NDAQ — what changed in the latest 10-Q
A section-by-section comparison of NDAQ's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-23 vs the prior 10-Q · 2026-04-24
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +64 | −53 | ~8 | 54 |
| Market risk (Item 3) | Text added/removed | +12 | −10 | ~7 | 55 |
| Controls & procedures | Text added/removed | +2 | 0 | 0 | 2 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No paragraph-level changes | 0 | 0 | 0 | 5 |
| Other information | Text added/removed | +1 | −2 | 0 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-23
U.S. cash equities revenues. Market factors also contributed
conditions weaken and result in slower growth or recessions,
Data & Listing Services revenues increased for the three and
partially offset by the impact of prior year delistings and roll-
off of prior period amortization of initial listing fees. The
Text removed vs the prior filing · source: 10-Q · 2026-04-24
•Nasdaq extended its listing leadership with 7 of the top 10
over the last twelve months including $6 billion in the first
quarter of 2026 compared with the same period in 2025 led to
equities revenues. Market factors also contributed to higher
usage, increased annual listings revenues due to new listings,
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-07-23
securities, which pay a fixed rate of interest. These securities
are subject to interest rate risk and the fair value of these
securities will decrease if market interest rates increase. The
obligations are fixed-rate obligations. Interest rates on certain
tranches of notes are subject to adjustment to the extent our
Text removed vs the prior filing · source: 10-Q · 2026-04-24
securities are subject to interest rate risk and the fair value of
these securities will decrease if market interest rates increase.
The impact of an immediate increase to market interest rates,
As of March 31, 2026, all of our outstanding debt obligations
are fixed-rate obligations. Interest rates on certain tranches of
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-07-23
quarter ended June 30, 2026 that have materially affected, or
are reasonably likely to materially affect, Nasdaq’s internal
Other information
Text added vs the prior filing · source: 10-Q · 2026-07-23
plan for the sale of up to 18,000 shares of our common stock
Text removed vs the prior filing · source: 10-Q · 2026-04-24
adopted a Rule 10b5-1 trading plan for the sale of up to 7,556
shares of our common stock subject to certain conditions and
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice