filings.toolsCover and table of contents
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Cover and table of contents
UNITED STATES SECURITIES AND EXCHANGE COMMISS****ION
Washington, D.C. 20549
_______________________________
FORM 10-K
| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
| For the fiscal year ended | December 31, 2025 | |
| OR | ||
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
| For the transition period | from ________ to ________ |
Commission file number: 001-38855
___________________________________
Nasdaq, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 52-1165937 | ||
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
| 151 W. 42nd Street, | New York, | New York | 10036 |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: +1 212 401 8700
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common Stock, $0.01 par value per share | NDAQ | The Nasdaq Stock Market | ||
| 4.500% Senior Notes due 2032 | NDAQ32 | The Nasdaq Stock Market | ||
| 0.900% Senior Notes due 2033 | NDAQ33 | The Nasdaq Stock Market | ||
| 0.875% Senior Notes due 2030 | NDAQ30 | The Nasdaq Stock Market | ||
| 1.75% Senior Notes due 2029 | NDAQ29 | The Nasdaq Stock Market |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such
files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an
emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule
12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control
over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit
report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the
filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received
by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of June 30, 2025, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was approximately $40.6 billion
(this amount represents approximately 454.2 million shares of Nasdaq, Inc.’s common stock based on the last reported sales price of $89.42 of the common stock on
The Nasdaq Stock Market on such date).
Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.
| Class | Outstanding at February 3, 2026 | ||
| Common Stock, $0.01 par value per share | 568,443,856 | shares |
| Documents Incorporated by Reference: Certain portions of the Definitive Proxy Statement for the 2026 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K. | |
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ii
About this Form 10-K
Throughout this Form 10-K, unless otherwise specified:
-
“Nasdaq,” “we,” “us” and “our” refer to Nasdaq, Inc.
-
“Nasdaq Baltic” refers to collectively, Nasdaq Tallinn
AS, Nasdaq Riga, AS, and AB Nasdaq Vilnius.
- “Nasdaq BX” refers to the cash equity exchange
operated by Nasdaq BX, Inc.
- “Nasdaq BX Options” refers to the options exchange
operated by Nasdaq BX, Inc.
- “Nasdaq Clearing” refers to the clearing operations
conducted by Nasdaq Clearing AB.
- “Nasdaq CXC” and “Nasdaq CX2” refer to the Canadian
cash equity trading books operated by Nasdaq CXC
Limited.
- “Nasdaq First North” refers to our alternative
marketplaces for smaller companies and growth
companies in the Nordic and Baltic regions.
- “Nasdaq GEMX” refers to the options exchange
operated by Nasdaq GEMX, LLC.
- “Nasdaq ISE” refers to the options exchange operated by
Nasdaq ISE, LLC.
- “Nasdaq MRX” refers to the options exchange operated
by Nasdaq MRX, LLC.
- “Nasdaq Nordic” refers to collectively, Nasdaq Clearing
AB, Nasdaq Stockholm AB, Nasdaq Copenhagen A/S,
Nasdaq Helsinki Ltd, and Nasdaq Iceland hf.
- “Nasdaq PHLX” refers to the options exchange operated
by Nasdaq PHLX LLC.
- “Nasdaq PSX” refers to the cash equity exchange
operated by Nasdaq PHLX LLC.
- “The Nasdaq Options Market” refers to the options
exchange operated by The Nasdaq Stock Market LLC.
- “The Nasdaq Stock Market” refers to the cash equity
exchange and listing venue operated by The Nasdaq
Stock Market LLC.
Nasdaq also provides as a tool for the reader the following
list of abbreviations and acronyms that are used throughout
this Annual Report on Form 10-K.
