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NDAQ Q2 2025 request
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| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Revenue (Q) | — | — | — |
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| Capital Access Platforms: · Operating Segments | 527 | 481 | +9.6% |
| Financial Technology: · Operating Segments | 464 | 420 | +10.5% |
| Market Services · Operating Segments | 1,090 | 883 | +23.4% |
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| Non Us | 402 | 371 | +8.4% |
| US | 1,688 | 1,421 | +18.8% |
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| Revenue | 2,090 | 1,792 | +16.6% |
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| Corporate Non Segment | 9 | 8 | +12.5% |
| Material Reconciling Items | 9 | 8 | +12.5% |
| Cost of Revenue (Q) | — | — | — |
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| Brokerage, clearance and exchange fees | -155 | -150 | -3.3% |
| Transaction rebates | -629 | -483 | -30.2% |
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| Market Services · Operating Segments | -784 | -633 | -23.9% |
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| Cost of Revenue | -784 | -633 | -23.9% |
| Gross Profit (Q) | — | — | — |
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| Service Other · Material Reconciling Items | 9 | 8 | +12.5% |
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| Capital Access Platforms: · Data & Listing Services | 198 | 187 | +5.9% |
| Capital Access Platforms: · Index | 196 | 167 | +17.4% |
| Capital Access Platforms: · Workflow & Insights | 133 | 127 | +4.7% |
| Financial Technology: · Capital Markets Technology | 279 | 258 | +8.1% |
| Financial Technology: · Financial Crime Management Technology | 81 | 67 | +20.9% |
| Financial Technology: · Regulatory Technology | 104 | 95 | +9.5% |
| Market Services · Operating Segments | 306 | 250 | +22.4% |
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| Gross Profit | 1,306 | 1,159 | +12.7% |
| Labor And Related Expense (Q) | — | — | — |
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| Labor And Related Expense | 352 | 328 | +7.3% |
| Professional Fees (Q) | — | — | — |
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| Professional Fees | 39 | 39 | 0.0% |
| Communications And Information Technology (Q) | — | — | — |
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| Communications And Information Technology | 79 | 69 | +14.5% |
| Occupancy Net (Q) | — | — | — |
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| Occupancy Net | 30 | 27 | +11.1% |
| General & Administrative (Q) | — | — | — |
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| General & Administrative | 23 | 30 | -23.3% |
| Marketing And Advertising Expense (Q) | — | — | — |
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| Marketing And Advertising Expense | 14 | 12 | +16.7% |
| Depreciation And Amortization (Q) | — | — | — |
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| Capital Access Platforms: · Operating Segments | 12 | 11 | +9.1% |
| Financial Technology: · Operating Segments | 13 | 10 | +30.0% |
| Market Services · Operating Segments | 11 | 10 | +10.0% |
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| Depreciation And Amortization | 158 | 153 | +3.3% |
| Regulatory Expenses (Q) | — | — | — |
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| Regulatory Expenses | 14 | 18 | -22.2% |
| Business Combination Acquisition Related Costs (Q) | — | — | — |
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| Business Combination Acquisition Related Costs | 20 | 4 | +400.0% |
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| Corporate Non Segment | 20 | 4 | +400.0% |
| Restructuring Charges (Q) | — | — | — |
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| Restructuring Charges | 9 | 56 | -83.9% |
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| Corporate Non Segment | 9 | 56 | -83.9% |
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| Consulting services · Adenza restructuring | 1 | 3 | -66.7% |
| Employee Severance · Adenza restructuring | 7 | 8 | -12.5% |
| Other Restructuring | 9 | 56 | -83.9% |
| Other Restructuring · Adenza restructuring | 1 | 2 | -50.0% |
| Operating Expenses (Q) | — | — | — |
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| Operating Expenses | 738 | 736 | +0.3% |
