Form 8-K

8-K — NASDAQ, INC.

Accession: 0001193125-26-171829

Filed: 2026-04-23

Period: 2026-04-23

CIK: 0001120193

SIC: 6200 (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — d148002d8k.htm (Primary)

EX-99.1 (d148002dex991.htm)

EX-99.2 (d148002dex992.htm)

GRAPHIC (g148002dsp13.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: d148002d8k.htm · Sequence: 1

8-K

0001120193 false NASDAQ 0001120193 2026-04-23 2026-04-23 0001120193 ndaq:CommonStock.01parvaluepershareMember 2026-04-23 2026-04-23 0001120193 ndaq:ZeroPointNineZeroZeroSeniorUnsecuredNotesDue2033Member 2026-04-23 2026-04-23 0001120193 ndaq:ZeroPointEightSevenFivePercentSeniorNotesDue2030Member 2026-04-23 2026-04-23 0001120193 ndaq:OnePointSevenFivePercentSeniorNotesDue2029Member 2026-04-23 2026-04-23 0001120193 ndaq:M4.500PercentSeniorNotesDue2032Member 2026-04-23 2026-04-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 23, 2026

Nasdaq, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-38855

52-1165937

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

151 W. 42nd Street,

New York, New York

10036

(Address of principal executive offices)

(Zip code)

Registrant’s telephone number, including area code: +1 212 401 8700

No change since last report

(Former Name or Address, If Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, $0.01 par value per share

NDAQ

The Nasdaq Stock Market

Common Stock, $0.01 par value per share

NDAQ

Nasdaq Texas, LLC

4.500% Senior Notes due 2032

NDAQ32

The Nasdaq Stock Market

0.900% Senior Notes due 2033

NDAQ33

The Nasdaq Stock Market

0.875% Senior Notes due 2030

NDAQ30

The Nasdaq Stock Market

1.75% Senior Notes due 2029

NDAQ29

The Nasdaq Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.

Results of Operations and Financial Condition.

On April 23, 2026, Nasdaq, Inc. (“Nasdaq”) issued a press release providing financial results for the first quarter of 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 7.01.

Regulation FD Disclosure.

On April 23, 2026, Nasdaq posted slides to be used in its earnings presentation for the first quarter of 2026 on its website at http://ir.nasdaq.com.

Item 8.01.

Other Events.

On April 23, 2026, Nasdaq issued a press release announcing the declaration of a quarterly cash dividend. A copy of the press release is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Exhibit Description

99.1

Press release dated April 23, 2026 relating to financial results for the first quarter of 2026.

99.2

Press release dated April 23, 2026 relating to the declaration of a quarterly cash dividend.

104

Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

The information set forth under “Item 2.02 Results of Operations and Financial Condition” and “Item 7.01 Regulation FD Disclosure” is intended to be furnished pursuant to Item 2.02 and Item 7.01, respectively. Such information, including Exhibit 99.1, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference into any of Nasdaq’s filings under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 23, 2026

NASDAQ, INC.

By:

/s/ John A. Zecca

Name:

John A. Zecca

Title:

Executive Vice President and Chief Legal Officer

EX-99.1

Filename: d148002dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Nasdaq Reports First Quarter 2026 Results; Strong Execution Drives Double-Digit Net Revenue Growth Across All Divisions

NEW YORK, April 23, 2026 – Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the first quarter of 2026.

•

First quarter 2026 net revenue1 was

$1.4 billion, an increase of 14% over the first quarter of 2025, or 13% on an organic2 basis. Solutions

revenue3 grew 14% on both a reported and organic basis.

•

Annualized Recurring Revenue (ARR)3,4 of

$3.2 billion increased 13% on a reported basis over the first quarter of 2025, or 12% on an organic basis. Annualized SaaS revenue increased 13%, or 16% on an organic basis, and represented

38% of ARR.

•

Financial Technology revenue was $517 million, an increase of 20% over the first

quarter of 2025, or 18% on an organic basis.

•

Index revenue of $220 million grew 14% on both a reported and organic basis over

the first quarter of 2025, with $79 billion of net inflows over the trailing twelve months, including $6 billion in the first quarter of 2026.

•

GAAP diluted earnings per share in the first quarter of 2026 was $0.91, an increase of 33% over the

first quarter of 2025. Non-GAAP5 diluted earnings per share in the first quarter of 2026 was $0.96, an increase of 22% over the first quarter

of 2025, or 21% on an organic basis.

