NDAQ 10-Q filed 2026-10-22 | Key takeaways
NDAQ filed its 10-Q; the most relevant disclosure change is expanded Acquisitions and Divestitures: Nasdaq completed the Dasseti acquisition in September 2026, sold Nasdaq Fund Secondaries to NPM in exchange for additional NPM equity, sold Nasdaq Metrio's platform and customer contracts in August and began winding down its sustainability advisory business th. Customer concentration: No single customer represented <10.0% of revenue.
Key takeaways
Acquisitions and divestitures: Nasdaq completed the Dasseti acquisition, sold Nasdaq Fund Secondaries and Nasdaq Metrio assets, began winding down its sustainability advisory business and subsequently acquired the remaining interests in LeveL Markets.
Digital assets: Nasdaq formed Digital Liquidity Networks under Market Services to focus on digital assets and market modernization, with LeveL Markets designated for integration into the new organization.
Capital return: Remaining share-repurchase authorization declined to $2.2 billion from $2.5 billion at June 30; Nasdaq also entered a $385 million October ASR expected to settle in the fourth quarter of 2026.
Strategic investment: Nasdaq purchased $100 million of Payward, Inc. Series E preferred stock, with Payward identified as the parent company of Kraken.
Legal and regulatory: A favorable legal settlement produced a $16 million favorable corporate legal and regulatory item, while the European Commission's formal antitrust investigation remained unresolved.
Restructuring: Nasdaq recorded no restructuring charges in Q3 2026, compared with $14 million in Q2 2026; the Adenza restructuring program had already been completed.
Customer concentration: No single customer accounted for 10.0% or more of revenue in either the three or nine months ended September 30, 2026.
Key metrics
Customer concentration
Disclosure changes
- Acquisitions and Divestitures
Nasdaq completed the Dasseti acquisition in September 2026, sold Nasdaq Fund Secondaries to NPM in exchange for additional NPM equity, sold Nasdaq Metrio's platform and customer contracts in August and began winding down its sustainability advisory business through 2027. In October 2026, Nasdaq acquired the remaining interests in LeveL Markets.
The current filing adds completed acquisition and disposition accounting, changes to Workflow & Insights and Corporate, and a subsequent acquisition for Market Services. - Goodwill and Acquired Intangible Assets
The goodwill rollforward added $70 million of goodwill acquired in Capital Access Platforms during the nine months ended September 30, 2026. Nasdaq reported no goodwill impairment and no additional material intangible-asset impairment beyond the previously disclosed $20 million Nordic power futures impairment.
The new goodwill addition places the completed acquisition into the reported asset base without a disclosed goodwill impairment. - Digital Liquidity Networks
Nasdaq formed Digital Liquidity Networks in Q3 2026 under Market Services, with a focus on digital assets and market modernization. LeveL Markets will be integrated into the new organization.
The filing establishes a new organizational structure for digital-asset activity and the LeveL Markets integration. - Investments
Nasdaq purchased $100 million of Payward, Inc. Series E preferred stock in September 2026. Payward is the parent company of Kraken; the investment is generally redeemable at cost after ten years, may convert in a qualifying IPO and is classified as Level 3 with no fair-value change during the period.
The filing adds a $100 million Level 3 digital-asset infrastructure investment and related redemption and conversion terms. - Nasdaq Stockholders' Equity
Remaining repurchase authorization declined to $2.2 billion, and Nasdaq repurchased 3,567,940 shares during Q3 at an average price of $90.47. The July $250 million ASR settled in September for 2,175,752 shares plus $48 million cash, and Nasdaq entered a new $385 million ASR in October.
The filing records a completed ASR, another pending ASR and a further reduction in repurchase authorization. - Legal and Regulatory Matters
The Q3 corporate segment included a $16 million favorable legal and regulatory item from a legal settlement recorded in general, administrative and other expense. The European Commission's November 2025 formal antitrust investigation continued without a disclosed resolution.
The settlement explains much of the sequential reduction in general, administrative and other expense and was excluded from non-GAAP results, while the antitrust matter remains unresolved.
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