Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Balance Sheet Information

The

following table provides supplemental balance sheet

information related to Nasdaq’s operating leases:

	Balance Sheet Classification	December 31, 2025	December 31, 2024
Assets:		(in millions)
Operating lease assets	Operating lease assets	$447	$375
Liabilities:
Current lease liabilities	Other current liabilities	$60	$55
Non- current lease liabilities	Operating lease liabilities	462	388
Total lease liabilities		$522	$443

Schedule of Lease Cost, Lease Term and Discount Rate

The following table summarizes Nasdaq’s lease cost:

	Year Ended December 31,
	2025	2024	2023
(in millions)
Operating lease cost	$82	$78	$88
Variable lease cost	44	37	44
Sublease income	(2)	(3)	(3)
Total lease cost	$124	$112	$129

The following table provides information related to Nasdaq’s

lease term and discount rate:

	December 31, 2025
Weighted-average remaining lease term (in years)	8.4
Weighted-average discount rate	4.2%

The following table provides supplemental cash flow

information related to Nasdaq’s operating leases:

	Year Ended December 31,
	2025	2024	2023
	(in millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$83	$84	$78
Lease assets obtained in exchange for operating lease liabilities	$129	$34	$26

Schedule of Operating Lease Liabilities

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 Consolidated

Balance Sheets.

	December 31, 2025
	(in millions)
2026	$80
2027	81
2028	77
2029	75
2030	69
2031+	242
Total lease payments	$624
Less: interest	(102)
Present value of lease liabilities	$522