NDAQ · 10-K filed 12 Feb 2026 · year to 31 Dec 2025

Nasdaq

32 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Global Systemically Important Banks (G-SIBs)

earns from · approximately 3,800 global clients

We serve approximately 3,800 global clients, including all Global Systemically Important Banks, or G-SIBs.Business (Item 1)

Financial industry customers

concentrated innamed as a risk

In addition, our Market Services businesses receive revenues from a relatively small number of customers concentrated in the financial industry, so any event that impacts one or more customers or the financial industry in general could impact our revenues.Risk factors (Item 1A)

Market makers / largest trading members

depends onnamed as a risk

To the extent that any of our largest members experience difficulties, materially change their business relationship with us or are unable for any reason to perform market-making activities, our business or our reputation may be materially adversely affected.Risk factors (Item 1A)

Partners and platforms

Amazon Web Services (AWS)

depends onnamed as a risk

AWS operates a platform that we use to provide exchange and other services to our clients, and therefore we are vulnerable to service outages on the AWS platform that affect Nasdaq workloads running or stored in the AWS environment.Risk factors (Item 1A)

Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more

Other companies

Nasdaq-100 Index

earns from · $640 billion in assets tracking the indices as of December 31, 2025, or 73% of total AUM

More than 100 ETPs worldwide track Nasdaq-100 core indices, which had $640 billion in assets tracking the indices as of December 31, 2025, or 73% of total AUM.Business (Item 1)

Nasdaq Clearing counterparty risk

insures or lends tonamed as a risk

We guarantee cleared contracts and assume counterparty risk for all transactions cleared through Nasdaq Clearing, including equity-related and fixed-income derivatives, commodities, and repurchase agreements.Risk factors (Item 1A)

Euronext Clearing (Cassa di Compensazione e Garanzia)

Following the sale and migration of the commodity derivatives business to Cassa Di Compensazione e Garanzia S.p.A. (Euronext Clearing), Nasdaq Oslo ASA is planning to wind down and cease operations in the second half of 2026.Business (Item 1)

Competitors

New York Stock Exchange (NYSE)

competes with

Our primary competitor for larger company stock share listings in the U.S. is NYSE.Business (Item 1)

Also named by BR, GSBD, ICE, QBTS, SPIR

Cboe Global Markets

competes with

In the U.S., our options markets compete with exchanges operated by Cboe Global Markets, Inc., or CBOE, Miami International Holdings, Inc., or MIAX, Intercontinental Exchange, Inc., or ICE, Members Exchange, or MEMX, and BOX Options Market.Business (Item 1)

Also named by ICE

Places

Stockholm, Sweden

concentrated innamed as a risk

In addition, our business operations are heavily concentrated in the east coast of the U.S.; Stockholm, Sweden; Vilnius, Lithuania; and St. John, Canada, among other locations.Risk factors (Item 1A)

Also named by CDNA

U.S. East Coast

concentrated innamed as a risk

In addition, our business operations are heavily concentrated in the east coast of the U.S.; Stockholm, Sweden; Vilnius, Lithuania; and St. John, Canada, among other locations.Risk factors (Item 1A)

Vilnius, Lithuania

concentrated innamed as a risk

In addition, our business operations are heavily concentrated in the east coast of the U.S.; Stockholm, Sweden; Vilnius, Lithuania; and St. John, Canada, among other locations.Risk factors (Item 1A)

Commodities and inputs

Euro

exposed to its pricenamed as a risk

We therefore have significant exposure to exchange rate movements between the Euro, Swedish Krona, the Canadian dollar and other foreign currencies against the U.S. dollar.Risk factors (Item 1A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Canadian dollar

exposed to its pricenamed as a risk

We therefore have significant exposure to exchange rate movements between the Euro, Swedish Krona, the Canadian dollar and other foreign currencies against the U.S. dollar.Risk factors (Item 1A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

Swedish Krona

exposed to its pricenamed as a risk

We therefore have significant exposure to exchange rate movements between the Euro, Swedish Krona, the Canadian dollar and other foreign currencies against the U.S. dollar.Risk factors (Item 1A)

