Adjusted operating expenses totaled $983 million, towards the low end of guidance, driven by technology-related savings and synergies.
Adjusted operating income increased 13% to a record $1.6 billion, building on 11% pro forma growth in Q2 2024.
Capital returned to shareholders totaled $532 million in the quarter, including $255 million in share repurchases.
Exchange segment net revenues were a record $1.4 billion, up 12% year-over-year.
Fixed Income and Data Services segment revenues totaled a record $597 million, up 8% year-over-year in ICE Bonds.
Leverage ended the quarter at target 3x EBITDA, ahead of schedule after the Black Knight acquisition.
Mortgage Technology revenues totaled $531 million, up 5% year-over-year, with recurring revenues increasing largely due to Data and Analytics and Servicing.
Net revenue increased 9% to a record $2.5 billion, with growth contributions from all three operating segments.
Record volumes and revenues were achieved across energy, interest rate, and credit default swap markets, contributing to strong first half results.
Second quarter adjusted earnings per share were a record $1.81, up 19% year-over-year.
Core FAD increased by $0.05 to $0.71, reflecting rent escalations and turnaround impact of deferred rent from the prior year.
Core FFO improved to $0.68 from $0.67 year-over-year, driven by decreased interest expense, increased fair market rent resets, and higher SHOP NOI.
Debt to annualized adjusted EBITDA for real estate was 4.2x, with an annualized adjusted fixed charge coverage ratio of 5.1x as of June 30.
SHOP portfolio NOI totaled $2.5 million in Q2 with average occupancy at 81%, generating approximately $780,000 more income than under prior triple net leases for the same period last year.
Total liquidity stood at $674 million, supported by a new 4-year unsecured credit agreement increasing revolver commitments from $425 million to $600 million, with potential to increase to $1.2 billion.
Dafinchi