.42 | $1.14 | +25% |
| Operating Cash Flow | $3,387M | $3,103M | +9% |
| Free Cash Flow | $2,862M | $2,627M | +9% |
本季度营收微降 1% 至 $3,007M，主要受 Exchanges 分部交易收入下滑拖累，但盈利能力显著提升。Operating Income 增 6% 至 $1,174M，Operating Margin 提升 2pts 至 49%，主要得益于 Section 31 fees 为零（SEC 停止收取）以及 Mortgage Technology 分部扭亏为盈。
盈利质量方面，Net Income 增 24% 至 $816M，Diluted EPS 增 25% 至 $1.42，增速远超营收，反映利润率扩张和成本控制成效。剔除一次性项目后，Adjusted Net Income 增 10% 至 $980M，Adjusted EPS 增 10% 至 $1.71，显示核心盈利能力稳健。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Exchanges | $1,861M | -4% | $908M | 72% | 现金股票交易量激增但市场份额下降 |
| Fixed Income and Data Services | $618M | +5% | $244M | 39% | 数据服务和网络技术增长强劲 |
| Mortgage Technology | $528M | +4% | $22M | 4% | 扭亏为盈，成本控制见效 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $850M | +$6M |
| Total Debt | $19,033M | -$1,335M |
| Operating Cash Flow | $3,387M | +$284M |
| Capex | $207M | -$5M |
| Free Cash Flow | $2,862M | +$235M |
| FCF 转化率 | 114% | — |
关注点：现金股票市场份额下降至 18.9%，capture rate 下降；Polymarket 投资存在不确定性；Mortgage Technology 扭亏为盈的可持续性。