NASDAQ, INC.
Security & Commodity Brokers, Dealers, Exchanges & Services·NEW YORK, NY·FY end 12/31·CIK 1120193
Risk-factor diff
FY 2025 10-K vs. FY 2024+576 new−798 removed
Net-new paragraphs in the most recent 10-K's Item 1A. Companies rarely add risk language without a real reason — additions here are often a leading signal of management concerns.
NEW · FY 2025
“discussion of our growth strategy, products and services, and”
NEW · FY 2025
“clients to capture opportunities, navigate risk, and strengthen”
NEW · FY 2025
“for the first time including the largest exchange transfer on”
NEW · FY 2025
“conditions, the geopolitical environment, current or expected”
NEW · FY 2025
“inflation, interest rate fluctuations, the threat or imposition of”
+ 25 more new paragraphs not shown
Policies & disclosures
Clawback, anti-hedging, stock ownership, and related-party policies will populate from extracted proxy sections.