Also named by DOV, FIS, FSK, STWD, XYL

Regulators

U.S. Securities and Exchange Commission (SEC)

subject tonamed as a risk

Pursuant to the requirements of the Exchange Act, our exchanges must file with and seek approval from the SEC for, among other things, all proposals to change their pricing structure.Business (Item 1)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

Bank of England

subject tonamed as a risk

The registration became effective on December 31, 2020 and lasts until December 31, 2026 (which may be extended further), during which time Nasdaq Clearing may continue to act as a CCP vis-a-vis UK members.Business (Item 1)

Also named by GS, ICE, MA, V

Ontario Securities Commission

subject tonamed as a risk

In Canada, all new marketplace fees and changes to existing fees, including trading and market data fees, must be filed with and approved by the Ontario Securities Commission.Risk factors (Item 1A)

Financial Conduct Authority (UK)

subject to

In the United Kingdom, The Nasdaq Stock Market, Nasdaq Oslo ASA, Nasdaq Stockholm AB, Nasdaq Copenhagen A/S, and Nasdaq Helsinki Ltd are each subject to regulation by the Financial Conduct Authority as “Recognised Overseas Investment Exchanges.”Business (Item 1)

Also named by AFRM, AJG, AMG, AMP, BGC, BRO, CBOE, COF and 17 more

FINRA

depends on

Under these agreements, FINRA personnel act as our agents in performing the regulatory functions outlined above, and FINRA bills us a fee for these services.Business (Item 1)

Also named by AJG, ARES, BGC, CBOE, CG, GLXY, JXN, KKR and 7 more

Swedish Financial Supervisory Authority (SFSA)

subject to

In Sweden, general supervision of the Nasdaq Stockholm exchange is carried out by the SFSA, while Nasdaq Clearing’s role as CCP in the clearing of derivatives is supervised by the SFSA and overseen by the Swedish central bank.Business (Item 1)

Dodd-Frank Act / CFTC

subject to

The Dodd-Frank Wall Street Reform and Consumer Protection Act resulted in increased CFTC regulation of our use of certain regulated derivatives products, as well as the operations of some of our subsidiaries outside the U.S. and their customers.Business (Item 1)

Laws and programs

Consolidated Audit Trail (CAT)

subject to · $99 millionnamed as a risk

As of December 31, 2025, we have an outstanding net receivable of $99 million in connection with our portion of expenses related to the CAT implementation.Risk factors (Item 1A)

Also named by ICE

Digital Operational Resilience Act (DORA)

subject tonamed as a risk

We are also subject to the Digital Operational Resilience Act, or DORA.Business (Item 1)

Also named by FISV, GPN, ICE, NTAP, ZETA

MiFID II / MiFIR

subject tonamed as a risk

There is a risk that a different interpretation of these terms may influence the fees for European market data products adversely.Risk factors (Item 1A)

Also named by CBOE

EU Benchmarks Regulation

subject tonamed as a risk

Additionally, we are subject to the obligations under the Benchmarks Regulation ((EU) 2016/1011), compliance with which could be costly or cause a change in our business practices.Risk factors (Item 1A)

Also named by ICE

SEC access fee rule (2024)

subject tonamed as a risk

Since the rule was not vacated, we will adjust our business model in accordance with the rule, and the implementation of the rule in November 2026 may adversely impact our business and revenue.Risk factors (Item 1A)

Canadian Securities Administrators Data Fees Methodology

subject tonamed as a risk

The Canadian Securities Administrators adopted a Data Fees Methodology that restricts the total amount of fees that can be charged for professional uses by all marketplaces to a reference benchmark.Risk factors (Item 1A)

Regulation SCI

subject to

We implemented an inter-disciplinary program to ensure compliance with Regulation SCI.Business (Item 1)

Also named by ICE

UTP Plan

earns from

The Nasdaq Stock Market serves as the processor for the UTP Plan pursuant to a contract through October 2029.Business (Item 1)

Regulation NMS

subject to

After deducting costs, the plan administrators distribute the tape revenues to the respective plan participants based on a formula required by Regulation NMS that takes into account both trading and quoting activity.Business (Item 1)

EMIR

subject to

Nasdaq Clearing holds the license as a CCP under EMIR.Business (Item 1)