v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt
8.    Debt
The carrying value of our total debt, including short-term and long-term debt, consisted of the following (in millions):
As of September 30, 2026As of December 31, 2025
Short-term debt:
Commercial Paper$962 $1,035 
2027 Senior Notes (4.00%; due September 15, 2027)
1,497 — 
2027 Senior Notes (3.10%; due September 15, 2027)
500 — 
Total short-term debt2,959 1,035 
Long-term debt:
2027 Senior Notes (4.00%; due September 15, 2027)
— 1,495 
2027 Senior Notes (3.10%; due September 15, 2027)
— 499 
2028 Senior Notes (3.625%; due September 1, 2028)
967 954 
2028 Senior Notes (3.75%; due September 21, 2028)
598 597 
2028 Senior Notes (3.95%; due December 1, 2028)
596 594 
2029 Senior Notes (4.35%; due June 15, 2029)
1,246 1,245 
2029 Senior Notes (4.70%; due August 20, 2029)
1,240 — 
2030 Senior Notes (2.10%; due June 15, 2030)
1,243 1,242 
2031 Senior Notes (4.20%; due March 15, 2031)
641 640 
2031 Senior Notes (5.25%; due June 15, 2031)
745 745 
2031 Senior Notes (4.90%; due September 1, 2031)
1,086 — 
2032 Senior Notes (1.85%; due September 15, 2032)
1,491 1,489 
2033 Senior Notes (4.60%; due March 15, 2033)
1,492 1,491 
2033 Senior Notes (5.15%; due September 1, 2033)
641 — 
2036 Senior Notes (5.40%; due September 1, 2036)
737 — 
2040 Senior Notes (2.65%; due September 15, 2040)
1,235 1,234 
2048 Senior Notes (4.25%; due September 21, 2048)
1,234 1,234 
2050 Senior Notes (3.00%; due June 15, 2050)
1,225 1,224 
2052 Senior Notes (4.95%; due June 15, 2052)
1,469 1,468 
2060 Senior Notes (3.00%; due September 15, 2060)
1,474 1,473 
2062 Senior Notes (5.20%; due June 15, 2062)
985 985 
Total long-term debt20,345 18,609 
Total debt$23,304 $19,644 
As of September 30, 2026, our unsecured senior notes of $22.3 billion had a weighted average maturity of 12 years and a weighted average cost of 3.9% per annum.
Credit Facilities
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 $1.25 billion, subject to the consent of the lenders funding the increase and certain other conditions. On August 20, 2026, we amended the Credit Facility to extend the maturity date applicable to $3.67 billion of commitments to August 20, 2031, which can be further extended up to two times during the term of the agreement for an additional one year, subject to consent of the extending lenders and certain other conditions. The remaining $230 million of revolving commitments retains the previous May 31, 2029 maturity date. We also amended the Credit Facility to establish a new class of $1.5 billion of revolving commitments that may be borrowed in connection with our pending MarketAxess acquisition. The total aggregate amount of revolving commitments under the Credit Facility, inclusive of the $1.5 billion that may be borrowed in connection with our pending MarketAxess acquisition, remains at $3.9 billion. Refer to Note 3 for further information on the acquisition.
We incurred new debt issuance costs associated with the amendment of $4 million, which are recorded in other non-current assets and amortized over the remaining life of the Credit Facility. No amounts were outstanding under the Credit Facility as of September 30, 2026.
As of September 30, 2026, 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 $2.8 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.
Our India subsidiaries maintain $14 million of credit lines for their general corporate purposes. As of September 30, 2026, there were no amounts outstanding under these credit lines.
New Senior Notes
On August 20, 2026, we issued $3.75 billion in aggregate principal amount of senior unsecured notes, comprised of the following:
•$1.25 billion in aggregate principal amount of 4.70% senior notes due in 2029, or the 2029 Notes;
•$1.1 billion in aggregate principal amount of 4.90% senior notes due in 2031, or the 2031 Notes;
•$650 million in aggregate principal amount of 5.15% senior notes due in 2033, or the 2033 Notes; and
•$750 million in aggregate principal amount of 5.40% senior notes due in 2036, or the 2036 Notes, and collectively, the Notes.
We intend to use the proceeds to fund, in part, the purchase price of MarketAxess and to pay related fees, commissions and expenses. We issued the debt at a discount and incurred debt issuance costs totaling $47 million. 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 Notes.
The 2033 Notes and the 2036 Notes are subject to a special mandatory redemption feature pursuant to which we will be required to redeem each series of notes at a redemption price equal to 101% of the aggregate principal amount, plus accrued and unpaid interest, in the event that the MarketAxess acquisition is not consummated on or prior to July 29, 2027, subject to two automatic extensions of six months each, to January 29, 2028 and to July 29, 2028, respectively, if U.S. antitrust clearance or any other requisite regulatory approval or a law, injunction, order or other judgment by a government entity of competent jurisdiction, in each case whether temporary, preliminary or permanent, that restrains, enjoins or otherwise prohibits the consummation of the MarketAxess acquisition remains outstanding and all other conditions to closing are satisfied (or in the case of conditions that by their terms are to be satisfied at the closing, are capable of being satisfied if the closing were to occur on such date) at each extension date (the "outside date"), or if the MarketAxess merger agreement is terminated at any time prior to such date. The 2029 Notes and the 2031 Notes are not subject to any special mandatory redemption.
The $3.7 billion net proceeds from the Notes were separately invested and are recorded as short-term restricted cash and cash equivalents in our consolidated balance sheet as of September 30, 2026.
In the event the MarketAxess acquisition is not consummated on or prior to the outside date, we intend to use the $2.3 billion of net proceeds from the offering of the 2029 Notes and the 2031 Notes for general corporate purposes, which may include paying down a portion of the amounts outstanding under our Commercial Paper Program or the repurchase or redemption of some or all of the principal amount of outstanding senior notes.
The 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.
Term Loan Facility
On August 20, 2026, we entered into a $2.0 billion delayed draw term loan facility, or the Term Loan, which will mature 24 months after the date on which it is funded. The Term Loan is intended to help finance a portion of the consideration for the MarketAxess acquisition, refinance certain existing MarketAxess indebtedness, and pay related fees and expenses. As of September 30, 2026, no amounts had been drawn under the Term Loan. We incurred new debt issuance costs associated with the facility of $2 million, which are recorded in other non-current assets and amortized over the estimated life of the Term Loan.
Bridge Facility
In connection with our pending acquisition of MarketAxess, on July 29, 2026, we entered into a financing commitment letter for a 364-day senior unsecured bridge facility in an aggregate principal amount not to exceed $6.2 billion, or the Bridge Facility. The purpose of the Bridge Facility was to provide backup financing for the acquisition if permanent funding could not be obtained. On August 20, 2026, we secured financing for the acquisition by amending the Credit Facility, issuing the Notes, and entering into the Term Loan, as described above. The commitments that we obtained for the Bridge Facility were therefore permanently reduced from $6.2 billion to $0.
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. During the nine months ended September 30, 2026, we had net repayments of $73 million under the Commercial Paper Program.
Commercial paper notes of $1.0 billion with original maturities ranging from 1 to 28 days were outstanding as of September 30, 2026, with a weighted average interest rate of 4.2% per annum, and a weighted average remaining maturity of 20 days.