QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the quarterly period ended | ||||||||
OR | ||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the transition period | from ________ to ________ |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Class | Outstanding at July 17, 2025 | ||||||||||
Common Stock, $0.01 par value per share | shares |
Page | ||||||||
Part I. FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II. OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
June 30, 2025 | December 31, 2024 | ||||||||||
Assets | (unaudited) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and cash equivalents | |||||||||||
Default funds and margin deposits (including restricted cash and cash equivalents of $ | |||||||||||
Financial investments | |||||||||||
Receivables, net | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Operating lease assets | |||||||||||
Other non-current assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued expenses | $ | $ | |||||||||
Section 31 fees payable to SEC | |||||||||||
Accrued personnel costs | |||||||||||
Deferred revenue | |||||||||||
Other current liabilities | |||||||||||
Default funds and margin deposits | |||||||||||
Short-term debt | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred tax liabilities, net | |||||||||||
Operating lease liabilities | |||||||||||
Other non-current liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Equity | |||||||||||
Nasdaq stockholders’ equity: | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Common stock in treasury, at cost: | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Retained earnings | |||||||||||
Total Nasdaq stockholders’ equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Capital Access Platforms | $ | $ | $ | $ | |||||||||||||||||||
Financial Technology | |||||||||||||||||||||||
Market Services | |||||||||||||||||||||||
Other revenues | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Transaction-based expenses: | |||||||||||||||||||||||
Transaction rebates | ( | ( | ( | ( | |||||||||||||||||||
Brokerage, clearance and exchange fees | ( | ( | ( | ( | |||||||||||||||||||
Revenues less transaction-based expenses | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||||
Professional and contract services | |||||||||||||||||||||||
Technology and communication infrastructure | |||||||||||||||||||||||
Occupancy | |||||||||||||||||||||||
General, administrative and other | |||||||||||||||||||||||
Marketing and advertising | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Regulatory | |||||||||||||||||||||||
Merger and strategic initiatives | |||||||||||||||||||||||
Restructuring charges | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Net gain on divestitures | |||||||||||||||||||||||
Other income | |||||||||||||||||||||||
Net income from unconsolidated investees | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax provision | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Net loss attributable to noncontrolling interests | |||||||||||||||||||||||
Net income attributable to Nasdaq | $ | $ | $ | $ | |||||||||||||||||||
Per share information: | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Cash dividends declared per common share | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation gains (losses) | ( | ( | |||||||||||||||||||||
Income tax benefit (expense)(1) | ( | ( | |||||||||||||||||||||
Foreign currency translation, net | ( | ||||||||||||||||||||||
Employee benefit plan adjustment | |||||||||||||||||||||||
Income tax expense | ( | ||||||||||||||||||||||
Employee benefit plan, net | |||||||||||||||||||||||
Unrealized gain (loss) on derivatives instruments, net | ( | ||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | ( | ||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interests | |||||||||||||||||||||||
Comprehensive income attributable to Nasdaq | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Shares | $ | Shares | $ | Shares | $ | Shares | $ | ||||||||||||||||||||||||||||||||||||||||
Common stock | |||||||||||||||||||||||||||||||||||||||||||||||
Additional paid-in capital | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | |||||||||||||||||||||||||||||||||||||||||||||||
Share repurchase program | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||||||||||||||||||||||||||
Other issuances of common stock, net | |||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock in treasury, at cost | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Other employee stock activity | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Retained earnings | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Nasdaq | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Ending balance | |||||||||||||||||||||||||||||||||||||||||||||||
Total Nasdaq stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | |||||||||||||||||||||||||||||||||||||||||||||||
Net activity related to noncontrolling interests | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Ending balance | |||||||||||||||||||||||||||||||||||||||||||||||
Total Equity | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Share-based compensation | |||||||||||
Deferred income taxes | ( | ||||||||||
Net gain on divestitures | ( | ||||||||||
Non-cash restructuring charges | |||||||||||
Net income from unconsolidated investees | ( | ( | |||||||||
Other reconciling items included in net income | ( | ||||||||||
Net change in operating assets and liabilities, excluding the effects of divestitures: | |||||||||||
Receivables, net | ( | ||||||||||
Other assets | |||||||||||
Accounts payable and accrued expenses | ( | ( | |||||||||
Section 31 fees payable to SEC | |||||||||||
Accrued personnel costs | ( | ( | |||||||||
Deferred revenue | |||||||||||
Other liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchases of securities | ( | ( | |||||||||
Proceeds from sales and redemptions of securities | |||||||||||
Proceeds from divestitures, net of cash divested | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Investments related to default funds and margin deposits, net(1) | ( | ||||||||||
Other investing activities | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Repayments of commercial paper, net | ( | ||||||||||
Repayments of debt and credit commitment | ( | ( | |||||||||
