Nasdaq Inc.: 10-K Risk Factor Changes

2026 vs 2025  ·  SEC EDGAR  ·  2026-06-01
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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

market share will decrease our trading and clearing

revenues. Trading and clearing volumes and values are directly affected by economic, political and market conditions, broad trends in business and finance, unforeseen market closures or other disruptions in trading, the level and volatility of interest rates, inflation, changes…

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revenues. Trading and clearing volumes and values are directly affected by economic, political and market conditions, broad trends in business and finance, unforeseen market closures or other disruptions in trading, the level and volatility of interest rates, inflation, changes in price levels of securities and the overall level of investor confidence. Over the past several years, trading and clearing volumes and values across our markets have fluctuated significantly depending on market conditions and other factors beyond our control. Because a significant percentage of our revenues is tied directly to the volume or value of securities traded and cleared on our markets, it is likely that a general decline in trading and clearing volumes or values would lower revenues and may adversely affect our operating results if we are unable to offset falling volumes or values through pricing changes. Declines in trading and clearing volumes or values may also impact our market share or pricing structures and adversely affect our business and financial condition. If our total market share in securities decreases relative to our competitors, our venues may be viewed as less attractive sources of liquidity. If our exchanges are perceived to be less liquid, then our business, financial condition and operating results could be adversely affected. Since some of our exchanges offer clearing services in addition to trading services, a decline in market share of trading could lead to a decline in clearing and depository revenues. Declines in market share also could result in issuers viewing the value of a listing on our exchanges as less attractive, thereby adversely affecting our listing business. Finally, declines in market share of Nasdaq-listed securities, or recently adopted SEC rules and regulations, could lower The Nasdaq Stock Market’s share of tape pool revenues under the consolidated data plans, thereby reducing the revenues of our U.S. Tape plans business.

🟢 New in Current Filing our regulators, as well as by our customers. 🔒
🟢 New in Current Filing position and results of operations. 🔒
🟢 New in Current Filing of interest. 🔒
🟢 New in Current Filing areas and may be adversely affected by events in those 🔒
🟢 New in Current Filing stockholders. 🔒
🟢 New in Current Filing Governance 🔒
🟢 New in Current Filing Affiliated Purchasers 🔒
🟢 New in Current Filing Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs 🔒
🟢 New in Current Filing Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) 🔒
🟢 New in Current Filing October 2025 🔒
🟢 New in Current Filing November 2025 🔒
🟢 New in Current Filing December 2025 🔒
🟢 New in Current Filing Total Quarter Ended December 31, 2025 🔒
🟢 New in Current Filing Year Ended December 31,* 🔒
🟢 New in Current Filing COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN 🔒
🟢 New in Current Filing EXECUTIVE OVERVIEW 🔒
🟢 New in Current Filing 2025 Highlights 🔒
🟢 New in Current Filing Macroeconomic environment 🔒
🟢 New in Current Filing SEGMENT OPERATING RESULTS 🔒
🟢 New in Current Filing (in millions) 🔒
🟢 New in Current Filing (in millions) 🔒
🟢 New in Current Filing Year Ended December 31, 🔒
🟢 New in Current Filing As of December 31 🔒
🟢 New in Current Filing Year Ended December 31, 🔒
🟢 New in Current Filing tracking Nasdaq indices (in billions) 🔒
🟢 New in Current Filing Financial Technology 🔒
🟢 New in Current Filing (in millions) 🔒
🟢 New in Current Filing (in millions) 🔒
🟢 New in Current Filing (in millions) 🔒
🟢 New in Current Filing (in millions) 🔒
🟢 New in Current Filing (in millions) 🔒
🟢 New in Current Filing (in millions) 🔒
🟢 New in Current Filing Year Ended December 31, 🔒
