# NASDAQ, INC. (NDAQ) Informational only - not investment advice. CIK: 0001120193 SIC: 6200 Security & Commodity Brokers, Dealers, Exchanges & Services SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Security And Commodity Brokers, Dealers, Exchanges, And Services](/major-group/62/) > [SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services](/industry/6200/) Latest 10-K filed: 2026-02-12 SEC page: https://www.sec.gov/edgar/browse/?CIK=1120193 Filing source: https://www.sec.gov/Archives/edgar/data/1120193/000162828026007703/ndaq-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-12 · accession 0001628280-26-007703 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001120193.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 8,262,000,000 USD | 2025 | verified | | Net income | 1,788,000,000 USD | 2025 | verified | | Assets | 31,053,000,000 USD | 2025 | verified | | Free cash flow | 1,989,000,000 USD | 2025 | computed | | Net margin | 21.64% | 2025 | computed | | Operating margin | 28.21% | 2025 | computed | | Revenue YoY | +11.65% | 2025 | computed | | ROE | 14.62% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. Peer groups: [Brokers, exchanges, and market infrastructure](/compare/brokers-exchanges/) · SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services No market price, no rating, no forecast on this site. Not investment advice. ## Peer comparisons including NDAQ - Brokers, exchanges, and market infrastructure: [peer review](/compare/brokers-exchanges/) · [market-risk page](/compare/brokers-exchanges/risk/) ### Peer percentile fingerprint | Ratio | NDAQ | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 21.6% | 22.5% | 43 | 8 | | Revenue growth | 11.6% | 17.0% | 29 | 8 | | FCF margin | 24.1% | 29.0% | 43 | 8 | | ROE | 14.6% | 14.4% | 57 | 8 | | ROA | 5.8% | 4.1% | 71 | 8 | | Liabilities / equity | 1.54 | 2.91 | 29 | 8 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6200 Security & Commodity Brokers, Dealers, Exchanges & Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 8262000000 | USD | 2025 | 2026-02-12 | | Net income | 1788000000 | USD | 2025 | 2026-02-12 | | Assets | 31053000000 | USD | 2025 | 2026-02-12 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001120193.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 3,704,000,000 | 3,948,000,000 | 4,277,000,000 | 4,258,000,000 | 5,625,000,000 | 5,886,000,000 | 6,226,000,000 | 6,064,000,000 | 7,400,000,000 | 8,262,000,000 | | Net income | 106,000,000 | 729,000,000 | 458,000,000 | 774,000,000 | 933,000,000 | 1,187,000,000 | 1,125,000,000 | 1,059,000,000 | 1,117,000,000 | 1,788,000,000 | | Operating income | 836,000,000 | 991,000,000 | 1,028,000,000 | 1,017,000,000 | 1,234,000,000 | 1,441,000,000 | 1,564,000,000 | 1,578,000,000 | 1,798,000,000 | 2,331,000,000 | | Gross profit | 2,276,000,000 | 2,411,000,000 | 2,526,000,000 | 2,535,000,000 | 2,903,000,000 | 3,420,000,000 | 3,582,000,000 | 3,895,000,000 | 4,649,000,000 | 5,249,000,000 | | Diluted EPS | 0.63 | 4.30 | 2.73 | 4.63 | 1.86 | 2.35 | 2.26 | 2.08 | 1.93 | 3.09 | | Operating cash flow | 776,000,000 | 909,000,000 | 1,028,000,000 | 963,000,000 | 1,252,000,000 | 1,083,000,000 | 1,706,000,000 | 1,696,000,000 | 1,939,000,000 | 2,255,000,000 | | Capital expenditures | 134,000,000 | 144,000,000 | 111,000,000 | 127,000,000 | 188,000,000 | 163,000,000 | 152,000,000 | 158,000,000 | 207,000,000 | 266,000,000 | | Dividends paid | 200,000,000 | 243,000,000 | 280,000,000 | 305,000,000 | 320,000,000 | 350,000,000 | 383,000,000 | 441,000,000 | 541,000,000 | 601,000,000 | | Share buybacks | 100,000,000 | 203,000,000 | 394,000,000 | 200,000,000 | 222,000,000 | 468,000,000 | 308,000,000 | 269,000,000 | 145,000,000 | 616,000,000 | | Assets | 13,411,000,000 | 15,354,000,000 | 15,700,000,000 | 13,924,000,000 | 17,979,000,000 | 20,115,000,000 | 20,868,000,000 | 32,294,000,000 | 30,395,000,000 | 31,053,000,000 | | Liabilities | 8,720,000,000 | 9,474,000,000 | 10,251,000,000 | 8,285,000,000 | 11,543,000,000 | 13,710,000,000 | 14,704,000,000 | 21,467,000,000 | 19,195,000,000 | 18,821,000,000 | | Stockholders' equity | 5,430,000,000 | 5,880,000,000 | 5,449,000,000 | 5,639,000,000 | 6,433,000,000 | 6,395,000,000 | 6,151,000,000 | 10,816,000,000 | 11,191,000,000 | 12,227,000,000 | | Cash and cash equivalents | 403,000,000 | 377,000,000 | 545,000,000 | 332,000,000 | 2,745,000,000 | 393,000,000 | 502,000,000 | 453,000,000 | 592,000,000 | 604,000,000 | | Free cash flow | 642,000,000 | 765,000,000 | 917,000,000 | 836,000,000 | 1,064,000,000 | 920,000,000 | 1,554,000,000 | 1,538,000,000 | 1,732,000,000 | 1,989,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 2.86% | 18.47% | 10.71% | 18.18% | 16.59% | 20.17% | 18.07% | 17.46% | 15.09% | 21.64% | | Operating margin | 22.57% | 25.10% | 24.04% | 23.88% | 21.94% | 24.48% | 25.12% | 26.02% | 24.30% | 28.21% | | Return on equity | 1.95% | 12.40% | 8.41% | 13.73% | 14.50% | 18.56% | 18.29% | 9.79% | 9.98% | 14.62% | | Return on assets | 0.79% | 4.75% | 2.92% | 5.56% | 5.19% | 5.90% | 5.39% | 3.28% | 3.67% | 5.76% | | Liabilities / equity | 1.61 | 1.61 | 1.88 | 1.47 | 1.79 | 2.14 | 2.39 | 1.98 | 1.72 | 1.54 | | Current ratio | 1.12 | 1.05 | 0.97 | 1.01 | 1.56 | 0.94 | 0.97 | 1.01 | 0.99 | 1.01 | ## As-reported value updates 4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/NDAQ/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001120193.