Repurchases of common stock | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Proceeds received from employee stock activity and other issuances | |||||||||||
Payments related to employee shares withheld for taxes | ( | ( | |||||||||
Default funds and margin deposits | ( | ( | |||||||||
Other financing activities | |||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | ( | ||||||||||
Net decrease in cash and cash equivalents and restricted cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents, restricted cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents, restricted cash and cash equivalents at end of period | $ | $ | |||||||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and cash equivalents | |||||||||||
Restricted cash and cash equivalents (default funds and margin deposits) | |||||||||||
Total | $ | $ | |||||||||
Supplemental Disclosure Cash Flow Information | |||||||||||
Interest paid | $ | $ | |||||||||
Income taxes paid, net of refund | $ | $ |
Three Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
(in millions) | |||||||||||
Capital Access Platforms: | |||||||||||
Data & Listing Services | $ | $ | |||||||||
Index | |||||||||||
Workflow & Insights | |||||||||||
Financial Technology: | |||||||||||
Financial Crime Management Technology | |||||||||||
Regulatory Technology | |||||||||||
Capital Markets Technology | |||||||||||
Market Services, net | |||||||||||
Other revenues | |||||||||||
Revenues less transaction-based expenses | $ | $ | |||||||||
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
(in millions) | |||||||||||
Capital Access Platforms | |||||||||||
Data & Listing Services | $ | $ | |||||||||
Index | |||||||||||
Workflow & Insights | |||||||||||
Financial Technology | |||||||||||
Financial Crime Management Technology | |||||||||||
Regulatory Technology | |||||||||||
Capital Markets Technology | |||||||||||
Market Services, net | |||||||||||
Other revenues | |||||||||||
Revenues less transaction-based expenses | $ | $ |
Financial Crime Management Technology | Regulatory Technology | Capital Markets Technology | Workflow & Insights | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Remainder of 2025 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
2026 | |||||||||||||||||||||||||||||
2027 | |||||||||||||||||||||||||||||
2028 | |||||||||||||||||||||||||||||
2029 | |||||||||||||||||||||||||||||
2030+ | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
(in millions) | |||||
Capital Access Platforms | |||||
Balance at December 31, 2024 | $ | ||||
Foreign currency translation adjustments | |||||
Balance at June 30, 2025 | $ | ||||
Financial Technology | |||||
Balance at December 31, 2024 | $ | ||||
Divestiture of business | ( | ||||
Foreign currency translation adjustments | |||||
Balance at June 30, 2025 | $ | ||||
Market Services | |||||
Balance at December 31, 2024 | $ | ||||
Foreign currency translation adjustments | |||||
Balance at June 30, 2025 | $ | ||||
Total | |||||
Balance at December 31, 2024 | $ | ||||
Divestiture of business | ( | ||||
Foreign currency translation adjustments | |||||
Balance at June 30, 2025 | $ |
June 30, 2025 | December 31, 2024 | ||||||||||
Finite-Lived Intangible Assets | (in millions) | ||||||||||
Gross Amount: | |||||||||||
Technology | $ | $ | |||||||||
Customer relationships | |||||||||||
Trade names and other | |||||||||||
Foreign currency translation adjustment | ( | ( | |||||||||
Total gross amount | $ | $ | |||||||||
Accumulated Amortization: | |||||||||||
Technology | $ | ( | $ | ( | |||||||
Customer relationships | ( | ( | |||||||||
Trade names and other | ( | ( | |||||||||
Foreign currency translation adjustment | |||||||||||
Total accumulated amortization | $ | ( | $ | ( | |||||||
Net Amount: | |||||||||||
Technology | $ | $ | |||||||||
Customer relationships | |||||||||||
Trade names and other | |||||||||||
Foreign currency translation adjustment | ( | ( | |||||||||
Total finite-lived intangible assets | $ | $ | |||||||||
Indefinite-Lived Intangible Assets | |||||||||||
Exchange and clearing registrations | $ | $ | |||||||||
Trade names | |||||||||||
Licenses | |||||||||||
Foreign currency translation adjustment | ( | ( | |||||||||
Total indefinite-lived intangible assets | $ | $ | |||||||||
Total intangible assets, net | $ | $ | |||||||||
Three Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
(in millions) | |||||||||||
Amortization expense | $ | $ | |||||||||
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
(in millions) | |||||||||||
Amortization expense | $ | $ |
(in millions) | |||||
Remainder of 2025 | $ | ||||
2026 | |||||
2027 | |||||
2028 | |||||
2029 | |||||
2030+ | |||||
Total | $ |
June 30, 2025 | December 31, 2024 | ||||||||||
(in millions) | |||||||||||
Financial investments | $ | $ | |||||||||
Equity method investments | |||||||||||
Equity securities |
Balance at December 31, 2024 | Additions | Revenue Recognized | Foreign Currency Translation | Balance at June 30, 2025 | |||||||||||||
(in millions) | |||||||||||||||||
Capital Access Platforms: | |||||||||||||||||
Initial Listings | $ | $ | $ | ( | $ | $ | |||||||||||
Annual Listings | ( | ||||||||||||||||
Workflow & Insights | ( | ||||||||||||||||
Other | ( | ||||||||||||||||
Financial Technology: | |||||||||||||||||
Financial Crime Management Technology | ( | ||||||||||||||||
Regulatory Technology | ( | ||||||||||||||||
Capital Markets Technology | ( | ||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | |||||||||||
Fiscal year ended: | 2025 | 2026 | 2027 | 2028 | 2029 | 2030+ | Total | ||||||||||||||||
(in millions) | |||||||||||||||||||||||
Capital Access Platforms: | |||||||||||||||||||||||
Initial Listings | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Annual Listings | |||||||||||||||||||||||
Workflow & Insights | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Financial Technology: | |||||||||||||||||||||||
Financial Crime Management Technology | |||||||||||||||||||||||
Regulatory Technology | |||||||||||||||||||||||
Capital Markets Technology | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
December 31, 2024 | Payments, Foreign Currency Translation and Accretion | June 30, 2025 | |||||||||||||||
Short-term debt: | (in millions) | ||||||||||||||||
