ICE · 10-Q · 2026Q3 · Full report
Liquidity and Cash Position
Intercontinental Exchange, Inc. · 2026-10-29 · Importance 59 · Surprise 82 · No source text
Consolidated cash and cash equivalents were $936 million at September 30, 2026, compared with $837 million at December 31, 2025; restricted cash and cash equivalents increased to $4.5 billion from $988 million, primarily because MarketAxess acquisition proceeds were restricted for the purchase price. ICE also held $1.1 billion of restricted investments and $113.3 billion of margin deposits and guaranty funds. Net cash provided by operating activities increased to $4.486 billion for the nine months ended September 30, 2026, from $3.387 billion, an increase of $1.1 billion driven by higher net income, noncash adjustments, and working-capital changes including tax refunds. Investing activities used $1.196 billion, while financing activities provided $36.807 billion, including increased margin-deposit liabilities and acquisition financing.
Key facts
- Short- and long-term restricted cash and cash equivalents were $4.5 billion at September 30, 2026, versus $988 million at December 31, 2025, primarily because August 2026 senior-note proceeds were restricted to fund the MarketAxess acquisition purchase price. source
- Cash provided by financing activities was $36.807 billion for the nine months ended September 30, 2026, compared with $932 million used in 2025. source
- Cash and cash-equivalent margin deposits and guaranty funds were $113.3 billion at September 30, 2026, compared with $76.8 billion at December 31, 2025. source
- Operating cash flow was $4.486 billion for the nine months ended September 30, 2026, compared with $3.387 billion in 2025. source
- For the nine months ended September 30, 2026, net cash provided by operating activities was $4,486 million, compared with $3,387 million in 2025. source
- Interest income included $16 million earned in the nine and three months ended September 30, 2026 on proceeds from the August 2026 $3.75 billion senior note issuance related to the MarketAxess acquisition. source
- ICE had $1.1 billion in short- and long-term restricted investments at September 30, 2026, compared with $770 million at December 31, 2025. source
- ICE's consolidated cash and cash equivalents were $936 million at September 30, 2026, compared with $837 million at December 31, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +21.3% | Cash provided by financing activities was $36.807 billion for the nine months ended September 30, 2026, compared with $932 million used in… |
| cash | positive | realized | +20.6% | Cash and cash-equivalent margin deposits and guaranty funds were $113.3 billion at September 30, 2026, compared with $76.8 billion at… |
| cash | positive | realized | +0.6% | For the nine months ended September 30, 2026, net cash provided by operating activities was $4,486 million, compared with $3,387 million… |