NASDAQ: NDAQ
NASDAQ, INC.CIK 0001120193 · SIC 6200 · Security & Commodity Services
Large
Revenue $8.3B
Assets $27.3B
as of Oct 18, 2026
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8-K
Filed Oct 26, 2026
· Period ending Oct 21, 2026
Summary not yet generated.
10-Q
Filed Oct 22, 2026
· Period ending Sep 30, 2026
Summary not yet generated.
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8-K
Filed Oct 22, 2026
· Period ending Oct 22, 2026
Summary not yet generated.
10-Q
Filed Jul 23, 2026
· Period ending Jun 30, 2026
Summary not yet generated.
8-K
Filed Jul 23, 2026
· Period ending Jul 23, 2026
Summary not yet generated.
8-K
Filed Jul 1, 2026
· Period ending Jun 30, 2026
Summary not yet generated.
8-K
Filed Jun 16, 2026
· Period ending Jun 10, 2026
Summary not yet generated.
10-Q
Filed Apr 24, 2026
· Period ending Mar 31, 2026
Summary not yet generated.
10-K
Filed Feb 12, 2026
· Period ending Dec 31, 2025
Summary not yet generated.
10-Q
Filed Oct 23, 2025
· Period ending Sep 30, 2025
Summary not yet generated.
10-K
Filed Feb 21, 2025
· Period ending Dec 31, 2024
Summary not yet generated.
424B5
Filed Jun 26, 2023
Summary not yet generated.
424B5
Filed Jun 26, 2023
Summary not yet generated.
424B5
Filed Jun 20, 2023
Summary not yet generated.
Latest financial statements
From 10-Q filed Oct 22, 2026 (period ending Sep 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Income (Unaudited)
(in millions, except per share amounts)
| Description | Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| Revenues: | ||||
| Capital Access Platforms | 641 | 534 | 1,820 | 1,552 |
| Financial Technology | 529 | 457 | 1,585 | 1,352 |
| Market Services | 1,221 | 967 | 3,640 | 3,208 |
| Other revenues | 2 | 21 | 18 | 63 |
| Total revenues | 2,393 | 1,979 | 7,063 | 6,175 |
| Transaction-based expenses: | ||||
| Transaction rebates | (623) | (658) | (2,059) | (1,882) |
| Brokerage, clearance and exchange fees | (289) | (6) | (616) | (436) |
| Revenues less transaction-based expenses | 1,481 | 1,315 | 4,388 | 3,857 |
| Operating expenses: | ||||
| Compensation and benefits | 379 | 353 | 1,118 | 1,033 |
| Professional and contract services | 42 | 38 | 124 | 112 |
| Technology and communication infrastructure | 93 | 80 | 264 | 236 |
| Occupancy | 34 | 32 | 103 | 90 |
| General, administrative and other | 2 | 22 | 54 | 51 |
| Marketing and advertising | 17 | 13 | 61 | 41 |
| Depreciation and amortization | 165 | 158 | 496 | 471 |
| Regulatory | 11 | 12 | 29 | 41 |
| Merger and strategic initiatives | 6 | 9 | 14 | 53 |
| Restructuring charges | — | 12 | 24 | 27 |
| Total operating expenses | 749 | 729 | 2,287 | 2,155 |
| Operating income | 732 | 586 | 2,101 | 1,702 |
| Interest income | 10 | 8 | 23 | 32 |
| Interest expense | (86) | (87) | (259) | (279) |
| Net gain (loss) on divestitures | (4) | (2) | 84 | 37 |
| Other income (loss) | 11 | — | (4) | — |
| Net income from unconsolidated investees | 38 | 24 | 86 | 73 |
| Income before income taxes | 701 | 529 | 2,031 | 1,565 |
| Income tax provision | 162 | 106 | 466 | 296 |
| Net income | 539 | 423 | 1,565 | 1,269 |
| Net loss attributable to noncontrolling interests | 1 | — | 1 | 1 |
| Net income attributable to Nasdaq | 540 | 423 | 1,566 | 1,270 |
| Per share information: | ||||
| Basic earnings per share | 0.97 | 0.74 | 2.78 | 2.21 |
| Diluted earnings per share | 0.96 | 0.73 | 2.76 | 2.19 |
| Cash dividends declared per common share | 0.31 | 0.27 | 0.89 | 0.78 |
Condensed Consolidated Balance Sheets
(in millions, except share and par value amounts)
| Description | September 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | 365 | 604 |
| Restricted cash and cash equivalents | 28 | 210 |
| Default funds and margin deposits (including restricted cash and cash equivalents of $755 and $3,120, respectively) | 2,530 | 5,842 |
| Short-term investments | 151 | 28 |
| Receivables, net | 1,171 | 943 |
| Other current assets | 287 | 376 |
| Total current assets | 4,532 | 8,003 |
| Property and equipment, net | 767 | 728 |
| Goodwill | 14,247 | 14,371 |
| Intangible assets, net | 6,106 | 6,511 |
| Operating lease assets | 481 | 447 |
| Other non-current assets | 1,250 | 993 |
| Total assets | 27,383 | 31,053 |
| Liabilities | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | 252 | 280 |
