NDAQNasdaqSecurity & Commodity Brokers, Dealers, Exchanges & ServicesUS GAAP · USD

Nasdaq, Inc

Nasdaq, Inc. operates market infrastructure, data, and software businesses that support capital raising, trading, surveillance, and risk management across global financial markets. The company runs three segments: Capital Access Platforms, Financial Technology, and Market Services, combining exchange operations with recurring software, data, and analytics revenue.

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Revenue8,262m USD
+11.6 %y/y
Operating profit (EBIT)2,331m USD
+29.6 %y/y
EBIT margin28.2%
+3.9 ppy/y
Net income1,788m USD
+60.1 %y/y
Free cash flow1,989m USD
+14.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02,0004,0006,0008,00010,000m USD2020: 5,625 m USD2020: EBIT 1,234 m USD20202021: 5,886 m USD2021: EBIT 1,441 m USD20212022: 6,226 m USD2022: EBIT 1,564 m USD20222023: 6,064 m USD2023: EBIT 1,578 m USD20232024: 7,400 m USD2024: EBIT 1,798 m USD20242025: 8,262 m USD2025: EBIT 2,331 m USD20258,2622,331
RevenueOperating profit (EBIT)
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Business

Share of revenue
Capital Access Platforms42 %

Listing services, index licensing, market data, and workflow/insights tools for issuers and investors.

Financial Technology24 %

Regulatory technology, financial crime management, capital markets software, and related SaaS solutions.

Market Services34 %

Cash equities, derivatives, and market access services tied to exchange and trading activity.

Customers

Nasdaq sells to corporate issuers, investment managers, banks, brokers, and exchange operators that need access to capital markets, market data, and trading infrastructure. It also serves financial institutions and market participants that buy software for surveillance, compliance, risk, and post-trade operations. Demand is driven by listing activity, trading volumes, asset growth in index-linked products, and clients' need to modernize market infrastructure.

Listed companies and IPO candidates

Buy listing services, market visibility, and issuer support to access capital and liquidity.

Asset managers and ETP sponsors

License Nasdaq indices and related products to launch and manage index-linked funds and derivatives.

Banks, brokers, and exchange operators

Use market data, trading access, and infrastructure services to route orders and operate markets.

Financial institutions and regulated firms

Buy Verafin, AxiomSL, Calypso, and surveillance tools for AML, risk, and regulatory reporting.

Corporate relations and governance clients

Use Workflow & Insights and corporate solutions for investor relations, ESG, and communications.

Strategy

Nasdaq's strategy is to deepen its role as a technology platform for capital markets by combining exchange, data, and software capabilities under a single go-to-market model. Management is emphasizing recurring revenue growth through cross-sell, upsell, and integration of acquired platforms such as Verafin and Adenza, while also extending leadership in listings and index products. The company is also using product launches and international expansion to broaden its addressable market and reduce dependence on any single revenue stream.

Grow recurring technology revenueMedium term

Software, data, and analytics are less cyclical than trading activity and improve revenue quality.

Maintain listing leadershipShort term

Listings drive issuer fees, market visibility, and long-term ecosystem strength.

Scale index and ETP licensingMedium term

Index-linked products create recurring, asset-based revenue tied to market adoption.

Broaden global market infrastructure footprintLong term

International reach diversifies demand and supports the One Nasdaq platform strategy.

Geography

Q1/2026

Nasdaq is headquartered in the United States but operates as a global exchange and technology platform with major businesses in the U.S., Nordics, and other international markets. Its listing, market services, and data businesses are most exposed to U.S. trading volumes and IPO activity, while Nordic and Baltic exchanges add regional diversification and some foreign-currency exposure. The company also sells software and data internationally, so results are influenced by global capital markets conditions and cross-border client demand.

United States71 %
Other countries (US filing)29 %

Share of the revenue the company reports by geography.

Risks

Nasdaq is exposed to market cycles because trading volumes, IPO activity, and asset values directly affect several of its revenue streams. It also faces competitive pressure from other exchanges, index providers, and software vendors, while acquisitions and divestitures add integration, execution, and valuation risk. Regulatory change, legal matters, and impairment risk are important because the business depends on regulated market infrastructure and acquired intangible assets.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Market cycle sensitivity1Competitive pressure2Regulatory and legal risk3Impairment risk4Acquisition and integration risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Market cycle sensitivityImpact: HighLikelihood: Medium

    Trading volumes, IPOs, and index asset values drive several revenue lines and can weaken in downturns.

    ExposureU.S. cash equitiesOptionsListingsIndex-linked products
  2. Competitive pressureImpact: HighLikelihood: Medium

    Nasdaq competes with other exchanges, index providers, and software vendors on price and product breadth.

    ExposureListingsIndicesAnalyticsFinancial technology
  3. Regulatory and legal riskImpact: MediumLikelihood: Medium

    Exchange, broker-dealer, and surveillance businesses operate in heavily regulated markets and face enforcement exposure.

    ExposureSECFINRAState regulatorsInternational market rules
  4. Impairment riskImpact: MediumLikelihood: Medium

    Goodwill and indefinite-lived intangibles must be tested and could be written down if performance weakens.

    Exposure: Acquired businesses and exchange registrations

  5. Acquisition and integration riskImpact: MediumLikelihood: Low

    Growth has relied on acquisitions such as Verafin and Adenza, which can create integration and synergy risk.

    Exposure: Technology platforms and acquired intangible assets

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Accounting

Judgemental items
Revenue recognition on software and implementation contracts

Management must estimate standalone selling prices and progress toward completion, affecting timing of revenue.

Impact: Can shift revenue and margin recognition across periods

Goodwill and indefinite-lived intangible impairment

Acquired businesses and exchange registrations are tested for impairment and may be written down if assumptions weaken.

Impact: Potential non-cash charges to earnings and equity

Divestiture accounting

Gains and losses from business sales, including Nordic power futures and catastrophe risk modeling, affect comparability.

Impact: Creates one-time items in operating results

Legal and regulatory accruals

Settlements and pending matters are accrued when probable and estimable, affecting expenses and liabilities.

Impact: Can move quarterly operating profit materially

Debt extinguishment and interest expense

Financing actions can create gains/losses on extinguishment and change net interest expense.

Impact: Affects non-operating income and leverage analysis

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Last updated: 24/09/2026

Nasdaq, Inc (NDAQ) Revenue, Earnings & Financials 2025 – Clarifo