Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

LEASES

We have operating leases, which are primarily real estate

leases, predominantly for our U.S. and European

headquarters, data centers and for general office space. The

following table provides supplemental balance sheet

information related to Nasdaq’s operating leases:

	Balance Sheet Classification	June 30, 2026	December 31, 2025
Assets:		(in millions)
Operating lease assets	Operating lease assets	$481	$447
Liabilities:
Current lease liabilities	Other current liabilities	$74	$60
Non- current lease liabilities	Operating lease liabilities	482	462
Total lease liabilities		$556	$522

The following table summarizes Nasdaq’s lease cost:

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
	(in millions)
Operating lease cost	$24	$21	$45	$39
Variable lease cost	12	10	24	20
Sublease income	(1)	(1)	(1)	(1)
Total lease cost	$35	$30	$68	$58

In the table above, operating lease costs include short-term

lease costs, which were immaterial.

The following table reconciles the undiscounted cash flows

for the following years and total of the remaining years to the

operating lease liabilities recorded in the Condensed

Consolidated Balance Sheets.

	June 30, 2026
	(in millions)
Remainder of 2026	$48
2027	93
2028	92
2029	86
2030	80
2031+	254
Total lease payments	$653
Less: interest	(97)
Present value of lease liabilities	$556

In the table above, interest is calculated using an incremental

borrowing rate for each lease. Present value of lease

liabilities includes the current portion of $74 million.

Lease payments in the table above exclude $32 million of

legally binding minimum lease payments for leases signed

but not yet commenced primarily related to data center

expansion.

The following table provides information related to Nasdaq’s

lease term and discount rate:

	June 30, 2026
Weighted-average remaining lease term (in years)	7.7
Weighted-average discount rate	4.3%

The following table provides supplemental cash flow

information related to Nasdaq’s operating leases:

	Six Months Ended June 30,
	2026	2025
	(in millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$45	$39
Lease assets obtained in exchange for operating lease liabilities	$71	$91

Lease assets obtained in exchange for operating lease

liabilities primarily relate to expansion and renewals of data

center leases for the six months ended June 30, 2026 and

2025. For the six months ended June 30, 2025, it also related

to a new lease signed for our European headquarters.