| Operating Income (Q) | — | — | — |
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| Capital Access Platforms: · Operating Segments | 306 | 271 | +12.9% |
| Financial Technology: · Operating Segments | 217 | 199 | +9.0% |
| Market Services · Operating Segments | 194 | 146 | +32.9% |
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| Operating Income | 568 | 423 | +34.3% |
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| Corporate Non Segment | -149 | -193 | +22.8% |
| Interest Income (Q) | — | — | — |
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| Interest Income | 12 | 6 | +100.0% |
| Interest Expense (Q) | — | — | — |
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| Interest Expense | -95 | -102 | +6.9% |
| Other Non-Operating Income (Expense) (Q) | — | — | — |
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| Other Non-Operating Income (Expense) | 1 | 12 | -91.7% |
| Income Loss From Equity Method Investments (Q) | — | — | — |
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| Income Loss From Equity Method Investments | 23 | 2 | +1050.0% |
| Income Before Taxes (Q) | — | — | — |
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| Income Before Taxes | 548 | 341 | +60.7% |
| Income Tax Expense (Benefit) (Q) | — | — | — |
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| Income Tax Expense (Benefit) | 96 | 119 | -19.3% |
| Net Income (Q) | — | — | — |
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| Net Income | 452 | 222 | +103.6% |
| Net Income (Q) | — | — | — |
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| Retained Earnings | 452 | 222 | +103.6% |
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| Net Income | 452 | 222 | +103.6% |
| EPS (Basic) (Q) | — | — | — |
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| EPS (Basic) | 0.79 | 0.39 | +102.6% |
| EPS (Diluted) (Q) | — | — | — |
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| EPS (Diluted) | 0.78 | 0.38 | +105.3% |
| Common Stock Dividends Per Share Declared (Q) | — | — | — |
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| Common Stock Dividends Per Share Declared | 0.27 | 0.24 | +12.5% |
| Total Costs & Expenses (Q) | — | — | — |
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| Capital Access Platforms: · Operating Segments | 180 | 169 | +6.5% |
| Financial Technology: · Operating Segments | 220 | 199 | +10.6% |
| Market Services · Operating Segments | 92 | 83 | +10.8% |
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| Total Costs & Expenses | 492 | 451 | +9.1% |
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| Corporate Non Segment | 158 | 201 | -21.4% |
| Comprehensive Income (Q) | — | — | — |
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| Comprehensive Income | 479 | 255 | +87.8% |
| Wtd Avg Shares (Basic) (Q) | — | — | — |
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| Wtd Avg Shares (Basic) | 574,073,104 | 576,375,433 | -0.4% |
| Wtd Avg Shares (Diluted) (Q) | — | — | — |
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| Wtd Avg Shares (Diluted) | 578,981,157 | 578,950,776 | 0.0% |
| Other Expenses (Q) | — | — | — |
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| Capital Access Platforms: · Operating Segments | 41 | 41 | 0.0% |
| Financial Technology: · Operating Segments | 27 | 22 | +22.7% |
| Market Services · Operating Segments | 20 | 21 | -4.8% |
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| Other Expenses | 246 | 285 | -13.7% |
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| Corporate Non Segment | 158 | 201 | -21.4% |
Balance Sheet
| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents (Q) | — | — | — |
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| Cash & Cash Equivalents | 732 | 416 | +76.0% |
| Restricted Cash And Cash Equivalents At Carrying Value (Q) | — | — | — |
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| Restricted Cash And Cash Equivalents At Carrying Value | 195 | 24 | +712.5% |
| Default Funds And Margin Deposits Assets (Q) | — | — | — |
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| Central bank certificates | 698 | 1,094 | -36.2% |
| Dem and Deposits | 2,576 | 3,943 | -34.7% |
| European government debt securities | 320 | 124 | +158.1% |
| Investments | 1,944 | 509 | +281.9% |
| Multilateral development bank debt securities | 230 | 155 | +48.4% |
| Repurchase Agreements | 1,394 | 230 | +506.1% |
