Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 604	$ 592
Restricted cash and cash equivalents	210	31
Default funds and margin deposits (including restricted cash and cash equivalents of $3,120 and $4,383, respectively)	5,842	5,664
Financial investments	28	184
Receivables, net	943	1,022
Other current assets	376	293
Total current assets	8,003	7,786
Property and equipment, net	728	593
Goodwill	14,371	13,957
Intangible assets, net	6,511	6,905
Operating lease assets	447	375
Other non-current assets	993	779
Total assets	31,053	30,395
Current liabilities:
Accounts payable and accrued expenses	280	269
Section 31 fees payable to SEC	0	319
Accrued personnel costs	364	325
Deferred revenue	785	711
Other current liabilities	259	215
Default funds and margin deposits	5,842	5,664
Short-term debt	431	399
Total current liabilities	7,961	7,902
Long-term debt	8,573	9,081
Deferred tax liabilities, net	1,584	1,594
Operating lease liabilities	462	388
Other non-current liabilities	241	230
Total liabilities	18,821	19,195
Commitments and contingencies
Nasdaq stockholders’ equity:
Common stock, $0.01 par value, 900,000,000 shares authorized, shares issued: 594,620,320 at December 31, 2025 and 598,920,378 at December 31, 2024; shares outstanding: 569,894,024 at December 31, 2025 and 575,062,217 at December 31, 2024	6	6
Additional paid-in capital	5,122	5,530
Common stock in treasury, at cost: 24,726,296 shares at December 31, 2025 and 23,858,161 shares at December 31, 2024	(716)	(647)
Accumulated other comprehensive loss	(1,773)	(2,099)
Retained earnings	9,588	8,401
Total Nasdaq stockholders’ equity	12,227	11,191
Noncontrolling interests	5	9
Total equity	12,232	11,200
Total liabilities and equity	$ 31,053	$ 30,395