•

In the first quarter of 2026, the company returned $153 million to shareholders through

dividends and $548 million through repurchases of common stock.

First Quarter 2026 Highlights

(US$ millions, except per share)

1Q26

YoY change %

Organic YoY change %

Solutions Revenue

1,082

Market Services net revenue

317

Net revenue

1,407

GAAP operating income

657

Non-GAAP operating income

799

ARR

3,188

GAAP diluted EPS

0.91

Non-GAAP diluted EPS

0.96

Adena Friedman, Chair and CEO said, “Nasdaq delivered one of the strongest starts to the year

in our company’s history with broad-based growth across all three divisions. Our clients are increasingly turning to Nasdaq as a trusted transformation partner to modernize their core infrastructure, manage risk and increasing complexity,

adapt to the evolution of capital markets, and integrate AI to drive greater efficiency in their operations.

As we execute against our strategic

priorities of Expand, Evolve, and Transform, we are well positioned to deliver increasing value to our clients and shareholders.”

Sarah

Youngwood, Executive Vice President and CFO said, “Nasdaq delivered exceptional first quarter performance with double-digit growth across our three divisions and particular strength in Financial Technology. The mission critical nature of

our solutions combined with our execution excellence is helping Nasdaq deliver operating leverage with strong earnings growth.

Nasdaq’s robust cash

flow generation enabled the company to return over $700 million to shareholders in the quarter, including nearly $550 million of share repurchases, while reducing leverage and investing for long-term growth.”

FINANCIAL REVIEW

•

First quarter 2026 net revenue was $1.4 billion, reflecting 14% growth versus the prior year period. Organic

net revenue growth was 13%.

•

Solutions revenue was $1.1 billion in the first quarter of 2026, up 14% on both a reported and organic basis

versus the prior year period, reflecting strong growth across Financial Technology and Capital Access Platforms. Financial Technology revenue growth was 20% year-over-year, or 18% on an organic basis, and Capital Access Platforms revenue growth was

11% year-over-year on a reported basis, or 10% on an organic basis.

•

ARR was $3.2 billion as of the first quarter of 2026, growing 13% year-over-year on a reported basis, or 12%

year-over-year on an organic basis. Financial Technology ARR growth was 18%, or 16% on an organic basis, and Capital Access Platforms ARR growth was 9%, or 7% on an organic basis.

•

Market Services net revenue was $317 million in the first quarter of 2026, up 13% versus the prior year

period, or 10% on an organic basis.

•

First quarter 2026 GAAP operating expenses were $750 million, an increase of 9% versus the prior year

quarter. The increase in the first quarter was primarily due to higher compensation and benefits costs and increased general and administrative expenses, partially offset by lower merger and strategic initiatives expense and regulatory expense.

•

First quarter 2026 non-GAAP operating expenses were $608 million, an

increase of 10% versus the prior year quarter, or 8% on an organic basis. The organic increase in the quarter reflects higher compensation and benefits costs and increased investments in people and technology to drive long-term growth, partially

offset by lower regulatory expense.

•

Cash flow from operations was $689 million in the first quarter, enabling the return of capital through

Nasdaq’s efficient capital allocation framework. In the first quarter of 2026, the company returned $153 million to shareholders through dividends and $548 million through repurchases of common stock. As of March 31,

2026, there was $2.9 billion remaining under the board authorized share repurchase program.

2026 EXPENSE AND TAX GUIDANCE

UPDATE6

•

The company is updating its 2026 non-GAAP operating expense guidance to a

range of $2.485 billion to $2.545 billion. The company is maintaining its 2026 non-GAAP tax rate guidance in the range of 22.5% to 24.5%.

STRATEGIC AND BUSINESS UPDATES

•

Financial Technology delivered strong revenue and ARR growth with record first quarter annualized contract

value (ACV) bookings. In the first quarter, FinTech revenue increased 20% compared to the prior year period, or 18% on an organic basis, with 16% organic ARR growth. ACV bookings4 increased

more than 50% compared to the prior year period with cloud-based solutions accounting for 80% of ACV bookings. FinTech signed 64 new clients, 1 cross-sell, and 85 upsells in the first quarter. First quarter highlights included:

•

Financial Crime Management Technology continued to drive growth with strong sales execution, strategic

partnerships and AI-driven innovation. Nasdaq Verafin added 58 new small-and-medium bank clients during the quarter,

representing a 24% increase in new ACV bookings for SMBs over the prior year period. The subdivision had continued momentum with enterprise clients, signing two renewals and one expansion during the quarter, as well as a new Tier 1 cross-sell and an

expansion signed early in the second quarter. Nasdaq Verafin’s Agentic AI Workforce is gaining traction, with more than 500 clients leveraging the first agents in production.