| Restricted Cash and Equivalents | 3,274 | 5,037 | -35.0% |
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| Default Funds And Margin Deposits Assets | 5,218 | 5,546 | -5.9% |
| Trading Securities Debt (Q) | — | — | — |
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| Fair Value Inputs Level1 · Bank Time Deposits | 2 | — | — |
| Fair Value Inputs Level1 · European government debt securities | 82 | 168 | -51.2% |
| Fair Value Inputs Level1 · Fair Value Measurements Recurring | 84 | 168 | -50.0% |
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| Bank Time Deposits · Fair Value Measurements Recurring | 2 | — | — |
| European government debt securities · Fair Value Measurements Recurring | 82 | 168 | -51.2% |
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| Trading Securities Debt | 84 | 174 | -51.7% |
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| Fair Value Measurements Recurring | 84 | 174 | -51.7% |
| Receivables Net Current (Q) | — | — | — |
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| Receivables Net Current | 896 | 960 | -6.7% |
| Other Assets Current (Q) | — | — | — |
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| Other Assets Current | 227 | 189 | +20.1% |
| Total Current Assets (Q) | — | — | — |
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| Total Current Assets | 7,352 | 7,309 | +0.6% |
| Marketable Securities (Current) (Q) | — | — | — |
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| Nasdaq Clearing | 157 | 122 | +28.7% |
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| Property, Plant & Equipment (Q) | — | — | — |
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| Non Us | 214 | — | — |
| US | 442 | — | — |
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| Property, Plant & Equipment | 656 | — | — |
| Goodwill (Q) | — | — | — |
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| Capital Access Platforms: | 4,280 | — | — |
| Financial Technology: | 7,946 | — | — |
| Market Services | 2,102 | — | — |
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| Goodwill | 14,328 | — | — |
| Operating Lease Right-of-Use Assets (Q) | — | — | — |
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| Operating Lease Right-of-Use Assets | 441 | 400 | +10.2% |
| Other Non-Current Assets (Q) | — | — | — |
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| Other Non-Current Assets | 865 | 790 | +9.5% |
| Total Assets (Q) | — | — | — |
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| Total Assets | 30,383 | 30,210 | +0.6% |
| Intangible Assets (Q) | — | — | — |
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| Intangible Assets | 5,512 | 5,984 | -7.9% |
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| Customer Relationships | 4,418 | 4,693 | -5.9% |
| Developed Technology Rights | 788 | 986 | -20.1% |
| Foreign currency translation adjustment | -56 | -80 | +30.0% |
| Trade names and other | 362 | 385 | -6.0% |
| Other Assets | |||
| Intangible Assets Net Excluding Goodwill (Q) | — | — | — |
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| Intangible Assets Net Excluding Goodwill | 6,741 | 7,171 | -6.0% |
| Current Liabilities | |||
| Accounts Payable And Accrued Liabilities Current (Q) | — | — | — |
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| Accounts Payable And Accrued Liabilities Current | 246 | 301 | -18.3% |
| Section Thirty One Fees Payable (Q) | — | — | — |
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| Section Thirty One Fees Payable | 411 | 213 | +93.0% |
| Employee Related Liabilities Current (Q) | — | — | — |
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| Employee Related Liabilities Current | 280 | 213 | +31.5% |
| Deferred Revenue (Current) (Q) | — | — | — |
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| Deferred Revenue (Current) | 848 | 736 | +15.2% |
| Other Liabilities Current (Q) | — | — | — |
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| Other Liabilities Current | 154 | 234 | -34.2% |
| Default Funds And Margin Deposits Liabilities (Q) | — | — | — |
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| Default Funds And Margin Deposits Liabilities | 5,218 | 5,546 | -5.9% |
| Debt Current (Q) | — | — | — |
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| Debt Current | 500 | 548 | -8.8% |
| Total Current Liabilities (Q) | — | — | — |