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.59 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.61 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.54 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 1,451,000,000 | 294,000,000 | 0.60 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 1,647,000,000 | 197,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 1,674,000,000 | 234,000,000 | 0.40 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 1,792,000,000 | 222,000,000 | 0.38 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 1,902,000,000 | 306,000,000 | 0.53 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 2,030,000,000 | 355,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 2,090,000,000 | 395,000,000 | 0.68 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 2,090,000,000 | 452,000,000 | 0.78 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 1,958,000,000 | 423,000,000 | 0.73 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 2,124,000,000 | 518,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 2,137,000,000 | 519,000,000 | 0.91 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 2,532,000,000 | 507,000,000 | 0.89 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from NDAQ's latest 10-K: [/company/NDAQ/business/](/company/NDAQ/business/). ## Risk Factors Verbatim Item 1A Risk Factors from NDAQ's latest 10-K: [/company/NDAQ/risk-factors/](/company/NDAQ/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1120193/000112019326000013/ndaq-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-07-23 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the financial condition and results of operations of Nasdaq should be read in conjunction with our condensed consolidated financial statements and related notes included in this Form 10-Q. Certain percentages and per share amounts herein may not sum or recalculate due to rounding. EXECUTIVE OVERVIEW Nasdaq is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying the technology, data, and advanced analytics that enable our clients to capture opportunities, navigate risk, and strengthen resilience. We manage, operate and provide our products and services in three business segments: Capital Access Platforms, Financial Technology and Market Services. Second Quarter 2026 Highlights and Recent Developments •Nasdaq welcomed seven of the 10 largest operating company IPOs on the U.S. exchanges, including SpaceX, the largest IPO in history with $86 billion in offering proceeds. Nasdaq set a quarterly record for total proceeds raised, with 26 operating company IPOs joining the U.S. listings franchise, raising over $105 billion in offering proceeds. Nasdaq achieved a 74% win rate across eligible U.S. operating companies, direct listings, and SPAC business combinations. •Our Index business generated net inflows of $109 billion over the last twelve months, including $51 billion in the second quarter. Our end-of-period and average ETP AUM reached new milestones, both exceeding $1.0 trillion for the first time ever. During the quarter, Nasdaq launched 34 new products, including 11 in the institutional annuity space and 17 international products. •Financial Technology delivered double-digit revenue growth in each subdivision for the second consecutive quarter. Financial Technology delivered 16% revenue growth and 16% ARR growth. During the second quarter of 2026, Nasdaq signed 58 new clients, 7 cross-sells, and 107 upsells. •Market Services delivered record quarterly net revenues partially driven by record U.S. equity options volumes, supported by record industry volumes. Nasdaq’s Closing Cross achieved new records in notional value traded across both the June Triple Witch and Russell reconstitution. Macroeconomic environment Our business performance can be positively or negatively impacted by a number of factors, including general economic conditions, the accelerated pace of technological change, the geopolitical environment, current or expected inflation, interest rate fluctuations, the threat or imposition of broad- based tariffs, market volatility, changes