•

Regulatory Technology had strong sales momentum and launched new AI capabilities in Surveillance. The

subdivision added 2 new clients and 58 upsells in the first quarter, benefiting from the industry shift towards Always-On markets, and improving regulatory clarity in the U.S. and Europe, and investment in

infrastructure modernization. AxiomSL had 1 new client and 26 upsells in the quarter, including a Tier 2 bank and a leading digital bank. AxiomSL signings in the quarter represent more than double the total ACV bookings compared to the prior year

period with approximately 90% of ACV bookings being cloud deployments. Surveillance added 1 new client and 32 upsells in the quarter, reflecting growing demand related to Always-On markets and crypto

surveillance services. Surveillance is expanding its AI capabilities with the recently announced Calibration Copilot and the planned second quarter release of the GenAI platform extension.

•

Capital Markets Technology delivered an exceptional quarter with 20% organic revenue growth and 18% organic

ARR growth. In the first quarter, the subdivision signed 5 new clients, including 1 cross-sell, and 26 upsells. Calypso signed 4 new clients, including 1 cross-sell with a large U.S. insurance company for an enterprise-wide derivatives platform,

and 16 upsells. Calypso signings in the quarter represent more than double the total ACV bookings compared to the prior year period. Market Technology signed a new deal for a cloud hosted trading solution to provide managed services for the trading

of tokenized receivables.

•

Index had 14% revenue growth, demonstrating its ability to deliver inflows in a volatile market environment.

Index had net inflows of $6 billion in the first quarter and $79 billion over the last twelve months. End-of-period ETP AUM was $836 billion and

average ETP AUM in the first quarter reached a new record of $877 billion. During the quarter, Nasdaq launched 31 new products, including 11 in the institutional insurance annuity space and 12 international products. Product innovation remains

a key growth driver, with products launched over the past five years accounting for 46% of net inflows over the last twelve months.

•

Nasdaq is expanding access to the Nasdaq-100 with new partnerships

with BlackRock and State Street, while maintaining a valuable, longstanding partnership with Invesco. As demand for Nasdaq-100 exposure continues to grow globally, Nasdaq is focused on extending reach and

deepening institutional access by working with a select set of partners in key markets. Expanding access to the Nasdaq-100 supports investors by improving the efficiency, liquidity, and availability of

index-linked exposure across markets and product types. Nasdaq’s pricing terms related to the index license for these new U.S.-listed Nasdaq-100 exchange-traded funds will be consistent with that of

Invesco QQQ.

•

Nasdaq is advancing the transparency of private markets with the launch of Nasdaq Private Capital Indexes.

This new suite of indexes are designed to enable institutional investors and consultants to benchmark performance, analyze exposure, and navigate private markets. Nasdaq Private Capital Indexes are constructed from more than 14,000 institutional

private market funds representing over $11.4 trillion of global AUM sourced from eVestment’s LP reported data set.

•

Nasdaq extended its listing leadership welcoming 7 of the top 10 largest operating company IPOs in the first

quarter. In total, 15 operating companies raised over $5 billion in proceeds in the U.S. listings franchise. Nasdaq achieved a 71% win rate across eligible U.S. operating companies, direct listings, and SPAC business combinations. Early in

the second quarter, the U.S. listings franchise welcomed Arxis and Kailera Therapeutics, two of the largest IPOs of the second quarter to date.

•

Market Services delivered record quarterly net revenues supported by record market volumes and new product

innovation. Nasdaq achieved record U.S. cash equities and U.S equity options volumes, benefitting from record industry volumes. Index options revenue more than doubled year-over-year and European cash equities growth benefited from elevated

volumes. Nasdaq’s Closing Cross set new first quarter records across revenue, volume, and notional value traded during the February Index rebalancing and March Triple Witching events. Nasdaq continued its product innovation with the launch of

short-dated single-stock options with Monday and Wednesday expirations for a limited cohort of equities and by filing a proposal with the SEC to list and trade Outcome-Related Options tied to the Nasdaq-100.

