NASDAQ, INC.
For the period ended Sep 30, 2026. Filed Oct 22, 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.
Sep 30, 2026 · Filed Oct 22, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-22.
0001120193-26-000020
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 760 previous paragraphs and 816 current paragraphs.
428 unchanged; 177 reworded; 182 added; 133 removed; 22 previous and 29 current paragraphs rearranged.
Tables are not compared: 29 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 (182)
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advanced technology, data, and intelligence solutions that
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strengthen resilience.
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Our organizational structure aligns our businesses with the
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foundational shifts that are driving the evolution of the global
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products and services inthree business segments: Capital
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Services.
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•During the third quarter, Nasdaq welcomed 15 new
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operating companies on the U.S. exchanges, raising$32
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company IPOs, contributing to a 79% win rate for the
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quarter.
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•Index had a record $141 billion in net inflows over the
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trailing twelve months, including $49 billion in thethird
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quarter. End-of-period ETP AUM was $1.2 trillion and
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average ETP AUM over thethird quarter was $1.1 trillion,
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both setting new records. Nasdaq launched 32 new Index
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products in thethird quarter, including 16 international
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products and 10 products in the institutional annuity space.
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•Financial Technology delivered strong ARR and double-
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sells, and 135 upsells.
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•Market Services set a new record in third quarter net
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revenues benefitting from higher industry volumes across
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U.S. options and European equities and strong performance
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in U.S. cash equities, which achieved higher market share
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and near record capture rate.
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overall volumes in Index derivatives. To the extent that
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impacted.
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for the three and nine months ended September 30, 2026
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Operating Results” below.
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third quarter of 2025 and included Solovis, Nasdaq Metrio
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and Nasdaq Fund Secondaries.
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millions):
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included Solovis, Nasdaq Metrio and Nasdaq Fund
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Secondaries.
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expe nses.
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and 1,000 ETPs, respectively.
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increase in the nine months ended September 30, 2026 also
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Index revenues increased for the three and nine months ended
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based revenues.
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analytics revenues, largely driven byeVestment and Nasdaq
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Data Link sales growth.
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Removed paragraphs (133)
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the technology, data, and advanced analytics that enable our
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resilience.
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three business segments: Capital Access Platforms, Financial
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Technology and Market Services.
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Developments
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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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U.S. operating companies, direct listings, and SPAC
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business combinations.
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•Our Index business generated net inflows of$109 billion
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over the last twelve months, including $51 billion in the
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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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new products, including 11 in the institutional annuity
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space and 17 international products.
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•Financial Technology delivered double-digit revenue
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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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environment. To the extent that global or national economic
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below.
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914 ETPs, respectively.
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Index revenues increased for the three and six months ended
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revenuesand a $6 millionone-time revenue benefit, due to a
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contract modification, recognized in the second quarter of
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periods in 2025, primarily due toan increase in analytics
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revenues, largely driven by eVestment and Nasdaq Data Link
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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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and higher professional services fees.
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primarily driven byprice increases, revenue from new clients
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Reworded paragraphs (177)
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clients to capture opportunities, navigate risk, and strengthen
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enable our clients to capture opportunities, navigate risk, and
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We manage, operate and provide our products and services in
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financial system. We manage, operate and provide our
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Second Quarter 2026 Highlights and Recent
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Third Quarter 2026 Highlights and Recent Developments
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•Nasdaq welcomed seven of the 10 largest operating
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billion in proceeds, including 8 of the 10 largest operating
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growth in each subdivision for the second consecutive
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digit revenue growth in each subdivision for the third
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quarter. Financial Technology delivered 16% revenue
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consecutive quarter. Financial Technology delivered 16%
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growth and 16% ARR growth. During the second quarter
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revenue growth and 18% ARR growth. During the third
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of 2026, Nasdaq signed 58 new clients,7 cross-sells, and
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quarter of 2026, Nasdaq signed 54 new clients,5 cross-
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example, higher overall U.S. trading volumes for thesix
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example, higher overall U.S. trading volumes for the nine
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in 2025 led to an increase in our U.S. equities options and
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period in 2025 led to an increase in our U.S. equities options
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U.S. cash equities revenues. Market factors also contributed
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and U.S. cash equities revenues. Market factors also
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to higher valuations in Nasdaq Indices, higher overall
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contributed to higher valuations in Nasdaq Indices and higher
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conditions weaken and result in slower growth or recessions,
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global or national economic conditions weaken and result in
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our business may be negatively impacted.
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slower growth or recessions, our business may be negatively
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to the same periods in 2025. For a detailed discussion of our
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compared to the same periods in 2025. For a detailed
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results of operations, see “Segment Operating Results”
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discussion of our results of operations, see “Segment
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In the chart above, Other 2Q25 includes$29 million.
