Nasdaq Inc.: 10-K Risk Factor Changes

2026 vs 2025  ·  SEC EDGAR  ·  2026-10-16
⚠ AI Risk Brief Interpretation layer — deterministic data below

Nasdaq stripped 145 legacy risk disclosures while adding 38 new ones, signaling major governance and market structure shifts.

Direction ↔ Mixed
ThemesGovernanceRegulatory & LegalMarket Competition & Share

AI never invents facts. It only interprets the deterministic diff shown below.

✓ Deterministic extraction — no AI-generated data

Classification is based on semantic text similarity scoring and may include approximations. “No match” means no high-confidence textual match was found — not necessarily that a section was removed.

38
New Risks
145
Removed
54
Modified
3
Unchanged
🟢 New in Current Filing Disclosure change10/10

COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN

Among Nasdaq, Inc., the Nasdaq Composite Index, the S&P 500 and S&P 500 GICS 4020 Index

Item 6. [Reserved]

Item 7. Management’s Discussion and Analysis of

🟢 New in Current Filing Macroeconomic environment 🔒
🟢 New in Current Filing Governance 🔒
🟢 New in Current Filing market share will decrease our trading and clearing 🔒

And 233 more changes in the full comparison.

236 more changes in this filing

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Source filings: Find the 2026 10-K for NDAQ on SEC EDGAR · Find the 2025 10-K for NDAQ on SEC EDGAR