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Condensed Consolidated Statements of Income - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues:        
Total revenues $ 2,532 $ 2,101 $ 4,670 $ 4,196
Transaction-based expenses:        
Transaction-based expenses (1,032) (795) (1,762) (1,653)
Revenues less transaction-based expenses 1,500 1,306 2,908 2,543
Operating expenses:        
Compensation and benefits 383 352 739 681
Professional and contract services 42 39 82 75
Technology and communication infrastructure 88 79 171 156
Occupancy 35 30 68 58
General, administrative and other 23 23 52 29
Marketing and advertising 24 14 44 28
Depreciation and amortization 165 158 331 313
Regulatory 9 14 19 29
Merger and strategic initiatives 5 20 9 44
Restructuring charges 14 9 24 15
Total operating expenses 788 738 1,539 1,428
Operating income 712 568 1,369 1,115
Interest income 8 12 13 24
Interest expense (86) (95) (172) (192)
Net gain on divestitures 0 39 89 39
Other income (losses) (2) 1 (15) 0
Net income from unconsolidated investees 21 23 47 50
Income before income taxes 653 548 1,331 1,036
Income tax provision 146 96 305 190
Net income 507 452 1,026 846
Net loss attributable to noncontrolling interests 0 0 0 1
Net income attributable to Nasdaq $ 507 $ 452 $ 1,026 $ 847
Per share information:        
Basic earnings per share (in dollars per share) $ 0.90 $ 0.79 $ 1.81 $ 1.47
Diluted earnings per share (in dollars per share) 0.89 0.78 1.80 1.46
Cash dividends declared per common share (in dollars per share) $ 0.31 $ 0.27 $ 0.58 $ 0.51
Transaction rebates        
Transaction-based expenses:        
Transaction-based expenses $ (712) $ (640) $ (1,436) $ (1,224)
Brokerage, clearance and exchange fees        
Transaction-based expenses:        
Transaction-based expenses (320) (155) (326) (429)
Operating segments | Capital Access Platforms        
Revenues:        
Total revenues 621 520 1,186 1,028
Operating expenses:        
Depreciation and amortization 12 11 39 21
Operating income 394 307 743 614
Operating segments | Financial Technology        
Revenues:        
Total revenues 539 464 1,057 896
Operating expenses:        
Depreciation and amortization 20 13 23 25
Operating income 250 217 496 414
Operating segments | Market Services        
Revenues:        
Total revenues 1,372 1,101 2,419 2,240
Transaction-based expenses:        
Transaction-based expenses (1,032) (795) (1,762) (1,653)
Revenues less transaction-based expenses 340 306 657 587
Operating expenses:        
Depreciation and amortization 11 11 25 22
Operating income 218 194 419 367
Other revenues        
Revenues:        
Total revenues $ 0 $ 16 $ 8 $ 32