v3.25.3
Condensed Consolidated Statements of Income - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Total revenues $ 1,958 $ 1,902 $ 6,138 $ 5,370
Transaction-based expenses:        
Transaction-based expenses (643) (756) (2,281) (1,948)
Revenues less transaction-based expenses 1,315 1,146 3,857 3,422
Operating expenses:        
Compensation and benefits 353 332 1,033 1,000
Professional and contract services 38 36 112 108
Technology and communication infrastructure 80 71 236 207
Occupancy 32 28 90 85
General, administrative and other 22 26 51 84
Marketing and advertising 13 11 41 34
Depreciation and amortization 158 153 471 460
Regulatory 12 9 41 37
Merger and strategic initiatives 9 10 53 23
Restructuring charges 12 22 27 103
Total operating expenses 729 698 2,155 2,141
Operating income 586 448 1,702 1,281
Interest income 8 8 32 20
Interest expense (87) (102) (279) (313)
Net gain (loss) on divestitures (2) 0 37 0
Other income 0 1 0 15
Net income from unconsolidated investees 24 1 73 7
Income before income taxes 529 356 1,565 1,010
Income tax provision 106 51 296 250
Net income 423 305 1,269 760
Net loss attributable to noncontrolling interests 0 1 1 2
Net income attributable to Nasdaq $ 423 $ 306 $ 1,270 $ 762
Per share information:        
Basic earnings per share (in dollars per share) $ 0.74 $ 0.53 $ 2.21 $ 1.32
Diluted earnings per share (in dollars per share) 0.73 0.53 2.19 1.32
Cash dividends declared per common share (in dollars per share) $ 0.27 $ 0.24 $ 0.78 $ 0.70
Transaction rebates        
Transaction-based expenses:        
Transaction-based expenses $ (637) $ (513) $ (1,845) $ (1,478)
Brokerage, clearance and exchange fees        
Transaction-based expenses:        
Transaction-based expenses (6) (243) (436) (470)
Operating segments | Capital Access Platforms        
Revenues:        
Total revenues 546 501 1,588 1,460
Operating expenses:        
Depreciation and amortization 11 10 34 31
Operating income 325 290 938 840
Operating segments | Financial Technology        
Revenues:        
Total revenues 457 371 1,352 1,183
Operating expenses:        
Depreciation and amortization 14 10 38 31
Operating income 206 182 619 556
Operating segments | Market Services        
Revenues:        
Total revenues 946 1,022 3,171 2,700
Transaction-based expenses:        
Transaction-based expenses (643) (756) (2,281) (1,948)
Revenues less transaction-based expenses 303 266 890 752
Operating expenses:        
Depreciation and amortization 11 10 34 30
Operating income 197 161 564 439
Other revenues        
Revenues:        
Total revenues $ 9 $ 8 $ 27 $ 27