NASDAQ, INC.
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 12, 2026
NDAQ$108.50+1.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets
(in millions, except share and par value amounts)
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $604 | $592 |
| Restricted cash and cash equivalents | 210 | 31 |
| Default funds and margin deposits (including restricted cash and cash equivalents of $3,120 and $4,383, respectively) | 5,842 | 5,664 |
| Financial investments | 28 | 184 |
| Receivables, net | 943 | 1,022 |
| Other current assets | 376 | 293 |
| Total current assets | 8,003 | 7,786 |
| Property and equipment, net | 728 | 593 |
| Goodwill | 14,371 | 13,957 |
| Intangible assets, net | 6,511 | 6,905 |
| Operating lease assets | 447 | 375 |
| Other non-current assets | 993 | 779 |
| Total assets | $31,053 | $30,395 |
| Liabilities | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $280 | $269 |
| Section 31 fees payable to SEC | — | 319 |
| Accrued personnel costs | 364 | 325 |
| Deferred revenue | 785 | 711 |
| Other current liabilities | 259 | 215 |
| Default funds and margin deposits | 5,842 | 5,664 |
| Short-term debt | 431 | 399 |
| Total current liabilities | 7,961 | 7,902 |
| Long-term debt | 8,573 | 9,081 |
| Deferred tax liabilities, net | 1,584 | 1,594 |
| Operating lease liabilities | 462 | 388 |
| Other non-current liabilities | 241 | 230 |
| Total liabilities | 18,821 | 19,195 |
| Commitments and contingencies | ||
| Equity | ||
| Nasdaq stockholders’ equity: | ||
| Common stock, $0.01 par value, 900,000,000 shares authorized, shares issued: 594,620,320 at December 31, 2025 and 598,920,378 at December 31, 2024; shares outstanding: 569,894,024 at December 31, 2025 and 575,062,217 at December 31, 2024 | 6 | 6 |
| Additional paid-in capital | 5,122 | 5,530 |
| Common stock in treasury, at cost: 24,726,296 shares at December 31, 2025 and 23,858,161 shares at December 31, 2024 | (716) | (647) |
| Accumulated other comprehensive loss | (1,773) | (2,099) |
| Retained earnings | 9,588 | 8,401 |
| Total Nasdaq stockholders’ equity | 12,227 | 11,191 |
| Noncontrolling interests | 5 | 9 |
| Total equity | 12,232 | 11,200 |
| Total liabilities and equity | $31,053 | $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.