- Price
- $152.03 → $156.19(+2.7%)
- Discount
- 16.5% → 14.2%(−2.3 pts)
- Balance sheet
- Cash: $1.1B
Debt: $19.8B
Net debt: $18.7B
Interest cover: 7.5×
Ratings: Moody's A3 (stable outlook), S&P A- (stable outlook)
Intercontinental Exchange funds itself with unsecured debt of the parent company and with cash from its exchanges, data and mortgage software. The MarketAxess purchase will raise gross leverage to an expected 3.4 times adjusted EBITDA at closing, so debt reduction will compete with buybacks for free cash flow through about 2028. Cash is unrestricted cash. At June 30, 2026, totalthe debt was $19.8 billion, against $1.1 billion of unrestricted cash. The debt was $18.6 billion of senior notes and $1.2 billion of commercial paper. The notes had a weighted average maturity of 13 years and an average cost of 3.7%. InInterest cover is for H1 2026, operating income of $3.06 billion covered interest expense of $408 million about 7.5 times. The largest numbers on the balance sheet are $114.6 billion of cash margin deposits and guaranty funds at its six clearing houses. This money belongs to clearing members and has an equal liability, so it does not fund ICE and is not its cash. ICE will pay about $6 billion in cash for MarketAxess. For this, it sold $3.75 billion of new notes on August 20, 2026, which it must redeem if the deal does not close. It also arranged a $2.0 billion delayed draw term loan and more commercial paper, backed by its $3.9 billion revolving credit facility. Moody's and S&P rateThe ratings are for the new notes A3 and A- with stable outlooks. ICE expects gross leverage of 3.4 times adjusted EBITDA at closing. Its's target is 3.0 times or less within 18 to 24 months. Thus debt reduction will compete with buybacks for free cash flow through about 2028. But the steady recurring revenue supports the A-range rating.
As of 2026-06-30.