Item 1. Financial Statements

Nasdaq, Inc.

Condensed Consolidated Balance Sheets

(in millions, except share and par value amounts)

	March 31, 2026		December 31, 2025
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$515		$604
Restricted cash and cash equivalents	49		210
Default funds and margin deposits (including restricted cash and cash equivalents of $572 and $3,120, respectively)	2,253		5,842
Financial investments	184		28
Receivables, net	985		943
Other current assets	388		376
Total current assets	4,374		8,003
Property and equipment, net	739		728
Goodwill	14,307		14,371
Intangible assets, net	6,376		6,511
Operating lease assets	485		447
Other non-current assets	1,020		993
Total assets	$27,301		$31,053
Liabilities
Current liabilities:
Accounts payable and accrued expenses	$245		$280
Accrued personnel costs	209		364
Deferred revenue	1,093		785
Other current liabilities	160		259
Default funds and margin deposits	2,253		5,842
Short-term debt	431		431
Total current liabilities	4,391		7,961
Long-term debt	8,526		8,573
Deferred tax liabilities, net	1,611		1,584
Operating lease liabilities	488		462
Other non-current liabilities	247		241
Total liabilities	15,263		18,821
Commitments and contingencies
Equity
Nasdaq stockholders’ equity:
Common stock, $0.01 par value, 900,000,000 shares authorized, shares issued: 589,846,052 at March 31, 2026 and 594,620,320 at December 31, 2025; shares outstanding: 564,750,026 at March 31, 2026 and 569,894,024 at December 31, 2025	6		6
Additional paid-in capital	4,627		5,122
Common stock in treasury, at cost: 25,096,026 shares at March 31, 2026 and 24,726,296 shares at December 31, 2025	(747)		(716)
Accumulated other comprehensive loss	(1,807)		(1,773)
Retained earnings	9,954		9,588
Total Nasdaq stockholders’ equity	12,033		12,227
Noncontrolling interests	5		5
Total equity	12,038		12,232
Total liabilities and equity	$27,301		$31,053

See accompanying notes to condensed consolidated financial statements.

Nasdaq, Inc.

Condensed Consolidated Statements of Income

(unaudited)

(in millions, except per share amounts)

	Three Months Ended March 31,
	2026		2025
Revenues:
Capital Access Platforms	$565		$508
Financial Technology	517		432
Market Services	1,047		1,140
Other revenues	8		16
Total revenues	2,137		2,096
Transaction-based expenses:
Transaction rebates	(724)		(585)
Brokerage, clearance and exchange fees	(6)		(274)
Revenues less transaction-based expenses	1,407		1,237
Operating expenses:
Compensation and benefits	356		329
Professional and contract services	39		36
Technology and communication infrastructure	84		77
Occupancy	33		28
General, administrative and other	29		6
Marketing and advertising	20		14
Depreciation and amortization	165		156
Regulatory	9		15
Merger and strategic initiatives	4		24
Restructuring charges	11		5
Total operating expenses	750		690
Operating income	657		547
Interest income	6		11
Interest expense	(87)		(96)
Net gain on divestitures	89		—
Other losses	(14)		(1)
Net income from unconsolidated investees	26		27
Income before income taxes	677		488
Income tax provision	158		93
Net income	$519		$395
Per share information:
Basic earnings per share	$0.92		$0.69
Diluted earnings per share	$0.91		$0.68
Cash dividends declared per common share	$0.27		$0.24

See accompanying notes to condensed consolidated financial statements.

Nasdaq, Inc.

Condensed Consolidated Statements of Comprehensive Income

(unaudited)

(in millions)

	Three Months Ended March 31,
	2026		2025
Net income	$519		$395
Other comprehensive income (loss):
Foreign currency translation gains (losses)	(20)		175
Income tax benefit (expense)(1)	(17)		30
Foreign currency translation, net	(37)		205
Unrealized gain (loss) on derivatives instruments, net	3		(2)
Total other comprehensive income (loss), net of tax	(34)		203
Comprehensive income	$485		$598

____________

(1)Primarily relates to the tax effect of unrealized gains and losses on our Euro Notes.

See accompanying notes to condensed consolidated financial statements.

Nasdaq, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(unaudited)

(in millions)

	Three Months Ended March 31,
	2026				2025
	Shares		$		Shares		$
Common stock	570		6		575		6
Additional paid-in capital
Beginning balance			5,122				5,530
Share repurchase program	(6)		(548)		(2)		(115)
Share-based compensation	1		38		2		35
Issuance of stock under employee stock plans	1		15		—		—
Ending balance			4,627				5,450
Common stock in treasury, at cost
Beginning balance			(716)				(647)
Employee shares withheld	(1)		(31)		(1)		(25)
Ending balance			(747)				(672)
Accumulated other comprehensive loss
Beginning balance			(1,773)				(2,099)
Other comprehensive income (loss)			(34)				203
Ending balance			(1,807)				(1,896)
Retained earnings
Beginning balance			9,588				8,401
Net income			519				395
Cash dividends declared and paid			(153)				(138)
Ending balance			9,954				8,658
Total Nasdaq stockholders’ equity			12,033				11,546
Noncontrolling interests
Beginning balance			5				9
Net activity related to noncontrolling interests			—				—
Ending balance			5				9
Total Equity	565		$12,038		574		$11,555

See accompanying notes to condensed consolidated financial statements.

Nasdaq, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in millions)

	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$519		$395
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	165		156
Share-based compensation	38		35
Deferred income tax expense	12		6
Net gain on divestitures	(89)		—
Net income from unconsolidated investees	(26)		(27)
Other reconciling items included in net income	21		(11)
Net change in operating assets and liabilities, excluding the effects of divestitures:
Receivables, net	(49)		48
Other assets	94		66
Accounts payable and accrued expenses	(33)		(17)
Section 31 fees payable to SEC	—		(55)
Accrued personnel costs	(153)		(134)
Deferred revenue	311		257
Other liabilities	(121)		(56)
Net cash provided by operating activities	689		663
Cash flows from investing activities:
Purchases of securities	(166)		(105)
Proceeds from sales and redemptions of securities	8		105
Purchases of property and equipment	(60)		(49)
Investments related to default funds and margin deposits, net(1)	976		(204)
Other investing activities	(11)		(5)
Net cash provided by (used in) investing activities	747		(258)
Cash flows from financing activities:
Repayments of debt and credit commitment	—		(257)
Repurchases of common stock	(548)		(115)
Dividends paid	(153)		(138)
Proceeds from issuance of stock under employee stock plans	15		—
Payments related to employee shares withheld for taxes	(31)		(25)
Default funds and margin deposits	(3,467)		(549)
Other financing activities	—		1
Net cash used in financing activities	(4,184)		(1,083)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	(50)		403
Net decrease in cash and cash equivalents and restricted cash and cash equivalents	(2,798)		(275)
Cash and cash equivalents, restricted cash and cash equivalents at beginning of period	3,934		5,006
Cash and cash equivalents, restricted cash and cash equivalents at end of period	$1,136		$4,731
Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
Cash and cash equivalents	$515		$690
Restricted cash and cash equivalents	49		18
Restricted cash and cash equivalents (default funds and margin deposits)	572		4,023
Total	$1,136		$4,731
Supplemental Disclosure - Cash Flow Information
Cash paid for:
Interest paid	$126		$125
Income taxes paid, net of refunds	$167		$45

__________________________

(1)See "Default Fund Contributions and Margin Deposits," of Note 14, "Clearing Operations," for further details.

See accompanying notes to condensed consolidated financial statements.

Nasdaq, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. ORGANIZATION AND NATURE OF OPERATIONS

Nasdaq is a leading technology platform that powers the

world’s economies. We architect the infrastructure of the

world’s most modern markets, power the innovation

economy, and build trust in the financial system. We

empower economic opportunity by designing and deploying

advanced technology, data, and intelligence solutions that

enable our clients to capture opportunities, navigate risk, and

strengthen resilience.

Our organizational structure aligns our businesses with the

foundational shifts that are driving the evolution of the global

financial system. We manage, operate and provide our

products and services in three business segments: Capital

Access Platforms, Financial Technology and Market

Services.

Capital Access Platforms

Our Capital Access Platforms segment comprises Data &

Listing Services, Index and Workflow & Insights.

Our Data business distributes historical and real-time market

data to sell-side customers, the institutional investing

community, retail online brokers, proprietary trading firms

and other venues, as well as various client portals and data

distributors. Our data products can enhance the transparency

of market activity within our exchanges and provide critical

information to professional and non-professional investors

globally.

Our Listing Services business operates listing platforms in

the U.S. and Europe and provides multiple global capital

raising solutions for public companies. Our main listing

markets are The Nasdaq Stock Market and the Nasdaq

Nordic and Nasdaq Baltic exchanges. Through Nasdaq First

North, our Nordic and Baltic operations also offer alternative

marketplaces for smaller companies and growth companies.

As of March 31, 2026, a total of 5,677 companies listed

securities on our U.S., Nasdaq Nordic, Nasdaq Baltic and

Nasdaq First North exchanges. As of March 31, 2026, there

were 4,570 total listings on The Nasdaq Stock Market,

including 1,180 ETPs. The Nasdaq combined market

capitalization in the U.S. was approximately $36.4 trillion. In

Europe, the Nasdaq Nordic and Nasdaq Baltic exchanges,

together with Nasdaq First North, were home to 1,107 listed

companies with a combined market capitalization of

approximately $2.2 trillion.

Our Index business develops and licenses Nasdaq-branded

indices and financial products. We also license cash-settled

futures, options and options on futures on our indices. As of

March 31, 2026, 470 ETPs listed on 27 exchanges in over 20

countries tracked a Nasdaq index and accounted for $836

billion in AUM.