🟢 New in Current Filing (in millions) 🔒
🟢 New in Current Filing (in millions) 🔒
🟢 New in Current Filing Operating Expenses 🔒
🟢 New in Current Filing (in millions) 🔒
🔴 No Match in Current Filing Economic conditions and market factors, which are beyond our control, may adversely affect our business and financial condition. 🔒
🔴 No Match in Current Filing The industries we operate in are highly competitive. 🔒
🔴 No Match in Current Filing We must continue to introduce new products, initiatives and enhancements to maintain our competitive position. 🔒
🔴 No Match in Current Filing Expanded cybersecurity regulations, and increased cybersecurity infrastructure and compliance costs, may adversely impact our results of operations. 🔒
🔴 No Match in Current Filing Failure to attract and retain key personnel may adversely affect our ability to conduct our business. 🔒
🔴 No Match in Current Filing Our clearinghouse operations expose us to risks, including credit or liquidity risks that may include defaults by clearing members, or insufficiencies in margins or default funds. 🔒
🔴 No Match in Current Filing Technology issues relating to our role as exclusive processor for Nasdaq-listed stocks could affect our business. 🔒
🔴 No Match in Current Filing Laws and regulations regarding security and safeguarding of our systems and services, protection of sensitive customer data and the handling of personal data and information may affect our services or result in increased costs, legal claims or fines against us. 🔒
🔴 No Match in Current Filing Unforeseen or catastrophic events could interrupt our critical business functions. In addition, our U.S. and European businesses are heavily concentrated in particular areas and may be adversely affected by events in those areas. 🔒
🔴 No Match in Current Filing If our risk management methods are not effective, our business, reputation and financial results may be adversely affected. 🔒
🔴 No Match in Current Filing Share Repurchase Program 🔒
🔴 No Match in Current Filing Purchases of Equity Securities by the Issuer and Affiliated Purchasers 🔒
🔴 No Match in Current Filing Total Quarter Ended December 31, 2024 🔒
🔴 No Match in Current Filing Year Ended December 31, 🔒
🔴 No Match in Current Filing EXECUTIVE OVERVIEW 🔒
🔴 No Match in Current Filing 2024 Highlights 🔒
🔴 No Match in Current Filing Macroeconomic environment 🔒
🔴 No Match in Current Filing SEGMENT OPERATING RESULTS 🔒
🔴 No Match in Current Filing 2024 vs. 2023 🔒
🔴 No Match in Current Filing As of December 31, 🔒
🔴 No Match in Current Filing Year Ended December 31, 🔒
🔴 No Match in Current Filing Financial Technology 🔒
🔴 No Match in Current Filing 2024 vs. 2023 🔒
🔴 No Match in Current Filing Year Ended December 31 🔒
🔴 No Match in Current Filing Year Ended December 31 🔒
🔴 No Match in Current Filing Year Ended December 31 🔒
🔴 No Match in Current Filing 2024 vs. 2023 🔒
🔴 No Match in Current Filing 2024 vs. 2023 🔒
🔴 No Match in Current Filing 2024 vs. 2023 🔒
🔴 No Match in Current Filing Operating Expenses 🔒
🔴 No Match in Current Filing Non-Operating Income and Expenses 🔒
🔴 No Match in Current Filing 2023 vs. 2022 🔒
🔴 No Match in Current Filing 2023 vs. 2022 🔒
🔴 No Match in Current Filing Tax Matters 🔒
🔴 No Match in Current Filing 2023 vs. 2022 🔒
🔴 No Match in Current Filing NON-GAAP FINANCIAL MEASURES 🔒
🔴 No Match in Current Filing Year Ended December 31, 🔒
🔴 No Match in Current Filing LIQUIDITY AND CAPITAL RESOURCES 🔒
🔴 No Match in Current Filing Cash and Cash Equivalents 🔒
🔴 No Match in Current Filing Repatriation of Cash 🔒
🔴 No Match in Current Filing Net Cash Provided by Operating Activities 🔒
🔴 No Match in Current Filing Net Cash Used in Investing Activities 🔒
🔴 No Match in Current Filing Net Cash Provided by (Used in) Financing Activities 🔒
🔴 No Match in Current Filing Financial Investments 🔒
🔴 No Match in Current Filing Clearing Operations Regulatory Capital Requirements 🔒
🔴 No Match in Current Filing Broker-Dealer Net Capital Requirements 🔒
🔴 No Match in Current Filing Nordic and Baltic Exchange Regulatory Capital Requirements 🔒
🔴 No Match in Current Filing Other Capital Requirements 🔒
🔴 No Match in Current Filing Cash Dividends on Common Stock 🔒
