納斯達克集團第二季收入25.32億美元升20.5%，淨利潤5.07億美元增12.2%

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________
FORM 10-Q 

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

June 30, 2026

OR

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period 

 from ________ to ________

Commission file number: 001-38855 
___________________________________
Nasdaq, Inc. 
(Exact name of registrant as specified in its charter)

Delaware

52-1165937

(State or Other Jurisdiction of Incorporation or Organization)

(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 
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities 
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has 
been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to 
Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to 
submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting 
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and 
“emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No   ☒ 
Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

Class

Outstanding at July 16, 2026

Common Stock, $0.01 par value per share

558,977,372

shares

i

Nasdaq, Inc. 

TABLE OF CONTENTS

 

 

PART I

Financial Information

Item 1.

Financial Statements 

1

Condensed Consolidated Balance Sheets

1

Condensed Consolidated Statements of Income

2

Condensed Consolidated Statements of Comprehensive Income

3

Condensed Consolidated Statements of Changes in Stockholders' Equity

4

Condensed Consolidated Statements of Cash Flows

5

Notes to Condensed Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

27

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

43

Item 4.

Controls and Procedures

46

PART II

Other Information

Item 1.

Legal Proceedings

46

Item 1A.

Risk Factors

46

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

46

Item 5.

Other Information

47

Item 6.

Exhibits

48

SIGNATURES

48

ii

About this Form 10-Q
Throughout this Form 10-Q, unless otherwise specified:
•“Nasdaq,” “we,” “us” and “our” refer to Nasdaq, Inc.
•“Nasdaq Baltic” refers to collectively, Nasdaq Tallinn 
AS, Nasdaq Riga, AS, and AB Nasdaq Vilnius.
•“Nasdaq Texas” refers to the cash equity exchange 
operated by Nasdaq Texas, LLC, formerly Nasdaq BX.
•“NTX Options” refers to the options exchange operated 
by Nasdaq Texas, LLC, formerly Nasdaq BX Options.
•“Nasdaq Clearing” refers to the clearing operations 
conducted by Nasdaq Clearing AB.
•“Nasdaq CXC” and “Nasdaq CX2” refer to the Canadian 
cash equity trading books operated by Nasdaq CXC 
Limited.
•“Nasdaq First North” refers to our alternative 
marketplaces for smaller companies and growth 
companies in the Nordic and Baltic regions.
•“Nasdaq GEMX” refers to the options exchange 
operated by Nasdaq GEMX, LLC.
•“Nasdaq ISE” refers to the options exchange operated by 
Nasdaq ISE, LLC. 
•“Nasdaq MRX” refers to the options exchange operated 
by Nasdaq MRX, LLC. 
•“Nasdaq Nordic” refers to collectively, Nasdaq Clearing 
AB, Nasdaq Stockholm AB, Nasdaq Copenhagen A/S, 
Nasdaq Helsinki Ltd, and Nasdaq Iceland hf.
•“Nasdaq PHLX” refers to the options exchange operated 
by Nasdaq PHLX LLC.
•“Nasdaq PSX” refers to the cash equity exchange 
operated by Nasdaq PHLX LLC.
•“The Nasdaq Options Market” refers to the options 
exchange operated by The Nasdaq Stock Market LLC.
•“The Nasdaq Stock Market” refers to the cash equity 
exchange and listing venue operated by The Nasdaq 
Stock Market LLC. 
Nasdaq also provides the following list of abbreviations and 
acronyms used throughout this Quarterly Report on Form 10-
Q as a tool for the reader.
2026 Revolving Credit Facility: $1.50 billion senior 
unsecured revolving credit facility, which matures on June 
30, 2031
2026 Notes: $500 million aggregate principal amount issued 
of 3.850% senior unsecured notes paid at maturity on June 
30, 2026
2028 Notes: $1 billion aggregate principal amount issued of 
5.350% senior unsecured notes due June 28, 2028
2029 Notes: €600 million aggregate principal amount issued 
of 1.75% senior unsecured notes due March 28, 2029
2030 Notes: €600 million aggregate principal amount issued 
of 0.875% senior unsecured notes due February 13, 2030
2031 Notes: $650 million aggregate principal amount issued 
of 1.650% senior unsecured notes due January 15, 2031
2032 Notes: €750 million aggregate principal amount issued 
of 4.500% senior unsecured notes due February 15, 2032
2033 Notes: €615 million aggregate principal amount issued 
of 0.900% senior unsecured notes due July 30, 2033
2034 Notes: $1.25 billion aggregate principal amount issued 
of 5.550% senior unsecured notes due February 15, 2034
2040 Notes: $650 million aggregate principal amount issued 
of 2.500% senior unsecured notes due December 21, 2040
2050 Notes: $500 million aggregate principal amount issued 
of 3.250% senior unsecured notes due April 28, 2050
2052 Notes: $550 million aggregate principal amount issued 
of 3.950% senior unsecured notes due March 7, 2052
2053 Notes: $750 million aggregate principal amount issued 
of 5.950% senior unsecured notes due August 15, 2053
2063 Notes: $750 million aggregate principal amount issued 
of 6.100% senior unsecured notes due June 28, 2063
Adenza: Adenza Holdings, Inc.
AI: Artificial Intelligence
ARR: Annualized Recurring Revenue
ASR: Accelerated Share Repurchase
AUM: Assets Under Management
CCP: Central Counterparty
CAT: A market-wide consolidated audit trail established 
under an SEC approved plan by Nasdaq and other 
exchanges
EMIR: European Market Infrastructure Regulation
Equity Plan: Nasdaq Equity Incentive Plan
ESPP: Nasdaq Employee Stock Purchase Plan
ETP: Exchange Traded Product
Euro Notes: The 2029, 2030, 2032 and 2033 Notes
Exchange Act: Securities Exchange Act of 1934, as amended
FINRA: Financial Industry Regulatory Authority
GICS: Global Industry Classification Standard
IPO: Initial Public Offering
NSCC: National Securities Clearing Corporation
OCC: The Options Clearing Corporation
OTC: Over-the-Counter
PSU: Performance Share Unit
SaaS: Software as a Service
SEC: U.S. Securities and Exchange Commission

