纳斯达克 2025年季度报告

For the quarterly period endedJune 30, 2025 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGEACT OF 1934 Registrant’s telephone number, including area code: +1212401 8700 The Nasdaq Stock Market 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 filingrequirements for the past 90 days.Yes☒No☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.ClassOutstanding at July 17, 2025 Financial StatementsCondensed Consolidated Balance Sheets Condensed Consolidated Statements of IncomeCondensed Consolidated Statements of Comprehensive Income Condensed Consolidated Statements of Changes in Stockholders' EquityCondensed Consolidated Statements of Cash Flows Notes to Condensed Consolidated Financial StatementsManagement’s Discussion and Analysis of Financial Condition and Results of OperationsQuantitative and Qualitative Disclosures About Market Risk Unregistered Sales of Equity Securities and Use of Proceeds Mine Safety DisclosuresOther Information ExhibitsSIGNATURESi Nasdaq BX, Inc.•“Nasdaq BX Options” refers to the options exchange operated by Nasdaq BX, Inc. •“Nasdaq Clearing” refers to the clearing operations conductedby Nasdaq Clearing AB.•“Nasdaq CXC” and “Nasdaq CX2” refer to the Canadian cashequity trading books operated by Nasdaq CXC Limited.•“Nasdaq First North” refers to our alternative marketplaces forsmaller companies and growth companies in the Nordic andBaltic regions.•“Nasdaq GEMX” refers to the options exchange operated byNasdaq GEMX, LLC.•“NasdaqISE”refers to the options exchange operated by2033 Notes: €615 million aggregate principal amount issued of0.900% senior unsecured notes due July 30, 20332034 Notes: $1.25 billion aggregate principal amount issued of5.550% senior unsecured notes due February 15, 20342040 Notes: $650 million aggregate principal amount issued of2.500% senior unsecured notes due December 21, 20402050 Notes: $500 million aggregate principal amount issued of3.250% senior unsecured notes due April 28, 20502052 Notes: $550 million aggregate principal amount issued of3.950% senior unsecured notes due March 7, 20522053 Notes: $750 million aggregate principal amount issued of •“Nasdaq MRX” refers to the options exchange operated byNasdaq MRX, LLC.5.950% senior unsecured notes due August 15, 20532063 Notes: $750 million aggregate principal amount issued of •“Nasdaq Nordic” refers to collectively, Nasdaq Clearing AB, NasdaqStockholm AB,Nasdaq Copenhagen A/S,NasdaqAdenza: Adenza Holdings, Inc. Helsinki Ltd, and Nasdaq Iceland hf.•“Nasdaq PHLX” refers to the options exchange operated byAI: Artificial IntelligenceARR: Annualized Recurring Revenue Nasdaq PHLX LLC.•“Nasdaq PSX” refers to the cash equity exchange operated byAUM: Assets Under Management Nasdaq PHLX LLC.CCP: Central Counterparty •“The Nasdaq Options Market” refers to the options exchangeCAT: A market-wide consolidated audit trail established under anSEC approved plan by Nasdaq and other exchanges operated by The Nasdaq Stock Market LLC.EMIR: European Market Infrastructure Regulation and listing venue operated by The Nasdaq Stock Market LLC.Nasdaqalso provides the following list of abbreviations andEquity Plan: Nasdaq Equity Incentive PlanESPP: Nasdaq Employee Stock Purchase Plan acronyms used throughout this Quarterly Report on Form 10-Q as atool for the reader.ETP: Exchange Traded ProductEuro Notes: The 2029, 2030, 2032 and 2033 Notes revolving credit facility, which matures on December 16, 2027Exchange Act: Securities Exchange Act of 1934, as amendedFINRA: Financial Industry Regulatory Authority 5.650% senior unsecured notes, repaid in full by June 20252026 Notes: $500 million aggregate principal amount issued of3.850% senior unsecured notes due June 30, 20262028 Notes: $1 billion aggregate principal amount issued of 5.350%senior unsecured notes due June 28, 2028GICS: Global Industry Classification StandardIPO: Initial Public OfferingNasdaq eligible IPO win rate: Eligible IPO win rate includes onlycompanies that meet quantitative Nasdaq listing standards.NSCC: National Securities Clearing Corporation OCC: The Options Clearing CorporationOTC: Over-the-Counterii SEC: U.S. Securities and Exchange CommissionSERP: Supplemental Executive Retirement PlanSFSA: Swedish Financial Supervisory AuthoritySOFR: Secured Overnight Financing RateSPAC: Special Purpose Acquisition CompanyS&P: Standard & Poor'sS&P 500: S&P 500 Stock IndexTSR: Total Shareholder ReturnU.S. GAAP: U.S. Generally Accepted Accounting PrinciplesU.S. Tape plans: U.S. cash equity and U.S. options indu