in investment patterns and priorities, regulatory changes, pandemics and other factors that are generally beyond our control. For example, higher overall U.S. trading volumes for the six months ended June 30, 2026 compared with the same period in 2025 led to an increase in our U.S. equities options and U.S. cash equities revenues. Market factors also contributed to higher valuations in Nasdaq Indices, higher overall volumes in Index derivatives and a strengthening IPO environment. To the extent that global or national economic conditions weaken and result in slower growth or recessions, our business may be negatively impacted. Nasdaq’s Operating Results The following tables summarize our financial performance for the three and six months ended June 30, 2026 compared to the same periods in 2025. For a detailed discussion of our results of operations, see “Segment Operating Results” below. [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Percentage Change"],["","2026","","2025"],["","(in millions, except per share amounts)"],["Revenues less transaction-based expenses","$1,500","","$1,306","","14.9%"],["Operating expenses","788","","738","","6.9%"],["Operating income","$712","","$568","","25.2%"],["Net income attributable to Nasdaq","$507","","$452","","12.2%"],["Diluted earnings per share","$0.89","","$0.78","","14.5%"],["Cash dividends declared per common share","$0.31","","$0.27","","14.8%"],["","Six Months Ended June 30,","","Percentage Change"],["","2026","","2025"],["","(in millions, except per share amounts)"],["Revenues less transaction-based expenses","$2,908","","$2,543","","14.4%"],["Operating expenses","1,539","","1,428","","7.8%"],["Operating income","$1,369","","$1,115","","22.7%"],["Net income attributable to Nasdaq","$1,026","","$847","","21.2%"],["Diluted earnings per share","$1.80","","$1.46","","23.3%"],["Cash dividends declared per common share","$0.58","","$0.51","","13.7%"]] [[/GREPCENT_TABLE]] 28 In countries with currencies other than the U.S. dollar, revenues and expenses are translated using monthly average exchange rates. Impacts on our revenues less transaction- based expenses and operating income associated with fluctuations in foreign currency are discussed in more detail under “Item 3. Quantitative and Qualitative Disclosures About Market Risk.” The following chart summarizes our ARR (in millions): * In the chart above, Other 2Q25 includes $29 million. ARR for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one- time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers. The ARR chart includes: [[GREPCENT_TABLE]] [["\u25aa","Capital Access Platforms"],["","\u25e6","Proprietary market data subscriptions and annual listing fees within our Data & Listing Services business."],["","\u25e6","Index data subscriptions and guaranteed minimum on futures contracts within our Index business."],["","\u25e6","Subscription contracts under our Workflow & Insights business."],["\u25aa","Financial Technology"],["","\u25e6","Subscription contracts excluding non-recurring professional services."],["\u25aa","Other, for 2Q25, includes ARR related to our Solovis business divested in October 2025."]] [[/GREPCENT_TABLE]] The following chart summarizes our quarterly annualized SaaS revenues for June 30, 2026 and 2025 (in millions): * In the chart above, Other 2Q25 includes $29 million. 29 SEGMENT OPERATING RESULTS The following tables present our revenues by segment: [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Percentage Change"],["","2026","","2025"],["","(in millions)"],["Capital Access Platforms","$621","","$520","","19.4%"],["Financial Technology","539","","464","","16.3%"],["Market Services","1,372","","1,101","","24.6%"],["Other revenues","\u2014","","16","","(100.0)%"],["Total revenues","$2,532","","$2,101","","20.6%"],["Transaction rebates","(712)","","(640)","","11.2%"],["Brokerage, clearance and exchange fees","(320)","","(155)","","106.6%"],["Total revenues less transaction-based expenses","$1,500","","$1,306","","14.9%"],["","Six Months Ended June 30,","","Percentage Change"],["","2026","","2025"],["","(in millions)"],["Capital Access Platforms","$1,186","","$1,028","","15.5%"],["Financial Technology","1,057","","896","","17.9%"],["Market Services","2,419","","2,240","","8.0%"],["Other revenues","8","","32","","(75.6)%"],["Total revenues","$4,670","","$4,196","","11.3%"],["Transaction rebates","(1,436)","","(1,224)","","17.2%"],["Brokerage, clearance and exchange fees","(326)","","(429)","","(23.9)%"],["Total revenues less transaction-based expenses","$2,908","","$2,543","","14.4%"]] [[/GREPCENT_TABLE]] The following charts present our Capital Access Platforms, Financial Technology and Market Services segments as a percentage of our total revenues, less transaction-based expenses. 