Workflow & Insights includes our analytics and corporate

solutions businesses. Our analytics business provides hedge

funds, asset managers, investment consultants and

institutional asset owners with information and analytics to

make data-driven investment decisions, deploy their

resources more productively, and provide liquidity solutions

for private funds. Through our eVestment solution, we

provide a suite of cloud-based solutions that help institutional

investors and consultants conduct pre-investment due

diligence, and monitor their portfolios post-investment. The

eVestment platform also enables asset managers to efficiently

distribute information about their firms and funds to asset

owners and consultants worldwide. In October 2025, we sold

our Solovis business, a financial technology platform

offering portfolio monitoring and analytics tools. Revenues

from this business are reflected in Other revenues in the

Condensed Consolidated Statements of Income for all

periods presented, and in our Corporate segment for our

segment disclosures.

The Nasdaq Fund Network and Nasdaq Data Link are

additional platforms in our suite of investment data analytics

offerings and data management tools.

Our corporate solutions business serves both public and

private companies and organizations through our Investor

Relations Intelligence, Sustainability Solutions and

Governance Solutions products. Our public company clients

can be companies listed on our exchanges or other U.S. and

global exchanges. Our private company clients include a

diverse group of organizations ranging from family-owned

companies, government organizations, law firms, privately

held entities, and various non-profit organizations to

hospitals and healthcare systems. We help organizations

enhance their ability to understand and expand their global

shareholder base, improve corporate governance, and

navigate the evolving sustainability landscape through our

suite of advanced technology, analytics, reporting and

consulting services.

Financial Technology

Our Financial Technology segment comprises Financial

Crime Management Technology, Regulatory Technology and

Capital Markets Technology businesses.

Financial Crime Management Technology includes our

Nasdaq Verafin solution, a cloud-based platform leveraging

consortium data and AI to help more than 2,800 financial

institutions detect, investigate, and report money laundering

and financial fraud.

Regulatory Technology comprises our AxiomSL and

surveillance solutions. AxiomSL is a global leader in risk

data management and regulatory reporting solutions for the

financial industry, including banks, broker dealers and asset

managers. Its unique enterprise data management platform

delivers data lineage, risk aggregation, analytics, workflow

automation, reconciliation, validation and audit functionality,

as well as disclosures. AxiomSL’s platform supports

compliance across a wide range of global and local

regulations. Our surveillance solutions are designed for

banks, brokers and other market participants to assist them in

complying with market abuse and integrity rules and

regulations. In addition, we provide regulators and exchanges

with a platform for surveillance.

Capital Markets Technology includes our market technology,

trade management services and Calypso solutions. Our

market technology business is a leading global technology

solutions provider and partner to exchanges, clearing

organizations, central securities depositories, regulators,

banks, brokers, buy-side firms and corporate businesses. Our

market technology solutions are utilized by leading markets

in North America, Europe and Asia as well as emerging

markets in the Middle East, Latin America, and Africa. Our

trade management services provide market participants with

a wide variety of alternatives for connecting to and accessing

our markets for a fee. Our marketplaces may be accessed

through different protocols used for quoting, order entry,

trade reporting and connectivity to various data feeds. We

also provide colocation services to market participants,

whereby we offer firms cabinet space and power to house

their own equipment and servers within our data centers.

Additionally, we offer a number of wireless connectivity

offerings between select data centers using millimeter wave

and microwave technology. Calypso is a leading platform

providing cross-asset, front-to-back trading, treasury, risk and

collateral management solutions. The Calypso solution

provides customers with a single platform designed from the

outset to enable consolidation, innovation and growth.

Market Services

Our Market Services segment includes revenues from equity

derivatives trading, cash equity trading, Nordic fixed income

trading & clearing, Nordic commodities and U.S. Tape plans

data. We operate 19 exchanges across several asset classes,

including derivatives, commodities, cash equity, debt,

structured products and ETPs. In addition, in certain

countries where we operate exchanges, we also provide

clearing, settlement and central depository services. In the

first quarter of 2026 we completed the transfer of existing

open positions in our Nordic power futures business to a

European exchange. See Note 4, “Divestitures,” for further

discussion. Revenues from this business are reflected in

Other revenues in the Consolidated Statements of Income for

all periods presented, and in our Corporate segment for our

segment disclosures.

Our transaction-based platforms provide market participants

with the ability to access, process, display and integrate

orders and quotes. The platforms allow the routing and

execution of buy and sell orders as well as the reporting of

transactions, providing fee-based revenues.

2. BASIS OF PRESENTATION AND PRINCIPLES OF

CONSOLIDATION

The condensed consolidated financial statements are prepared

in accordance with U.S. GAAP and include the accounts of

Nasdaq, its wholly-owned subsidiaries and other entities in

which Nasdaq has a controlling financial interest. When we

do not have a controlling interest in an entity, but exercise

significant influence over the entity’s operating and financial

policies, such investment is accounted for under the equity

method of accounting. We recognize our share of earnings or

losses of an equity method investee based on our ownership

percentage. See “Equity Method Investments,” of Note 6,

“Investments,” for further discussion of our equity method

investments.

The accompanying condensed consolidated financial

statements reflect all adjustments which are, in the opinion of

management, necessary for a fair statement of the results.

These adjustments are of a normal recurring nature. All

significant intercompany accounts and transactions have been

eliminated in consolidation.

As permitted under U.S. GAAP, certain footnotes or other

financial information can be condensed or omitted in the

interim condensed consolidated financial statements. The

information included in this Quarterly Report on Form 10-Q

should be read in conjunction with the consolidated financial

statements and accompanying notes included in Nasdaq’s

Form 10-K. The year-end balance sheet data was derived

from the audited financial statements, but does not include all

disclosures required by U.S. GAAP.

Certain prior year amounts have been reclassified to conform

to the current year presentation.

Certain percentages and per share amounts herein may not

sum or recalculate due to rounding.

Accounting Estimates

In preparing our condensed consolidated financial statements,

we make assumptions, judgments and estimates that can have

a significant impact on our revenues, operating income and

net income, as well as on the value of certain assets and

liabilities in our Condensed Consolidated Balance Sheets. At

least quarterly, we evaluate our assumptions, judgments and

estimates, and make changes as deemed necessary.

Subsequent Event****s

We have evaluated subsequent events through the issuance

date of this Quarterly Report on Form 10-Q.

Accounting Pronouncements Not Yet Adopted

• In November 2024, the FASB issued ASU 2024-03,

“Income Statement—Reporting Comprehensive Income—

Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses.” This

guidance will require disclosures about specific types of

expenses included in the expense captions presented on the

face of the income statement. The update is effective for

annual periods beginning after December 15, 2026, and

interim periods beginning after December 15, 2027, with

early adoption permitted. Prospective application is

required and retrospective application is permitted. We are

currently evaluating the impact of adopting this ASU on

our income statement disaggregation disclosures. We do

not believe this update will have a material impact on our

consolidated financial statement disclosures.

• In September 2025, the FASB issued ASU 2025-06,

“Intangibles – Goodwill and Other – Internal-Use Software

(Subtopic 350-40): Targeted Improvements to the

Accounting for Internal-Use Software.” The new guidance

removes references to various stages of a software

development project to align better with current software

development methods, such as agile programming. Under

the new standard, entities will start capitalizing eligible

costs when (1) management has authorized and committed

to funding the software project, and (2) it is probable that

the project will be completed and the software will be used

to perform the function intended. The update is effective

for interim and annual periods beginning after December

15, 2027, with early adoption permitted. The guidance can

be applied on a prospective basis, a modified basis for in-

process projects, or a retrospective basis. We are

evaluating the impact this amended guidance may have on

our consolidated financial statements.

3. REVENUE FROM CONTRACTS WITH

CUSTOMERS

Disaggregation of Revenue

The following table summarizes the disaggregation of

revenue by major product and service and by segment for the

three months ended March 31, 2026 and 2025:

	Three Months Ended March 31,
	2026		2025
	(in millions)
Capital Access Platforms
Data & Listing Services	$214		$192
Index	220		193
Workflow & Insights	131		123
Financial Technology
Financial Crime Management Technology	93		77
Regulatory Technology	118		101
Capital Markets Technology	306		254
Market Services, net	317		281
Other revenues	8		16
Revenues less transaction-based expenses	$1,407		$1,237

Substantially all revenues from the Capital Access Platforms

and Financial Technology segments were recognized over

time for the three months ended March 31, 2026 and 2025.

Substantially all revenues from our Market Services segment

were recognized at a point in time for the same periods.

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 $14 million as of March

31, 2026 and $11 million as of December 31, 2025. Changes

to the allowance for doubtful accounts during the three

months ended March 31, 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 March 31, 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

March 31, 2026:

	Financial Crime Management Technology		Regulatory Technology		Capital Markets Technology		Workflow & Insights		Total
	(in millions)
Remainder of 2026	$267		$264		$292		$135		$958
2027	300		293		334		118		1,045
2028	188		223		269		54		734
2029	79		123		164		30		396
2030	20		81		104		23		228
2031+	4		39		236		5		284
Total	$858		$1,023		$1,399		$365		$3,645

4. Divestit****ures

In January 2025, we entered into an agreement to transfer

existing open positions in our Nordic power futures business

to a European exchange. In June 2025, this transaction was

completed and partial consideration was received. Migration

of open positions was completed during the first quarter of

2026, resulting in an incremental gain of $88 million, net of

costs to sell. This additional consideration was received in

April 2026. We expect to wind down the commodities

clearing and trading services by the end of the second quarter

of 2026, and the business to be wound down in the months

following. In connection with the successful migration of

open positions, Nasdaq may receive additional consideration

in 2027, and is expected to release regulatory capital in the

medium term.

In April 2025, Nasdaq completed the sale of our Nasdaq Risk

Modelling for Catastrophes business previously included in

Capital Markets Technology within our Financial

Technology segment.

In October 2025, Nasdaq completed the sale of our Solovis

business which was previously included in Workflow &

Insights within our Capital Access Platforms segment.