iii

SERP: Supplemental Executive Retirement Plan
SFSA: Swedish Financial Supervisory Authority
SOFR: Secured Overnight Financing Rate 
SPAC: Special Purpose Acquisition Company
S&P: Standard & Poor's 
S&P 500: S&P 500 Stock Index
TSR: Total Shareholder Return 
U.S. GAAP: U.S. Generally Accepted Accounting Principles
U.S. Tape plans: U.S. cash equity and U.S. options industry 
data
NASDAQ, the NASDAQ logos, and other brand, service or 
product names or marks referred to in this report are 
trademarks or service marks, registered or otherwise, of 
Nasdaq, Inc. and/or its subsidiaries. FINRA and Trade 
Reporting Facility are registered trademarks of FINRA.
 
This Quarterly Report on Form 10-Q includes market share 
and industry data that we obtained from industry publications 
and surveys, reports of governmental agencies and internal 
company surveys. Industry publications and surveys 
generally state that the information they contain has been 
obtained from sources believed to be reliable, but we cannot 
assure you that this information is accurate or complete. We 
have not independently verified any of the data from third-
party sources nor have we ascertained the underlying 
economic assumptions relied upon therein. Statements as to 
our market position are based on the most currently available 
market data. For market comparison purposes, The Nasdaq 
Stock Market data in this Quarterly Report on Form 10-Q for 
IPOs and new listings of equity securities (including issuers 
that switched from other listings venues, closed-end funds 
and ETPs) is based on data generated internally by us; 
therefore, the data may not be comparable to other publicly 
available IPO data. Data in this Quarterly Report on Form 
10-Q for IPOs and new listings of equity securities on the 
Nasdaq Nordic and Nasdaq Baltic exchanges and Nasdaq 
First North also is based on data generated internally by us. 
The data regarding Nasdaq's combined market capitalization 
in the U.S. is obtained from Bloomberg. IPOs and new 
listings data is presented as of period end. While we are not 
aware of any misstatements regarding industry data presented 
herein, our estimates involve risks and uncertainties and are 
subject to change based on various factors. We refer you to 
the “Risk Factors” section in our Form 10-K for the fiscal 
year ended December 31, 2025 that was filed with the SEC 
on February 12, 2026.
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.

