Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 520	$ 604
Restricted cash and cash equivalents	26	210
Default funds and margin deposits (including restricted cash and cash equivalents of $254 and $3,120, respectively)	2,323	5,842
Financial investments	198	28
Receivables, net	1,182	943
Other current assets	284	376
Total current assets	4,533	8,003
Property and equipment, net	767	728
Goodwill	14,245	14,371
Intangible assets, net	6,223	6,511
Operating lease assets	481	447
Other non-current assets	1,092	993
Total assets	27,341	31,053
Current liabilities:
Accounts payable and accrued expenses	252	280
Section 31 fees payable to SEC	313	0
Accrued personnel costs	243	364
Deferred revenue	931	785
Other current liabilities	174	259
Default funds and margin deposits	2,323	5,842
Short-term debt	269	431
Total current liabilities	4,505	7,961
Long-term debt	8,492	8,573
Deferred tax liabilities, net	1,616	1,584
Operating lease liabilities	482	462
Other non-current liabilities	253	241
Total liabilities	15,348	18,821
Commitments and contingencies
Nasdaq stockholders’ equity:
Common stock, $0.01 par value, 900,000,000 shares authorized, shares issued: 587,518,685 at June 30, 2026 and 594,620,320 at December 31, 2025; shares outstanding: 561,990,385 at June 30, 2026 and 569,894,024 at December 31, 2025	6	6
Additional paid-in capital	4,353	5,122
Common stock in treasury, at cost: 25,528,300 shares at June 30, 2026 and 24,726,296 shares at December 31, 2025	(784)	(716)
Accumulated other comprehensive loss	(1,874)	(1,773)
Retained earnings	10,287	9,588
Total Nasdaq stockholders’ equity	11,988	12,227
Noncontrolling interests	5	5
Total equity	11,993	12,232
Total liabilities and equity	$ 27,341	$ 31,053