•

Nasdaq continues to advance the modernization of markets through its Always-On market initiative. The SEC

approved Nasdaq’s proposal to enable tokenized equity settlement, designed to enhance market liquidity and collateral mobility while maintaining the trust and investor protections of highly regulated public markets.

Nasdaq also progressed its tokenization efforts with an equity token design proposal aimed at strengthening the connection between issuers and investors by modernizing governance, transparency,

and shareholder engagement. Early in the second quarter, the SEC approved Nasdaq’s proposal for 23/5 trading. Nasdaq plans to go live with 23/5 trading on December 6, 2026, broadening global investor access to U.S. equities.

Represents revenue less transaction-based expenses.

Organic change is calculated by removing the impacts of changes in foreign exchange rates, acquisitions and

divestitures.

Solutions revenue and Annualized Recurring Revenue (ARR) constitutes revenue and ARR from our Capital

Access Platforms and Financial Technology segments as well as revenue and ARR from our Solovis business which was sold in October 2025. Solovis revenues and ARR were previously included in our Capital Access Platforms segment, and have been

reclassified into “Other” for all prior periods presented.

ARR for a given period is the current annualized value derived from subscription contracts with a defined

contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. For AxiomSL and Calypso recurring revenue contracts, the

amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only

the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ACV Bookings for our

Financial Technology segment excluding Financial Crime Management Technology refers to the maximum annualized committed contract value at the time of signature, excluding one-time fees and not accounting for

initial discounts. For Financial Crime Management Technology, ACV bookings is calculated by averaging the total contract value over the contract term, including fixed increases. ARR and ACV are supplemental metrics to help evaluate the performance

of the business. These measures are not a replacement for, and should be viewed independently of, U.S. GAAP revenue and deferred revenue as they are performance metrics, and are not intended to be combined with any of these items. ARR and ACV are

not a forecast, and the active contracts at the end of a reporting period used in calculating these measures may or may not be extended or renewed by our customers. There is no U.S. GAAP measure comparable to ARR or ACV. As these metrics do not have

any standardized definition they may not be comparable to similarly titled measures presented by other companies and should be viewed independently of revenue and deferred revenue and are not intended to be combined with or to replace either of

those items.

Refer to our reconciliations of U.S. GAAP to non-GAAP net income,

diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.

U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in

quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.

ABOUT NASDAQ

Nasdaq (Nasdaq: NDAQ) is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most

modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying advanced technology, data, and intelligence solutions that enable our clients to capture opportunities,

navigate risk, and strengthen resilience. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

NON-GAAP INFORMATION

In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP

results of operations, including, but not limited to, non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP

operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation tables of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance

and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we

believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables

do not reflect ongoing operating performance.

These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure.

Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We

recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these

non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to

assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results

specific financial items that have less bearing on our ongoing operating performance.

Organic revenue and expense growth, organic change and organic

impact are non-GAAP measures that reflect adjustments for: (i) the impact of period over period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income

associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture and (iii) the impact of AxiomSL on-premises contracts for ratable recognition

in comparable periods to align with current period presentation. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.

Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and

expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating

results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

Restructuring program: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and

initiated a restructuring program to optimize our efficiencies as a combined organization. We initiated the program upon the acquisition of Adenza and further expanded the program in the fourth quarter of 2024 to accelerate our momentum and further

optimize our efficiencies (efficiency program). We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related costs and expect to incur additional costs in these areas in an effort

to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program were completed as of December 31, 2025, while certain costs are being recognized in the first half of 2026. We expect to

achieve benefits primarily in the form of expense synergies. Costs related to the Adenza restructuring program are recorded as “restructuring charges” in our condensed consolidated statements of income. We exclude charges associated with

this program for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that

any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to

(i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets,

(ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation

initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other

statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its

strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, and U.S. and global competition. Further information on these and other factors are

detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which

are available on Nasdaq’s investor relations website at https://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of

new information, future events or otherwise.

WEBSITE DISCLOSURE

Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and

for complying with SEC Regulation FD and other disclosure obligations.

