Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables present substantially all of our financial

assets that were measured at fair value on a recurring basis as

of June 30, 2026 and December 31, 2025.

	June 30, 2026
	Total	Level 1	Level 2	Level 3
	(in millions)
European government debt securities	$198	$198	$—	$—
Total financial investments	$198	$198	$—	$—
Equity securities	8	8	—	—
Total assets at fair value	$206	$206	$—	$—
	December 31, 2025
	Total	Level 1	Level 2	Level 3
	(in millions)
European government debt securities	$28	$28	$—	$—
Total financial investments	$28	$28	$—	$—
Equity securities	25	25	—	—
Total assets at fair value	$53	$53	$—	$—

Derivative Instruments

We utilize foreign exchange forward contracts primarily to

reduce the volatility of earnings and cash flows associated

with changes in foreign exchange rates. We have utilized

these foreign exchange forward contracts as net investment

hedges of certain foreign subsidiaries, with changes in fair

value recorded in accumulated other comprehensive income

in the Condensed Consolidated Balance Sheets, and as cash

flow hedges of certain foreign currency-denominated

revenues and expenses, with fair value changes initially

recorded in accumulated other comprehensive income. For

our cash flow hedges, when the forecasted transaction affects

earnings, or in the event the underlying forecasted transaction

does not occur, or it becomes probable that it will not occur,

we reclassify the related gain or loss to revenue or operating

expenses, as applicable.

We have also utilized foreign exchange forward contracts as

economic hedges of foreign currency-denominated assets and

liabilities that are not designated as hedging instruments. The

fair value changes of these contracts are recorded in general,

administrative and other expenses in the Condensed

Consolidated Statements of Income, together with the re-

measurement gain or loss from the hedged balance sheet

position.

All derivative contracts are measured at fair value using

Level 2 inputs based on observable foreign currency

exchange rates and interest rates, and recorded under other

current and other non-current assets and other current and

other non-current liabilities in the Condensed Consolidated

Balance Sheets. As of June 30, 2026 and December 31, 2025,

the fair value of these contracts was not material and

therefore not included in the tables above. We do not use

derivative instruments for trading or speculative purposes.

Financial Instruments Not Measured at Fair Value on a

Recurring Basis

Some of our financial instruments are not measured at fair

value on a recurring basis but are recorded at amounts that

approximate fair value due to their liquid or short-term

nature. Such financial assets and financial liabilities include:

cash and cash equivalents, restricted cash and cash

equivalents, receivables, net, certain other current assets,

accounts payable and accrued expenses, Section 31 fees

payable to SEC, accrued personnel costs and certain other

current liabilities.

We have certain investments, primarily our investment in

OCC, which are accounted for under the equity method of

accounting. We have elected the measurement alternative for

all of our equity securities that do not have a readily

determinable fair value, which primarily represent various

strategic investments made through our corporate venture

program. See “Equity Method Investments,” and “Equity

Securities,” of Note 6, “Investments,” for further discussion.

We also consider our debt obligations to be financial

instruments. As of June 30, 2026, the majority of our

outstanding debt obligations were fixed-rate obligations. We

are exposed to changes in interest rates on amounts

outstanding from the sale of commercial paper under our

commercial paper program. We may also be exposed to

changes in interest rates as a result of borrowings under our

2026 Revolving Credit Facility, as the interest rates on this

facility have a variable rate depending on the maturity of the

borrowing and the implied underlying reference rate. The fair

value of our remaining debt obligations utilizing prevailing

market rates for our fixed rate debt was $8.2 billion as of

June 30, 2026 and $8.6 billion as of December 31, 2025. The

discounted cash flow analyses are based on borrowing rates

currently available to us for debt with similar terms and

maturities. Our commercial paper and our fixed rate and

floating rate debt are categorized as Level 2 in the fair value

hierarchy.

For further discussion of our debt obligations, see Note 8,

“Debt Obligations.”

Non-Financial Assets Measured at Fair Value on a Non-

Recurring Basis

Our non-financial assets, which include goodwill, intangible

assets, and other long-lived assets, are not required to be

carried at fair value on a recurring basis. Fair value measures

of non-financial assets are primarily used in the impairment

analysis of these assets. Any resulting asset impairment

would require that the non-financial asset be recorded at its

fair value. Nasdaq uses Level 3 inputs to measure the fair

value of the above assets on a non-recurring basis. As of June

30, 2026 and December 31, 2025, there were no non-

financial assets measured at fair value on a non-recurring

basis.