NASDAQ, INC.
For the period ended Jun 30, 2026. Filed Jul 23, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 23, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-04-24.
0001628280-26-027105
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-23.
0001120193-26-000013
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 712 previous paragraphs and 760 current paragraphs.
414 unchanged; 146 reworded; 180 added; 118 removed; 34 previous and 20 current paragraphs rearranged.
Tables are not compared: 28 previous and 29 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (180)
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Developments
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•Nasdaq welcomed seven of the 10 largest operating
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company IPOs on the U.S. exchanges, including SpaceX,
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the largest IPO in history with $86 billion in offering
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proceeds. Nasdaq set a quarterly record for total proceeds
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raised, with 26 operating company IPOs joining the U.S.
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listings franchise, raising over$105 billion in offering
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proceeds. Nasdaq achieved a 74% win rate across eligible
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business combinations.
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second quarter. Our end-of-period and average ETP AUM
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reached new milestones, both exceeding$1.0 trillion for
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the first time ever. During the quarter, Nasdaq launched 34
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space and 17 international products.
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•Financial Technology delivered double-digit revenue
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growth in each subdivision for the second consecutive
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quarter. Financial Technology delivered 16% revenue
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growth and 16% ARR growth. During the second quarter
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of 2026, Nasdaq signed 58 new clients,7 cross-sells, and
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107 upsells.
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•Market Services delivered record quarterly net revenues
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partially driven by record U.S. equity options volumes,
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supported by record industry volumes. Nasdaq’s Closing
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Cross achieved new records in notional value traded across
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both the June Triple Witch and Russell reconstitution.
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volumes in Index derivatives and a strengthening IPO
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The following tables summarize our financial performance
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below.
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Market as of June 30, 2026 and 2025 included 1,243 and
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914 ETPs, respectively.
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existing clients, pricing and usage, and increased revenue
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from annual and initial listing fees due to new listings,
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partially offset by the impact of prior year delistings and roll-
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off of prior period amortization of initial listing fees. The
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increase in the six months ended June 30, 2026 also included
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Index revenues increased for the three and six months ended
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products linked to Nasdaq indices, higher volume based
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revenuesand a $6 millionone-time revenue benefit, due to a
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periods in 2025, primarily due toan increase in analytics
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sales growth.
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increased for the three and six months ended June 30, 2026,
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•Nasdaq extended its listing leadership with 7 of the top 10
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largest operating company IPOs and a 71% win rate across
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SPAC business combinations.
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quarter. ETP AUM as of March 31, 2026 was $836 billion
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and average ETP AUM in the first quarter reached a new
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record at $877 billion. During the quarter, Nasdaq
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annuity space and 12 international products.
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•Financial Technology delivered 20% revenue growth and
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18% ARR growth.
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•Market Services generated record net revenues, driven by
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record volumes and strong market share across U.S. cash
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equities and equity derivatives.
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The following table summarizes our financial performance
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Market for the three months ended March 31, 2026 and
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2025 included 1,180 and 833 ETPs, respectively.
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usage, increased annual listings revenues due to new listings,
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increased initial listing fees andthe favorable impact from
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changes in foreign currency rates, partially offset by the
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impact of prior year delistings.
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Index revenues increased in the first quarter of 2026
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Nasdaq indices.
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increased in the first quarter of 2026 compared with the same
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period in 2025 primarily due tohigher subscription revenues
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services fees.
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and Surveillance solutions driven by new sales and price
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increases to existing clients, revenue from new clients andthe
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center growth including a change in pricing structure, higher
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Section 31 fees decreased in the first quarter of 2026
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due to higher industry trading volumes and higher overall
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partially offset by lower capture.
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execution charge to the market participant, increased in the
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primarily due to higher industry trading volumes and higher
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period in 2025.
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revenues, net increased in the first quarter of 2026 compared
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and European industry trading volumes, and higher overall
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Cash equity trading revenues, net also increased due to these
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drivers but was partially offset by lower capture.
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execution charge to the market participant, increased in the
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takes the liquidity.
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The following table presents revenues from our U.S. Tape
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Reworded paragraphs (146)
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First Quarter 2026 Highlights and Recent Developments
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Second Quarter 2026 Highlights and Recent
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eligible U.S. operating companies, direct listings and
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U.S. operating companies, direct listings, and SPAC
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•Our Index business generated net inflows of$79 billion
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•Our Index business generated net inflows of$109 billion
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over the last twelve months including $6 billion in the first
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over the last twelve months, including $51 billion in the
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launched 31 newproducts, including 11 in the institutional
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new products, including 11 in the institutional annuity
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example, higher overall U.S. trading volumes in the first
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example, higher overall U.S. trading volumes for thesix
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compared with the same period in 2025 primarily due to a
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months ended June 30,2026 compared with the same period
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an increase in our U.S. equities options and U.S. cash
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in 2025 led to an increase in our U.S. equities options and
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equities revenues. Market factors also contributed to higher
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U.S. cash equities revenues. Market factors also contributed
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valuations in Nasdaq Indices and higher overall volumes in
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to higher valuations in Nasdaq Indices, higher overall
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Index derivatives. To the extent that global or national
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environment. To the extent that global or national economic
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economic conditions weaken and result in slower growth or
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conditions weaken and result in slower growth or recessions,
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recessions, our business may be negatively impacted.