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| Total Current Liabilities | 7,657 | 7,791 | -1.7% |
| Non-Current Liabilities | |||
| Long-Term Debt (Q) | — | — | — |
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| Long-Term Debt | 8,678 | 9,249 | -6.2% |
| Deferred Tax Liabilities (Q) | — | — | — |
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| Deferred Tax Liabilities | 1,540 | 1,632 | -5.6% |
| Operating Lease Liabilities (Q) | — | — | — |
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| Operating Lease Liabilities | 453 | 409 | +10.8% |
| Other Non-Current Liabilities (Q) | — | — | — |
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| Other Non-Current Liabilities | 237 | 221 | +7.2% |
| Total Liabilities (Q) | — | — | — |
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| Total Liabilities | 18,565 | 19,302 | -3.8% |
| Long-Term Debt (Q) | — | — | — |
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| Long-Term Debt | 8,678 | 9,249 | -6.2% |
| Stockholders' Equity | |||
| Common Stock Value Outstanding (Q) | — | — | — |
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| Common Stock Value Outstanding | 6 | 6 | 0.0% |
| Additional Paid-In Capital (Q) | — | — | — |
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| Additional Paid-In Capital | 5,425 | 5,528 | -1.9% |
| Treasury Stock Common Value (Q) | — | — | — |
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| Treasury Stock Common Value | -706 | -641 | -10.1% |
| Accumulated Other Comprehensive Income (Q) | — | — | — |
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| Accumulated Other Comprehensive Income | -1,869 | -2,011 | +7.1% |
| Retained Earnings (Q) | — | — | — |
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| Retained Earnings | 8,955 | 8,016 | +11.7% |
| Total Stockholders' Equity (Q) | — | — | — |
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| Total Stockholders' Equity | 11,811 | 10,898 | +8.4% |
| Minority Interest (Q) | — | — | — |
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| Minority Interest | 7 | 10 | -30.0% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest (Q) | — | — | — |
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| Accumulated Other Comprehensive Income | -1,869 | -2,011 | +7.1% |
| Additional Paid In Capital | 5,425 | 5,528 | -1.9% |
| Noncontrolling Interest | 7 | 10 | -30.0% |
| Retained Earnings | 8,955 | 8,016 | +11.7% |
| Total Nasdaq stockholders’ equity | 11,811 | 10,898 | +8.4% |
| Treasury Stock Common | -706 | -641 | -10.1% |
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| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 11,818 | 10,908 | +8.3% |
| Total Liabilities & Equity (Q) | — | — | — |
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| Total Liabilities & Equity | 30,383 | 30,210 | +0.6% |
Cash Flow Statement
| Metric | YTD Q2 2025 | YTD Q2 2024 | YoY |
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| Operating Activities | |||
| Stock-Based Compensation (YTD) | — | — | — |
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| Stock-Based Compensation | 81 | 69 | +17.4% |
| Deferred Income Taxes (YTD) | — | — | — |
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| Deferred Income Taxes | 12 | -40 | +130.0% |
| Other Non-Cash Items (YTD) | — | — | — |
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| Other Non-Cash Items | -9 | 16 | -156.2% |
| Increase Decrease In Receivables (YTD) | — | — | — |
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| Increase Decrease In Receivables | 145 | -56 | +358.9% |
| Increase Decrease In Other Operating Assets (YTD) | — | — | — |
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| Increase Decrease In Other Operating Assets | 84 | 2 | +4100.0% |
| Increase Decrease In Accounts Payable And Accrued Liabilities (YTD) | — | — | — |
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| Increase Decrease In Accounts Payable And Accrued Liabilities | -30 | -41 | +26.8% |
| Increase Decrease In Other Accounts Payable (YTD) | — | — | — |
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| Increase Decrease In Other Accounts Payable | 92 | 130 | -29.2% |
| Increase Decrease In Employee Related Liabilities (YTD) | — | — | — |
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| Increase Decrease In Employee Related Liabilities | -60 | -86 | +30.2% |