The impact of the transactions described above is net of cost

to sell and is included in net gain on divestitures in the

Condensed Consolidated Statements of Income.

5. GOODWILL AND ACQUIRED INTANGIBLE

ASSETS

Goodwill

The following table presents the changes in goodwill by

business segment during the three months ended March 31,

2026:

	(in millions)
Capital Access Platforms
Balance at December 31, 2025	$4,285
Foreign currency translation adjustments	(30)
Balance at March 31, 2026	$4,255
Financial Technology
Balance at December 31, 2025	$7,952
Foreign currency translation adjustments	(3)
Balance at March 31, 2026	$7,949
Market Services
Balance at December 31, 2025	$2,134
Foreign currency translation adjustments	(31)
Balance at March 31, 2026	$2,103
Total
Balance at December 31, 2025	$14,371
Foreign currency translation adjustments	(64)
Balance at March 31, 2026	$14,307

Goodwill represents the excess of purchase price over the

value assigned to the net assets, including identifiable

intangible assets, of a business acquired. Goodwill is

allocated to our reporting units based on the assignment of

the fair values of each reporting unit of the acquired

company. We test goodwill for impairment at the reporting

unit level annually, or in interim periods if certain events

occur indicating that the carrying amount may be impaired,

such as changes in the business climate, poor indicators of

operating performance or the sale or disposition of a

significant portion of a reporting unit.

There was no impairment of goodwill or indefinite-lived

intangibles for the three months ended March 31, 2026 and

2025; however, events such as prolonged economic weakness

or unexpected significant declines in operating results of any

of our reporting units or businesses may result in goodwill

impairment charges in the future.

Acquired Intangible Assets

The following table presents details of our total acquired

intangible assets, both finite- and indefinite-lived:

	March 31, 2026		December 31, 2025
Finite-Lived Intangible Assets	(in millions)
Gross Amount:
Technology	$1,222		$1,222
Customer relationships	5,711		5,711
Trade names and other	405		405
Foreign currency translation adjustment	(172)		(163)
Total gross amount	$7,166		$7,175
Accumulated Amortization:
Technology	$(580)		$(531)
Customer relationships	(1,500)		(1,432)
Trade names and other	(58)		(53)
Foreign currency translation adjustment	120		113
Total accumulated amortization	$(2,018)		$(1,903)
Net Amount:
Technology	$642		$691
Customer relationships	4,211		4,279
Trade names and other	347		352
Foreign currency translation adjustment	(52)		(50)
Total finite-lived intangible assets	$5,148		$5,272
Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$1,257		$1,257
Trade names	121		121
Licenses	52		52
Foreign currency translation adjustment	(202)		(191)
Total indefinite-lived intangible assets	$1,228		$1,239
Total intangible assets, net	$6,376		$6,511

There was no impairment of intangible assets for the three

months ended March 31, 2026 and 2025.

The following table presents our amortization expense for

acquired finite-lived intangible assets:

	Three Months Ended March 31,
	2026		2025
	(in millions)
Amortization expense	$121		$122

The table below presents the estimated future amortization

expense (excluding the impact of foreign currency translation

adjustments of $52 million as of March 31, 2026) of acquired

finite-lived intangible assets as of March 31, 2026:

	(in millions)
Remainder of 2026	$368
2027	507
2028	460
2029	433
2030	270
2031+	3,162
Total	$5,200

6. INVESTMENTS

The following table presents the details of our investments:

	March 31, 2026		December 31, 2025
	(in millions)
Financial investments	$184		$28
Equity method investments	538		512
Equity securities	160		175

Financial Investments

Financial investments are comprised of trading securities,

primarily highly rated European government debt securities,

of which $168 million as of March 31, 2026 and $18 million

as of December 31, 2025 are assets primarily utilized to meet

regulatory capital requirements, mainly for our clearing

operations at Nasdaq Clearing. Capital held for regulatory

purposes is invested to optimize returns while staying within

approved risk tolerances. This active portfolio management

can result in assets held as shorter term investments which

meet the criteria to be classified as cash equivalents, and

would then be included in restricted cash and cash

equivalents or longer term investments, which would be

classified as financial investments in the Condensed

Consolidated Balance Sheets.

Equity Method Investments

We record our estimated pro-rata share of earnings or losses

each reporting period and record any dividends as a reduction

in the investment balance. As of March 31, 2026 and 2025,

our equity method investments primarily included our 40.0%

equity interest in OCC.

The carrying amounts of our equity method investments are

included in other non-current assets in the Condensed

Consolidated Balance Sheets. No impairments were recorded

for the three months ended March 31, 2026 and 2025.

Net income recognized from our equity interest in the

earnings and losses of these equity method investments was

$26 million and $27 million for the three months ended

March 31, 2026 and 2025, respectively.

Equity Securities

The carrying amounts of our equity securities are included in

other non-current assets in the Condensed Consolidated

Balance Sheets. The majority of our equity securities as of

March 31, 2026 do not have a readily determinable fair value

and therefore we have elected the measurement alternative.

No material adjustments were made to the carrying value of

these equity securities for the three months ended March 31,

2026 and 2025. We mark-to-market equity securities, which

have a readily determinable fair value, with gains and losses

recognized in other losses in the Condensed Consolidated

Statements of Income. Net loss from the change in fair value

of these equity securities was $15 million for the three

months ended March 31, 2026, and immaterial for the three

months ended March 31, 2025. As of March 31, 2026 and

December 31, 2025, our equity securities primarily represent

various strategic minority investments made through our

corporate venture program. Our investment in equity

securities is included in other investing activities in the

Condensed Consolidated Statements of Cash Flows.

7. DEFERRED REVENUE

Deferred revenue represents consideration received that is yet

to be recognized as revenue. The changes in our deferred

revenue during the three months ended March 31, 2026 are

reflected in the following table:

	Balance at December 31, 2025	Additions	Revenue Recognized	Foreign Currency Translation	Balance at March 31, 2026
Capital Access Platforms:			(in millions)
Initial Listings	$96	$14	$(11)	$—	$99
Annual Listings	3	293	(1)	(1)	294
Workflow & Insights	199	101	(80)	(1)	219
Other	24	8	(4)	—	28
Financial Technology:
Financial Crime Management Technology	189	88	(76)	—	201
Regulatory Technology	166	56	(62)	—	160
Capital Markets Technology	196	53	(69)	(1)	179
Total	$873	$613	$(303)	$(3)	$1,180

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.

• 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 March 31, 2026, we estimate that our deferred revenue

will be recognized in the following years:

Fiscal year ended:	2026	2027	2028	2029	2030	2031+	Total
Capital Access Platforms:			(in millions)
Initial Listings	$31	$29	$17	$11	$8	$3	$99
Annual Listings	294	—	—	—	—	—	294
Workflow & Insights	202	17	—	—	—	—	219
Other	15	7	4	2	—	—	28
Financial Technology:
Financial Crime Management Technology	181	18	2	—	—	—	201
Regulatory Technology	149	11	—	—	—	—	160
Capital Markets Technology	158	15	3	3	—	—	179
Total	$1,030	$97	$26	$16	$8	$3	$1,180

In the above table, 2026 represents the remaining nine

months of 2026.

Deferred revenue that will be recognized beyond March 31,

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.

8. DEBT OBLIGATIONS

The following table presents the changes in the carrying

amounts of our debt obligations during the three months

ended March 31, 2026:

	December 31, 2025		Payments, Foreign Currency Translation and Accretion		March 31, 2026
Short-term debt:	(in millions)
2026 Notes	$431		$—		$431
Total short-term debt	$431		$—		$431
Long-term debt - senior unsecured notes:
2028 Notes	793		1		794
2029 Notes	702		(11)		691
2030 Notes	702		(12)		690
2031 Notes	646		—		646
2032 Notes	874		(14)		860
2033 Notes	719		(12)		707
2034 Notes	1,122		1		1,123
2040 Notes	645		—		645
2050 Notes	488		—		488
2052 Notes	407		—		407
2053 Notes	739		—		739
2063 Notes	738		—		738
2022 Revolving Credit Facility	(2)		—		(2)
Total long-term debt	$8,573		$(47)		$8,526
Total debt obligations	$9,004		$(47)		$8,957

Senior Unsecured Notes

Our 2040 Notes were issued at par. All of our other

outstanding senior unsecured notes were issued at a discount.

As a result of the discount, the proceeds received from each

issuance were less than the aggregate principal amount. As of

March 31, 2026, the amounts in the table above reflect the

aggregate principal amount, which is net of discount and debt

issuance costs, which are being accreted and amortized

through interest expense over the life of the applicable notes.

The accretion of the discount and amortization of the debt

issuance costs was $2 million for the three months ended

March 31, 2026. Our Euro Notes are adjusted for the impact

of foreign currency translation. Our senior unsecured notes

are general unsecured obligations which rank equally with all

of our existing and future unsubordinated obligations and are

not guaranteed by any of our subsidiaries. The senior

unsecured notes were issued under indentures that, among

other things, limit our ability to consolidate, merge or sell all

or substantially all of our assets, create liens, and enter into

sale and leaseback transactions. The senior unsecured notes

may be redeemed by Nasdaq at any time, subject to a make-

whole amount.

Upon a change of control triggering event (as defined in the

various supplemental indentures governing the applicable

notes), the terms require us to repurchase all or part of each

holder’s notes for cash equal to 101% of the aggregate

principal amount purchased plus accrued and unpaid interest,

if any.

The Euro Notes pay interest annually. All other notes pay

interest semi-annually. The U.S. dollar senior unsecured

notes coupon rates may vary with Nasdaq’s debt rating, to the

extent Nasdaq is downgraded below investment grade, up to

an upward rate adjustment not to exceed 2%.