2022 Revolving Credit Facility: $1.25 billion senior
unsecured revolving credit facility, which matures on
December 16, 2027
2025 Notes: $500 million aggregate principal amount of
5.650% senior unsecured notes paid at maturity on June 28,
2025
2026 Notes: $500 million aggregate principal amount of
3.85% senior unsecured notes due June 30, 2026
2028 Notes: $1 billion aggregate principal amount of 5.350%
senior unsecured notes due June 28, 2028
2029 Notes: €600 million aggregate principal amount of
1.75% senior unsecured notes due March 28, 2029
2030 Notes: €600 million aggregate principal amount of
0.875% senior unsecured notes due February 13, 2030
2031 Notes: $650 million aggregate principal amount of
1.650% senior unsecured notes due January 15, 2031
2032 Notes: €750 million aggregate principal amount of
4.500% senior unsecured notes due February 15, 2032
2033 Notes: €615 million aggregate principal amount of
0.900% senior unsecured notes due July 30, 2033
2034 Notes: $1.25 billion aggregate principal amount of
5.550% senior unsecured notes due February 15, 2034
2040 Notes: $650 million aggregate principal amount of
2.500% senior unsecured notes due December 21, 2040
2050 Notes: $500 million aggregate principal amount of
3.25% senior unsecured notes due April 28, 2050
2052 Notes: $550 million aggregate principal amount of
3.950% senior unsecured notes due March 7, 2052
2053 Notes: $750 million aggregate principal amount of
5.950% senior unsecured notes due August 15, 2053
2063 Notes: $750 million aggregate principal amount of
6.100% senior unsecured notes due June 28, 2063
Adenza: Adenza Holdings, Inc.
AI: Artificial Intelligence
ARR: Annualized Recurring Revenue
ASC: Accounting Standards Codification
ASR: Accelerated Share Repurchase
ASU: Accounting Standards Update
ATS: Alternative Trading System
AUM: Assets Under Management
AWS: Amazon Web Services
CAT: A market-wide consolidated audit trail established
under an SEC approved plan by Nasdaq and other
exchanges
CCP: Central Counterparty
CFTC: U.S. Commodity Futures Trading Commission
EMIR: European Market Infrastructure Regulation
Equity Plan: Nasdaq Equity Incentive Plan
ESG: Environmental, Social and Governance
ESPP: Nasdaq Employee Stock Purchase Plan
ETF: Exchange Traded Fund
ETP: Exchange Traded Product
iii
Euro Notes: The 2029, 2030, 2032 and 2033 Notes
Exchange Act: Securities Exchange Act of 1934, as amended
FASB: Financial Accounting Standards Board
FINRA: Financial Industry Regulatory Authority
GICS: Global Industry Classification Standard
IP: Intellectual property
IPO: Initial Public Offering
MiFID II: Update to the Markets in Financial Instruments
Directive
MiFIR: Markets in Financial Instruments Regulation
NSCC: National Securities Clearing Corporation
OCC: The Options Clearing Corporation
OTC: Over-the-Counter
PCS: Post-contract Customer Support
Proxy Statement: Nasdaq’s Definitive Proxy Statement for
the 2026 Annual Meeting of Shareholders
PSU: Performance Share Unit
Regulation NMS: Regulation National Market System
Regulation SCI: Regulation Systems Compliance and
Integrity
SaaS: Software as a Service
SEC: U.S. Securities and Exchange Commission
SERP: Supplemental Executive Retirement Plan
SFSA: Swedish Financial Supervisory Authority
SOFR: Secured Overnight Financing Rate
S&P: Standard & Poor’s
S&P 500: S&P 500 Stock Index
SPAC: Special Purpose Acquisition Company
SRO: Self-regulatory Organization
SSMA: Swedish Securities Markets Act 2007:528
TSR: Total Shareholder Return
U.S. GAAP: U.S. Generally Accepted Accounting Principles
U.S. Tape plans: U.S. cash equity and U.S. options industry
data
UTP: Unlisted Trading Privileges
UTP Plan: Joint SRO Plan Governing the Collection,
Consolidation, and Dissemination of Quotation and
Transaction Information for Nasdaq-Listed Securities
Traded on Exchanges on a UTP Basis
NASDAQ, the NASDAQ logos, and other brand, service or
product names or marks referred to in this report are
trademarks or service marks, registered or otherwise, of
Nasdaq, Inc. and/or its subsidiaries. FINRA and Trade
Reporting Facility are registered trademarks of FINRA.