2025 Notes | $ | $ | ( | $ | |||||||||||||
2026 Notes | |||||||||||||||||
Total short-term debt | $ | $ | ( | $ | |||||||||||||
Long-term debt - senior unsecured notes: | |||||||||||||||||
2028 Notes | ( | ||||||||||||||||
2029 Notes | |||||||||||||||||
2030 Notes | |||||||||||||||||
2031 Notes | |||||||||||||||||
2032 Notes | |||||||||||||||||
2033 Notes | |||||||||||||||||
2034 Notes | ( | ||||||||||||||||
2040 Notes | |||||||||||||||||
2050 Notes | |||||||||||||||||
2052 Notes | ( | ||||||||||||||||
2053 Notes | |||||||||||||||||
2063 Notes | |||||||||||||||||
2022 Revolving Credit Facility | ( | ( | |||||||||||||||
Total long-term debt | $ | $ | $ | ||||||||||||||
Total debt obligations | $ | $ | ( | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Savings Plan expense | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Retirement Plans expense | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Share-based compensation expense before income taxes | $ | $ | $ | $ |
Restricted Stock | |||||||||||
Number of Awards | Weighted-Average Grant Date Fair Value | ||||||||||
Unvested at December 31, 2024 | |||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Unvested at June 30, 2025 | $ |
Grant date | April 1, 2025 | April 1, 2024 | |||||||||
Weighted-average risk-free interest rate | % | % | |||||||||
Expected volatility | % | % | |||||||||
Weighted-average grant date share price | $ | $ | |||||||||
Weighted-average fair value at grant date | $ | $ |
PSUs | ||||||||||||||
Three-Year Program | ||||||||||||||
Number of Awards | Weighted-Average Grant Date Fair Value | |||||||||||||
Unvested at December 31, 2024 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Unvested at June 30, 2025 | $ |
Number of Stock Options | Weighted-Average Exercise Price | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in millions) | |||||||||||
Outstanding at June 30, 2025 | $ | $ | ||||||||||||
Exercisable at June 30, 2025 | $ | $ |
Six Months Ended June 30, 2025 | |||||
Number of shares of common stock repurchased | |||||
Average price paid per share | $ | ||||
Total purchase price (in millions) | $ |
Declaration Date | Dividend Per Common Share | Record Date | Total Amount Paid | Payment Date | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
January 28, 2025 | $ | March 14, 2025 | $ | March 28, 2025 | ||||||||||||||||||||||
April 23, 2025 | June 13, 2025 | June 27, 2025 | ||||||||||||||||||||||||
$ |
Three Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
Numerator: | (in millions, except share and per share amounts) | ||||||||||
Net income attributable to common shareholders | $ | $ | |||||||||
Denominator: | |||||||||||
Weighted-average common shares outstanding for basic earnings per share | |||||||||||
Weighted-average effect of dilutive securities: | |||||||||||
Weighted-average effect of dilutive securities - Employee equity awards | |||||||||||
Weighted-average common shares outstanding for diluted earnings per share | |||||||||||
Basic and diluted earnings per share: | |||||||||||
Basic earnings per share | $ | $ | |||||||||
Diluted earnings per share | $ | $ | |||||||||
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
Numerator: | (in millions, except share and per share amounts) | ||||||||||
Net income attributable to common shareholders | $ | $ | |||||||||
Denominator: | |||||||||||
Weighted-average common shares outstanding for basic earnings per share | |||||||||||
Weighted-average effect of dilutive securities - Employee equity awards | |||||||||||
Weighted-average common shares outstanding for diluted earnings per share | |||||||||||
Basic and diluted earnings per share: | |||||||||||
Basic earnings per share | $ | $ | |||||||||
Diluted earnings per share | $ | $ |
June 30, 2025 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
European government debt securities | $ | $ | $ | $ | |||||||||||||||||||
Time deposits | |||||||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2024 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
European government debt securities | $ | $ | $ | $ | |||||||||||||||||||
Swedish mortgage bonds | |||||||||||||||||||||||
Time deposits | |||||||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | |||||||||||||||||||
June 30, 2025 | |||||||||||||||||
Cash Contributions | Non-Cash Contributions | Total Contributions | |||||||||||||||
(in millions) | |||||||||||||||||
Default fund contributions | $ | $ | $ | ||||||||||||||
Margin deposits | |||||||||||||||||
Total | $ | $ | $ |
June 30, 2025 | December 31, 2024 | ||||||||||
(in millions) | |||||||||||
Demand deposits | $ | $ | |||||||||
Central bank certificates | |||||||||||
Restricted cash and cash equivalents | $ | $ | |||||||||
European government debt securities | |||||||||||
Reverse repurchase agreements | |||||||||||
Multilateral development bank debt securities | |||||||||||
Investments | $ | $ | |||||||||
Total | $ | $ |
June 30, 2025 | |||||
(in millions) | |||||
Commodity forwards | $ | ||||
Fixed-income swaps and forwards | |||||
Stock options and forwards | |||||
Index options and forwards | |||||
Total | $ |
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
Commodity and seafood options, futures and forwards | |||||||||||
Fixed-income swaps, futures and forwards | |||||||||||
Stock options, futures and forwards | |||||||||||
Index options, futures and forwards | |||||||||||
Total |
Balance Sheet Classification | June 30, 2025 | December 31, 2024 | ||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Operating lease assets | Operating lease assets | $ | $ | |||||||||||||||||
Liabilities: | ||||||||||||||||||||
Current lease liabilities | $ | $ | ||||||||||||||||||
Non-current lease liabilities | Operating lease liabilities | |||||||||||||||||||
Total lease liabilities | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Variable lease cost | |||||||||||||||||||||||
Sublease income | ( | ( | ( | ( | |||||||||||||||||||
Total lease cost | $ | $ | $ | $ |
June 30, 2025 | ||||||||
(in millions) | ||||||||
Remainder of 2025 | $ | |||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
2029 | ||||||||
2030+ | ||||||||
Total lease payments | $ | |||||||
Less: interest | ( | |||||||
Present value of lease liabilities | $ |
June 30, 2025 | ||||||||
