v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 365 $ 604
Restricted cash and cash equivalents 28 210
Default funds and margin deposits (including restricted cash and cash equivalents of $755 and $3,120, respectively) 2,530 5,842
Short-term investments 151 28
Receivables, net 1,171 943
Other current assets 287 376
Total current assets 4,532 8,003
Property and equipment, net 767 728
Goodwill 14,247 14,371
Intangible assets, net 6,106 6,511
Operating lease assets 481 447
Other non-current assets 1,250 993
Total assets 27,383 31,053
Current liabilities:    
Accounts payable and accrued expenses 252 280
Section 31 fees payable to SEC 90 0
Accrued personnel costs 320 364
Deferred revenue 819 785
Other current liabilities 237 259
Default funds and margin deposits 2,530 5,842
Short-term debt 269 431
Total current liabilities 4,517 7,961
Long-term debt 8,471 8,573
Deferred tax liabilities, net 1,654 1,584
Operating lease liabilities 476 462
Other non-current liabilities 262 241
Total liabilities 15,380 18,821
Commitments and contingencies
Nasdaq stockholders’ equity:    
Common stock, $0.01 par value, 900,000,000 shares authorized, shares issued: 583,979,697 at September 30, 2026 and 594,620,320 at December 31, 2025; shares outstanding: 558,441,448 at September 30, 2026 and 569,894,024 at December 31, 2025 6 6
Additional paid-in capital 4,067 5,122
Common stock in treasury, at cost: 25,538,249 shares at September 30, 2026 and 24,726,296 shares at December 31, 2025 (784) (716)
Accumulated other comprehensive loss (1,944) (1,773)
Retained earnings 10,654 9,588
Total Nasdaq stockholders’ equity 11,999 12,227
Noncontrolling interests 4 5
Total equity 12,003 12,232
Total liabilities and equity $ 27,383 $ 31,053