Media Relations Contact:

David Lurie

+1.914.538.0533

David.Lurie@Nasdaq.com

Investor Relations

Contact:

Ato Garrett

+1.212.401.8737

Ato.Garrett@Nasdaq.com

-NDAQF-

Nasdaq, Inc.

Condensed Consolidated Statements of Income

(in millions, except per share amounts)

(unaudited)

Three Months Ended

March 31,

2026

2025

Revenues:

Capital Access Platforms

565

508

Financial Technology

517

432

Market Services

1,047

1,140

Other Revenues

Total revenues

2,137

2,096

Transaction-based expenses:

Transaction rebates

(724

)

(585

)

Brokerage, clearance and exchange fees

)

(274

)

Revenues less transaction-based expenses

1,407

1,237

Operating Expenses:

Compensation and benefits

356

329

Professional and contract services

Technology and communication infrastructure

Occupancy

General, administrative and other

Marketing and advertising

Depreciation and amortization

165

156

Regulatory

Merger and strategic initiatives

Restructuring charges

Total operating expenses

750

690

Operating income

657

547

Interest income

Interest expense

(87

)

(96

)

Net gain on divestitures

—

Other losses

(14

)

Net income from unconsolidated investees

Income before income taxes

677

488

Income tax provision

158

Net income

519

395

Per share information:

Basic earnings per share

0.92

0.69

Diluted earnings per share

0.91

0.68

Cash dividends declared per common share

0.27

0.24

Weighted-average common shares outstanding for earnings per share:

Basic

566.8

575.0

Diluted

571.7

580.0

Nasdaq, Inc.

Revenue Detail

(in

millions)

(unaudited)

Three Months Ended

March 31,

2026

2025

CAPITAL ACCESS PLATFORMS

Data and Listing Services

214

192

Index

220

193

Workflow and Insights

131

123

Total Capital Access Platforms revenues

565

508

FINANCIAL TECHNOLOGY

Financial Crime Management Technology

Regulatory Technology

118

101

Capital Markets Technology

306

254

Total Financial Technology revenues

517

432

MARKET SERVICES

Market Services

1,047

1,140

Transaction-based expenses:

Transaction rebates

(724

)

(585

)

Brokerage, clearance and exchange fees

)

(274

)

Total Market Services revenues, net

317

281

OTHER REVENUES

REVENUES LESS TRANSACTION-BASED EXPENSES

1,407

1,237

Nasdaq, Inc.

Condensed Consolidated Balance Sheets

(in millions)

March 31,

December 31,

2026

2025

(unaudited)

Assets

Current assets:

Cash and cash equivalents

515

604

Restricted cash and cash equivalents

210

Default funds and margin deposits

2,253

5,842

Financial investments

184

Receivables, net

985

943

Other current assets

388

376

Total current assets

4,374

8,003

Property and equipment, net

739

728

Goodwill

14,307

14,371

Intangible assets, net

6,376

6,511

Operating lease assets

485

447

Other non-current assets

1,020

993

Total assets

27,301

31,053

Liabilities

Current liabilities:

Accounts payable and accrued expenses

245

280

Accrued personnel costs

209

364

Deferred revenue

1,093

785

Other current liabilities

160

259

Default funds and margin deposits

2,253

5,842

Short-term debt

431

Total current liabilities

4,391

7,961

Long-term debt

8,526

8,573

Deferred tax liabilities, net

1,611

1,584

Operating lease liabilities

488

462

Other non-current liabilities

247

241

Total liabilities

15,263

18,821

Commitments and contingencies

Equity

Nasdaq stockholders’ equity:

Common stock

Additional paid-in capital

4,627

5,122

Common stock in treasury, at cost

(747

)

(716

)

Accumulated other comprehensive loss

(1,807

)

(1,773

)

Retained earnings

9,954

9,588

Total Nasdaq stockholders’ equity

12,033

12,227

Noncontrolling interests

Total equity

12,038

12,232

Total liabilities and equity

27,301

31,053

Nasdaq, Inc.

