Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Income Tax Provision

The following tables present our income tax provision and

effective tax rate:

	Three Months Ended June 30,
	2026	2025
	(in millions)
Income tax provision	$146	$96
Effective tax rate	22.4%	17.5%
	Six Months Ended June 30,
	2026	2025
	(in millions)
Income tax provision	$305	$190
Effective tax rate	22.9%	18.3%

The higher effective tax rate for the three and six months

ended June 30, 2026, as compared to the prior year periods,

was primarily due to a tax benefit related to payments made

to former Adenza employees in June 2025. The higher

effective tax rate for the six months ended June 30, 2026 also

includes the impact of a favorable audit settlement in the

prior period.

The effective tax rate may vary from period to period

depending on, among other factors, the geographic and

business mix of earnings and losses. These and other factors,

including history of pre-tax earnings and losses, are taken

into account in assessing the ability to realize deferred tax

assets.

Tax Audits

Nasdaq and its eligible subsidiaries file a consolidated U.S.

federal income tax return, applicable state and local income

tax returns and non-U.S. income tax returns. We are subject

to examination by federal, state and local, and foreign tax

authorities. Our federal income tax return is subject to

examination by the Internal Revenue Service for the years

2022 through 2025. Several state tax returns are currently

under examination by the respective tax authorities for the

years 2014 through 2024. Non-U.S. tax returns are subject to

examination by the respective tax authorities for the years

2020 through 2025.

We regularly assess the likelihood of additional assessments

by each jurisdiction and have established tax reserves that we

believe are adequate in relation to the potential for additional

assessments. Examination outcomes and the timing of

examination settlements are subject to uncertainty. Although

the results of such examinations may have an impact on our

unrecognized tax benefits, we do not anticipate that such

impact will be material to our condensed consolidated

financial position or results of operations, but may be

material to our operating results for a particular period and

the effective tax rate for that period.