Net Investment Hedge

Our Euro Notes have been designated as a hedge of our net

investment in certain foreign subsidiaries to mitigate the

foreign exchange risk associated with certain investments in

these subsidiaries. Accordingly, the remeasurement of these

notes is recorded in foreign currency translation gains

(losses) within accumulated other comprehensive loss in the

Condensed Consolidated Balance Sheets. For the three

months ended March 31, 2026, the impact of translation

decreased the U.S. dollar value of our Euro Notes by $49

million.

Credit Facilities

2022 Revolving Credit Facility

In December 2022, Nasdaq amended and restated its

previously issued $1.25 billion five-year revolving credit

facility, with a new maturity date of December 16, 2027.

Nasdaq intends to use funds available under the 2022

Revolving Credit Facility for general corporate purposes and

to provide liquidity to support our commercial paper

program. Nasdaq is permitted to repay borrowings under our

2022 Revolving Credit Facility at any time in whole or in

part, without penalty.

As of March 31, 2026, no amounts were outstanding on the

2022 Revolving Credit Facility. The $(2) million balance

represents unamortized debt issuance costs which are being

amortized through interest expense over the life of the credit

facility.

Borrowings under the revolving credit facility and swingline

borrowings bear interest on the principal amount outstanding

at a variable interest rate based on either the SOFR (or a

successor rate to SOFR), the base rate (as defined in the 2022

Revolving Credit Facility agreement), or other applicable rate

with respect to non-dollar borrowings, plus an applicable

margin that varies with Nasdaq’s debt rating. We are charged

commitment fees of 0.100% to 0.250%, depending on our

credit rating, whether or not amounts have been borrowed.

These commitment fees are included in interest expense and

were not material for the three months ended March 31, 2026

and 2025.

The 2022 Revolving Credit Facility contains financial and

operating covenants. Financial covenants include a maximum

leverage ratio. Operating covenants include, among other

things, limitations on Nasdaq’s ability to incur additional

indebtedness, grant liens on assets, dispose of assets and

make certain restricted payments. The facility also contains

customary affirmative covenants, including access to

financial statements, notice of defaults and certain other

material events, maintenance of properties and insurance, and

customary events of default, including cross-defaults to our

material indebtedness.

The 2022 Revolving Credit Facility includes an option for

Nasdaq to increase the available aggregate amount by up to

$750 million, subject to the consent of the lenders funding

the increase and certain other conditions.

We maintain a U.S. dollar commercial paper program, which

we may utilize at various times to support liquidity needs.

This program is supported by our 2022 Revolving Credit

Facility. As of March 31, 2026 and December 31, 2025 we

had no outstanding commercial paper.

Other Credit Facilities

Certain of our European subsidiaries have several other credit

facilities, which are available in multiple currencies,

primarily to support our Nasdaq Clearing operations in

Europe, as well as to provide a cash pool credit line. These

credit facilities, in aggregate, totaled $202 million as of

March 31, 2026 and $208 million as of December 31, 2025 in

available liquidity, none of which was utilized. Generally,

these facilities each have a one-year term, and renew

automatically. The amounts borrowed under these various

credit facilities bear interest on the principal amount

outstanding at a variable interest rate based on a base rate (as

defined in the applicable credit agreement), plus an

applicable margin. We are charged commitment fees (as

defined in the applicable credit agreement), whether or not

amounts have been borrowed. These commitment fees are

included in interest expense and were not material for the

three months ended March 31, 2026 and 2025.

These facilities include customary affirmative and negative

operating covenants and events of default.

Debt Covenants

As of March 31, 2026, we were in compliance with the

covenants of all of our debt obligations.

9. RETIREMENT PLANS

Defined Contribution Savings Plan

We sponsor a 401(k) plan, which is a voluntary defined

contribution savings plan, for U.S. employees. Employees are

immediately eligible to make contributions to the plan and

are also eligible for an employer contribution match at an

amount equal to 100.0% of the first 6.0% of eligible

employee contributions. The following table presents the

savings plan expense for the three months ended March 31,

2026 and 2025, which is included in compensation and

benefits expense in the Condensed Consolidated Statements

of Income:

	Three Months Ended March 31,
	2026		2025
(in millions)
Savings Plan expense	$5		$5

Pension, SERP and Other Post-Retirement Benefit Plans

We maintain nonqualified SERPs for certain senior

executives and other post-retirement benefit plans for eligible

employees in the U.S. Most employees outside the U.S. are

covered by local retirement plans or by applicable social

laws. Benefits under social laws are generally expensed in the

periods in which the costs are incurred.

The total expense for these plans is included in compensation

and benefits expense in the Condensed Consolidated

Statements of Income:

	Three Months Ended March 31,
	2026		2025
(in millions)
Retirement Plans expense	$10		$7

Nonqualified Deferred Compensation Plan

We sponsor a nonqualified deferred compensation plan, the

Nasdaq, Inc. Deferred Compensation Plan. This plan

provides certain eligible employees with the opportunity to

defer a portion of their annual salary and bonus up to certain

approval limits. The deferred plan assets and corresponding

liabilities are measured at fair value and included within

other non-current assets and liabilities in the Condensed

Consolidated Balance Sheets. All deferrals and associated

earnings are our general unsecured obligations and were

immaterial for the three months ended March 31, 2026 and

10. SHARE-BASED COMPENSATION

We have a share-based compensation program for employees

and non-employee directors. Share-based awards granted

under this program include restricted stock (consisting of

restricted stock units), PSUs and stock options. For

accounting purposes, we consider PSUs to be a form of

restricted stock. Generally, annual employee awards are

granted on or about April 1st of each year.

Summary of Share-Based Compensation Expense

The following table presents the total share-based

compensation expense resulting from equity awards and the

15.0% discount for the ESPP for the three months ended

March 31, 2026 and 2025, which is primarily included in

compensation and benefits expense in the Condensed

Consolidated Statements of Income:

	Three Months Ended March 31,
	2026		2025
(in millions)
Share-based compensation expense before income taxes	$38		$35

Common Shares Available Under Our Equity Plan

As of March 31, 2026, we had approximately 21.7 million

shares of common stock authorized for future issuance under

our Equity Plan.

Restricted Stock

We grant restricted stock to most employees. The grant date

fair value of restricted stock units awarded are based on the

closing stock price at the date of grant less the present value

of future cash dividends. Restricted stock unit awards granted

to employees below the manager level generally vest 33% on

the first anniversary of the grant date, 33% on the second

anniversary of the grant date, and the remainder on the third

anniversary of the grant date. Restricted stock unit awards

granted to employees at or above the manager level generally

vest 33% on the second anniversary of the grant date, 33% on

the third anniversary of the grant date, and the remainder on

the fourth anniversary of the grant date.

The following table summarizes our restricted stock activity

for the three months ended March 31, 2026:

	Restricted Stock
	Number of Awards		Weighted-Average Grant Date Fair Value
Unvested at December 31, 2025	3,920,464		$64.06
Granted	13,567		94.95
Vested	(72,990)		58.11
Forfeited	(40,849)		64.76
Unvested at March 31, 2026	3,820,192		$64.28

As of March 31, 2026, $121 million of total unrecognized

compensation cost related to restricted stock is expected to be

recognized over a weighted-average period of 2.1 years.

PSUs

We grant three-year PSUs to certain eligible employees.

PSUs are based on performance measures that impact the

amount of shares that each PSU eligible individual receives,

subject to the satisfaction of applicable market performance

conditions, with a three-year cumulative performance period

that vest at the end of the performance period and which

settle in shares of our common stock. Compensation cost is

recognized over the three-year performance period, taking

into account an estimated forfeiture rate, regardless of

whether the market condition is satisfied, provided that the

requisite service period has been completed. Performance

will be determined by comparing Nasdaq’s TSR to two peer

groups, each weighted 50.0%. The first peer group consists

of the S&P 500 GICS 4020 Index, which is a blend of

exchanges, as well as data, financial technology and banking

companies, and the second peer group consists of all

companies in the S&P 500. For awards granted prior to 2024,

our first peer group consisted of exchange companies, and

was replaced by the S&P 500 GICS 4020 Index to align more

closely with Nasdaq’s business and competitors for all future

grants. Nasdaq’s relative performance ranking against each of

these groups will determine the final number of shares

delivered to each individual under the program. The award

issuance under this program will be between 0.0% and

200.0% of the number of PSUs granted and will be

determined by Nasdaq’s overall performance against both

peer groups. However, if Nasdaq’s TSR is negative for the

three-year performance period, regardless of TSR ranking,

the award issuance will not exceed 100.0% of the number of

PSUs granted. We estimate the fair value of PSUs granted

under the three-year PSU program using the Monte Carlo

simulation model, as these awards contain a market

condition.

Grants of PSUs that were issued in 2023 with a three-year

performance period exceeded the applicable performance

metrics. As a result, an additional 121,475 units above the

original target amount were granted in the first quarter of

2026 and were fully vested upon issuance.

In 2024, we also granted PSUs with a two-year performance

period to certain eligible executives at the senior vice

president level and above. These PSUs were based on

performance measures relating to the implementation of

certain integration actions in connection with the Adenza

acquisition. Achievement of the targets impacted the amount

of shares that each PSU eligible individual received. The

PSUs had a two-year performance period and will vest one

year after the end of the performance period, and settled in

shares of our common stock. The grantees of the PSUs under

this program were eligible to receive between 0.0% and

200.0% of the number of PSUs granted. The performance

period for these PSUs has ended and exceeded the applicable

performance metrics, and resulted in the issuance of an

additional 87,460 shares for overachievement. These shares

were granted in the first quarter of 2026 and will vest in

January 2027.

The following table summarizes our PSU activity for the

three months ended March 31, 2026:

		PSUs
		Number of Awards		Weighted- Average Grant Date Fair Value
Unvested at December 31, 2025		2,378,130		$74.91
Granted		214,366		55.64
Vested		(778,716)		52.72
Forfeited		(3,116)		88.92
Unvested at March 31, 2026		1,810,664		$82.34

As of March 31, 2026, the total unrecognized compensation

cost related to the outstanding PSU awards is $68 million and

is expected to be recognized over a weighted-average period

of 1.2 years.