| Change in Deferred Revenue (YTD) | — | — | — |
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| Change in Deferred Revenue | 118 | 144 | -18.1% |
| Increase Decrease In Other Operating Liabilities (YTD) | — | — | — |
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| Increase Decrease In Other Operating Liabilities | -94 | 67 | -240.3% |
| Net Cash from Operations (YTD) | — | — | — |
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| Net Cash from Operations | 1,409 | 990 | +42.3% |
| Investing Activities | |||
| Payments To Acquire Short Term Investments (YTD) | — | — | — |
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| Payments To Acquire Short Term Investments | -200 | -114 | -75.4% |
| Proceeds From Sale Maturity And Collection Of Shortterm Investments (YTD) | — | — | — |
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| Proceeds From Sale Maturity And Collection Of Shortterm Investments | 325 | 119 | +173.1% |
| Proceeds From Divestiture Of Businesses Net Of Cash Divested (YTD) | — | — | — |
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| Proceeds From Divestiture Of Businesses Net Of Cash Divested | 52 | — | — |
| Capital Expenditures (YTD) | — | — | — |
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| Capital Expenditures | -108 | -91 | -18.7% |
| Payments For Proceeds From Default Funds And Margin Deposits (YTD) | — | — | — |
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| Payments For Proceeds From Default Funds And Margin Deposits | -375 | 86 | -536.0% |
| Other Investing Activities (YTD) | — | — | — |
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| Other Investing Activities | -11 | -18 | +38.9% |
| Net Cash from Investing (YTD) | — | — | — |
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| Net Cash from Investing | -317 | -18 | -1661.1% |
| Financing Activities | |||
| Repayments Of Long Term Debt (YTD) | — | — | — |
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| Repayments Of Long Term Debt | -657 | -340 | -93.2% |
| Share Repurchases (YTD) | — | — | — |
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| Share Repurchases | -215 | -58 | -270.7% |
| Payments Of Dividends (YTD) | — | — | — |
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| Payments Of Dividends | -293 | -265 | -10.6% |
| Proceeds From Issuance Of Common Stock (YTD) | — | — | — |
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| Proceeds From Issuance Of Common Stock | 28 | 21 | +33.3% |
| Payments Related To Employee Shares Withheld For Taxes (YTD) | — | — | — |
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| Payments Related To Employee Shares Withheld For Taxes | -59 | -54 | -9.3% |
| Increase Decrease In Default Fund Contributions And Margin Deposits (YTD) | — | — | — |
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| Increase Decrease In Default Fund Contributions And Margin Deposits | -1,350 | -1,396 | +3.3% |
| Proceeds From Payments For Other Financing Activities (YTD) | — | — | — |
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| Proceeds From Payments For Other Financing Activities | 1 | — | — |
| Net Cash from Financing (YTD) | — | — | — |
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| Net Cash from Financing | -2,545 | -2,333 | -9.1% |
| Supplemental | |||
| Interest Paid (YTD) | — | — | — |
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| Interest Paid | 209 | 226 | -7.5% |
| Income Taxes Paid (YTD) | — | — | — |
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| Income Taxes Paid | 176 | 102 | +72.5% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents (YTD) | — | — | — |
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| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 648 | -280 | +331.4% |
| Net Change in Cash (YTD) | — | — | — |
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| Net Change in Cash | -805 | -1,641 | +50.9% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents (Q) | — | — | — |
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| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 4,201 | 5,477 | -23.3% |
| Restricted Cash And Equivalents In Default Funds And Margin Deposits (Q) | — | — | — |
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| Restricted Cash And Equivalents In Default Funds And Margin Deposits | 3,274 | 5,037 | -35.0% |
Values in millions USD. Source: SEC EDGAR 10-Q filing.