Weighted-average remaining lease term (in years) | ||||||||
Weighted-average discount rate | % |
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
(in millions) | |||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | $ | |||||||||
Lease assets obtained in exchange for operating lease liabilities | $ | $ |
Three Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
(in millions) | |||||||||||
Income tax provision | $ | $ | |||||||||
Effective tax rate | % | % | |||||||||
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
(in millions) | |||||||||||
Income tax provision | $ | $ | |||||||||
Effective tax rate | % | % |
Three Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
(in millions) | |||||||||||
Capital Access Platforms: | |||||||||||
Total revenues | $ | $ | |||||||||
Direct and directly consumed expenses | |||||||||||
Other expenses | |||||||||||
Operating income | $ | $ | |||||||||
Depreciation and amortization | |||||||||||
Purchase of property and equipment | |||||||||||
Financial Technology: | |||||||||||
Total revenues | $ | $ | |||||||||
Direct and directly consumed expenses | |||||||||||
Other expenses | |||||||||||
Operating income | $ | $ | |||||||||
Depreciation and amortization | |||||||||||
Purchase of property and equipment | |||||||||||
Market Services: | |||||||||||
Total revenues | $ | $ | |||||||||
Transaction-based expenses | ( | ( | |||||||||
Revenues less transaction-based expenses | |||||||||||
Direct and directly consumed expenses | |||||||||||
Other expenses | |||||||||||
Operating income | $ | $ | |||||||||
Depreciation and amortization | |||||||||||
Purchase of property and equipment | |||||||||||
Corporate Items: | |||||||||||
Total revenues | $ | $ | |||||||||
Other expenses | |||||||||||
Operating loss | ( | $ | ( | ||||||||
Amortization of acquired intangible assets | |||||||||||
Consolidated: | |||||||||||
Total revenues | $ | $ | |||||||||
Transaction-based expenses | ( | ( | |||||||||
Revenues less transaction-based expenses | $ | $ | |||||||||
Direct and directly consumed expenses | |||||||||||
Other expenses | |||||||||||
Operating income | $ | $ | |||||||||
Depreciation and amortization | |||||||||||
Purchase of property and equipment | |||||||||||
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
(in millions) | |||||||||||
Capital Access Platforms | |||||||||||
Total revenues | $ | $ | |||||||||
Direct and directly consumed expenses | |||||||||||
Other expenses | |||||||||||
Operating income | $ | $ | |||||||||
Depreciation and amortization | |||||||||||
Purchase of property and equipment | |||||||||||
Financial Technology | |||||||||||
Total revenues | $ | $ | |||||||||
Direct and directly consumed expenses | |||||||||||
Other expenses | |||||||||||
Operating income | $ | $ | |||||||||
Depreciation and amortization | |||||||||||
Purchase of property and equipment | |||||||||||
Market Services | |||||||||||
Total revenues | $ | $ | |||||||||
Transaction-based expenses | ( | ( | |||||||||
Revenues less transaction-based expenses | $ | $ | |||||||||
Direct and directly consumed expenses | |||||||||||
Other expenses | |||||||||||
Operating income | $ | $ | |||||||||
Depreciation and amortization | |||||||||||
Purchase of property and equipment | |||||||||||
Corporate | |||||||||||
Total revenues | $ | $ | |||||||||
Other expenses | |||||||||||
Operating loss | $ | ( | $ | ( | |||||||
Amortization of acquired intangible assets | |||||||||||
Consolidated | |||||||||||
Total revenues | $ | $ | |||||||||
Transaction-based expenses | ( | ( | |||||||||
Revenues less transaction-based expenses | $ | $ | |||||||||
Direct and directly consumed expenses | |||||||||||
Other expenses | |||||||||||
Operating income | $ | $ | |||||||||
Depreciation and amortization | |||||||||||
Purchase of property and equipment |
Three Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
(in millions) | |||||||||||
Revenues: | |||||||||||
Divestiture | $ | $ | |||||||||
Expenses: | |||||||||||
Amortization expense of acquired intangible assets | |||||||||||
Merger and strategic initiatives expense | |||||||||||
Restructuring charges | |||||||||||
Legal and regulatory matters | |||||||||||
Expenses - divestiture | |||||||||||
Other | |||||||||||
Total expenses | $ | $ | |||||||||
Operating loss | $ | ( | $ | ( |
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
(in millions) | |||||||||||
Revenues: | |||||||||||
Divestiture | $ | $ | |||||||||
Expenses: | |||||||||||
Amortization expense of acquired intangible assets | |||||||||||
Merger and strategic initiatives expense | |||||||||||
Restructuring charges | |||||||||||
Legal and regulatory matters | |||||||||||
Gain on extinguishment of debt | ( | ||||||||||
Pension settlement charge | |||||||||||
Expenses - divestiture | |||||||||||
Other | |||||||||||
Total expenses | $ | $ | |||||||||
Operating loss | $ | ( | $ | ( |
Three Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
(in millions) | |||||||||||
United States | $ | $ | |||||||||
All other countries | |||||||||||
Total | $ | $ | |||||||||
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
(in millions) | |||||||||||
United States | $ | $ | |||||||||
All other countries | |||||||||||
Total | $ | $ | |||||||||
(in millions) | June 30, 2025 | December 31, 2024 | |||||||||
United States | $ | $ | |||||||||
All other countries | |||||||||||
Total | $ | $ | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Asset impairment charges | |||||||||||||||||||||||
Adenza restructuring | $ | $ | $ | $ | |||||||||||||||||||
Divisional realignment | |||||||||||||||||||||||
Consulting services | |||||||||||||||||||||||
Adenza restructuring | |||||||||||||||||||||||
Divisional realignment | |||||||||||||||||||||||
Employee-related costs | |||||||||||||||||||||||
Adenza restructuring | |||||||||||||||||||||||
Divisional realignment | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Adenza restructuring | |||||||||||||||||||||||
Divisional realignment | |||||||||||||||||||||||
Total restructuring charges | $ | $ | $ | $ | |||||||||||||||||||
Total Program Costs Incurred | |||||||||||||||||||||||
Adenza restructuring | $ | ||||||||||||||||||||||
Divisional realignment* | $ |
Three Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||
