NASDAQ, INC.NDAQ

NASDAQ, INC. Leases Disclosure

10-KFiled Feb 12, 20263 min read
LEASES
We have operating leases, which are primarily real estate
leases, predominantly for our U.S. and European
headquarters, data centers and for general office space. The
following table provides supplemental balance sheet
information related to Nasdaq’s operating leases:
Balance Sheet
Classification
December 31, 2025
December 31, 2024
Assets:
(in millions)
Operating
lease
assets
Operating
lease assets
$447
$375
Liabilities:
Current
lease
liabilities
Other current
liabilities
$60
$55
Non-
current
lease
liabilities
Operating
lease
liabilities
462
388
Total lease
liabilities
$522
$443
The following table summarizes Nasdaq’s lease cost:
Year Ended December 31,
2025
2024
2023
(in millions)
Operating lease cost
$82
$78
$88
Variable lease cost
44
37
44
Sublease income
(2)
(3)
(3)
Total lease cost
$124
$112
$129
In the table above, operating lease costs include short-term
lease costs, which were immaterial.
There were no material operating lease assets impairments in
2025 and 2024. In the first quarter of 2023, we initiated a
review of our real estate and facility capacity requirements
due to our new and evolving work models. As a result of this
ongoing review, for the year ended December 31, 2023, we
recorded impairment charges of $23 million, of which
$13 million related to operating lease asset impairment and is
included in operating lease cost in the table above, $5 million
related to exit costs and is included in variable lease cost in
the table above and $5 million related to impairment of
leasehold improvements, which are recorded in depreciation
and amortization expense in the Consolidated Statements of
Income. We fully impaired our lease assets for locations that
we vacated with no intention to sublease. Substantially all of
the property, equipment and leasehold improvements
associated with the vacated leased office space were fully
impaired as there are no expected future cash flows for these
items.
The following table reconciles the undiscounted cash flows
for the following years and total of the remaining years to the
operating lease liabilities recorded in the Consolidated
Balance Sheets.
December 31, 2025
(in millions)
2026
$80
2027
81
2028
77
2029
75
2030
69
2031+
242
Total lease payments
$624
Less: interest
(102)
Present value of lease liabilities
$522
In the table above, interest is calculated using an incremental
borrowing rate for each lease. Present value of lease
liabilities includes the current portion of $60 million.
Total lease payments in the table above excludes $14 million
of legally binding minimum lease payments for leases signed
but not yet commenced.
The following table provides information related to Nasdaq’s
lease term and discount rate:
December 31, 2025
Weighted-average remaining lease term
(in years)
8.4
Weighted-average discount rate
4.2%
The following table provides supplemental cash flow
information related to Nasdaq’s operating leases:
Year Ended December 31,
2025
2024
2023
(in millions)
Cash paid for amounts included
in the measurement of operating
lease liabilities
$83
$84
$78
Lease assets obtained in exchange
for operating lease liabilities
$129
$34
$26

Historical Timeline

Fiscal YearFiled
2025Feb 12, 2026Showing above
2024Feb 21, 2025
2023Feb 21, 2024
2022Feb 23, 2023
2021Feb 23, 2022
2020Feb 23, 2021
2019Feb 25, 2020
2018Feb 22, 2019
2017Feb 28, 2018
2016Mar 1, 2017
2015Feb 26, 2016

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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