Deferred Revenue |
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| Deferred Revenue | REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue The following tables summarize the disaggregation of revenue by major product and service and by segment for the three and nine months ended September 30, 2026 and 2025:
Substantially all revenues from the Capital Access Platforms and Financial Technology segments were recognized over time for the three and nine months ended September 30, 2026 and 2025. Substantially all revenues from our Market Services segment were recognized at a point in time for the same periods. In order to facilitate comparability between periods, we reclassify revenues related to divestitures or business wind- downs to Other Revenues in the Condensed Consolidated Statements of Income for all periods presented. For the three months ended September 30, 2026, Other revenues related to our Nasdaq Metrio platform and our sustainability advisory business that is in the process of being wound down. For the nine months ended September 30, 2026, Other revenues also include our Nordic power futures business and Nasdaq Fund Secondaries. For the three and nine months ended September 30, 2025, Other revenues also included our Solovis business. See Note 4, “Acquisitions and Divestitures,” for further discussion. Contract Balances Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in the Condensed Consolidated Balance Sheets as receivables, which are net of allowance for doubtful accounts of $11 million as of September 30, 2026 and December 31, 2025. Changes to the allowance for doubtful accounts during the nine months ended September 30, 2026 were not material to our condensed consolidated financial statements. We do not have obligations for warranties, returns or refunds to customers. Deferred revenue represents consideration received that is yet to be recognized as revenue for unsatisfied performance obligations and is the only significant contract asset or liability as of September 30, 2026. See Note 7, “Deferred Revenue,” for our discussion on deferred revenue balances, activity, and expected timing of recognition. We do not provide disclosures about the transaction price allocated to unsatisfied performance obligations if contract durations are less than one year. For our initial listings, the transaction price allocated to remaining performance obligations is included in deferred revenue, and therefore not included below. For our Financial Crime Management Technology, Regulatory Technology, Capital Markets Technology and Workflow & Insights contracts, the portion of transaction price allocated to unsatisfied performance obligations is presented in the table below. The timing in the table below is based on our best estimates as, for certain contracts, the recognition is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing contracts. To the extent consideration has been received, unsatisfied performance obligations would be included in the table below as well as deferred revenue. The following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied, for contract durations greater than one year, as of September 30, 2026:
Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the nine months ended September 30, 2026 are reflected in the following table:
In the above table: •Additions include deferred revenue billed in the current period, net of recognition. •Revenue recognized includes revenue recognized during the current period that was included in the beginning balance. •Adjustments include the impact from foreign currency translation adjustments and the impact of any acquisitions or divestitures completed during the period. •Other, within our Capital Access Platforms segment, primarily includes deferred revenue from our non-U.S. listing of additional shares fees and our Index business. As of September 30, 2026, we estimate that our deferred revenue will be recognized in the following years:
In the preceding table, 2026 represents the remaining three months of 2026. Deferred revenue that will be recognized beyond September 30, 2027 is included in other non-current liabilities in the Condensed Consolidated Balance Sheets. The timing of recognition of deferred revenue related to certain contracts represents our best estimates as the recognition is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing contracts.
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