Revenues less transaction-based expenses | $ | 1,306 | $ | 1,159 | 12.7 | % | |||||||||||
Operating expenses | 738 | 736 | 0.3 | % | |||||||||||||
Operating income | $ | 568 | $ | 423 | 34.2 | % | |||||||||||
Net income attributable to Nasdaq | $ | 452 | $ | 222 | 103.0 | % | |||||||||||
Diluted earnings per share | $ | 0.78 | $ | 0.38 | 103.0 | % | |||||||||||
Cash dividends declared per common share | $ | 0.27 | $ | 0.24 | 12.5 | % | |||||||||||
Six Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||
Revenues less transaction-based expenses | $ | 2,543 | $ | 2,277 | 11.7 | % | |||||||||||
Operating expenses | 1,428 | 1,444 | (1.1) | % | |||||||||||||
Operating income | $ | 1,115 | $ | 833 | 33.8 | % | |||||||||||
Net income attributable to Nasdaq | $ | 847 | $ | 456 | 85.5 | % | |||||||||||
Diluted earnings per share | $ | 1.46 | $ | 0.79 | 85.4 | % | |||||||||||
Cash dividends declared per common share | $ | 0.51 | $ | 0.46 | 10.9 | % |
▪ | Capital Access Platforms | |||||||
◦ | Proprietary market data subscriptions and annual listing fees within our Data & Listing Services business | |||||||
◦ | Index data subscriptions and guaranteed minimum on futures contracts within our Index business | |||||||
◦ | Subscription contracts under our Workflow & Insights business | |||||||
▪ | Financial Technology | |||||||
◦ | Financial Crime Management Technology SaaS subscription contracts excluding one-time service requests | |||||||
◦ | Regulatory Technology SaaS and subscription and support contracts excluding one-time service requests | |||||||
◦ | Capital Markets Technology SaaS and subscription and support contracts excluding one-time service requests |
Three Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Capital Access Platforms | $ | 527 | $ | 481 | 9.8 | % | |||||||||||
Financial Technology | 464 | 420 | 10.3 | % | |||||||||||||
Market Services | 1,090 | 883 | 23.3 | % | |||||||||||||
Other revenues | 9 | 8 | 4.7 | % | |||||||||||||
Total revenues | $ | 2,090 | $ | 1,792 | 16.5 | % | |||||||||||
Transaction rebates | (629) | (483) | 30.2 | % | |||||||||||||
Brokerage, clearance and exchange fees | (155) | (150) | 3.0 | % | |||||||||||||
Total revenues less transaction-based expenses | $ | 1,306 | $ | 1,159 | 12.7 | % | |||||||||||
Six Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Capital Access Platforms | $ | 1,042 | $ | 960 | 8.6 | % | |||||||||||
Financial Technology | 896 | 813 | 10.3 | % | |||||||||||||
Market Services | 2,224 | 1,678 | 32.5 | % | |||||||||||||
Other revenues | 18 | 18 | (0.7) | % | |||||||||||||
Total revenues | $ | 4,180 | $ | 3,469 | 20.5 | % | |||||||||||
Transaction rebates | (1,208) | (965) | 25.2 | % | |||||||||||||
Brokerage, clearance and exchange fees | (429) | (227) | 89.3 | % | |||||||||||||
Total revenues less transaction-based expenses | $ | 2,543 | $ | 2,277 | 11.7 | % |
Three Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Data & Listing Services | $ | 198 | $ | 187 | 6.3 | % | |||||||||||
Index | 196 | 167 | 17.2 | % | |||||||||||||
Workflow & Insights | 133 | 127 | 5.2 | % | |||||||||||||
Total Capital Access Platforms | $ | 527 | $ | 481 | 9.8 | % | |||||||||||
Six Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Data & Listing Services | $ | 391 | $ | 372 | 4.9 | % | |||||||||||
Index | 388 | 336 | 15.7 | % | |||||||||||||
Workflow & Insights | 263 | 252 | 4.5 | % | |||||||||||||
Total Capital Access Platforms | $ | 1,042 | $ | 960 | 8.6 | % |
As of June 30, | ||||||||||||||
2025 | 2024 | |||||||||||||
ARR (in millions) | $ | 1,315 | $ | 1,226 |
Three Months Ended June 30, | ||||||||||||||
2025 | 2024 | |||||||||||||
IPOs | ||||||||||||||
The Nasdaq Stock Market | 79 | 39 | ||||||||||||
The Nasdaq Stock Market - SPACs | 41 | 8 | ||||||||||||
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic | 6 | 5 | ||||||||||||
Total new listings | ||||||||||||||
The Nasdaq Stock Market | 194 | 84 | ||||||||||||
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic | 6 | 10 | ||||||||||||
Six Months Ended June 30, | ||||||||||||||
2025 | 2024 | |||||||||||||
IPOs | ||||||||||||||
The Nasdaq Stock Market | 142 | 66 | ||||||||||||
The Nasdaq Stock Market - SPACs | 59 | 13 | ||||||||||||
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic | 10 | 6 | ||||||||||||
Total new listings | ||||||||||||||
The Nasdaq Stock Market | 364 | 163 | ||||||||||||
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic | 15 | 12 | ||||||||||||
As of June 30, | ||||||||||||||
2025 | 2024 | |||||||||||||
Number of listed companies | ||||||||||||||
The Nasdaq Stock Market | 4,238 | 4,004 | ||||||||||||
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic | 1,148 | 1,198 | ||||||||||||
ARR (in millions) | 726 | 668 |
As of or Three Months Ended June 30, | ||||||||||||||
2025 | 2024 | |||||||||||||
Number of licensed ETPs | 422 | 373 | ||||||||||||
TTM change in period end ETP AUM tracking Nasdaq indices (in billions) | ||||||||||||||
Beginning balance | $ | 569 | $ | 418 | ||||||||||
Net appreciation (depreciation) | 88 | 115 | ||||||||||||
Net impact of ETP sponsor switches | — | (17) | ||||||||||||
Net inflows | 88 | 53 | ||||||||||||
Ending balance | $ | 745 | $ | 569 | ||||||||||
Quarterly average ETP AUM tracking Nasdaq indices (in billions) | $ | 663 | $ | 531 | ||||||||||
ARR (in millions) | $ | 80 | $ | 74 |
As of or Three Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
(in millions) | |||||||||||
ARR | $ | 509 | $ | 484 | |||||||
Quarterly annualized SaaS revenues | 439 | 414 |
Three Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Financial Crime Management Technology | $ | 81 | $ | 67 | 19.7 | % | |||||||||||
Regulatory Technology | 104 | 95 | 9.6 | % | |||||||||||||
Capital Markets Technology | 279 | 258 | 8.1 | % | |||||||||||||
Total Financial Technology | $ | 464 | $ | 420 | 10.3 | % | |||||||||||
Six Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Financial Crime Management Technology | $ | 157 | $ | 131 | 20.1 | % | |||||||||||
Regulatory Technology | 206 | 186 | 10.7 | % | |||||||||||||
Capital Markets Technology | 533 | 496 | 7.6 | % | |||||||||||||
Total Financial Technology | $ | 896 | $ | 813 | 10.3 | % |
As of or Three Months Ended June 30, | ||||||||||||||
2025 | 2024 | |||||||||||||
(in millions) | ||||||||||||||
