"On a pro forma basis, including Black Knight, this represents our strongest quarterly performance since the third quarter of 2022, chief financial officer Warren Gardiner told analysts during a conference call. Transaction revenue reached $141 million, a 20% year-over-year increase. Gardiner said the growth was driven by the Encompass loan origination platform, where clients are increasingly exceeding minimum usage levels amid an improving origination environment, along with double-digit growth in Mortgage Electronic Registration Systems (MERS) usage that's supported by strong refinancing activity."
"Recurring revenue totaled $391 million, in line with company expectations. As we discussed in prior quarters, some customer renewals came in at lower minimums. Importantly, these renewals are paired with higher per transaction pricing, which becomes increasingly beneficial as origination volumes normalize, Gardiner said. The impact from lower minimums was largely offset by strong implementations and product expansions, particularly within origination technology."
ICE Mortgage Technology generated $532 million in Q4 2025 revenue, a 5% increase year-over-year, marking the strongest quarterly mortgage performance since Q3 2022 on a pro forma basis including Black Knight. Transaction revenue rose 20% to $141 million, driven by Encompass loan origination platform adoption and double-digit growth in MERS usage supported by refinancing activity. Recurring revenue was $391 million, consistent with expectations, as some customer renewals arrived at lower minimums while higher per-transaction pricing offsets as origination volumes normalize. Strong implementations and product expansions, especially in origination technology, helped offset lower minimum impacts. Full-year revenue totaled $2.1 billion with operating income of $14 million and a 1% operating margin. Adjusted operating income reached $859 million.
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