This Annual Report on Form 10-K includes market share and
industry data that we obtained from industry publications and
surveys, reports of governmental agencies and internal
company surveys. Industry publications and surveys
generally state that the information they contain has been
obtained from sources believed to be reliable, but we cannot
assure you that this information is accurate or complete. We
have not independently verified any of the data from third-
party sources nor have we ascertained the underlying
economic assumptions relied upon therein. Statements as to
our market position are based on the most currently available
market data. For market comparison purposes, The Nasdaq
Stock Market data in this Annual Report on Form 10-K for
IPOs and new listings of equity securities (including issuers
that switched from other listings venues, closed-end funds
and ETPs) is based on data generated internally by us;
therefore, the data may not be comparable to other publicly-
available IPO data. Data in this Annual Report on Form 10-K
for IPOs and new listings of equity securities on the Nasdaq
Nordic and Nasdaq Baltic exchanges and Nasdaq First North
also is based on data generated internally by us. IPOs and
new listings data is presented as of period end. While we are
not aware of any misstatements regarding industry data
presented herein, our estimates involve risks and
uncertainties and are subject to change based on various
factors, including those discussed in the “Item 1A. Risk
Factors” section in this Annual Report on Form 10-K.
Nasdaq intends to use its website, ir.nasdaq.com, as a means
for disclosing material non-public information and for
complying with SEC Regulation FD and other disclosure
obligations.
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Forward-Looking Statements
The SEC encourages companies to disclose forward-looking
information so that investors can better understand a
company’s future prospects and make informed investment
decisions. This Annual Report on Form 10-K contains these
types of statements. Words such as “can,” “may,” “will,”
“could,” “should,” “anticipate,” “estimates,” “expects,”
“projects,” “intends,” “plans,” “believes” and words or
terms of similar substance used in connection with any
discussion of future expectations as to industry and
regulatory developments or business initiatives and
strategies, future operating results or financial performance,
and other future developments are intended to identify
forward-looking statements. These include, among others,
statements relating to:
*•*our strategic direction;
*•*the integration of acquired businesses, including
accounting decisions relating thereto;
- the scope, nature or impact of acquisitions, divestitures,
investments or other transactional activities;
- the effective dates for, and expected benefits of, ongoing
initiatives, including transactional activities and other
strategic, restructuring, technology, de-leveraging and
capital return initiatives;
-
our products and services;
-
the impact of pricing changes;
-
tax matters;
-
the cost and availability of liquidity and capital; and
*•*any litigation, or any regulatory or government
investigation or action, to which we are or could become a
party or which may affect us and any potential settlements
of litigation, regulatory or governmental investigations or
actions.
Forward-looking statements involve risks and uncertainties.
Factors that could cause actual results to differ materially
from those contemplated by the forward-looking statements
include, among others, the following:
*•*our operating results may be lower than expected;
*•*our ability to successfully integrate acquired businesses or
divest sold businesses or assets, including the fact that any
integration or transition may be more difficult, time
consuming or costly than expected, and we may be unable
to realize synergies from business combinations,
acquisitions, divestitures or other transactional activities;
- loss of significant trading and clearing volumes or values,
fees, market share, listed companies, market data
customers or other customers;
*•*our ability to develop and grow our non-trading
businesses;
*•*our ability to keep up with rapid technological advances,
including our ability to effectively manage the development
and use of AI in certain of our products and offerings, and
adequately address cybersecurity risks;
*•*economic, political, regulatory and market conditions and
fluctuations, including inflation, tariffs, interest rate and
foreign currency risk inherent in U.S. and international
operations, and geopolitical instability;
- the performance and reliability of our technology and
technology of third parties on which we rely;
- any significant systems failures or errors in our
operational processes;
*•*our ability to continue to generate cash and manage our
indebtedness; and
*•*adverse changes that may occur in the litigation or
regulatory areas, or in the securities markets generally, or
increased regulatory oversight domestically or
internationally.
Most of these factors are difficult to predict accurately and
are generally beyond our control. You should consider the
uncertainty and any risk related to forward-looking
statements that we make. These risk factors are discussed
under the caption “Part I. Item 1A. Risk Factors” in this
Annual Report on Form 10-K. You are cautioned not to place
undue reliance on these forward-looking statements, which
speak only as of the date of this Annual Report on Form 10-
K. You should carefully read this entire Annual Report on
Form 10-K, including “Part II. Item 7. Management’s
Discussion and Analysis of Financial Condition and Results
of Operations” and the consolidated financial statements and
the related notes. Except as required by the federal securities
laws, we undertake no obligation to update any forward-
looking statement, release publicly any revisions to any
forward-looking statements or report the occurrence of
unanticipated events. For any forward-looking statements
contained in any document, we claim the protection of the
safe harbor for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995.
PART I