ARR and Quarterly annualized SaaS revenues | $ | 308 | $ | 258 |
As of or Three Months Ended June 30, | ||||||||||||||
2025 | 2024 | |||||||||||||
(in millions) | ||||||||||||||
ARR | $ | 376 | $ | 338 | ||||||||||
Quarterly annualized SaaS revenues | 204 | 180 |
As of or Three Months Ended June 30, | ||||||||||||||
2025 | 2024 | |||||||||||||
(in millions) | ||||||||||||||
ARR | $ | 932 | $ | 846 | ||||||||||
Quarterly annualized SaaS revenues | 147 | 123 |
Three Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Market Services | $ | 1,090 | $ | 883 | 23.3 | % | |||||||||||
Transaction-based expenses: | |||||||||||||||||
Transaction rebates | (629) | (483) | 30.2 | % | |||||||||||||
Brokerage, clearance and exchange fees | (155) | (150) | 3.0 | % | |||||||||||||
Total Market Services, net | $ | 306 | $ | 250 | 22.4 | % | |||||||||||
Six Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Market Services | $ | 2,224 | $ | 1,678 | 32.5 | % | |||||||||||
Transaction-based expenses: | |||||||||||||||||
Transaction rebates | (1,208) | (965) | 25.2 | % | |||||||||||||
Brokerage, clearance and exchange fees | (429) | (227) | 89.3 | % | |||||||||||||
Total Market Services, net | $ | 587 | $ | 486 | 20.6 | % |
Three Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
U.S. Equity Derivative Trading | $ | 114 | $ | 90 | 26.6 | % | |||||||||||
Cash Equity Trading | 135 | 112 | 21.3 | % | |||||||||||||
U.S. Tape plans | 37 | 31 | 18.6 | % | |||||||||||||
Other | 20 | 17 | 14.4 | % | |||||||||||||
Total Market Services, net | $ | 306 | $ | 250 | 22.4 | % | |||||||||||
Six Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
U.S. Equity Derivative Trading | $ | 222 | $ | 181 | 22.3 | % | |||||||||||
Cash Equity Trading | 255 | 212 | 20.7 | % | |||||||||||||
U.S. Tape plans | 70 | 59 | 18.2 | % | |||||||||||||
Other | 40 | 34 | 14.5 | % | |||||||||||||
Total Market Services, net | $ | 587 | $ | 486 | 20.6 | % |
Three Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
U.S. Equity Derivative Trading Revenues | $ | 415 | $ | 334 | 24.4 | % | |||||||||||
Section 31 fees | 15 | 19 | (22.0) | % | |||||||||||||
Transaction-based expenses: | |||||||||||||||||
Transaction rebates | (300) | (243) | 23.6 | % | |||||||||||||
Section 31 fees | (15) | (19) | (22.0) | % | |||||||||||||
Brokerage and clearance fees | (1) | (1) | 16.7 | % | |||||||||||||
U.S. Equity Derivative Trading Revenues, net | $ | 114 | $ | 90 | 26.6 | % | |||||||||||
Six Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
U.S. Equity Derivative Trading Revenues | $ | 817 | $ | 657 | 24.4 | % | |||||||||||
Section 31 fees | 47 | 30 | 55.0 | % | |||||||||||||
Transaction-based expenses: | |||||||||||||||||
Transaction rebates | (593) | (474) | 25.1 | % | |||||||||||||
Section 31 fees | (47) | (30) | 55.0 | % | |||||||||||||
Brokerage and clearance fees | (2) | (2) | 49.9 | % | |||||||||||||
U.S. Equity Derivative Trading Revenues, net | $ | 222 | $ | 181 | 22.3 | % |
Three Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
Total industry average daily volume (in millions) | 52.5 | 42.1 | |||||||||
Nasdaq PHLX matched market share | 9.6 | % | 9.9 | % | |||||||
The Nasdaq Options Market matched market share | 4.3 | % | 5.5 | % | |||||||
Nasdaq BX Options matched market share | 1.7 | % | 2.3 | % | |||||||
Nasdaq ISE Options matched market share | 6.6 | % | 6.9 | % | |||||||
Nasdaq GEMX Options matched market share | 4.4 | % | 2.6 | % | |||||||
Nasdaq MRX Options matched market share | 2.8 | % | 2.1 | % | |||||||
Total matched market share executed on Nasdaq’s exchanges | 29.4 | % | 29.3 | % | |||||||
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
U.S. equity options | |||||||||||
Total industry average daily volume (in millions) | 53.0 | 42.7 | |||||||||
Nasdaq PHLX matched market share | 9.4 | % | 10.1 | % | |||||||
The Nasdaq Options Market matched market share | 4.7 | % | 5.4 | % | |||||||
Nasdaq BX Options matched market share | 1.7 | % | 2.3 | % | |||||||
Nasdaq ISE Options matched market share | 6.7 | % | 6.6 | % | |||||||
Nasdaq GEMX Options matched market share | 4.0 | % | 2.6 | % | |||||||
Nasdaq MRX Options matched market share | 2.8 | % | 2.3 | % | |||||||
Total matched market share executed on Nasdaq’s exchanges | 29.3 | % | 29.3 | % |
Three Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Cash Equity Trading Revenues | $ | 463 | $ | 353 | 31.5 | % | |||||||||||
Section 31 fees | 133 | 124 | 6.7 | % | |||||||||||||
Transaction-based expenses: | |||||||||||||||||
Transaction rebates | (322) | (235) | 37.0 | % | |||||||||||||
Section 31 fees | (133) | (124) | 6.7 | % | |||||||||||||
Brokerage and clearance fees | (6) | (6) | (8.9) | % | |||||||||||||
Cash equity trading revenues, net | $ | 135 | $ | 112 | 21.3 | % | |||||||||||
Six Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Cash Equity Trading Revenues | $ | 870 | $ | 703 | 23.9 | % | |||||||||||
Section 31 fees | 367 | 184 | 99.4 | % | |||||||||||||
Transaction-based expenses: | |||||||||||||||||
Transaction rebates | (602) | (480) | 25.4 | % | |||||||||||||
Section 31 fees | (367) | (184) | 99.4 | % | |||||||||||||
Brokerage and clearance fees | (13) | (11) | 11.6 | % | |||||||||||||
Cash equity trading revenues, net | $ | 255 | $ | 212 | 20.7 | % |
Three Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
Total U.S.-listed securities | |||||||||||
Total industry average daily share volume (in billions) | 18.4 | 11.8 | |||||||||
Matched share volume (in billions) | 158.4 | 119.3 | |||||||||
The Nasdaq Stock Market matched market share | 13.5 | % | 15.6 | % | |||||||
Nasdaq BX matched market share | 0.3 | % | 0.3 | % | |||||||
Nasdaq PSX matched market share | 0.1 | % | 0.2 | % | |||||||
Total matched market share executed on Nasdaq’s exchanges | 13.9 | % | 16.1 | % | |||||||
Market share reported to the FINRA/Nasdaq Trade Reporting Facility | 47.7 | % | 42.9 | % | |||||||
Total market share | 61.6 | % | 59.0 | % | |||||||
Nasdaq Nordic and Nasdaq Baltic securities | |||||||||||
Average daily number of equity trades executed on Nasdaq’s exchanges | 804,121 | 663,897 | |||||||||
Total average daily value of shares traded (in billions) | $ | 5.7 | $ | 4.7 | |||||||
Total market share executed on Nasdaq’s exchanges | 71.9 | % | 74.1 | % | |||||||
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
