NASDAQ, INC.
For the period ended Sep 30, 2025. Filed Oct 23, 2025.
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, 2025 · Filed Oct 23, 2025
NDAQ$107.12+0.3%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets
(in millions, except share and par value amounts)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets · (unaudited) | ||
| Current assets: | ||
| Cash and cash equivalents | $470 | $592 |
| Restricted cash and cash equivalents | 227 | 31 |
| Default funds and margin deposits (including restricted cash and cash equivalents of $3,744 and $4,383, respectively) | 5,750 | 5,664 |
| Financial investments | 53 | 184 |
| Receivables, net | 865 | 1,022 |
| Other current assets | 232 | 293 |
| Total current assets | 7,597 | 7,786 |
| Property and equipment, net | 689 | 593 |
| Goodwill | 14,336 | 13,957 |
| Intangible assets, net | 6,620 | 6,905 |
| Operating lease assets | 440 | 375 |
| Other non-current assets | 972 | 779 |
| Total assets | $30,654 | $30,395 |
| Liabilities | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $256 | $269 |
| Section 31 fees payable to SEC | — | 319 |
| Accrued personnel costs | 313 | 325 |
| Deferred revenue | 719 | 711 |
| Other current liabilities | 236 | 215 |
| Default funds and margin deposits | 5,750 | 5,664 |
| Short-term debt | 431 | 399 |
| Total current liabilities | 7,705 | 7,902 |
| Long-term debt | 8,667 | 9,081 |
| Deferred tax liabilities, net | 1,564 | 1,594 |
| Operating lease liabilities | 454 | 388 |
| Other non-current liabilities | 234 | 230 |
| Total liabilities | 18,624 | 19,195 |
| Commitments and contingencies | ||
| Equity | ||
| Nasdaq stockholders’ equity: | ||
| Common stock, $0.01 par value, 900,000,000 shares authorized, shares issued: 597,402,009 at September 30, 2025 and 598,920,378 at December 31, 2024; shares outstanding: 572,746,191 at September 30, 2025 and 575,062,217 at December 31, 2024 | 6 | 6 |
| Additional paid-in capital | 5,351 | 5,530 |
| Common stock in treasury, at cost: 24,655,818 shares at September 30, 2025 and 23,858,161 shares at December 31, 2024 | (710) | (647) |
| Accumulated other comprehensive loss | (1,847) | (2,099) |
| Retained earnings | 9,223 | 8,401 |
| Total Nasdaq stockholders’ equity | 12,023 | 11,191 |
| Noncontrolling interests | 7 | 9 |
| Total equity | 12,030 | 11,200 |
| Total liabilities and equity | $30,654 | $30,395 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.