30 Capital Access Platforms The following tables present revenues and ARR from our Capital Access Platforms segment: [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Percentage Change"],["","2026","","2025"],["","(in millions)"],["Data & Listing Services","$217","","$198","","9.6%"],["Index","271","","196","","38.4%"],["Workflow & Insights","133","","126","","5.4%"],["Total Capital Access Platforms","$621","","$520","","19.4%"],["","Six Months Ended June 30,","","Percentage Change"],["","2026","","2025"],["","(in millions)"],["Data & Listing Services","$431","","$391","","10.5%"],["Index","491","","388","","26.5%"],["Workflow & Insights","264","","249","","6.0%"],["Total Capital Access Platforms","$1,186","","$1,028","","15.5%"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","","As of June 30,"],["","","2026","","2025"],["ARR (in millions)","","$1,388","","$1,286"]] [[/GREPCENT_TABLE]] Data & Listing Services Revenues The following tables present key drivers from our Data & Listing Services business: [[GREPCENT_TABLE]] [["","Three Months Ended June 30,"],["","2026","","2025"],["IPOs"],["The Nasdaq Stock Market","68","","79"],["Operating company","26","","38"],["SPACs","42","","41"],["Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic","11","","6"],["Total new listings"],["The Nasdaq Stock Market","188","","194"],["Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic","15","","6"],["","Six Months Ended June 30,"],["IPOs","2026","","2025"],["The Nasdaq Stock Market","131","","142"],["Operating company","41","","83"],["SPACs","90","","59"],["Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic","13","","10"],["Total new listings"],["The Nasdaq Stock Market","364","","364"],["Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic","20","","15"],["","As of June 30,"],["Number of listed companies","2026","","2025"],["The Nasdaq Stock Market","4,659","","4,238"],["Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic","1,109","","1,148"],["ARR (in millions)","$791","","$726"]] [[/GREPCENT_TABLE]] In the tables above: •The number of total listed companies on The Nasdaq Stock Market as of June 30, 2026 and 2025 included 1,243 and 914 ETPs, respectively. •IPOs, new listings (which includes IPOs) and total listed companies for exchanges that comprise Nasdaq Nordic and Nasdaq Baltic represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies listed on the alternative markets of Nasdaq First North. Data & Listing Services revenues increased for the three and six months ended June 30, 2026, compared with the same periods in 2025, primarily due to new data sales to new and existing clients, pricing and usage, and increased revenue from annual and initial listing fees due to new listings, partially offset by the impact of prior year delistings and roll- off of prior period amortization of initial listing fees. The increase in the six months ended June 30, 2026 also included a favorable [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1120193/000162828026007703/ndaq-20251231.htm Complete FY 2025 MD&A: /company/NDAQ/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-02-12 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the financial condition and results of operations of Nasdaq refers to the year over year comparison for the fiscal years ended December 31, 2025 and 2024 and should be read in conjunction with our consolidated financial statements and related notes included in this Form 10-K, as well as the discussion under “Part I, Item 1A. Risk Factors.” For further discussion of our growth strategy, products and services, and competitive strengths, see “Part I, Item 1. Business.” For a similar discussion comparing the fiscal years ended December 31, 2024 and 2023, refer to “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was previously filed with the SEC on February 21, 2025. Certain percentages and per share amounts herein may not sum or recalculate due to rounding. EXECUTIVE OVERVIEW Nasdaq is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying the technology, data, and advanced analytics that enable our clients to capture opportunities, navigate risk, and strengthen resilience. We manage, operate and provide our products and services in three business segments: Capital Access Platforms, Financial Technology and Market Services. 