Total U.S.-listed securities | |||||||||||
Total industry average daily share volume (in billions) | 17.1 | 11.8 | |||||||||
Matched share volume (in billions) | 295.5 | 236.0 | |||||||||
The Nasdaq Stock Market matched market share | 13.8 | % | 15.7 | % | |||||||
Nasdaq BX matched market share | 0.3 | % | 0.3 | % | |||||||
Nasdaq PSX matched market share | 0.1 | % | 0.2 | % | |||||||
Total matched market share executed on Nasdaq’s exchanges | 14.2 | % | 16.2 | % | |||||||
Market share reported to the FINRA/Nasdaq Trade Reporting Facility | 47.9 | % | 42.2 | % | |||||||
Total market share | 62.1 | % | 58.4 | % | |||||||
Nasdaq Nordic and Nasdaq Baltic securities | |||||||||||
Average daily number of equity trades executed on Nasdaq’s exchanges | 796,426 | 665,183 | |||||||||
Total average daily value of shares traded (in billions) | $ | 5.5 | $ | 4.7 | |||||||
Total market share executed on Nasdaq’s exchanges | 71.2 | % | 73.3 | % |
Three Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
U.S. Tape plans | $ | 37 | $ | 31 | 18.6 | % | |||||||||||
Six Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
U.S. Tape plans | $ | 70 | $ | 59 | 18.2 | % |
Three Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Other | $ | 20 | $ | 17 | 14.4 | % | |||||||||||
Six Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Other | $ | 40 | $ | 34 | 14.5 | % |
Three Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Compensation and benefits | $ | 352 | $ | 328 | 7.3 | % | |||||||||||
Professional and contract services | 39 | 39 | (0.7) | % | |||||||||||||
Technology and communication infrastructure | 79 | 69 | 14.9 | % | |||||||||||||
Occupancy | 30 | 27 | 6.1 | % | |||||||||||||
General, administrative and other | 23 | 30 | (20.4) | % | |||||||||||||
Marketing and advertising | 14 | 12 | 17.0 | % | |||||||||||||
Depreciation and amortization | 158 | 153 | 3.0 | % | |||||||||||||
Regulatory | 14 | 18 | (23.3) | % | |||||||||||||
Merger and strategic initiatives | 20 | 4 | 454.2 | % | |||||||||||||
Restructuring charges | 9 | 56 | (83.6) | % | |||||||||||||
Total operating expenses | $ | 738 | $ | 736 | 0.3 | % | |||||||||||
Six Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Compensation and benefits | $ | 681 | $ | 669 | 1.8% | ||||||||||||
Professional and contract services | 75 | 72 | 3.5% | ||||||||||||||
Technology and communication infrastructure | 156 | 135 | 15.4% | ||||||||||||||
Occupancy | 58 | 56 | 3.0% | ||||||||||||||
General, administrative and other | 29 | 58 | (49.6)% | ||||||||||||||
Marketing and advertising | 28 | 23 | 21.3% | ||||||||||||||
Depreciation and amortization | 313 | 308 | 1.8% | ||||||||||||||
Regulatory | 29 | 28 | 3.0% | ||||||||||||||
Merger and strategic initiatives | 44 | 13 | 244.3% | ||||||||||||||
Restructuring charges | 15 | 82 | (82.3)% | ||||||||||||||
Total operating expenses | $ | 1,428 | $ | 1,444 | (1.1)% |
Three Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Interest income | $ | 12 | $ | 6 | 100.9% | ||||||||||||
Interest expense | (95) | (102) | (7.4) | % | |||||||||||||
Net interest expense | (83) | (96) | (14.3) | % | |||||||||||||
Net gain on divestitures | 39 | — | N/M | ||||||||||||||
Other income | 1 | 12 | (93.1) | % | |||||||||||||
Net income from unconsolidated investees | 23 | 2 | 1,092.5 | % | |||||||||||||
Total non-operating expense | $ | (20) | $ | (82) | (28.3) | % | |||||||||||
Six Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Interest income | $ | 24 | $ | 12 | 93.1 | % | |||||||||||
Interest expense | (192) | (211) | (9.2) | % | |||||||||||||
Net interest expense | (168) | (199) | (15.4) | % | |||||||||||||
Net gain on divestitures | 39 | — | N/M | ||||||||||||||
Other income | — | 13 | (96.7) | % | |||||||||||||
Net income from unconsolidated investees | 50 | 6 | 779.7 | % | |||||||||||||
Total non-operating expense | $ | (79) | $ | (180) | (34.5) | % |
Three Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Interest expense on debt | $ | 92 | $ | 99 | (7.3) | % | |||||||||||
Accretion of debt issuance costs and debt discount | 2 | 2 | (6.0) | % | |||||||||||||
Other fees | 1 | 1 | (28.7) | % | |||||||||||||
Interest expense | $ | 95 | $ | 102 | (7.4) | % | |||||||||||
Six Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Interest expense on debt | $ | 185 | $ | 202 | (8.8) | % | |||||||||||
Accretion of debt issuance costs and debt discount | 6 | 7 | (19.1) | % | |||||||||||||
Other fees | 1 | 2 | (12.2) | % | |||||||||||||
Interest expense | $ | 192 | $ | 211 | (9.2) | % |
Three Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
($ in millions) | |||||||||||||||||
Income tax provision | $ | 96 | $ | 119 | (19.0) | % | |||||||||||
Effective tax rate | 17.5 | % | 34.9 | % | |||||||||||||
Six Months Ended June 30, | Percentage Change | ||||||||||||||||
2025 | 2024 | ||||||||||||||||
(in millions) | |||||||||||||||||
Income tax provision | $ | 190 | $ | 198 | (4.0) | % | |||||||||||
Effective tax rate | 18.3 | % | 30.3 | % |
Three Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
(in millions, except per share amounts) | |||||||||||
U.S. GAAP net income attributable to Nasdaq | $ | 452 | $ | 222 | |||||||
Non-GAAP adjustments: | |||||||||||
Amortization expense of acquired intangible assets | 122 | 122 | |||||||||
Merger and strategic initiatives expense | 20 | 4 | |||||||||
Restructuring charges | 9 | 56 | |||||||||
Net gain on divestitures | (39) | — | |||||||||
Net income from unconsolidated investees | (23) | (2) | |||||||||
Legal and regulatory matters | 1 | 13 | |||||||||
Other | 1 | (10) | |||||||||
Total non-GAAP adjustments | $ | 91 | $ | 183 | |||||||
Total non-GAAP tax adjustments | (24) | (41) | |||||||||
Other tax adjustments | (27) | 33 | |||||||||
Total non-GAAP adjustments, net of tax | $ | 40 | $ | 175 | |||||||
Non-GAAP net income attributable to Nasdaq | $ | 492 | $ | 397 | |||||||
U.S. GAAP effective tax rate | 17.5 | % | 34.9 | % | |||||||
Total adjustments from non-GAAP tax rate | 5.5 | % | (10.7) | % | |||||||
Non-GAAP effective tax rate | 23.0 | % | 24.2 | % | |||||||
Weighted-average common shares outstanding for diluted earnings per share | 579.0 | 579.0 | |||||||||
U.S. GAAP diluted earnings per share | $ | 0.78 | $ | 0.38 | |||||||