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*In the chart above, Other ARR totaled$42 million for the
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SaaS revenues for June 30, 2026 and 2025 (in millions):
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SaaS revenues for September 30, 2026 and 2025 (in
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In the chart above, Other 2Q25 includes$29 million.
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*In the chart above, Other SaaS totaled$40 million for 3Q25
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Market as of June 30, 2026 and 2025 included 1,243 and
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Market as of September 30, 2026 and 2025 included 1,292
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periods in 2025, primarily due to new data sales to new and
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same periods in 2025, primarily due to new data sales to new
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existing clients, pricing and usage, and increased revenue
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and existing clients, pricing and usage, and increased revenue
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and thefavorable impact from changes in foreign currency
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included a favorable impact from changes in foreign currency
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primarily due to higher average AUM in exchange traded
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2025, primarily due to higher average AUM in exchange
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products linked to Nasdaq indices, higher volume based
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traded products linked to Nasdaq indices and higher volume
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Workflow & Insights revenues increased for the three and six
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Workflow & Insights revenues increased for the three and
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higher subscription revenues from new and existing clients
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to higher subscription revenues from new and existing clients
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periods in 2025, primarily due to increased subscription
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same periods in 2025, primarily due to increased subscription
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increase in the six months ended June 30, 2026 also included
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nine months ended September 30, 2026 also included a
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a favorable impact from changes in foreign currency rates.
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favorable impact from changes in foreign currency rates.
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periods in 2025. The increase was primarily due to higher
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the same periods in 2025. The increase was primarily due to
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revenues from data center expansion, including a change in
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higher revenues from data center expansion, including a
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partially offset by lower professional services revenues. For
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professional services revenues. For the nine months ended
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the six months ended June 30, 2026 the increase was also
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September 30, 2026 the increase was also driven by higher
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pricing structure, higher Calypso upfront license revenues
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Calypso upfront license revenues.
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Section 31 fees increased for the three months ended June 30,
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Section 31 fees increased for the three and nine months ended
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to a higher average SEC fee rate. The decrease in the six
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2025, primarily due to a higher average SEC fee rate. Since
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Since the amount recorded in revenues is equal to the amount
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the amount recorded in revenues is equal to the amount
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same periods in 2025, primarily due to higher industry
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due to higher industry trading volumes, partially offset by
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offset by lower rebate capture rate.
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same period in 2025, primarily due to lower rebate capture
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Rearranged current paragraphs (29)
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Access Platforms, Financial Technology and Market
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same periods in 2025, primarily due to an increase in
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2026, compared with the same periods in 2025, primarily due
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derivative trading revenues and U.S. equity derivative trading
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Cash equity trading revenues decreased for the three months
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2026, Other revenues also includedour Nordic power futures
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Divestitures,” to the condensed consolidated financial
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2026, compared with the same periods in 2025, primarily due
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September 30, 2026 compared with the same period in 2025
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September 30, 2026 compared with the same period in 2025,
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and September 30, 2025 primarily relates to the divestiture of
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costs primarily included amounts associated with the
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described above for the three months ended September 30,
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also includes a gain on the sale of our Nasdaq Risk
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Modelling for Catastrophes business. See Note 4,
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Investments,” of Note 6, “Investments,” to the condensed
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consolidated financial statements for further discussion.
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administrative and other expense in the Condensed
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include net gains and losses from strategic investments
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entered into through our corporate venture program. For
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items is included in other income (loss) in our Condensed
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Intangible Assets,” and “Equity Investments,” of Note 6,
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statements for further discussion of these transactions.
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investments with original maturities of 90 days or less that
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compared with the same period in 2025. The increase was
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“Investments,” to the condensed consolidated financial
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increase in this balance as of September 30, 2026 is primarily
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equivalents in the Condensed Consolidated Balance Sheets.
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Balance Sheets and cash and cash equivalents, which is
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compared with the same periods in 2025, primarily due 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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same periods in 2025, primarily due to higher industry
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we credit a portion of the per share execution charge to the
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compared with the same periods in 2025, primarily due to
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ended June 30, 2026, compared with the same periods in
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relatively flat for the three months ended June 30, 2026,
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compared with the same period in 2025. The increase for the
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ended June 30, 2026, compared with the same periods in
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months ended June 30, 2025, these costs primarily included
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our Nordic power futures business. See “Acquired Intangible
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Modelling for Catastrophes business, net of costs to sell.
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financial statements for further discussion of these
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condensed consolidated financial statements for further
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corporate venture program. For the three and six months
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impairments of customer relationships and licenses relating
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months ended June 30, 2026 compared with the same period
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operations at Nasdaq Clearing. See Restricted Cash and Cash
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condensed consolidated financial statements for further
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which is included in restricted cash and cash equivalents in
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restricted cash and cash equivalents in the Condensed