🔴 No Match in Current Filing Debt Obligations 🔒
🔴 No Match in Current Filing Financing of the Adenza Acquisition 🔒
🔴 No Match in Current Filing CONTRACTUAL OBLIGATIONS AND CONTINGENT COMMITMENTS 🔒
🔴 No Match in Current Filing OFF-BALANCE SHEET ARRANGEMENTS 🔒
🔴 No Match in Current Filing QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 🔒
🔴 No Match in Current Filing Interest Rate Risk 🔒
🔴 No Match in Current Filing Financial Investments 🔒
🔴 No Match in Current Filing Debt Obligations 🔒
🔴 No Match in Current Filing Foreign Currency Exchange Rate Risk 🔒
🔴 No Match in Current Filing Year Ended December 31, 2024 🔒
🔴 No Match in Current Filing Year Ended December 31, 2023 🔒
🔴 No Match in Current Filing Credit Risk 🔒
🔴 No Match in Current Filing CRITICAL ACCOUNTING POLICIES AND ESTIMATES 🔒
🔴 No Match in Current Filing Revenue Recognition 🔒
🔴 No Match in Current Filing Business Combination 🔒
🔴 No Match in Current Filing Goodwill, Indefinite-Lived Intangible Assets and Related Impairment Testing 🔒
🔴 No Match in Current Filing Other Long-Lived Assets and Related Impairment 🔒
🔴 No Match in Current Filing Income Taxes 🔒
🔴 No Match in Current Filing Disclosure Controls and Procedures 🔒
🔴 No Match in Current Filing Management’s Report on Internal Control Over Financial Reporting 🔒
🔴 No Match in Current Filing Report of Independent Registered Public Accounting Firm 🔒
🔴 No Match in Current Filing Opinion on Internal Control over Financial Reporting 🔒
🔴 No Match in Current Filing Basis for Opinion 🔒
🔴 No Match in Current Filing Definition and Limitations of Internal Control Over Financial Reporting 🔒
🔴 No Match in Current Filing Equity Compensation Plan and ESPP Information 🔒
🔴 No Match in Current Filing and rights(a) 🔒
🔴 No Match in Current Filing INDEX TO CONSOLIDATED FINANCIAL STATEMENTS 🔒
🔴 No Match in Current Filing Report of Independent Registered Public Accounting Firm 🔒
🔴 No Match in Current Filing Opinion on the Financial Statements 🔒
🔴 No Match in Current Filing Basis for Opinion 🔒
🔴 No Match in Current Filing Critical Audit Matter 🔒
🔴 No Match in Current Filing Calypso and AxiomSL on-premises license revenue recognition 🔒
🔴 No Match in Current Filing Consolidated Balance Sheets 🔒
🔴 No Match in Current Filing (in millions, except per share amounts) 🔒
🔴 No Match in Current Filing (in millions) 🔒
🔴 No Match in Current Filing ____________ 🔒
🔴 No Match in Current Filing (in millions) 🔒
🔴 No Match in Current Filing (in millions) 🔒
🔴 No Match in Current Filing Notes to Consolidated Financial Statements 🔒
🔴 No Match in Current Filing 1. ORGANIZATION AND NATURE OF OPERATIONS 🔒
🔴 No Match in Current Filing Capital Access Platforms 🔒
🔴 No Match in Current Filing Financial Technology 🔒
🔴 No Match in Current Filing Market Services 🔒
🔴 No Match in Current Filing Basis of Presentation and Principles of Consolidation 🔒
🔴 No Match in Current Filing Use of Estimates 🔒
🔴 No Match in Current Filing Foreign Currency 🔒
🔴 No Match in Current Filing Cash and Cash Equivalents 🔒
🔴 No Match in Current Filing Restricted Cash 🔒
🔴 No Match in Current Filing Default Funds and Margin Deposits 🔒
🔴 No Match in Current Filing Receivables, net 🔒
🔴 No Match in Current Filing Investments 🔒
🔴 No Match in Current Filing Financial Investments 🔒
🔴 No Match in Current Filing Equity Securities 🔒
🔴 No Match in Current Filing Equity Method Investments 🔒
🔴 No Match in Current Filing Non-Designated Derivatives 🔒
🔴 No Match in Current Filing Derivatives designated as cash flow hedges 🔒
🔴 No Match in Current Filing Net Investment Hedges 🔒
🔴 No Match in Current Filing Property and Equipment, net 🔒
🔴 No Match in Current Filing Goodwill and Indefinite-Lived Intangible Assets 🔒
🔴 No Match in Current Filing Other Long-Lived Assets 🔒
🔴 No Match in Current Filing Revenue From Contracts With Customers 🔒
🔴 No Match in Current Filing Capital Access Platforms 🔒
🔴 No Match in Current Filing Financial Technology 🔒
🔴 No Match in Current Filing Market Services 🔒
🔴 No Match in Current Filing Other Revenues 🔒
🔴 No Match in Current Filing Earnings Per Share 🔒
🔴 No Match in Current Filing Pension, SERP and Other Post-Retirement Benefit Plans 🔒
🔴 No Match in Current Filing Share-Based Compensation 🔒
