v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 470 $ 592
Restricted cash and cash equivalents 227 31
Default funds and margin deposits (including restricted cash and cash equivalents of $3,744 and $4,383, respectively) 5,750 5,664
Financial investments 53 184
Receivables, net 865 1,022
Other current assets 232 293
Total current assets 7,597 7,786
Property and equipment, net 689 593
Goodwill 14,336 13,957
Intangible assets, net 6,620 6,905
Operating lease assets 440 375
Other non-current assets 972 779
Total assets 30,654 30,395
Current liabilities:    
Accounts payable and accrued expenses 256 269
Section 31 fees payable to SEC 0 319
Accrued personnel costs 313 325
Deferred revenue 719 711
Other current liabilities 236 215
Default funds and margin deposits 5,750 5,664
Short-term debt 431 399
Total current liabilities 7,705 7,902
Long-term debt 8,667 9,081
Deferred tax liabilities, net 1,564 1,594
Operating lease liabilities 454 388
Other non-current liabilities 234 230
Total liabilities 18,624 19,195
Commitments and contingencies
Nasdaq stockholders’ equity:    
Common stock, $0.01 par value, 900,000,000 shares authorized, shares issued: 597,402,009 at September 30, 2025 and 598,920,378 at December 31, 2024; shares outstanding: 572,746,191 at September 30, 2025 and 575,062,217 at December 31, 2024 6 6
Additional paid-in capital 5,351 5,530
Common stock in treasury, at cost: 24,655,818 shares at September 30, 2025 and 23,858,161 shares at December 31, 2024 (710) (647)
Accumulated other comprehensive loss (1,847) (2,099)
Retained earnings 9,223 8,401
Total Nasdaq stockholders’ equity 12,023 11,191
Noncontrolling interests 7 9
Total equity 12,030 11,200
Total liabilities and equity $ 30,654 $ 30,395