Reconciliation of U.S. GAAP to Non-GAAP Net Income and Diluted Earnings Per Share

(in millions, except per share amounts)

(unaudited)

Three Months Ended

March 31,

2026

2025

U.S. GAAP net income

519

395

Non-GAAP adjustments:

Amortization expense of acquired intangible assets

(1)

121

122

Merger and strategic initiatives expense

(2)

Restructuring charges (3)

Net gain on divestitures (4)

(89

)

—

Net income from unconsolidated investees

(5)

(26

)

(27

)

Gain from extinguishment of debt (6)

—

(19

)

Legal and regulatory matters (7)

Other losses (8)

Total non-GAAP adjustments

108

Non-GAAP adjustment to the income tax provision (9)

(12

)

(28

)

Other tax adjustments (10)

—

(19

)

Total non-GAAP adjustments, net of tax

Non-GAAP net income

549

456

U.S. GAAP diluted earnings per share

0.91

0.68

Total adjustments from non-GAAP net income above

0.05

0.11

Non-GAAP diluted earnings per share

0.96

0.79

Weighted-average diluted common shares outstanding for earnings per share:

571.7

580.0

(1)

We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization

expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2)

We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that

have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary

significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2026, these costs included amounts associated with various strategic initiative costs. For the three months ended March 31,

2025, these costs included amounts associated with the transfer of open positions in our Nordic power futures business, Adenza integration costs and other strategic initiative costs.

(3)

For a description of our restructuring program, see “Restructuring Program” in the “Non-GAAP Information” section of this earnings release.

(4)

For the three months ended March 31, 2026, this primarily includes the recognition of an incremental gain

on the sale of our Nordic power futures business, net of costs to sell.

(5)

We exclude our share of the earnings and losses of our equity method investments. This provides a more

meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.

(6)

For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is

recorded in general, administrative expense in our Condensed Consolidated Statements of Income.

(7)

For the three months ended March 31, 2026 and 2025, this includes accruals relating to certain legal

matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income.

(8)

For the three months ended March 31, 2026, other items primarily include losses from strategic investments

entered into through our corporate venture program, which are included in other losses in our Condensed Consolidated Statements of Income.

(9)

For the three months March 31, 2026 and 2025, the non-GAAP

adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment.

(10)

For the three months ended March 31, 2025, this included the release of the prior years’ reserves

following a favorable audit settlement.

Nasdaq, Inc.

Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin

(in millions)

(unaudited)

Three Months Ended

March 31,

2026

March 31,

2025

U.S. GAAP operating income

657

547

Non-GAAP adjustments:

Amortization expense of acquired intangible assets

(1)

121

122

Merger and strategic initiatives expense

(2)

Restructuring charges (3)

Gain from extinguishment of debt (4)

—

(19

)

Legal and regulatory matters (5)

Other losses

—

Total non-GAAP adjustments

142

135

Non-GAAP operating income

799

682

Revenues less transaction-based expenses

1,407

1,237

U.S. GAAP operating margin

(6)

Non-GAAP operating margin (7)

Note: The percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers

as presented in US$ millions.

(1)

We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization

expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2)

We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that

2025, these costs included amounts associated with the transfer of open positions in our Nordic power futures business, Adenza integration costs and other strategic initiative costs.

(3)

For a description of our restructuring program, see “Restructuring Program” in the “Non-GAAP Information” section of this earnings release.

(4)

For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is

recorded in general, administrative expense in our Condensed Consolidated Statements of Income.

(5)

For the three months ended March 31, 2026 and 2025, this includes accruals relating to certain legal

matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income.

(6)

U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based

expenses.

(7)

Non-GAAP operating margin equals

non-GAAP operating income divided by revenues less transaction-based expenses.

Nasdaq, Inc.

Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses

(in millions)

(unaudited)

Three Months Ended

March 31,

2026

March 31,

2025

U.S. GAAP operating expenses

750

690

Non-GAAP adjustments:

Amortization expense of acquired intangible assets

(1)

(121

)

(122

)

Merger and strategic initiatives expense

(2)

)

(24

)

Restructuring charges (3)

(11

)

Gain on extinguishment of debt (4)

—

Legal and regulatory matters (5)

)

Other losses

—

)

Total non-GAAP adjustments

(142

)

(135

)

Non-GAAP operating expenses

608

555

(1)

We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization

expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2)

We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that

2025, these costs included amounts associated with the transfer of open positions in our Nordic power futures business, Adenza integration costs and other strategic initiative costs.

(3)

For a description of our restructuring program, see “Restructuring Program” in the “Non-GAAP Information” section of this earnings release.

(4)

For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is

recorded in general, administrative expense in our Condensed Consolidated Statements of Income.

(5)

For the three months ended March 31, 2026 and 2025, this includes accruals relating to certain legal

matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income.

