We have operating leases, which are primarily real estate leases, predominantly for our U.S. and European headquarters, data centers and for general office space. The following table provides supplemental balance sheet information related to Nasdaq’s operating leases:


	Balance Sheet Classification	September 30, 2025		December 31, 2024
Assets:		(in millions)
Operating lease assets	Operating lease assets	$	440	$	375

Liabilities:
Current lease liabilities	Other current liabilities	$	56	$	55
Non-current lease liabilities	Operating lease liabilities	454		388
Total lease liabilities		$	510	$	443

The following table summarizes Nasdaq’s lease cost:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in millions)
Operating lease cost	$	21	$	19	$	60	$	59
Variable lease cost	12		10		31		28
Sublease income	(1)		(1)		(1)		(2)
Total lease cost	$	32	$	28	$	90	$	85

In the table above, operating lease costs include short-term lease costs, which were immaterial.

The following table reconciles the undiscounted cash flows for the following years and total of the remaining years to the operating lease liabilities recorded in the Condensed Consolidated Balance Sheets.


	September 30, 2025
	(in millions)
Remainder of 2025	$	17
2026	80
2027	76
2028	72
2029	70
2030+	295
Total lease payments	$	610
Less: interest	(100)
Present value of lease liabilities	$	510

In the table above, interest is calculated using the interest rate for each lease. Present value of lease liabilities includes the current portion of $56 million.

Total lease payments in the table above excludes $18 million of legally binding minimum lease payments for leases signed but not yet commenced.

The following table provides information related to Nasdaq’s lease term and discount rate:


	September 30, 2025
Weighted-average remaining lease term (in years)	8.6

Weighted-average discount rate	4.2	%

The following table provides supplemental cash flow information related to Nasdaq’s operating leases:


	Nine Months Ended September 30,
	2025		2024
	(in millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$	59	$	64

Lease assets obtained in exchange for operating lease liabilities	$	107	$	28