Stock Options

There were no stock option awards granted for the three

months ended March 31, 2026. We received net cash

proceeds of $15 million from the exercise of 692,840 stock

options for the three months ended March 31, 2026.

There were no stock option awards granted and no stock

options exercised for the three months ended March 31,

A summary of our outstanding and exercisable stock options

at March 31, 2026 is as follows:

	Number of Stock Options	Weighted- Average Exercise Price	Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2025	1,420,323	$41.79
Exercised	(692,840)	22.23
Outstanding at March 31, 2026	727,483	$60.42	5.0	$18
Exercisable at March 31, 2026	113,611	$22.23	0.8	$7

As of March 31, 2026, the aggregate pre-tax intrinsic value

represents the difference between our closing stock price on

March 31, 2026 of $84.89 and the exercise price, times the

number of shares that would have been received by the

option holder had the option holder exercised the stock

options on that date. This amount can change based on the

fair market value of our common stock. As of March 31,

2026, 0.1 million outstanding stock options were exercisable

and the exercise price was $22.23, and as of March 31, 2025,

0.8 million outstanding stock options were exercisable and

the exercise price was $22.23.

ESPP

We have an ESPP under which approximately 10.1 million

shares of our common stock were available for future

issuance as of March 31, 2026. Under our ESPP, employees

may purchase shares having a value not exceeding 10.0% of

their annual compensation, subject to applicable annual

Internal Revenue Service limitations. We record

compensation expense related to the 15.0% discount that is

given to our employees.

11. NASDAQ STOCKHOLDERS’ EQUITY

Common Stock

As of March 31, 2026, 900,000,000 shares of our common

stock were authorized, 589,846,052 shares were issued and

564,750,026 shares were outstanding. As of December 31,

2025, 900,000,000 shares of our common stock were

authorized, 594,620,320 shares were issued and 569,894,024

shares were outstanding. The holders of common stock are

entitled to one vote per share, except that our certificate of

incorporation limits the ability of any shareholder to vote in

excess of 5.0% of the then-outstanding shares of Nasdaq

common stock.

Common Stock in Treasury, at Cost

We account for the purchase of treasury stock under the cost

method with the shares of stock repurchased reflected as a

reduction to Nasdaq stockholders’ equity and included in

common stock in treasury, at cost in the Condensed

Consolidated Balance Sheets. Shares repurchased under our

share repurchase program are currently retired and canceled

and are therefore not included in the common stock in

treasury balance. If treasury shares are reissued, they are

recorded at the average cost of the treasury shares acquired.

We held 25,096,026 shares of common stock in treasury as of

March 31, 2026 and 24,726,296 shares as of December 31,

2025, most of which are related to shares of our common

stock withheld for the settlement of employee tax

withholding obligations arising from the vesting of restricted

stock and PSUs.

Share Repurchase Program

In February 2026, our board of directors authorized an

increase to our share repurchase program, bringing the

aggregate authorized amount to $3.0 billion. As of March 31,

2026, the remaining aggregate authorized amount under the

existing share repurchase program was $2.9 billion.

As part of this program, repurchases may be made from time

to time at prevailing market prices in open market purchases,

privately-negotiated transactions, block purchase techniques,

an accelerated share repurchase program or otherwise, as

determined by our management. The repurchases are

primarily funded from existing cash balances. The share

repurchase program may be suspended, modified or

discontinued at any time, and has no defined expiration date.

The following is a summary of our share repurchase activity,

reported based on settlement date, for the three months ended

March 31, 2026:

	Three Months Ended March 31, 2026
Number of shares of common stock repurchased	6,318,814
Average price paid per share	$86.67
Total purchase price (in millions)	$548

In January 2026, we entered into a $300 million variable

notional ASR agreement, initially receiving 2,094,972 shares

of our common stock. Upon final settlement in February

2026, we received an additional 1,047,758 shares plus $15

million cash reflecting the difference between the

prepayment and final notional amount. These shares are

included in the number of shares of common stock

repurchased in the table above.

The table above excludes an aggregate of 369,730 shares

withheld to satisfy tax obligations of the grantee upon the

vesting of restricted stock and PSUs.

Under ASR agreements, we make payments to our

counterparties and receive an initial delivery of shares of

common stock. The final number of shares to be repurchased

is based on the volume-weighted average price of Nasdaq's

common stock during the term of the ASR agreement, less a

discount and subject to adjustments pursuant to the terms of

the ASR agreement. At settlement, our counterparty may be

required to deliver additional shares of common stock to us

or, under certain circumstances, we may be required to

deliver shares of our common stock or may elect to make a

cash payment to our counterparty. Receiving our shares of

common stock, during initial delivery and the final receipt of

shares upon settlement of the ASR agreements, results in an

immediate reduction of the outstanding shares used to

calculate the weighted-average common shares outstanding

for basic and diluted earnings per share.

Preferred Stock

Our certificate of incorporation authorizes the issuance of

30,000,000 shares of preferred stock, par value $0.01 per

share, issuable from time to time in one or more series. As of

March 31, 2026 and December 31, 2025, no shares of

preferred stock were issued or outstanding.

Cash Dividends on Common Stock

During the first quarter of 2026, our board of directors

declared and paid the following cash dividends:

Declaration Date		Dividend Per Common Share		Record Date		Total Amount Paid		Payment Date
					(in millions)
January 28, 2026		$0.27		March 16, 2026		$153		March 30, 2026

The total amount paid of $153 million was recorded in

retained earnings in the Condensed Consolidated Balance

Sheets at March 31, 2026.

In April 2026, the board of directors approved a regular

quarterly cash dividend of $0.31 per share on our outstanding

common stock, which reflects an increase of 15% from our

most recent quarterly cash dividend of $0.27 per share. The

dividend is payable on June 26, 2026 to shareholders of

record at the close of business on June 12, 2026. The

estimated aggregate payment of this dividend is $175 million.

Future declarations of quarterly dividends and the

establishment of future record and payment dates are subject

to approval by the board of directors.

The board of directors maintains a dividend policy with the

intention to provide shareholders with regular and increasing

dividends as earnings and cash flows increase.

12. EARNINGS PER SHARE

The following table sets forth the computation of basic and

diluted earnings per share:

	Three Months Ended March 31,
	2026		2025
Numerator:	(in millions, except share and per share amounts)
Net income	$519		$395
Denominator:
Weighted-average common shares outstanding for basic earnings per share	566,824,539		575,045,177
Weighted-average effect of dilutive securities - Employee equity awards	4,921,948		4,937,681
Weighted-average common shares outstanding for diluted earnings per share	571,746,487		579,982,858
Basic and diluted earnings per share:
Basic earnings per share	$0.92		$0.69
Diluted earnings per share	$0.91		$0.68

In the table above, employee equity awards from our PSU

program, which are considered contingently issuable, are

included in the computation of dilutive earnings per share on

a weighted average basis when management determines that

the applicable performance criteria would have been met if

the performance period ended as of the date of the relevant

computation.

Securities that were not included in the computation of

diluted earnings per share because their effect was

antidilutive were immaterial for the three months ended

March 31, 2026 and 2025.

13. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables present our financial assets and financial

liabilities that were measured at fair value on a recurring

basis as of March 31, 2026 and December 31, 2025.

	March 31, 2026
	Total		Level 1		Level 2		Level 3
	(in millions)
European government debt securities	$178		$178		$—		$—
State-owned enterprises and municipal securities	6		—		6		—
Total financial investments	$184		$178		$6		$—
Equity securities	10		10		—		—
Total assets at fair value	$194		$188		$6		$—
	December 31, 2025
	Total		Level 1		Level 2		Level 3
	(in millions)
European government debt securities	$28		$28		$—		$—
Total financial investments	$28		$28		$—		$—
Equity securities	25		25		—		—
Total assets at fair value	$53		$53		$—		$—

Derivative Instruments

We utilize foreign exchange forward contracts primarily to

reduce the volatility of earnings and cash flows associated

with changes in foreign exchange rates. We have utilized

these foreign exchange forward contracts as net investment

hedges of certain foreign subsidiaries, with changes in fair

value recorded in accumulated other comprehensive income

in the Condensed Consolidated Balance Sheets, and as cash

flow hedges of certain foreign currency-denominated

revenues and expenses, with fair value changes initially

recorded in accumulated other comprehensive income. For

our cash flow hedges, when the forecasted transaction affects

earnings, or in the event the underlying forecasted transaction

does not occur, or it becomes probable that it will not occur,

we reclassify the related gain or loss to revenue or operating

expenses, as applicable.

We have also utilized foreign exchange forward contracts as

economic hedges of foreign currency-denominated assets and

liabilities that are not designated as hedging instruments. The

fair value changes of these contracts are recorded in general,

administrative and other expenses in the Condensed

Consolidated Statements of Income, together with the re-

measurement gain or loss from the hedged balance sheet

position.

All derivative contracts are measured at fair value using

Level 2 inputs based on observable foreign currency

exchange rates and interest rates, and recorded under other

current and other non-current assets and other current and

other non-current liabilities in the Condensed Consolidated

Balance Sheets. As of March 31, 2026 and December 31,

2025, the fair value of these contracts was not material and

therefore not included in the tables above. We do not use

derivative instruments for trading or speculative purposes.

Financial Instruments Not Measured at Fair Value on a

Recurring Basis

Some of our financial instruments are not measured at fair

value on a recurring basis but are recorded at amounts that

approximate fair value due to their liquid or short-term

nature. Such financial assets and financial liabilities include:

cash and cash equivalents, restricted cash and cash

equivalents, receivables, net, certain other current assets,

accounts payable and accrued expenses, Section 31 fees

payable to SEC, accrued personnel costs and certain other

current liabilities.