Nasdaq, Inc.

Reconciliation of Organic Impacts for Revenues less transaction-based expenses, Non-GAAP Operating

Expenses,

Non-GAAP Operating Income, and Non-GAAP

Diluted Earnings Per Share

(in millions, except per share amounts)

(unaudited)

Three Months Ended

Total Variance

Other Impacts (1)

Organic Impact

March 31, 2026

March 31, 2025

CAPITAL ACCESS PLATFORMS

Data and Listing Services

214

192

Index

220

193

—

Workflow and Insights

131

123

Total Capital Access Platforms revenues

565

508

FINANCIAL TECHNOLOGY

Financial Crime Management Technology

—

Regulatory Technology

118

101

Capital Markets Technology

306

254

Total Financial Technology revenues

517

432

Market Services net revenues

317

281

Other revenues

)

(51

)

(42

)

(15

Revenues less transaction-based expenses

1,407

1,237

170

157

Solutions revenue (2)

1,082

947

135

129

Non-GAAP Operating Expenses

608

555

Non-GAAP Operating Income

799

682

117

114

Non-GAAP diluted earnings per share

0.96

0.79

0.17

0.01

0.17

Note: The percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers

as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.

(1)

Primarily reflects the impacts from changes in foreign currency exchange rates, divestitures within Capital

Markets Technology and Other, and an acquisition.

(2)

Includes Capital Access Platforms and Financial Technology revenues as well as $7 million of Other revenue in

the first quarter of 2025, related to the sale of the Solovis business, which was sold in the fourth quarter of 2025.

Nasdaq, Inc.

Key Drivers Detail

(unaudited)

Three Months Ended

March 31,

2026

2025

Capital Access Platforms

Annualized recurring revenues (in millions)

(1)

1,366

1,252

Initial public offerings

The Nasdaq Stock Market

Nasdaq operating company IPOs

SPACs

Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic

—

Total new listings

The Nasdaq Stock Market

176

170

Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (2)

Number of listed companies

The Nasdaq Stock Market (3)

4,570

4,139

Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (4)

1,107

1,160

Index

Number of licensed exchange traded products

470

418

Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions)

836

622

Total average ETP AUM tracking Nasdaq indexes (in billions)

877

662

TTM (5) net inflows ETP AUM tracking

Nasdaq indexes (in billions)

TTM (5) net appreciation ETP AUM

tracking Nasdaq indexes (in billions)

135

Financial Technology

Annualized recurring revenues (in millions)

(1)

Financial Crime Management Technology

344

295

Regulatory Technology

419

362

Capital Markets Technology

1,059

893

Total Financial Technology

1,822

1,550

Market Services

Equity Derivative Trading and Clearing

U.S. equity options

Total industry average daily volume (in millions)

62.6

53.6

Nasdaq PHLX matched market share

12.5

9.1

The Nasdaq Options Market matched market share

2.6

5.1

Nasdaq Texas Options matched market share (formerly Nasdaq BX)

1.3

1.7

Nasdaq ISE Options matched market share

6.0

6.8

Nasdaq GEMX Options matched market share

3.4

3.6

Nasdaq MRX Options matched market share

4.3

2.8

Total matched market share executed on Nasdaq’s exchanges

30.1

29.1

Nasdaq Nordic and Nasdaq Baltic options and futures

Total average daily volume of options and futures contracts

249,645

256,009

Cash Equity Trading

Total U.S.-listed securities

Total industry average daily share volume (in billions)

20.0

15.7

Matched share volume (in billions)

183.7

137.6

The Nasdaq Stock Market matched market share

14.7

14.2

Nasdaq Texas matched market share (formerly Nasdaq BX)

0.3

Nasdaq PSX matched market share

0.1

Total matched market share executed on Nasdaq’s exchanges

15.1

14.6

Market share reported to the FINRA/Nasdaq Trade Reporting Facility

45.6

48.1

Total market share (6)

60.7

62.7

Nasdaq Nordic and Nasdaq Baltic securities

Average daily number of equity trades executed on Nasdaq’s exchanges

797,886

789,103

Total average daily value of shares traded (in billions)

6.8

5.4

Total market share executed on Nasdaq’s exchanges (7)

74.3

70.5

(1)

Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived

from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is

currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other

companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent

with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components

of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end

of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.

