$NDAQ

NASDAQ, INC.

CIK:0001120193|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 2,532	$ 2,101	$ 4,670	$ 4,196
Transaction-based expenses:
Transaction-based expenses	(1,032)	(795)	(1,762)	(1,653)
Revenues less transaction-based expenses	1,500	1,306	2,908	2,543
Operating expenses:
Compensation and benefits	383	352	739	681
Professional and contract services	42	39	82	75
Technology and communication infrastructure	88	79	171	156
Occupancy	35	30	68	58
General, administrative and other	23	23	52	29
Marketing and advertising	24	14	44	28
Depreciation and amortization	165	158	331	313
Regulatory	9	14	19	29
Merger and strategic initiatives	5	20	9	44
Restructuring charges	14	9	24	15
Total operating expenses	788	738	1,539	1,428
Operating income	712	568	1,369	1,115
Interest income	8	12	13	24
Interest expense	(86)	(95)	(172)	(192)
Net gain on divestitures	0	39	89	39
Other income (losses)	(2)	1	(15)	0
Net income from unconsolidated investees	21	23	47	50
Income before income taxes	653	548	1,331	1,036
Income tax provision	146	96	305	190
Net income	507	452	1,026	846
Net loss attributable to noncontrolling interests	0	0	0	1
Net income attributable to Nasdaq	$ 507	$ 452	$ 1,026	$ 847
Per share information:
Basic earnings per share (in dollars per share)	$ 0.90	$ 0.79	$ 1.81	$ 1.47
Diluted earnings per share (in dollars per share)	0.89	0.78	1.80	1.46
Cash dividends declared per common share (in dollars per share)	$ 0.31	$ 0.27	$ 0.58	$ 0.51
Transaction rebates
Transaction-based expenses:
Transaction-based expenses	$ (712)	$ (640)	$ (1,436)	$ (1,224)
Brokerage, clearance and exchange fees
Transaction-based expenses:
Transaction-based expenses	(320)	(155)	(326)	(429)
Operating segments \| Capital Access Platforms
Revenues:
Total revenues	621	520	1,186	1,028
Operating expenses:
Depreciation and amortization	12	11	39	21
Operating income	394	307	743	614
Operating segments \| Financial Technology
Revenues:
Total revenues	539	464	1,057	896
Operating expenses:
Depreciation and amortization	20	13	23	25
Operating income	250	217	496	414
Operating segments \| Market Services
Revenues:
Total revenues	1,372	1,101	2,419	2,240
Transaction-based expenses:
Transaction-based expenses	(1,032)	(795)	(1,762)	(1,653)
Revenues less transaction-based expenses	340	306	657	587
Operating expenses:
Depreciation and amortization	11	11	25	22
Operating income	218	194	419	367
Other revenues
Revenues:
Total revenues	$ 0	$ 16	$ 8	$ 32

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash flows from operating activities:

Net income

$ 1,026

$ 846

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

331

313

Share-based compensation

Deferred income tax expense

Net gain on divestitures

(89)

(39)

Net income from unconsolidated investees

(47)

(50)

Other reconciling items included in net income

(9)

Net change in operating assets and liabilities, excluding the effects of divestitures:

Receivables, net

(248)

145

Other assets

Accounts payable and accrued expenses

(27)

(30)

Section 31 fees payable to SEC

313

Accrued personnel costs

(117)

(60)

Deferred revenue

153

118

Other liabilities

(113)

(94)

Net cash provided by operating activities

1,400

1,409

Cash flows from investing activities:

Purchases of securities

(499)

(200)

Proceeds from sales and redemptions of securities

322

325

Proceeds from divestitures, net of cash divested

Purchases of property and equipment

(137)

(108)

^[1]

540

(375)

Other investing activities

(14)

(11)

Net cash provided by (used in) investing activities

301

(317)

Cash flows from financing activities:

Issuance of commercial paper, net

269

Repayments of debt and credit commitment

(431)

(657)

Repurchases of common stock

(903)

(215)

Dividends paid

(327)

(293)

Proceeds from issuance of stock under employee stock plans

(68)

(59)

Default funds and margin deposits

(3,347)

(1,350)

Other financing activities

(7)

Net cash used in financing activities

(4,767)

(2,545)

Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents

(68)

648

Net decrease in cash and cash equivalents and restricted cash and cash equivalents

(3,134)

(805)

Cash and cash equivalents, restricted cash and cash equivalents at beginning of period

3,934

5,006

Cash and cash equivalents, restricted cash and cash equivalents at end of period

800

4,201

Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents

Cash and cash equivalents

520

732

Restricted cash and cash equivalents

195

Restricted cash and cash equivalents (default funds and margin deposits)

254

3,274

Total

800

4,201

Supplemental Disclosure - Cash Flow Information

Interest paid

194

209

Income taxes paid, net of refunds

$ 284

$ 176

[1]	See "Default Fund Contributions and Margin Deposits," of Note 14, "Clearing Operations," for further details.

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 520	$ 604
Restricted cash and cash equivalents	26	210
Default funds and margin deposits (including restricted cash and cash equivalents of $254 and $3,120, respectively)	2,323	5,842
Financial investments	198	28
Receivables, net	1,182	943
Other current assets	284	376
Total current assets	4,533	8,003
Property and equipment, net	767	728
Goodwill	14,245	14,371
Intangible assets, net	6,223	6,511
Operating lease assets	481	447
Other non-current assets	1,092	993
Total assets	27,341	31,053
Current liabilities:
Accounts payable and accrued expenses	252	280
Section 31 fees payable to SEC	313	0
Accrued personnel costs	243	364
Deferred revenue	931	785
Other current liabilities	174	259
Default funds and margin deposits	2,323	5,842
Short-term debt	269	431
Total current liabilities	4,505	7,961
Long-term debt	8,492	8,573
Deferred tax liabilities, net	1,616	1,584
Operating lease liabilities	482	462
Other non-current liabilities	253	241
Total liabilities	15,348	18,821
Commitments and contingencies
Nasdaq stockholders’ equity:
Common stock, $0.01 par value, 900,000,000 shares authorized, shares issued: 587,518,685 at June 30, 2026 and 594,620,320 at December 31, 2025; shares outstanding: 561,990,385 at June 30, 2026 and 569,894,024 at December 31, 2025	6	6
Additional paid-in capital	4,353	5,122
Common stock in treasury, at cost: 25,528,300 shares at June 30, 2026 and 24,726,296 shares at December 31, 2025	(784)	(716)
Accumulated other comprehensive loss	(1,874)	(1,773)
Retained earnings	10,287	9,588
Total Nasdaq stockholders’ equity	11,988	12,227
Noncontrolling interests	5	5
Total equity	11,993	12,232
Total liabilities and equity	$ 27,341	$ 31,053