We have certain investments, primarily our investment in

OCC, which are accounted for under the equity method of

accounting. We have elected the measurement alternative for

all of our equity securities that do not have a readily

determinable fair value, which primarily represent various

strategic investments made through our corporate venture

program. See “Equity Method Investments,” and “Equity

Securities,” of Note 6, “Investments,” for further discussion.

We also consider our debt obligations to be financial

instruments. As of March 31, 2026, all of our outstanding

debt obligations were fixed-rate obligations. We may be

exposed to changes in interest rates as a result of borrowings

under our 2022 Revolving Credit Facility, as the interest rates

on this facility have a variable rate depending on the maturity

of the borrowing and the implied underlying reference rate.

We may be exposed to changes in interest rates on amounts

outstanding from the sale of commercial paper under our

commercial paper program. The fair value of our remaining

debt obligations utilizing prevailing market rates for our fixed

rate debt was $8.3 billion as of March 31, 2026 and $8.6

billion as of December 31, 2025. The discounted cash flow

analyses are based on borrowing rates currently available to

us for debt with similar terms and maturities. Our commercial

paper and our fixed rate and floating rate debt are categorized

as Level 2 in the fair value hierarchy.

For further discussion of our debt obligations, see Note 8,

“Debt Obligations.”

Non-Financial Assets Measured at Fair Value on a Non-

Recurring Basis

Our non-financial assets, which include goodwill, intangible

assets, and other long-lived assets, are not required to be

carried at fair value on a recurring basis. Fair value measures

of non-financial assets are primarily used in the impairment

analysis of these assets. Any resulting asset impairment

would require that the non-financial asset be recorded at its

fair value. Nasdaq uses Level 3 inputs to measure the fair

value of the above assets on a non-recurring basis. As of

March 31, 2026 and December 31, 2025, there were no non-

financial assets measured at fair value on a non-recurring

basis.

14. CLEARING OPERATIONS

Nasdaq Clearing

Nasdaq Clearing is authorized and supervised under EMIR as

a multi-asset clearinghouse by the SFSA. Such authorization

is effective for all member states of the European Union and

certain other non-member states that are part of the European

Economic Area, including Norway. The clearinghouse acts as

the CCP for exchange and OTC trades in equity derivatives,

fixed income derivatives, resale and repurchase contracts,

power derivatives, emission allowance derivatives, and

seafood derivatives. In January 2025, we entered into an

agreement to transfer existing open positions in our Nordic

power futures business to a European exchange, which was

completed in June 2025. See Note 4, “Divestitures,” for

further discussion.

Through our clearing operations in the financial markets,

which include the resale and repurchase market and the

commodities markets, Nasdaq Clearing is the legal

counterparty for, and guarantees the fulfillment of, each

contract cleared. These contracts are not used by Nasdaq

Clearing for the purpose of trading on its own behalf. As the

legal counterparty of each transaction, Nasdaq Clearing bears

the counterparty risk between the purchaser and seller in the

contract. In its guarantor role, Nasdaq Clearing has precisely

equal and offsetting claims to and from clearing members on

opposite sides of each contract, standing as the CCP on every

contract cleared. In accordance with the rules and regulations

of Nasdaq Clearing, default fund and margin collateral

requirements are calculated for each clearing member’s

positions in accounts with the CCP. See “Default Fund

Contributions and Margin Deposits” below for further

discussion of Nasdaq Clearing’s default fund and margin

requirements.

Nasdaq Clearing maintains two member sponsored default

funds: one related to financial markets and one related to

commodities markets. Under this structure, Nasdaq Clearing

and its clearing members must contribute to the total

regulatory capital related to the clearing operations of Nasdaq

Clearing. This structure applies an initial separation of

default fund contributions for the financial and commodities

markets in order to create a buffer for each market’s

counterparty risks. See “Default Fund Contributions” below

for further discussion of Nasdaq Clearing’s default fund. A

power of assessment and a liability waterfall have also been

implemented to further align risk between Nasdaq Clearing

and its clearing members. See “Power of Assessment” and

“Liability Waterfall” below for further discussion.

Default Fund Contributions and Margin Deposits

As of March 31, 2026, clearing member default fund

contributions and margin deposits were as follows:

	March 31, 2026
	Cash Contributions		Non-Cash Contributions		Total Contributions
	(in millions)
Default fund contributions	$294		$82		$376
Margin deposits	1,959		5,757		7,716
Total	$2,253		$5,839		$8,092

Our clearinghouse holds material amounts of clearing

member cash deposits which are held or invested primarily to

provide security of capital while minimizing credit, market

and liquidity risks. While we seek to achieve a reasonable

rate of return, we are primarily concerned with preservation

of capital and managing the risks associated with these

deposits.

Clearing member cash contributions are maintained in

demand deposits held at central banks and large, highly rated

financial institutions or secured through direct investments,

primarily central bank certificates and highly rated European

government debt securities with original maturities primarily

one year or less, reverse repurchase agreements and

multilateral development bank debt securities. Investments in

reverse repurchase agreements range in maturity from 1 to 10

days and are secured with highly rated government securities

and multilateral development banks. The carrying value of

these securities approximates their fair value due to the short-

term nature of the instruments and reverse repurchase

agreements.

Nasdaq Clearing has invested the total cash contributions of

$2,253 million as of March 31, 2026 and $5,842 million as of

December 31, 2025, in accordance with its investment policy

as follows:

	March 31, 2026		December 31, 2025
	(in millions)
Demand deposits	$519		$3,011
Central bank certificates	53		109
Restricted cash and cash equivalents	$572		$3,120
European government debt securities	306		292
Reverse repurchase agreements	1,215		2,245
Multilateral development bank debt securities	160		185
Investments	$1,681		$2,722
Total	$2,253		$5,842

In the table above, the decrease from December 31, 2025 to

March 31, 2026 is primarily due to the sale of our Nordic

power futures business and includes an unfavorable impact

from currency translation adjustments of $57 million for

restricted cash and cash equivalents and $65 million for

investments.

For the three months ended March 31, 2026 and 2025,

investments related to default funds and margin deposits, net

includes purchases of investment securities of $45,278

million and $24,021 million, respectively, and proceeds from

sales and redemptions of investment securities of $46,254

million and $23,817 million, respectively.

In the investment activity related to default fund and margin

contributions, we are exposed to counterparty risk related to

reverse repurchase agreement transactions, which reflect the

risk that the counterparty might become insolvent and, thus,

fail to meet its obligations to Nasdaq Clearing. We mitigate

this risk by only engaging in transactions with high credit

quality reverse repurchase agreement counterparties and by

limiting the acceptable collateral under the reverse

repurchase agreement to high quality issuers, primarily

government securities and other securities explicitly

guaranteed by a government. The value of the underlying

security is monitored during the lifetime of the contract, and

in the event the market value of the underlying security falls

below the reverse repurchase amount, our clearinghouse may

require additional collateral or a reset of the contract.

Default Fund Contributions

Required contributions to the default funds are proportional

to the exposures of each clearing member. When a clearing

member is active in more than one market, contributions

must be made to all markets’ default funds in which the

member is active. Clearing members’ eligible contributions

may include cash and non-cash contributions. Cash

contributions received are maintained in demand deposits

held at central banks and large, highly rated financial

institutions or invested by Nasdaq Clearing, in accordance

with its investment policy, either in central bank certificates,

highly rated government debt securities, reverse repurchase

agreements with highly rated government debt securities as

collateral, or multilateral development bank debt securities.

Nasdaq Clearing maintains and manages all cash deposits

related to margin collateral. All risks and rewards of

collateral ownership, including interest, belong to Nasdaq

Clearing. Clearing members’ cash contributions are included

in default funds and margin deposits in the Condensed

Consolidated Balance Sheets as both a current asset and a

current liability. Non-cash contributions include highly rated

government debt securities that must meet specific criteria

approved by Nasdaq Clearing. Non-cash contributions are

pledged assets that are not recorded in the Condensed

Consolidated Balance Sheets as Nasdaq Clearing does not

take legal ownership of these assets and the risks and rewards

remain with the clearing members. These balances may

fluctuate over time due to changes in the amount of deposits

required and whether members choose to provide cash or

non-cash contributions.

In addition to clearing members’ required contributions to the

liability waterfall, Nasdaq Clearing is also required to

contribute capital to the liability waterfall and overall

regulatory capital as specified under its clearinghouse rules.

As of March 31, 2026, Nasdaq Clearing committed capital

totaling $154 million to the liability waterfall and overall

regulatory capital, in the form of government debt securities,

which are recorded as financial investments in the Condensed

Consolidated Balance Sheets. The combined regulatory

capital of the clearing members and Nasdaq Clearing is

intended to secure the obligations of a clearing member

exceeding such member’s own margin and default fund

deposits and may be used to cover losses sustained by a

clearing member in the event of a default.

Margin Deposits

Nasdaq Clearing requires all clearing members to provide

collateral, which may consist of cash and non-cash

contributions, to guarantee performance on the clearing

members’ open positions, or initial margin. In addition,

clearing members must also provide collateral to cover the

daily margin call if needed. See “Default Fund

Contributions” above for further discussion of cash and non-

cash contributions.

Similar to default fund contributions, Nasdaq Clearing

maintains and manages all cash deposits related to margin

collateral. All risks and rewards of collateral ownership,

including interest, belong to Nasdaq Clearing and are

recorded in revenues. These cash deposits are recorded in

default funds and margin deposits in the Condensed

Consolidated Balance Sheets as both a current asset and a

current liability. Pledged margin collateral is not recorded in

the Consolidated Balance Sheets as all risks and rewards of

collateral ownership, including interest, belong to the

counterparty.

