v3.26.3
Condensed Consolidated Statements of Income - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues:        
Total revenues $ 2,393 $ 1,979 $ 7,063 $ 6,175
Transaction-based expenses:        
Transaction-based expenses (912) (664) (2,675) (2,318)
Revenues less transaction-based expenses 1,481 1,315 4,388 3,857
Operating expenses:        
Compensation and benefits 379 353 1,118 1,033
Professional and contract services 42 38 124 112
Technology and communication infrastructure 93 80 264 236
Occupancy 34 32 103 90
General, administrative and other 2 22 54 51
Marketing and advertising 17 13 61 41
Depreciation and amortization 165 158 496 471
Regulatory 11 12 29 41
Merger and strategic initiatives 6 9 14 53
Restructuring charges 0 12 24 27
Total operating expenses 749 729 2,287 2,155
Operating income 732 586 2,101 1,702
Interest income 10 8 23 32
Interest expense (86) (87) (259) (279)
Net gain (loss) on divestitures (4) (2) 84 37
Other income (loss) 11 0 (4) 0
Net income from unconsolidated investees 38 24 86 73
Income before income taxes 701 529 2,031 1,565
Income tax provision 162 106 466 296
Net income 539 423 1,565 1,269
Net loss attributable to noncontrolling interests 1 0 1 1
Net income attributable to Nasdaq $ 540 $ 423 $ 1,566 $ 1,270
Per share information:        
Basic earnings per share (in dollars per share) $ 0.97 $ 0.74 $ 2.78 $ 2.21
Diluted earnings per share (in dollars per share) 0.96 0.73 2.76 2.19
Cash dividends declared per common share (in dollars per share) $ 0.31 $ 0.27 $ 0.89 $ 0.78
Transaction rebates        
Transaction-based expenses:        
Transaction-based expenses $ (623) $ (658) $ (2,059) $ (1,882)
Brokerage, clearance and exchange fees        
Transaction-based expenses:        
Transaction-based expenses (289) (6) (616) (436)
Operating segments | Capital Access Platforms        
Revenues:        
Total revenues 641 534 1,820 1,552
Operating expenses:        
Depreciation and amortization 11 10 35 29
Operating income 412 326 1,159 942
Operating segments | Financial Technology        
Revenues:        
Total revenues 529 457 1,585 1,352
Operating expenses:        
Depreciation and amortization 21 14 60 38
Operating income 246 206 741 619
Operating segments | Market Services        
Revenues:        
Total revenues 1,221 967 3,640 3,208
Transaction-based expenses:        
Transaction-based expenses (912) (664) (2,675) (2,318)
Revenues less transaction-based expenses 309 303 965 890
Operating expenses:        
Depreciation and amortization 11 11 34 34
Operating income 189 197 607 564
Other revenues        
Revenues:        
Total revenues $ 2 $ 21 $ 18 $ 63