Acquisition and Divestitures (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions by Acquisition

On November 1, 2023, Nasdaq completed the acquisition of

Adenza, a provider of mission-critical risk management and

regulatory software to the financial services industry, for a

total purchase consideration of $9,984 million. The purchase

price consisted of $5.75 billion in cash and 85.6 million

shares of Nasdaq common stock. The shares of common

stock were issued to Thoma Bravo, the sole shareholder of

Adenza, and represented approximately 15% of the

outstanding shares of Nasdaq at the time. As of December

31, 2025, Thoma Bravo no longer holds any shares of our

common stock.

	(in millions, except price per share)
Shares of Nasdaq common stock issued	85.6
Closing price per share of Nasdaq common stock on November 1, 2023	$48.71
Fair value of equity portion of the purchase consideration	$4,170
Cash consideration	$5,814
Total purchase consideration	$9,984

The excess purchase price over the net tangible and acquired

intangible assets has been recorded as goodwill. The

goodwill recognized is attributable primarily to expected

synergies and is assigned to our Financial Technology

segment.

	(in millions)
Goodwill	$5,933
Acquired intangible assets	5,050
Receivables, net	236
Other net assets acquired	153
Cash and cash equivalents	48
Accrued personnel costs	(44)
Deferred revenue	(130)
Deferred tax liability on acquired intangible assets	(1,262)
Total purchase consideration	$9,984

Schedule of Acquired Finite Lived Intangible Assets in Acquisition

The following table presents the details of acquired intangible

assets at the date of acquisition. Acquired intangible assets

with finite lives are amortized using the straight-line method.

	Customer Relationships	Technology	Trade Names	Total Acquired Intangible Assets
Intangible asset value (in millions)	$3,740	$950	$360	$5,050
Discount rate used	9.5%	8.5%	8.5%
Estimated average useful life	22 years	6 years	20 years

Schedule of Unaudited Pro Forma Consolidated Income Statement

The unaudited supplemental pro forma financial information

for the periods presented is as follows:

	Year Ended December 31,
	2023
	(in millions)
Pro forma revenues less transaction- based expenses	$4,329
Pro forma operating income	1,485
Pro forma net income attributable to Nasdaq	822