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Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The carrying value of our total debt, including short-term and long-term debt, consisted of the following (in millions):
As of December 31,
20252024
Short-term debt:
Commercial Paper
$1,035 $529 
2025 Senior Notes (3.65% unsecured due May 23, 2025)
— 1,249 
2025 Senior Notes (3.75% senior notes due December 1, 2025)
— 1,249 
Total short-term debt1,035 3,027 
Long-term debt:
2027 Senior Notes (4.00% senior notes due September 15, 2027)
1,495 1,492 
2027 Senior Notes (3.10% senior notes due September 15, 2027)
499 498 
2028 Senior Notes (3.625% senior notes due September 1, 2028)
954 937 
2028 Senior Notes (3.75% senior notes due September 21, 2028)
597 596 
2028 Senior Notes (3.95% unsecured due December 1, 2028)
594 — 
2029 Senior Notes (4.35% senior notes due June 15, 2029)
1,245 1,243 
2030 Senior Notes (2.10% senior notes due June 15, 2030)
1,242 1,240 
2031 Senior Notes (4.20% unsecured due March 15, 2031)
640 — 
2031 Senior Notes (5.25% senior notes due June 15, 2031)
745 743 
2032 Senior Notes (1.85% senior notes due September 15, 2032)
1,489 1,488 
2033 Senior Notes (4.60% senior notes due March 15, 2033)
1,491 1,490 
2040 Senior Notes (2.65% senior notes due September 15, 2040)
1,234 1,233 
2048 Senior Notes (4.25% senior notes due September 21, 2048)
1,234 1,233 
2050 Senior Notes (3.00% senior notes due June 15, 2050)
1,224 1,223 
2052 Senior Notes (4.95% senior notes due June 15, 2052)
1,468 1,467 
2060 Senior Notes (3.00% senior notes due September 15, 2060)
1,473 1,473 
2062 Senior Notes (5.20% senior notes due June 15, 2062)
985 985 
Total long-term debt
18,609 17,341 
Total debt
$19,644 $20,368 
Credit Facilities
•Credit Facility: We have a $3.9 billion senior unsecured revolving credit facility, or the Credit Facility, with future capacity to increase our borrowings under the Credit Facility by an additional $1.0 billion, subject to the consent of the lenders funding the increase and certain other conditions. On May 31, 2024, we agreed with the lenders to extend the maturity date of the Credit Facility from May 25, 2027, to May 31, 2029, among other items. We incurred new debt issuance costs of $4 million in 2024 relating to the Credit Facility which increased unamortized deferred debt issuance costs carried forward from previous Credit Facility extensions, and these costs are represented in the consolidated balance sheet as other non-current assets and will be amortized over the remaining life of the Credit Facility. No amounts were outstanding under the Credit Facility as of December 31, 2025.
As of December 31, 2025, of the $3.9 billion that was available for borrowing under the Credit Facility, $1.0 billion was required to back-stop the notes outstanding under our U.S. dollar commercial paper program, or the Commercial Paper Program, and $168 million was required to support certain broker-dealer and other subsidiary commitments. Amounts required to back-stop notes outstanding under the Commercial Paper Program will fluctuate as we increase or decrease our commercial paper borrowings. The remaining $2.7 billion is available for working capital and general corporate purposes including, but not limited to, acting as a back-stop to future amounts outstanding under the Commercial Paper Program.
We also pay an annual commitment fee for unutilized amounts under the Credit Facility, payable in arrears at a rate that ranges from 0.08% to 0.20% determined based on our current long-term debt rating. As of December 31, 2025, the applicable rate for commitments to May 2029 was 0.125%. Amounts borrowed under the Credit Facility may be prepaid at any time without premium or penalty.
The Credit Facility also contains customary representations and warranties, covenants and events of default, including a leverage ratio, limitations on liens on our assets, indebtedness of non-obligor subsidiaries, the sale of all or substantially all of our assets, and other matters.
•2022 Term Loan: We previously had a $2.4 billion two-year Term Loan, that we entered into on May 25, 2022. The proceeds from borrowings under the Term Loan were used to fund a portion of the purchase price for the Black Knight acquisition. During the second quarter of 2024, we fully repaid our outstanding obligations under the Term Loan and debt issuance costs incurred related to the Term Loan were fully amortized at the time of repayment.
•Other: Our India subsidiaries maintain $14 million of credit lines for their general corporate purposes. As of December 31, 2025, there were no outstanding borrowings.
Commercial Paper Program
Our Commercial Paper Program is currently backed by the borrowing capacity available under the Credit Facility, as described above. The effective interest rate of commercial paper issuances does not materially differ from short-term interest rates, which fluctuate due to market conditions and as a result may impact our interest expense.
In 2025 we had net borrowings of $506 million under the Commercial Paper Program. In 2024, we had net repayments of $1.4 billion under the Commercial Paper Program.
As of December 31, 2025, commercial paper notes of $1.0 billion with original maturities ranging from 2 to 28 days were outstanding with a weighted average interest rate of 4.0% per annum, and a weighted average remaining maturity of 22 days. As of December 31, 2024, commercial paper notes of $529 million with original maturities ranging from 6 to 20 days were outstanding with a weighted average interest rate of 4.6% per annum, and a weighted average remaining maturity of 14 days.
Senior Notes
As of December 31, 2025, our senior notes of $18.6 billion had a weighted average maturity of 14 years and a weighted average cost of 3.7% per annum.
•Senior Notes Issued in November 2025: On November 17, 2025, we issued $1.25 billion in aggregate principal amount of new fixed rate senior notes, comprised of the following:
–$600 million in aggregate principal amount of 3.95% senior notes due in 2028; and
–$650 million in aggregate principal amount of 4.20% senior notes due in 2031, or collectively, the Notes.
We used the net proceeds from the offering of the Notes to redeem $1.25 billion aggregate principal amount of the 3.75% senior notes that matured December 1, 2025.
We issued the debt at a discount and incurred debt issuance costs totaling $16 million and these costs are presented in the accompanying consolidated balance sheet as a deduction from the carrying amount of the related debt liability and will be amortized over the remaining term of each series of the Notes.
•Exchange Offers: On June 5, 2024, we completed a private offer to exchange the $1 billion aggregate principal amount of the outstanding 3.625% senior notes due 2028 issued by Black Knight InfoServ, LLC, or the Black Knight Notes, for new senior notes issued by ICE. As a result of the settlement of the private exchange offer, approximately $998 million in aggregate principal amount of outstanding Black Knight Notes were cancelled, and ICE issued approximately $998 million in aggregate principal amount of new senior notes, or the ICE Original Exchange Notes, with the same interest payment, maturity dates and interest rate as the Black Knight Notes.
On September 10, 2024, we completed a registered exchange offer in which virtually all previously outstanding ICE Original Exchange Notes were exchanged for identical new senior notes that were registered under the Securities Act of 1933, or the ICE Registered Exchange Notes, and thereby became freely transferable, subject to certain restrictions applicable to affiliates and broker dealers.
•Senior Notes Issued in May 2024: On May 13, 2024, we issued $750 million in aggregate principal amount of 5.25% senior notes due 2031. We used $500 million of the net proceeds from the offering of the 2031 Notes to repay a portion of the aggregate principal amount of the senior notes maturing in May 2025, or the 2025 Notes. The net proceeds used to repay the 2025 Notes were invested and recorded as short-term restricted investments
in our consolidated balance sheet as of December 31, 2024. We used the remaining net proceeds to assist with the repayments of the outstanding borrowings under a term loan which has since been repaid in full.
We issued the debt at a discount and incurred debt issuance costs totaling $7 million relating to the issuance of the 2031 Notes and these costs are presented in the accompanying consolidated balance sheet as a deduction from the carrying amount of the related debt liability and will be amortized over the remaining term of the 2031 Notes.
•Remaining Outstanding Senior Notes: All of our other outstanding Senior Notes were issued at a discount, and we incurred debt issuance costs with each issuance. The amounts in the table above reflect the carrying value of each Senior Note which consists of the aggregate principal amount, less the unamortized debt issuance costs and discounts. The unamortized debt issuance costs and discounts are being accreted through interest expense over the life of the applicable notes. All of the Senior Notes pay interest semi-annually.
All of our Senior Notes contain affirmative and negative covenants, including, but not limited to, certain redemption rights, limitations on liens and indebtedness and limitations on certain mergers, sales, dispositions and lease-back transactions.
Debt Repayment Schedule
As of December 31, 2025, the outstanding debt repayment schedule is as follows (in millions):
2026$1,037 
20272,000 
20282,200 
20291,250 
20301,250 
Thereafter
12,150 
Principal amounts repayable19,887 
Unamortized debt issuance costs and discounts(243)
Total debt outstanding$19,644