Nasdaq, Inc. operates as a technology company that serves capital markets and other industries worldwide. The Market Technology segment includes anti financial crime technology business, which offers Nasdaq Trade Surveillance, a SaaS solution for brokers and other market participants to assist them in complying with market rules, regulations, and internal market surveillance policies; Nasdaq Automated Investigator, a cloud-deployed anti-money laundering tool; and Verafin, a SaaS technology provider of anti-financial crime management solutions. This segment also handles assets, such as cash equities, equity derivatives, currencies, interest-bearing securities, commodities, energy products, and digital currencies. The Investment Intelligence segment sells and distributes historical and real-time market data; develops and licenses Nasdaq-branded indexes and financial products; and provides investment insights and workflow solutions. The Corporate Platforms segment operates listing platforms; and offers investor relations intelligence and governance solutions. As of December 31, 2021, it had 4,178 companies listed securities on The Nasdaq Stock Market, including 1,632 listings on The Nasdaq Global Select Market; 1,169 on The Nasdaq Global Market; and 1,377 on The Nasdaq Capital Market. The Market Services segment includes equity derivative trading and clearing, cash equity trading, fixed income and commodities trading and clearing, and trade management service businesses. This segment operates various exchanges and other marketplace facilities across various asset classes, which include derivatives, commodities, cash equity, debt, structured products, and exchange traded products; and provides broker, clearing, settlement, and central depository services. The company was formerly known as The NASDAQ OMX Group, Inc. and changed its name to Nasdaq, Inc. in September 2015. Nasdaq, Inc. was founded in 1971 and is headquartered in New York, New York.

Nasdaq, Inc.

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Assets	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Cash and Cash Equivalents	732	592	416	453	5,347	502
Cash and Cash Equivalents
Short-Term Investments	84	184	960	188	288	181
Financial Investments
Total Cash and Cash Equivalents	816	776	1,376	641	5,635	683
Accounts Receivable	896	1,022	174	929	597	677
Receivables, Net
Total Trade Receivables	896	1,022	174	929	597	677
Other Current Assets	5,640	5,988	5,759	7,526	7,346	7,244
Restricted Cash and Cash Equivalents
Default Funds and Margin Deposits
Deferred Tax Assets
Other Current Assets
Total Current Assets	7,352	7,786	7,309	9,096	13,578	8,604
Total Current Assets
Net Property, Plant & Equipment	1,097	968	956	978	946	976
Property and Equipment, Net
Operating Lease Assets
Net Intangible Assets	6,741	6,905	7,171	7,443	2,490	2,581
Intangible Assets, Net
Goodwill	14,328	13,957	13,984	14,112	8,020	8,099
Goodwill
Other Long-Term Assets	865	779	790	665	623	608
Non-Current Deferred Tax Assets
Deferred Tax Assets
Other Non-Current Assets
Total Assets	30,383	30,395	30,210	32,294	25,657	20,868
Total Assets

Liabilities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Accounts Payable	246	269	301	332	199	185
Accounts Payable and Accrued Expenses
Accrued Expenses	280	325	213	303	156	243
Accrued Personnel Costs
Short-Term Debt	500	399	548	291	140	664
Short-Term Debt
Unearned Revenue	848	711	736	594	558	357
Deferred Revenue
Other Current Liabilities	5,783	6,198	5,993	7,505	7,458	7,386
Section 31 Fees Payable to SEC
Other Current Liabilities
Deferred Tax Liabilities
Default Funds and Margin Deposits
Total Current Liabilities	7,657	7,902	7,791	9,025	8,511	8,835
Total Current Liabilities
Long-Term Debt	8,678	9,081	9,249	10,163	9,792	4,735
Long-Term Debt
Leases	453	388	409	417	427	452
Operating Lease Liabilities
Other Long-Term Liabilities	1,777	1,824	1,853	1,862	680	682
Deferred Tax Liabilities
Deferred Tax Liabilities, Net
Non-Current Deferred Revenue
Other Non-Current Liabilities
Total Long-Term Liabilities	10,908	11,293	11,511	12,442	10,899	5,869
Total Liabilities	18,565	19,195	19,302	21,467	19,410	14,704
Total Liabilities

Equity	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Common Stock	6	6	6	6	5	5
Common Stock
Treasury Stock	-706	-647	-641	-587	-583	-515
Common Stock in Treasury, at Cost
Additional Paid-in Capital	5,425	5,530	5,528	5,496	1,363	1,445
Additional Paid-in Capital
Accumulated Other Comprehensive Income	-1,869	-2,099	-2,011	7,825	-2,119	-1,991
Accumulated Other Comprehensive Loss
Retained Earnings	8,955	8,401	8,016	-1,924	7,569	7,207
Retained Earnings
Total Common Shareholders' Equity	11,811	11,191	10,898	10,816	6,235	6,151
Total Nasdaq Stockholders' Equity
Minority Interests and Other	7	9	10	11	12	13
Noncontrolling Interests
Total Shareholders' Equity	11,818	11,200	10,908	10,827	6,247	6,164
Total Equity
Total Liabilities and Shareholders' Equity	30,383	30,395	30,210	32,294	25,657	20,868
Total Liabilities and Equity