v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Balance Sheet Information The following table provides supplemental balance sheet information related to Nasdaq’s operating leases:
Balance Sheet ClassificationSeptember 30, 2025December 31, 2024
Assets:(in millions)
Operating lease assetsOperating lease assets$440 $375 
Liabilities:
Current lease liabilitiesOther current liabilities$56 $55 
Non-current lease liabilitiesOperating lease liabilities454 388 
Total lease liabilities$510 $443 
Schedule of Lease Cost, Lease Term and Discount Rate
The following table summarizes Nasdaq’s lease cost:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Operating lease cost$21 $19 $60 $59 
Variable lease cost12 10 31 28 
Sublease income(1)(1)(1)(2)
Total lease cost$32 $28 $90 $85 
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 rate4.2 %
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 
Schedule of Operating Lease Liabilities
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 
202680 
202776 
202872 
2029
70 
2030+
295 
Total lease payments$610 
Less: interest(100)
Present value of lease liabilities$510