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our business may be negatively impacted.
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for the three months ended March 31, 2026 and 2025,
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for the three and six months ended June 30, 2026 compared
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same period in 2025. For a detailed discussion of our results
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to the same periods in 2025. For a detailed discussion of our
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of operations, see “Segment Operating Results” below.
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results of operations, see “Segment Operating Results”
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The following table presents our revenues by segment:
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The following tables present our revenues by segment:
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Data & Listing Services revenues increased in the first
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Data & Listing Services revenues increased for the three and
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to new data sales to new and existing clients, pricing and
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periods in 2025, primarily due to new data sales to new and
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favorable impact from changes in foreign currency rates.
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a favorable impact from changes in foreign currency rates.
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higher average AUM in exchange traded products linked to
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primarily due to higher average AUM in exchange traded
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decrease in the rate to zero in the second quarter of 2025.
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contract modification, recognized in the second quarter of
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Workflow & Insights revenues increased in the first quarter
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Workflow & Insights revenues increased for the three and six
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for the three months ended March 31, 2026 compared to the
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months ended June 30, 2026, compared with the same
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eVestment and Nasdaq Data Link sales growth.
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revenues, largely driven by eVestment and Nasdaq Data Link
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The following table presents revenues from our Financial
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The following tables present revenues from our Financial
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from new and existing clientsand higher professional
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higher subscription revenues from new and existing clients
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Regulatory Technology revenues increased in the first quarter
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Regulatory Technology revenues increased for the three and
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due to increased subscription revenues from our AxiomSL
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periods in 2025, primarily due to increased subscription
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unfavorable impact from changes in foreign currency rates.
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and thefavorable impact from changes in foreign currency
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Capital Markets Technology revenues increased in the first
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Capital Markets Technology revenues increased for the three
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increase was primarily due to higher revenues from data
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periods in 2025. The increase was primarily due to higher
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Calypso upfront license revenues, increased subscription
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pricing structure, higher Calypso upfront license revenues
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partially offset by lower professional services revenues.
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partially offset by lower professional services revenues. For
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revenues across the business and certain one-time fees,
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driven by certain one-time fees.
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The following table presents revenues from our Market
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The following tables present revenues from our Market
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The following table presents net revenues by product from
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The following tables present net revenues by product from
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In the table above, Other includes Nordic fixed income
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In the tables above, Other includes Nordic fixed income
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The following table presents total revenues, transaction-based
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The following tables present total revenues, transaction-based
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quarter of 2026 compared with the same period in 2025 led to
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2026, compared with the same period in 2025, primarily due
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months ended June 30, 2026, compared with the same period
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higher overall U.S. matched market share executed on
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trading volumes and higher U.S. matched market share
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Texas, we credit a portion of the per share execution charge
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The following tables present revenues from our U.S. Tape
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months ended June 30, 2026, compared with the same
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and six months ended June 30, 2025, Other revenues also
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of debt recorded in the first quarter of 2025.
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primarily included amounts associated with the transfer of
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open positions in our Nordic power futures business,
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Charges,” to the condensed consolidated financial
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financial statements for further discussion of these
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proceeds from net sales and redemption of investments
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months ended June 30, 2026 compared with the same period
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does not impact Nasdaq's cash, cash equivalents, restricted
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that are included in financial investments in the Condensed
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Consolidated Balance Sheets and cash and cash equivalents,
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which is included in restricted cash and cash equivalents in
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See Note 8, “Debt Obligations,” to the condensed
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consolidated financial statements for further discussion of our
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quarter of 2026 compared with the same period in 2025 due
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due to an increase in analytics revenues, largely driven by
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quarter of 2026 compared with the same period in 2025. The
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overall U.S. matched market share executed on Nasdaq’s
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U.S. matched market share executed on Nasdaq's exchanges.
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primarily due to higher industry trading volumes, higher
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overall U.S. matched market share executed on Nasdaq’s
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Stock Market and Nasdaq PSX, we credit a portion of the per
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share execution charge to the market participant that provides
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quarter of 2026 compared with the same period in 2025.
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For the three months ended March 31, 2026 and 2025, Other
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quarter of 2026 compared with the same period in 2025
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quarter of 2026 compared with the same period in 2025 due
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to increased depreciation of capitalized software projects.
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compared with the same period in 2025 primarily due to the
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compared with the same period in 2025 primarily due to a
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statements for further discussion of these transactions.
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March 31, 2026, these costs included amounts associated
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ended March 31, 2025, these costs included amounts
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associated with the transfer of open positions in our Nordic
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Note 19, “Restructuring Charges,” to the condensed
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consolidated financial statements for further discussion of
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“Divestitures,” to the condensed consolidated financial
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statements for further discussion of this transaction.
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period in 2025. The increase was primarily driven by an
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in the first quarter of 2026 compared with the same period in
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quarter of 2026 compared with the same period in 2025
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cash, cash equivalents, restricted cash or restricted cash
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primarily invested in cash and cash equivalents, which is
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included in restricted cash and cash equivalents in the
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Condensed Consolidated Balance Sheets and European
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government debt securities that are included in financial
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investments in the Condensed Consolidated Balance Sheets.
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consolidated financial statements for further discussion of