Investments

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Investments

INVESTMENTS

The following table presents the details of our investments:

	June 30, 2026	December 31, 2025
	(in millions)
Financial investments	$198	$28
Equity method investments	559	512
Equity securities	180	175

Financial Investments

Financial investments are comprised of trading securities,

primarily highly rated European government debt securities,

of which $163 million as of June 30, 2026 and $18 million as

of December 31, 2025, are assets primarily utilized to meet

regulatory capital requirements, mainly for our clearing

operations at Nasdaq Clearing. Capital held for regulatory

purposes is invested to optimize returns while staying within

approved risk tolerances. This active portfolio management

can result in assets held as shorter term investments which

meet the criteria to be classified as cash equivalents, and

would then be included in restricted cash and cash

equivalents or longer term investments, which would be

classified as financial investments in the Condensed

Consolidated Balance Sheets.

Equity Method Investments

We record our estimated pro-rata share of earnings or losses

each reporting period and record any dividends as a reduction

in the investment balance. As of June 30, 2026 and 2025, our

equity method investments primarily included our 40.0%

equity interest in OCC.

The carrying amounts of our equity method investments are

included in other non-current assets in the Condensed

Consolidated Balance Sheets. No impairments were recorded

for the three and six months ended June 30, 2026 and 2025.

Net income recognized from our equity interest in the

earnings and losses of these equity method investments was

$21 million and $23 million for the three months ended June

30, 2026 and 2025, respectively, and $47 million and $50

million for the six months ended June 30, 2026 and 2025,

respectively.

Equity Securities 

The carrying amounts of our equity securities are included in

other non-current assets in the Condensed Consolidated

Balance Sheets, with gains and losses recognized in other

income (losses) in the Condensed Consolidated Statements of

Income. The majority of our equity securities as of June 30,

2026 do not have a readily determinable fair value and

therefore we have elected the measurement alternative. We

recognized a net gain from the change in the carrying value

of these equity securities of $17 million for the three and six

months ended June 30, 2026, primarily related to an upward

adjustment due to the identification of an observable price

change for a similar investment of an investee. No material

adjustments were made to the carrying value of these equity

securities for the three and six months ended June 30, 2025.

We mark-to-market equity securities that have a readily

determinable fair value. Gains and losses from the change in

the fair value of these securities were immaterial for the three

months ended June 30, 2026 and the three and six months

ended June 30, 2025. Net loss from the change in the fair

value of these securities was $15 million for the six months

ended June 30, 2026.

As of June 30, 2026 and December 31, 2025, our equity

securities primarily represent various strategic minority

investments made through our corporate venture program.

Purchases and sales of equity securities are included in other

investing activities in the Condensed Consolidated

Statements of Cash Flows.