Total adjustments from non-GAAP net income | 0.07 | 0.31 | |||||||||
Non-GAAP diluted earnings per share | $ | 0.85 | $ | 0.69 |
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
(in millions, except per share amounts) | |||||||||||
U.S. GAAP net income attributable to Nasdaq | $ | 847 | $ | 456 | |||||||
Non-GAAP adjustments: | |||||||||||
Amortization expense of acquired intangible assets | 243 | 244 | |||||||||
Merger and strategic initiatives expense | 44 | 13 | |||||||||
Restructuring charges | 15 | 82 | |||||||||
Gain on extinguishment of debt | (19) | — | |||||||||
Net gain on divestitures | (39) | — | |||||||||
Net income from unconsolidated investees | (50) | (6) | |||||||||
Legal and regulatory matters | 4 | 16 | |||||||||
Pension settlement charge | — | 23 | |||||||||
Other | 1 | (9) | |||||||||
Total non-GAAP adjustments | $ | 199 | $ | 363 | |||||||
Total non-GAAP tax adjustments | (70) | (88) | |||||||||
Other tax adjustments | (27) | 33 | |||||||||
Total non-GAAP adjustments, net of tax | $ | 102 | $ | 308 | |||||||
Non-GAAP net income attributable to Nasdaq | $ | 949 | $ | 764 | |||||||
U.S. GAAP effective tax rate | 18.3 | % | 30.3 | % | |||||||
Total adjustments from non-GAAP tax rate | 4.9 | % | (5.4) | % | |||||||
Non-GAAP effective tax rate | 23.2 | % | 24.9 | % | |||||||
Weighted-average common shares outstanding for diluted earnings per share | 579.5 | 578.9 | |||||||||
U.S. GAAP diluted earnings per share | $ | 1.46 | $ | 0.79 | |||||||
Total adjustments from non-GAAP net income | 0.18 | 0.53 | |||||||||
Non-GAAP diluted earnings per share | $ | 1.64 | $ | 1.32 |
June 30, 2025 | December 31, 2024 | |||||||||||||
(in millions) | ||||||||||||||
Working capital | $ | (305) | $ | (116) | ||||||||||
Cash and cash equivalents | 732 | 592 | ||||||||||||
Financial investments | 84 | 184 |
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
Net cash provided by (used in): | (in millions) | ||||||||||
Operating activities | $ | 1,409 | $ | 990 | |||||||
Investing activities | (317) | (18) | |||||||||
Financing activities | (2,545) | (2,333) | |||||||||
2025 | 2024 | ||||||||||
First quarter | $ | 0.24 | $ | 0.22 | |||||||
Second quarter | 0.27 | 0.24 | |||||||||
Total | $ | 0.51 | $ | 0.46 |
Payments Due by Period | |||||||||||||||||
(in millions) | Total | <1 year | 1-3 years | 3-5 years | 5+ years | ||||||||||||
Debt obligation by contractual maturity | $ | 14,596 | $ | 844 | $ | 1,530 | $ | 1,958 | $ | 10,264 | |||||||
Operating lease obligations | 633 | 74 | 151 | 139 | 269 | ||||||||||||
Purchase obligations | 1,489 | 141 | 217 | 247 | 884 | ||||||||||||
Total | $ | 16,718 | $ | 1,059 | $ | 1,898 | $ | 2,344 | $ | 11,417 |
Euro | Swedish Krona | Canadian Dollar | Other Foreign Currencies | U.S. Dollar | |||||||||||||
(in millions, except currency rate) | |||||||||||||||||
Three Months Ended June 30, 2025 | |||||||||||||||||
Average foreign currency rate to the U.S. dollar | 1.134 | 0.104 | 0.723 | # | N/A | ||||||||||||
Percentage of revenues less transaction-based expenses | 7.4% | 3.4% | 0.6% | 3.6% | 85.0% | ||||||||||||
Percentage of operating income | 10.6% | (3.7)% | (7.0)% | (7.7)% | 107.8% | ||||||||||||
Impact of a 10% adverse currency fluctuation on revenues less transaction-based expenses | $(10) | $(4) | $(1) | $(5) | $— | ||||||||||||
Impact of a 10% adverse currency fluctuation on operating income | $(6) | $(2) | $(4) | $(4) | $— |
Euro | Swedish Krona | Canadian Dollar | Other Foreign Currencies | U.S. Dollar | |||||||||||||
(in millions, except currency rate) | |||||||||||||||||
Six Months Ended June 30, 2025 | |||||||||||||||||
Average foreign currency rate to the U.S. dollar | 1.092 | 0.098 | 0.710 | # | N/A | ||||||||||||
Percentage of revenues less transaction-based expenses | 7.3% | 3.4% | 0.6% | 3.5% | 85.2% | ||||||||||||
Percentage of operating income | 10.8% | (2.7)% | (6.7)% | (8.0)% | 106.6% | ||||||||||||
Impact of a 10% adverse currency fluctuation on revenues less transaction-based expenses | $(19) | $(9) | $(1) | $(9) | $— | ||||||||||||
Impact of a 10% adverse currency fluctuation on operating income | $(12) | $(3) | $(8) | $(8) | $— |
Net Assets | Impact of a 10% Adverse Currency Fluctuation | |||||||||||||
(in millions) | ||||||||||||||
Swedish Krona | $ | 3,238 | $ | (324) | ||||||||||
Canadian Dollar | 145 | (15) | ||||||||||||
Norwegian Krone | 134 | (13) | ||||||||||||
Australian Dollar | 97 | (10) | ||||||||||||
British Pound | 93 | (9) | ||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) | ||||||||||||||||||||||
April 2025 | ||||||||||||||||||||||||||
Share repurchase program | 542,471 | $ | 74.45 | 542,471 | $ | 1,590 | ||||||||||||||||||||
Employee transactions | 427,922 | $ | 76.74 | N/A | N/A | |||||||||||||||||||||
May 2025 | ||||||||||||||||||||||||||
Share repurchase program | — | $ | — | — | $ | 1,590 | ||||||||||||||||||||
Employee transactions | 467 | $ | 76.46 | N/A | N/A | |||||||||||||||||||||
June 2025 | ||||||||||||||||||||||||||
Share repurchase program | 689,445 | $ | 87.05 | 689,445 | $ | 1,530 | ||||||||||||||||||||
Employee transactions | 6,897 | $ | 85.77 | N/A | N/A | |||||||||||||||||||||
Total Quarter Ended June 30, 2025 | ||||||||||||||||||||||||||
Share repurchase program | 1,231,916 | $ | 81.50 | 1,231,916 | $ | 1,530 | ||||||||||||||||||||
Employee transactions | 435,286 | $ | 76.88 | N/A | N/A |
Exhibit Number | ||||||||
101 | The following materials from the Nasdaq, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024; (ii) Condensed Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024; (iii) Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024; (iv) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2025 and 2024; (v) Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024; and (vi) notes to condensed consolidated financial statements. | |||||||
104 | Cover Page Interactive Data File, formatted in iXBRL and contained in Exhibit 101. |
Nasdaq, Inc. | ||||||||
(Registrant) | ||||||||
By: | /s/ Adena T. Friedman | |||||||
Name: | Adena T. Friedman | |||||||
Title: | Chief Executive Officer | |||||||
Date: | July 25, 2025 | |||||||
By: | /s/ Sarah Youngwood | |||||||
Name: | Sarah Youngwood | |||||||
Title: | Executive Vice President and Chief Financial Officer | |||||||
Date: | July 25, 2025 | |||||||