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
NDAQ$110.02+1.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income | $1,565 | $1,269 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 496 | 471 |
| Share-based compensation | 134 | 122 |
| Deferred income tax expense | 44 | 30 |
| Net gain on divestitures | (84) | (37) |
| Net income from unconsolidated investees | (86) | (73) |
| Other reconciling items included in net income | 15 | (1) |
| Net change in operating assets and liabilities, excluding the effects of divestitures: | ||
| Receivables, net | (241) | 172 |
| Other assets | 96 | 67 |
| Accounts payable and accrued expenses | (34) | (22) |
| Section 31 fees payable to SEC | 90 | (319) |
| Accrued personnel costs | (38) | (25) |
| Deferred revenue | 43 | (10) |
| Other liabilities | (79) | (14) |
| Net cash provided by operating activities | 1,921 | 1,630 |
| Cash flows from investing activities: | ||
| Purchases of short-term investments | (1,152) | (234) |
| Proceeds from sales and redemptions of short-term investments | 1,019 | 392 |
| Purchases of corporate debt securities | (100) | — |
| Proceeds from divestitures, net of cash divested | 92 | 52 |
| Acquisition of businesses, net of cash and cash equivalents acquired | (58) | — |
| Purchases of property and equipment | (199) | (177) |
| Investments related to default funds and margin deposits, net(1) | 780 | (419) |
| Other investing activities | (16) | (76) |
| Net cash provided by (used in) investing activities | 366 | (462) |
| Cash flows from financing activities: | ||
| Issuance of commercial paper, net | 269 | — |
| Repayments of debt and credit commitment | (431) | (726) |
| Repurchases of common stock | (1,226) | (330) |
| Dividends paid | (500) | (448) |
| Proceeds from issuance of stock under employee stock plans | 47 | 28 |
| Payments related to employee shares withheld for taxes | (68) | (63) |
| Default funds and margin deposits | (3,065) | (847) |
| Other financing activities | (8) | — |
| Net cash used in financing activities | (4,982) | (2,386) |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | (91) | 653 |
| Net decrease in cash and cash equivalents and restricted cash and cash equivalents | (2,786) | (565) |
| 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 | $1,148 | $4,441 |
| Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | ||
| Cash and cash equivalents | $365 | $470 |
| Restricted cash and cash equivalents | 28 | 227 |
| Restricted cash and cash equivalents (default funds and margin deposits) | 755 | 3,744 |
| Total | $1,148 | $4,441 |
| Supplemental Disclosure - Cash Flow Information | ||
| Cash paid for: | ||
| Interest paid | $272 | $283 |
| Income taxes paid, net of refunds | $350 | $220 |
(1)See "Default Fund Contributions and Margin Deposits," of Note 14, "Clearing Operations," for further details.
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