Nasdaq Clearing marks to market all outstanding contracts

and requires payment from clearing members whose

positions have lost value. The mark-to-market process

performed multiple times on a daily basis helps to identify

any clearing members that may not be able to satisfy their

financial obligations in a timely manner allowing Nasdaq

Clearing the ability to mitigate the risk of a clearing member

defaulting due to exceptionally large losses. In the event of a

default, Nasdaq Clearing can access the defaulting member’s

margin and default fund deposits to cover the defaulting

member’s losses.

Regulatory Capital and Risk Management Calculations

Nasdaq Clearing manages risk through a comprehensive

counterparty risk management framework, which comprises

policies, procedures, standards and financial resources. The

level of regulatory capital is determined in accordance with

Nasdaq Clearing’s regulatory capital and default fund policy,

as approved by the SFSA. Regulatory capital calculations are

continuously updated through a proprietary capital-at-risk

calculation model that establishes the appropriate level of

capital.

As mentioned above, Nasdaq Clearing is the legal

counterparty for each contract cleared and thereby guarantees

the fulfillment of each contract. Nasdaq Clearing accounts for

this guarantee as a performance guarantee. We determine the

fair value of the performance guarantee by considering daily

settlement of contracts and other margining and default fund

requirements, the risk management program, historical

evidence of default payments, and the estimated probability

of potential default payouts. The calculation is determined

using proprietary risk management software that simulates

gains and losses based on historical market prices, extreme

but plausible market scenarios, volatility and other factors

present at that point in time for those particular unsettled

contracts. Based on this analysis the estimated liability was

nominal and no liability was recorded as of March 31, 2026.

Power of Assessment

To further strengthen the contingent financial resources of the

clearinghouse, Nasdaq Clearing has power of assessment that

provides the ability to collect additional funds from its

clearing members to cover a defaulting member’s remaining

obligations up to the limits established under the terms of the

clearinghouse rules. The power of assessment corresponds to

230% of the clearing member’s aggregate contribution to the

financial and commodities markets’ default funds.

Liability Waterfall

The liability waterfall is the priority order in which the

capital resources would be utilized in the event of a default

where the defaulting clearing member’s collateral and default

fund contribution would not be sufficient to cover the cost to

settle its portfolio. If a default occurs and the defaulting

clearing member’s collateral, including cash deposits and

pledged assets, is depleted, then capital is utilized in the

following amount and order:

• junior capital contributed by Nasdaq Clearing, which

totaled $46 million as of March 31, 2026;

• a loss-sharing pool related only to the financial market that

is contributed to by clearing members and only applies if

the defaulting member’s portfolio includes interest rate

swap products;

• specific market default fund where the loss occurred (i.e.,

the financial or commodities market), which includes

capital contributions of the clearing members on a pro-rata

basis; and

• fully segregated senior capital for each specific market

contributed by Nasdaq Clearing, calculated in accordance

with clearinghouse rules, which totaled $24 million as of

March 31, 2026.

If additional funds are needed after utilization of the liability

waterfall, or if part of the waterfall has been utilized and

needs to be replenished, then Nasdaq Clearing will utilize its

power of assessment and additional capital contributions will

be required by non-defaulting members up to the limits

established under the terms of the clearinghouse rules.

In addition to the capital held to withstand counterparty

defaults described above, Nasdaq Clearing also has

committed capital of $84 million to ensure that it can handle

an orderly wind-down of its operation, and that it is

adequately protected against investment, operational, legal,

and business risks.

Market Value of Derivative Contracts Outstanding

The following table presents the market value of derivative

contracts outstanding prior to netting:

	March 31, 2026
	(in millions)
Commodity forwards	$8
Fixed-income swaps and forwards	476
Stock options and forwards	651
Index options and forwards	110
Total	$1,245

In the table above:

• We determined the fair value of our option contracts using

standard valuation models that were based on market-based

observable inputs including implied volatility, interest rates

and the spot price of the underlying instrument.

• We determined the fair value of our forward contracts

using standard valuation models that were based on

market-based observable inputs including benchmark rates

and the spot price of the underlying instrument.

• The commodity forwards are deferred settlement contracts

excluded from the Nordic power futures business sale, and

are expected to settle in the second quarter of 2026.

Derivative Contracts Cleared

The following table presents the total number of derivative

contracts cleared through Nasdaq Clearing for the three

months ended March 31, 2026 and 2025:

	Three Months Ended March 31,
	2026		2025
Commodity futures and forwards	59,986		71,140
Fixed-income swaps, futures and forwards	4,630,014		4,373,731
Stock options, futures and forwards	7,258,956		6,765,209
Index options, futures and forwards	8,219,040		9,107,386
Total	20,167,996		20,317,466

In the table above, the total volume in cleared power related

to commodity contracts was 117 Terawatt hours (TWh) and

138 TWh for the three months ended March 31, 2026 and

2025, respectively.

Resale and Repurchase Agreements Contracts

Outstanding and Cleared

The outstanding contract value of resale and repurchase

agreements was $1,350 million and $900 million as of March

31, 2026 and 2025, respectively. The total number of resale

and repurchase agreements contracts cleared was 638,588

and 860,271 for the three months ended March 31, 2026 and

2025, respectively.

15. 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		March 31, 2026		December 31, 2025
Assets:				(in millions)
Operating lease assets		Operating lease assets		$485		$447
Liabilities:
Current lease liabilities		Other current liabilities		$72		$60
Non- current lease liabilities		Operating lease liabilities		488		462
Total lease liabilities				$560		$522

The following table summarizes Nasdaq’s lease cost:

	Three Months Ended March 31,
	2026		2025
(in millions)
Operating lease cost	$22		$19
Variable lease cost	12		10
Sublease income	(1)		(1)
Total lease cost	$33		$28

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.

		March 31, 2026
		(in millions)
Remainder of 2026		$69
2027		93
2028		90
2029		83
2030		77
2031+		248
Total lease payments		$660
Less: interest		(100)
Present value of lease liabilities		$560

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 $72 million.

Lease payments in the table above excludes $46 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:

		March 31, 2026
Weighted-average remaining lease term (in years)		8.1
Weighted-average discount rate		4.2%

The following table provides supplemental cash flow

information related to Nasdaq’s operating leases:

	Three Months Ended March 31,
	2026		2025
	(in millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$22		$20
Lease assets obtained in exchange for operating lease liabilities	$56		$20

Lease assets obtained in exchange for operating lease

liabilities for the three months ended March 31, 2026 and

2025, primarily relate to expansion and renewals of data

center leases.

16. INCOME TAXES

Income Tax Provision

The following table presents our income tax provision and

effective tax rate:

	Three Months Ended March 31,
	2026		2025
	(in millions)
Income tax provision	$158		$93
Effective tax rate	23.4%		19.1%

The higher effective tax rate for the three months ended

March 31, 2026, as compared to the prior year period, was

primarily due to a tax benefit related to a favorable audit

settlement in the prior period.

The effective tax rate may vary from period to period

depending on, among other factors, the geographic and

business mix of earnings and losses. These and other factors,

including history of pre-tax earnings and losses, are taken

into account in assessing the ability to realize deferred tax

assets.

Tax Audits

Nasdaq and its eligible subsidiaries file a consolidated U.S.

federal income tax return, applicable state and local income

tax returns and non-U.S. income tax returns. We are subject

to examination by federal, state and local, and foreign tax

authorities. Our federal income tax return is subject to

examination by the Internal Revenue Service for the years

2022 through 2024. Several state tax returns are currently

under examination by the respective tax authorities for the

years 2014 through 2024. Non-U.S. tax returns are subject to

examination by the respective tax authorities for the years

2020 through 2025.

We regularly assess the likelihood of additional assessments

by each jurisdiction and have established tax reserves that we

believe are adequate in relation to the potential for additional

assessments. Examination outcomes and the timing of

examination settlements are subject to uncertainty. Although

the results of such examinations may have an impact on our

unrecognized tax benefits, we do not anticipate that such

impact will be material to our condensed consolidated

financial position or results of operations, but may be

material to our operating results for a particular period and

the effective tax rate for that period.

17. COMMITMENTS, CONTINGENCIES AND

GUARANTEES

Guarantees Issued and Credit Facilities Available

In addition to the default fund contributions and margin

collateral pledged by clearing members discussed in Note 14,

“Clearing Operations,” we have obtained financial guarantees

and credit facilities, which are guaranteed by us through

counter indemnities, to provide further liquidity related to our

clearing businesses. Financial guarantees issued to us totaled

$4 million as of March 31, 2026 and December 31, 2025. As

discussed in “Other Credit Facilities,” of Note 8, “Debt

Obligations,” we also have credit facilities primarily related

to our Nasdaq Clearing operations, which are available in

multiple currencies, and totaled $202 million as of March 31,

2026 and $208 million as of December 31, 2025 in available

liquidity, none of which was utilized.

Other Guarantees

Through our clearing operations in the financial markets,

Nasdaq Clearing is the legal counterparty for, and guarantees

the performance of, its clearing members. See Note 14,

“Clearing Operations,” for further discussion of Nasdaq

Clearing performance guarantees.

We believe that the potential for us to be required to make

payments under these arrangements is unlikely. Accordingly,

no contingent liability is recorded in the Condensed

Consolidated Balance Sheets for the above guarantees.

Routing Brokerage Activities

One of our broker-dealer subsidiaries, Nasdaq Execution

Services, provides a guarantee to securities clearinghouses

and exchanges under its standard membership agreements,

which require members to guarantee the performance of other

members. If a member becomes unable to satisfy its

obligations to a clearinghouse or exchange, other members

would be required to meet its shortfalls. To mitigate these

performance risks, the exchanges and clearinghouses often

require members to post collateral, as well as meet certain

minimum financial standards. Nasdaq Execution Services’

maximum potential liability under these arrangements cannot

be quantified. However, we believe that the potential for

Nasdaq Execution Services to be required to make payments

under these arrangements is unlikely. Accordingly, no

contingent liability is recorded in the Condensed

Consolidated Balance Sheets for these arrangements.