🔴 No Match in Current Filing Merger and Strategic Initiatives 🔒
🔴 No Match in Current Filing Fair Value Measurements 🔒
🔴 No Match in Current Filing Tax Matters 🔒
🔴 No Match in Current Filing Subsequent Events 🔒
🔴 No Match in Current Filing Recent Accounting Developments 🔒
🔴 No Match in Current Filing Disaggregation of Revenue 🔒
🔴 No Match in Current Filing Contract Balances 🔒
🔴 No Match in Current Filing 4. ACQUISITION 🔒
🔴 No Match in Current Filing Intangible Assets 🔒
🔴 No Match in Current Filing Customer Relationships 🔒
🔴 No Match in Current Filing Trade Names 🔒
🔴 No Match in Current Filing Pro Forma Results and Acquisition-Related Costs 🔒
🔴 No Match in Current Filing Supplemental Pro Forma Information (Unaudited) 🔒
🔴 No Match in Current Filing 5. GOODWILL AND ACQUIRED INTANGIBLE ASSETS 🔒
🔴 No Match in Current Filing Acquired Intangible Assets 🔒
🔴 No Match in Current Filing 6. INVESTMENTS 🔒
🔴 No Match in Current Filing Financial Investments 🔒
🔴 No Match in Current Filing Equity Method Investments 🔒
🔴 No Match in Current Filing Equity Securities 🔒
🔴 No Match in Current Filing 7. PROPERTY AND EQUIPMENT, NET 🔒
🔴 No Match in Current Filing 8. DEFERRED REVENUE 🔒
🔴 No Match in Current Filing Balance at December 31, 2024 🔒
🔴 No Match in Current Filing Fiscal year ended: 🔒
🔴 No Match in Current Filing 9. DEBT OBLIGATIONS 🔒
🔴 No Match in Current Filing Translation 🔒
🔴 No Match in Current Filing Commercial Paper Program 🔒
🔴 No Match in Current Filing Senior Unsecured Notes 🔒
🔴 No Match in Current Filing Net Investment Hedge 🔒
🟡 Modified enhancements to maintain our competitive position. 🔒
🟡 Modified goodwill, intangible assets or other long-lived assets in the 🔒
🟡 Modified claims or fines against us. 🔒
🟡 Modified which may adversely affect the market price of our common 🔒
🟡 Modified adversely affect our ability to obtain additional financing. 🔒
🟡 Modified material adverse effect on our financial results. 🔒
🟡 Modified costly for us to operate our business. 🔒
🟡 Modified proprietary data could have a material adverse effect on our 🔒
🟡 Modified Market Information 🔒
🟡 Modified our funding from the capital markets. 🔒
🟡 Modified and Strategy 🔒
🟡 Modified adversely impact our results of operations. 🔒
🟡 Modified material adverse effect on our businesses. 🔒
🟡 Modified exposed to currency risk. 🔒
🟡 Modified affect our ability to conduct our business. 🔒
🟡 Modified liabilities. 🔒
🟡 Modified System limitations or failures could harm our business. 🔒
🟡 Modified building efforts and ability to compete effectively. 🔒
🟡 Modified may need additional funds, which may not be readily 🔒
🟡 Modified business, reputation and financial results may be adversely 🔒
🟡 Modified our reputation, business and results of operations. 🔒
🟡 Modified interruptions affecting our operations. 🔒
🟡 Modified risk for a cyberattack. 🔒
🟡 Modified (in millions) 🔒
🟡 Modified costs or liabilities. 🔒
🟡 Modified effect on our results of operations and financial condition. 🔒
🟡 Modified which may result in financial loss or reputational damage. 🔒
🟡 Modified Financial Crime Management Technology Revenues 🔒
🟡 Modified uncertainties. 🔒
🟡 Modified Financial Condition and Results of Operations 🔒
🟡 Modified and entrench current management. 🔒
🟡 Modified (in millions, except per share 🔒
🟡 Modified (in millions) 🔒
🟡 Modified sustainability matters and our reporting of such matters. 🔒
🟡 Modified As of December 31, 🔒
🟡 Modified (in millions) 🔒
🟡 Modified reputation, or operating results. 🔒
🟡 Modified U.S. Equity Derivative Trading 🔒
🟡 Modified Total operating 🔒
🟡 Modified Year Ended December 31, 🔒
🟡 Modified Cash Equity Trading Revenues 🔒
🟡 Modified Index Revenues 🔒
🟡 Modified PERFORMANCE GRAPH 🔒
🟡 Modified Data & Listing Services Revenues 🔒
🟡 Modified Nasdaq’s Operating Results 🔒
🟡 Modified change unexpectedly. 🔒
🟡 Modified Market Services 🔒
🟡 Modified related topics. 🔒
🟡 Modified Workflow & Insights Revenues 🔒
🟡 Modified Capital Access Platforms 🔒
🟡 Modified Capital Markets Technology Revenues 🔒
🟡 Modified adverse effect on our revenues. 🔒
🟡 Modified Regulatory Technology Revenues 🔒
🟡 Modified Other Revenues 🔒
236 more changes in this filing

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