Global market infrastructure company Intercontinental Exchange (NYSE: ICE) will be reporting earnings this Thursday before market open. Here’s what to expect.

Intercontinental Exchange met analysts’ revenue expectations last quarter, reporting revenues of $2.41 billion, up 2.6% year on year. It was a satisfactory quarter for the company, with but revenue in line with analysts’ estimates.

Is Intercontinental Exchange a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Intercontinental Exchange’s revenue to grow 6.6% year on year to $2.48 billion, improving from the 5.5% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.67 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Intercontinental Exchange has missed Wall Street’s revenue estimates three times over the last two years.

Looking at Intercontinental Exchange’s peers in the capital markets segment, some have already reported their Q4 results, giving us a hint as to what we can expect. Nasdaq delivered year-on-year revenue growth of 13.4%, beating analysts’ expectations by 1.4%, and MSCI reported revenues up 10.6%, in line with consensus estimates. Nasdaq traded down 1.8% following the results while MSCI was up 4.6%.

Read our full analysis of Nasdaq’s results here and MSCI’s results here.

The outlook for 2025 remains clouded by potential trade policy changes and corporate tax discussions, which could impact business confidence and growth. While some of the capital markets stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 5% on average over the last month. Intercontinental Exchange’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $191.86 (compared to the current share price of $164.23).

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