| Section 31 fees payable to SEC | 90 | — |
| Accrued personnel costs | 320 | 364 |
| Deferred revenue | 819 | 785 |
| Other current liabilities | 237 | 259 |
| Default funds and margin deposits | 2,530 | 5,842 |
| Short-term debt | 269 | 431 |
| Total current liabilities | 4,517 | 7,961 |
| Long-term debt | 8,471 | 8,573 |
| Deferred tax liabilities, net | 1,654 | 1,584 |
| Operating lease liabilities | 476 | 462 |
| Other non-current liabilities | 262 | 241 |
| Total liabilities | 15,380 | 18,821 |
| Commitments and contingencies | ||
| Equity | ||
| Nasdaq stockholders’ equity: | ||
| Common stock, $0.01 par value, 900,000,000 shares authorized, shares issued: 583,979,697 at September 30, 2026 and 594,620,320 at December 31, 2025; shares outstanding: 558,441,448 at September 30, 2026 and 569,894,024 at December 31, 2025 | 6 | 6 |
| Additional paid-in capital | 4,067 | 5,122 |
| Common stock in treasury, at cost: 25,538,249 shares at September 30, 2026 and 24,726,296 shares at December 31, 2025 | (784) | (716) |
| Accumulated other comprehensive loss | (1,944) | (1,773) |
| Retained earnings | 10,654 | 9,588 |
| Total Nasdaq stockholders’ equity | 11,999 | 12,227 |
| Noncontrolling interests | 4 | 5 |
| Total equity | 12,003 | 12,232 |
| Total liabilities and equity | 27,383 | 31,053 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in millions)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 1,565 | 1,269 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 496 | 471 |
| Share-based compensation | 134 | 122 |
| Deferred income tax expense | 44 | 30 |
| Net gain on divestitures | (84) | (37) |
| Net income from unconsolidated investees | (86) | (73) |
| Other reconciling items included in net income | 15 | (1) |
| Net change in operating assets and liabilities, excluding the effects of divestitures: | ||
| Receivables, net | (241) | 172 |
| Other assets | 96 | 67 |
| Accounts payable and accrued expenses | (34) | (22) |
| Section 31 fees payable to SEC | 90 | (319) |
| Accrued personnel costs | (38) | (25) |
| Deferred revenue | 43 | (10) |
| Other liabilities | (79) | (14) |
| Net cash provided by operating activities | 1,921 | 1,630 |
| Cash flows from investing activities: | ||
| Purchases of short-term investments | (1,152) | (234) |
| Proceeds from sales and redemptions of short-term investments | 1,019 | 392 |
| Purchases of corporate debt securities | (100) | — |
| Proceeds from divestitures, net of cash divested | 92 | 52 |
| Acquisition of businesses, net of cash and cash equivalents acquired | (58) | — |
| Purchases of property and equipment | (199) | (177) |
| Investments related to default funds and margin deposits, net(1) | 780 | (419) |
| Other investing activities | (16) | (76) |
| Net cash provided by (used in) investing activities | 366 | (462) |
| Cash flows from financing activities: | ||
| Issuance of commercial paper, net | 269 | — |
| Repayments of debt and credit commitment | (431) | (726) |
| Repurchases of common stock | (1,226) | (330) |
| Dividends paid | (500) | (448) |
| Proceeds from issuance of stock under employee stock plans | 47 | 28 |
| Payments related to employee shares withheld for taxes | (68) | (63) |
| Default funds and margin deposits | (3,065) | (847) |
| Other financing activities | (8) | — |
| Net cash used in financing activities | (4,982) | (2,386) |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | (91) | 653 |
| Net decrease in cash and cash equivalents and restricted cash and cash equivalents | (2,786) | (565) |
| 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 | 1,148 | 4,441 |
| Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | ||
| Cash and cash equivalents | 365 | 470 |
| Restricted cash and cash equivalents | 28 | 227 |
| Restricted cash and cash equivalents (default funds and margin deposits) | 755 | 3,744 |
| Total | 1,148 | 4,441 |
| Supplemental Disclosure - Cash Flow Information | ||
| Cash paid for: | ||
| Interest paid | 272 | 283 |
| Income taxes paid, net of refunds | 350 | 220 |
Amounts as printed on the EDGAR/iXBRL face — (in millions, except per share amounts); (in millions, except share and par value amounts); (in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