Legal and Regulatory Matters

European Commission Matter

In September 2024, the European Commission, or the EC,

conducted an inspection at the Nasdaq Stockholm offices.

The inspection related to a potential competition law concern

regarding the trading of Nordic financial derivatives. We

understand that the EC's focus is a cooperative arrangement

with Eurex that was announced by Eurex and the Helsinki

Stock Exchange in 1999. The Helsinki Stock Exchange was

acquired by Nasdaq as part of our acquisition of OMX AB in

2008. The cooperative arrangement with Eurex fully ended

before Nasdaq learned of the EC's investigation.

In November 2025, the EC opened a formal antitrust

investigation to assess whether Nasdaq and Deutsche Borse

had breached European Union competition rules by

coordinating their conduct in the sector for listing, trading

and clearing of financial derivatives in the European

Economic Area.

We have been cooperating with the EC but are uncertain

about the duration or ultimate outcome of its review, or to the

extent there is any finding against us, the amount of any fines

or other remedies.

Other Matters

Except as disclosed above and in our prior reports filed under

the Exchange Act, we are not currently a party to any

litigation or proceeding that we believe could have a material

adverse effect on our business, consolidated financial

condition, or operating results. However, from time to time,

we have been threatened with, or named as a defendant in,

lawsuits or involved in regulatory proceedings.

In the normal course of business, Nasdaq discusses matters

with its regulators raised during regulatory examinations or

otherwise subject to their inquiries. Management believes

that censures, fines, penalties or other sanctions that could

result from any ongoing examinations or inquiries will not

have a material impact on our consolidated financial position

or results of operations. However, we are unable to predict

the outcome or the timing of the ultimate resolution of these

matters, or the potential fines, penalties or injunctive or other

equitable relief, if any, that may result from these matters.

Tax Audits

We are engaged in ongoing discussions and audits with

taxing authorities on various tax matters, the resolutions of

which are uncertain. Currently, there are matters that may

lead to assessments, some of which may not be resolved for

several years. Based on currently available information, we

believe we have adequately provided for any assessments that

could result from those proceedings where it is more likely

than not that we will be assessed. We review our positions on

these matters as they progress. See “Tax Audits,” of Note 16,

“Income Taxes,” for further discussion.

18. BUSINESS SEGMENTS

We manage, operate and provide our products and services in

three business segments: Capital Access Platforms, Financial

Technology and Market Services. See Note 1, “Organization

and Nature of Operations,” for further discussion of our

reportable segments.

Our management allocates resources, assesses performance

and manages these businesses as three separate segments. We

evaluate the performance of our segments based on several

factors, of which the primary financial measure is operating

income. Our chief operating decision maker, or CODM, who

is our Chair and Chief Executive Officer, does not review

total assets or statements of income below operating income

by segments as key performance metrics; therefore, such

information is not presented below.

The following tables present certain information regarding

our business segments for the three months ended March 31,

2026 and 2025:

	Capital Access Platforms	Financial Technology	Market Services	Corporate	Total
March 31, 2026		(in millions)
Total revenues	$565	$517	$1,047	$8	$2,137
Transaction- based expenses	—	—	(730)	—	(730)
Revenues less transaction- based expenses	565	517	317	8	1,407
Directly consumed expenses	170	233	92	—	495
Other expenses	46	39	24	146	255
Operating income	$349	$245	$201	$(138)	$657
Depreciation and amortization	13	19	12	121	165
Purchases of property and equipment	15	33	12	—	60
	Capital Access Platforms	Financial Technology	Market Services	Corporate	Total
March 31, 2025
Total revenues	$508	$432	$1,140	$16	$2,096
Transaction- based expenses	—	—	(859)	—	(859)
Revenues less transaction- based expenses	508	432	281	16	1,237
Directly consumed expenses	161	205	88	—	454
Other expenses	41	29	20	146	236
Operating income	$306	$198	$173	$(130)	$547
Depreciation and amortization	10	12	11	123	156
Purchases of property and equipment	13	22	14	—	49

Directly consumed expenses in the table above include both

direct and directly consumed costs for resources directly used

by the segment for revenue generating activities. Other

expenses include indirect overhead costs allocated to our

segments. During the first year of integration of certain

significant acquisitions such as Adenza or Verafin, the

allocation of these indirect overhead costs to the Financial

Technology segment were phased in and therefore these

allocations may change in the future. Other expenses also

includes expenses allocated to our Corporate segment. The

following table summarizes revenues and expenses allocated

to our Corporate segment:

	Three Months Ended March 31,
	2026		2025
Revenues:	(in millions)
Divestitures of businesses	$8		$16
Expenses:
Amortization expense of acquired intangible assets	121		122
Merger and strategic initiatives expense	4		24
Restructuring charges	11		5
Legal and regulatory matters	6		2
Gain on extinguishment of debt	—		(19)
Expenses - divestitures	4		11
Other	—		1
Total expenses	$146		$146
Operating loss	$(138)		$(130)

For further discussion of our segments’ results, see “Segment

Operating Results,” of “Part I, Item 2. Management’s

Discussion and Analysis of Financial Condition and Results

of Operations.”

The items in the preceding table are not included in the

measurement of segment profitability reviewed by our

CODM, as we believe they do not contribute to a meaningful

evaluation of a particular segment’s ongoing operating

performance. Management does not consider these items for

the purpose of evaluating the performance of our segments or

their managers or when making decisions to allocate

resources. Therefore, we believe performance measures

excluding the below items provide management with a useful

representation of our segments’ ongoing activity in each

period. These items, which are presented in the table above,

include the following:

*•*Revenues and expenses - divestitures: In January 2025, we

entered into an agreement to transfer existing open

positions in our Nordic power futures business to a

European exchange. In June 2025, this transaction was

completed and partial consideration was received.

Migration of open positions was completed during the first

quarter of 2026, resulting in the accrual of additional

consideration which was received in April 2026, and the

recognition of an incremental gain. The gain, net of costs

to sell, is recorded in net gain on divestitures in the

Condensed Consolidated Statements of Income. We expect

to wind down the commodities clearing and trading

services by the end of the first half of 2026, and the

business to be wound down in the months following. Also,

in October 2025, Nasdaq completed the sale of our Solovis

business. Revenues and expenses related to these

transactions are included as revenues and expenses -

divestitures.

*•*Amortization expense of acquired intangible assets: We

amortize intangible assets acquired in connection with

various acquisitions. Intangible asset amortization expense

can vary from period to period due to episodic acquisitions

completed, rather than from our ongoing business

operations. As such, if intangible asset amortization is

included in performance measures, it is more difficult to

assess the day-to-day operating performance of the

segments, and the relative operating performance of the

segments between periods.

• Merger and strategic initiatives expense: We have pursued

various strategic initiatives and completed acquisitions and

divestitures in recent years that have resulted in expenses

which would not have otherwise been incurred. These

expenses generally include integration costs, as well as

legal, due diligence and other third-party transaction costs.

The frequency and the amount of such expenses vary

significantly based on the size, timing and complexity of

the transactions.

◦For the three months ended March 31, 2026, these costs

included amounts associated with various strategic

initiative costs. For the three months ended March 31,

2025, these costs included amounts associated with the

transfer of open positions in our Nordic power

derivatives trading and clearing business, Adenza

integration costs and other strategic initiative costs.

• Restructuring charges: See Note 19, “Restructuring

Charges,” for further discussion of these plans.

*•*Legal and regulatory matters: For the three months ended

March 31, 2026 and 2025, this includes accruals relating to

certain legal matters, which are recorded in professional

and contract services in the Condensed Consolidated

Statements of Income.

*•*Gain on extinguishment of debt: For the three months

ended March 31, 2025, this includes a gain on

extinguishment of debt, which is recorded in general,

administrative and other expense in the Condensed

Consolidated Statements of Income.

Geographic Data

The following table presents total gross revenues by

geographic area for the three months ended March 31, 2026

and 2025. Revenues are classified based upon the location of

the customer.

	Three Months Ended March 31,
	2026		2025
	(in millions)
United States	$1,523		$1,706
All other countries	614		390
Total	$2,137		$2,096

No single customer accounted for 10.0% or more of our

revenues for the three months ended March 31, 2026 and

The following table presents property and equipment, net by

geographic area as of March 31, 2026 and December 31,

2025. Property and equipment information is based on the

physical location of the assets.

(in millions)	March 31, 2026		December 31, 2025
United States	$500		$500
All other countries	239		228
Total	$739		$728

Property and equipment, net for all other countries primarily

includes assets held in Sweden.

19. RESTRUCTURING CHARGES

In the fourth quarter of 2023, following the closing of the

Adenza acquisition, our management approved, committed to

and initiated a restructuring program, “Adenza

Restructuring” to optimize our efficiencies as a combined

organization. We initiated the program upon the acquisition

of Adenza and further expanded the program in the fourth

quarter of 2024 following the achievement of our initial

targets. In connection with this program, we expect to incur

approximately $140 million in pre-tax charges. We have

incurred costs principally related to employee-related costs,

contract terminations, asset impairments and other related

costs and expect to incur additional costs in these areas in an

effort to accelerate efficiencies through location strategy and

enhanced AI capabilities. Actions taken as part of this

program were completed as of December 31, 2025, while

certain costs are being recognized in the first half of 2026.

We have achieved benefits primarily in the form of expense

synergies with over $160 million net expense synergies

actioned through March 31, 2026. The total program costs

incurred since the inception of the program is $125 million.

Costs related to this program are recorded as restructuring

charges in the Condensed Consolidated Statements of

Income.

The following table presents a summary of the Adenza

restructuring program charges for the three months ended

March 31, 2026 and 2025:

	Three Months Ended March 31,
	2026		2025
	(in millions)
Consulting services	$4		$1
Employee-related costs	4		4
Other	3		—
Total restructuring charges	$11		$5