(2)

New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and

companies on the alternative markets of Nasdaq First North.

(3)

Number of total listings on The Nasdaq Stock Market as of March 31, 2026 and 2025 included 1,180 and 833

ETPs, respectively.

(4)

Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative

markets of Nasdaq First North.

(5)

Trailing twelve months.

(6)

Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq Texas’s (formerly Nasdaq BX)

and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.

(7)

European cash equities markets include cash equities exchanges of Sweden, Denmark, Finland, and Iceland. Minor

adjustments to prior periods reflect data from a new consolidated data provider that accurately captures all primary trading venues and Multilateral Trading Facilities, or MTFs.

EX-99.2

Filename: d148002dex992.htm · Sequence: 3

EX-99.2

Exhibit 99.2

Nasdaq Announces Increase in Quarterly Dividend to $0.31 Per Share

NEW YORK, April 23, 2026 – The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of

$0.31 per share on the company’s outstanding common stock. The dividend is payable on June 26, 2026 to shareholders of record at the close of business on June 12, 2026. Future declarations of quarterly dividends and the establishment

of future record and payment dates are subject to approval by the Board of Directors.

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most

navigate risk, and strengthen resilience. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

Cautionary Note Regarding Forward-Looking Statements

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers

that any forward-looking information is not a guarantee of future performance, and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to,

information regarding our dividend program and future payment obligations. Forward-looking statements involve a number of risks, uncertainties, or other factors beyond Nasdaq’s control. These factors include, but are not limited to,

Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in

Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available

on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information,

future events or otherwise.

Media Relations Contact:

David Lurie

+1.914.538.0533

David.Lurie@Nasdaq.com

Investor Relations Contact:

Ato Garrett

+1.212.401.8737

Ato.Garrett@Nasdaq.com

-NDAQF-

GRAPHIC

Filename: g148002dsp13.jpg · Sequence: 8

Binary file (6332 bytes)

Download g148002dsp13.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 10

v3.26.1

Document and Entity Information

Apr. 23, 2026

Entity Information [Line Items]

Document Type

8-K

Document Period End Date

Apr. 23, 2026

Entity Registrant Name

Nasdaq, Inc.

Entity Incorporation State Country Code

Entity File Number

001-38855

Entity Tax Identification Number

52-1165937

Entity Address Address Line 1

151 W. 42nd Street

Entity Address City Or Town

New York

Entity Address State Or Province

Entity Address Postal Zip Code

10036

Country Region

City Area Code

212

Local Phone Number

401 8700

Written Communications

false

Soliciting Material

false

Pre Commencement Tender Offer

false

Pre Commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Entity Central Index Key

0001120193

Amendment Flag

false

Common Stock, $.01 par value per share [Member]

Entity Information [Line Items]

Security 12b Title

Common Stock, $0.01 par value per share

Trading Symbol

NDAQ

Security Exchange Name

NASDAQ

4.500% Senior Notes due 2032 [Member]

Entity Information [Line Items]

Security 12b Title

4.500% Senior Notes due 2032

Trading Symbol

NDAQ32

Security Exchange Name

NASDAQ

0.900% senior unsecured notes due 2033 [Member]

Entity Information [Line Items]

Security 12b Title

0.900% Senior Notes due 2033

Trading Symbol

NDAQ33

Security Exchange Name

NASDAQ

0.875% Senior Notes due 2030 [Member]

Entity Information [Line Items]

Security 12b Title

0.875% Senior Notes due 2030

Trading Symbol

NDAQ30

Security Exchange Name

NASDAQ

1.75% Senior Notes due 2029 [Member]

Entity Information [Line Items]

Security 12b Title

1.75% Senior Notes due 2029

Trading Symbol

NDAQ29

Security Exchange Name

NASDAQ

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Region code of country

+ References

No definition available.

+ Details

Name:

dei_CountryRegion

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:

dei_EntityInformationLineItems

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Details

Name:

us-gaap_StatementClassOfStockAxis=ndaq_CommonStock.01parvaluepershareMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=ndaq_M4.500PercentSeniorNotesDue2032Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=ndaq_ZeroPointNineZeroZeroSeniorUnsecuredNotesDue2033Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=ndaq_ZeroPointEightSevenFivePercentSeniorNotesDue2030Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=ndaq_OnePointSevenFivePercentSeniorNotesDue2029Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type: