ICE Q2 FY2026: Free Cash Flow Hits $2.89B, Buybacks Up 2.4×
Intercontinental Exchange generated $2,886 million of free cash flow in the first half of 2026, up 36.4%, and it spent almost none of it on debt. Repayments were zero, against $1,250 million a year earlier. That capacity went to buybacks of $1,202 million — 2.4 times the prior-year half — plus $591 million of dividends and $843 million into private minority stakes. The operating business behind that cash decelerated sharply in the second quarter, with net revenue growth of 4.8% after 20.4% in the first, so the more useful question for this filing is not how fast ICE grew but where a mature, high-margin infrastructure operator is now choosing to put its money.
1. Consolidated Balance Sheet
1-1. Principal asset movements
Reported total assets rose 27.3% in six months. That number is close to meaningless without adjustment, and the adjustment is large.
| Item | Dec 31, 2025 ($M) | Jun 30, 2026 ($M) | Change % |
|---|---|---|---|
| Cash and cash equivalents | 837 | 1,067 | +27.5% |
| Customer accounts receivable, net | 1,552 | 1,869 | +20.4% |
| Property and equipment, net | 2,691 | 2,884 | +7.2% |
| Goodwill | 30,646 | 30,632 | −0.0% |
| Other intangible assets, net | 15,353 | 14,870 | −3.1% |
| Other non-current assets | 2,038 | 3,401 | +66.9% |
| Margin deposits and guaranty funds | 76,789 | 114,599 | +49.2% |
| Total assets (reported) | 136,887 | 174,247 | +27.3% |
| Total assets (excluding clearing pass-through) | 55,661 | 57,335 | +3.0% |
ICE runs clearing houses. Cash that clearing members post as margin sits on ICE's balance sheet as an asset with an exactly equal liability beside it. Those deposits grew $37,810 million in six months. It is customer money held in trust, not ICE capital, and it inflates both sides identically. Strip it out and the balance sheet grew 3.0% — an ordinary half-year.
