Leases

9 Months Ended

Sep. 30, 2026

LEASES

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, 2026	December 31, 2025
Assets:		(in millions)
Operating lease assets	Operating lease assets	$481	$447

Liabilities:
Current lease liabilities	Other current liabilities	$79	$60
Non- current lease liabilities	Operating lease liabilities	476	462
Total lease liabilities		$555	$522

The following table summarizes Nasdaq’s lease cost:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
	(in millions)
Operating lease cost	$24	$21	$70	$60
Variable lease cost	11	12	35	31
Sublease income	(1)	(1)	(2)	(1)
Total lease cost	$34	$32	$103	$90

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, 2026
		(in millions)
Remainder of 2026		$25
2027		98
2028		96
2029		90
2030		84
2031+		255
Total lease payments		$648
Less: interest		(93)
Present value of lease liabilities		$555

In the table above, interest is calculated using an incremental

borrowing rate for each lease. Present value of lease

liabilities includes the current portion of $79 million.

Lease payments in the table above exclude $34 million of

legally binding minimum lease payments for leases signed

but not yet commenced primarily related to data center

expansion.

The following table provides information related to Nasdaq’s

lease term and discount rate:


		September 30, 2026
Weighted-average remaining lease term (in years)		7.4

Weighted-average discount rate		4.3%

The following table provides supplemental cash flow

information related to Nasdaq’s operating leases:


	Nine Months Ended September 30,
	2026	2025
	(in millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$70	$59

Lease assets obtained in exchange for operating lease liabilities	$92	$107

Lease assets obtained in exchange for operating lease

liabilities primarily relate to expansion and renewals of data

center leases for the nine months ended September 30, 2026

and 2025. For the nine months ended September 30, 2025, it

also related to a new lease signed for our European

headquarters.