iv

Forward-Looking Statements
The SEC encourages companies to disclose forward-looking 
information so that investors can better understand a 
company’s future prospects and make informed investment 
decisions. This Quarterly Report on Form 10-Q contains 
these types of statements. Words such as “can,” “may,” 
“will,” “could,” “should,” “anticipate,” “estimates,” 
“expects,” “projects,” “intends,” “plans,” “believes” and 
words or terms of similar substance used in connection with 
any discussion of future expectations as to industry and 
regulatory developments or business initiatives and 
strategies, future operating results or financial performance, 
and other future developments are intended to identify 
forward-looking statements. These include, among others, 
statements relating to:
•our strategic direction;
•the integration of acquired businesses, including 
accounting decisions relating thereto;
•the scope, nature or impact of acquisitions, divestitures, 
investments or other transactional activities;
•the effective dates for, and expected benefits of, ongoing 
initiatives, including transactional activities and other 
strategic, restructuring, technology, de-leveraging and 
capital return initiatives;
•our products and services;
•the impact of pricing changes;
•tax matters;
•the cost and availability of liquidity and capital; and
•any litigation, or any regulatory or government 
investigation or action, to which we are or could become a 
party or which may affect us and any potential settlements 
of litigation, regulatory or governmental investigations or 
actions.
Forward-looking statements involve risks and uncertainties. 
Factors that could cause actual results to differ materially 
from those contemplated by the forward-looking statements 
include, among others, the following:
•our operating results may be lower than expected;
•our ability to successfully integrate acquired businesses or 
divest sold businesses or assets, including the fact that any 
integration or transition may be more difficult, time 
consuming or costly than expected, and we may be unable 
to realize synergies from business combinations, 
acquisitions, divestitures or other transactional activities;
•loss of significant trading and clearing volumes or values, 
fees, market share, listed companies, market data 
customers or other customers;
•our ability to develop and grow our non-trading 
businesses;
•our ability to keep up with rapid technological advances, 
including our ability to effectively manage the development 
and use of AI in certain of our products and offerings, and 
adequately address cybersecurity risks;
•economic, political, regulatory and market conditions and 
fluctuations, including inflation, tariffs, interest rate and 
foreign currency risk inherent in U.S. and international 
operations, and geopolitical instability;
•the performance and reliability of our technology and 
technology of third parties on which we rely;
•any significant systems failures or errors in our 
operational processes;
•our ability to continue to generate cash and manage our 
indebtedness; and
•adverse changes that may occur in the litigation or 
regulatory areas, or in the securities markets generally, or 
increased regulatory oversight domestically or 
internationally.
Most of these factors are difficult to predict accurately and 
are generally beyond our control. You should consider the 
uncertainty and any risk related to forward-looking 
statements that we make. These risk factors are more fully 
described in the “Risk Factors” section in our Form 10-K 
filed with the SEC on February 12, 2026. You are cautioned 
not to place undue reliance on these forward-looking 
statements, which speak only as of the date of this report. You 
should carefully read this entire Quarterly Report on Form 
10-Q, including “Part I. Item 2. Management’s Discussion 
and Analysis of Financial Condition and Results of 
Operations” and the condensed consolidated financial 
statements and the related notes. Except as required by the 
federal securities laws, we undertake no obligation to update 
any forward-looking statement, release publicly any revisions 
to any forward-looking statements or report the occurrence 
of unanticipated events. For any forward-looking statements 
contained in any document, we claim the protection of the 
safe harbor for forward-looking statements contained in the 
Private Securities Litigation Reform Act of 1995.

1

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Nasdaq, Inc. 
Condensed Consolidated Balance Sheets
(in millions, except share and par value amounts)

June 30, 2026

December 31, 2025

(unaudited)

Assets

Current assets:

Cash and cash equivalents

$520

$604

Restricted cash and cash equivalents

26

210

Default funds and margin deposits (including restricted cash and cash equivalents of 
$254 and $3,120, respectively)

2,323

5,842

Financial investments

198

28

Receivables, net

1,182

943

Other current assets

284

376

Total current assets

4,533

8,003

Property and equipment, net

767

728

Goodwill

14,245

14,371

Intangible assets, net

6,223

6,511

Operating lease assets

481

447

Other non-current assets

1,092

993

Total assets

$27,341

$31,053

Liabilities

Current liabilities:

Accounts payable and accrued expenses

$252

$280

Section 31 fees payable to SEC

313

—

Accrued personnel costs

243

364

Deferred revenue

931

785

Other current liabilities

174

259

Default funds and margin deposits

2,323

5,842

Short-term debt

269

431

Total current liabilities

4,505

7,961

Long-term debt

8,492

8,573

Deferred tax liabilities, net

1,616

1,584

Operating lease liabilities

482

462

Other non-current liabilities

253

241

Total liabilities

15,348

18,821

Commitments and contingencies

Equity

Nasdaq stockholders’ equity:

Common stock, $0.01 par value, 900,000,000 shares authorized, shares issued: 
587,518,685 at June 30, 2026 and 594,620,320 at December 31, 2025; shares 
outstanding: 561,990,385 at June 30, 2026 and 569,894,024 at December 31, 2025

6

6

Additional paid-in capital

4,353

5,122

Common stock in treasury, at cost: 25,528,300 shares at June 30, 2026 and 24,726,296 
shares at December 31, 2025 

(784)

(716)

Accumulated other comprehensive loss

(1,874)

(1,773)

Retained earnings

10,287

9,588

Total Nasdaq stockholders’ equity

11,988

12,227

Noncontrolling interests

5

5

Total equity

11,993

12,232

Total liabilities and equity

$27,341

$31,053

See accompanying notes to condensed consolidated financial statements.

2

Nasdaq, Inc.
Condensed Consolidated Statements of Income
(unaudited)
(in millions, except per share amounts)

 

Three Months Ended June 30,

Six Months Ended June 30,

 

2026

2025

2026

2025

Revenues:

 

 

 

Capital Access Platforms

$621

$520

$1,186

$1,028

Financial Technology

539

464

1,057

896

Market Services

1,372

1,101

2,419

2,240

Other revenues

—

16

8

32

Total revenues

2,532

2,101

4,670

4,196

Transaction-based expenses:

 

 

Transaction rebates

(712)

(640)

(1,436)

(1,224)

Brokerage, clearance and exchange fees

(320)

(155)

(326)

(429)

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

O