2025 Highlights •Nasdaq extended its listing leadership in 2025 and achieved its seventh consecutive year as the top U.S. exchange by proceeds raised. •In 2025, U.S. operating company IPOs on Nasdaq raised over $24 billion in proceeds. In 2025, Nasdaq set a record for listing transfers, with $1.2 trillion in annual switches for the first time including the largest exchange transfer on record. •Index achieved record net inflows of $99 billion in 2025, and exited the year with ETP AUM of $882 billion, an all- time high. Nasdaq launched 122 new Index products in 2025, with nearly half of the launches being international products and 32 new products in the institutional insurance annuity space. •The Financial Technology segment delivered 14% growth in ARR and revenue, reflecting an increase in new clients, cross-sells and upsells. •Market Services delivered record revenue, reflecting strength across U.S. cash equities and U.S. equities options volumes in 2025. Macroeconomic environment Our business performance can be positively or negatively impacted by a number of factors, including general economic conditions, the geopolitical environment, current or expected inflation, interest rate fluctuations, the threat or imposition of broad-based tariffs, market volatility, changes in investment patterns and priorities, regulatory changes, pandemics and other factors that are generally beyond our control. For example, higher overall U.S. trading volumes in 2025 as compared to 2024 led to an increase in our U.S. equities options and U.S. cash equities revenues. Market factors also contributed to higher valuations in Nasdaq Indices, higher overall volumes in Index derivatives and an improving IPO landscape. To the extent that global or national economic conditions weaken and result in slower growth or recessions, our business may be negatively impacted. Nasdaq’s Operating Results The following table summarizes our financial performance for the year ended December 31, 2025 compared to the same period in 2024 and for the year ended December 31, 2024 compared to the same period in 2023. The comparability of our results of operations between reported periods is primarily impacted by our acquisition of Adenza in November 2023. See Note 4, “Acquisition and Divestitures,” to the consolidated financial statements for further discussion. For a detailed discussion of our results of operations, see “Segment Operating Results” below. [[GREPCENT_TABLE]] [["","Year Ended December 31,","","Percentage Change"],["","2025","","2024","","2023","","2025 vs. 2024","2024 vs. 2023"],["","(in millions, except per share amounts)"],["Revenues less transaction-based expenses","$5,249","","$4,649","","$3,895","","12.9%","19.4%"],["Operating expenses","2,918","","2,851","","2,317","","2.3%","23.0%"],["Operating income","$2,331","","$1,798","","$1,578","","29.7%","13.9%"],["Net income attributable to Nasdaq","$1,788","","$1,117","","$1,059","","60.1%","5.5%"],["Diluted earnings per share","$3.09","","$1.93","","$2.08","","60.3%","(7.4)%"],["Cash dividends declared per common share","$1.05","","$0.94","","$0.86","","11.7%","9.3%"]] [[/GREPCENT_TABLE]] 37 In countries with currencies other than the U.S. dollar, revenues and expenses are translated using monthly average exchange rates. Impacts on our revenues less transaction- based expenses and operating income associated with fluctuations in foreign currency are discussed in more detail under “Item 7A. Quantitative and Qualitative Disclosures About Market Risk.” As discussed above, in October 2025, we sold our Solovis business, previously included in our Capital Access Platforms segment. Revenues, ARR and quarterly annualized SaaS revenues related to our Solovis business has been reclassified to “Other” for all periods presented to facilitate comparability. The following chart summarizes our ARR (in millions): * In the chart above, Other for 4Q23 and 4Q24 includes $25 million and $28 million, respectively. ARR for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one- time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers. The ARR chart includes: [[GREPCENT_TABLE]] [["\u25aa","Capital Access Platforms"],["","\u25e6","Proprietary market data subscriptions and annual listing fees within our Data & Listing Services business"],["","\u25e6","Index data subscriptions and guaranteed minimum on futures contracts within our Index business"],["","\u25e6","Subscription contracts under our Workflow & Insights business"],["\u25aa","Financial Technology"],["","\u25e6","Subscription contracts excluding non-recurring professional services."],["\u25aa","Other includes ARR related to our Solovis business divested in October 2025."]] [[/GREPCENT_TABLE]] 38 The following chart summarizes our quarterly annualized SaaS revenues for December 31, 2025, 2024 and 2023 (in millions): * In the chart above, Other for 4Q23 and 4Q24 includes $25 million and $28 million, respectively. SEGMENT OPERATING RESULTS The following table presents our revenues by segment: [[GREPCENT_TABLE]] [["","Year Ended December 31,","","Percentage Change"],["","2025","","2024","","2023","","2025 vs. 2024","2024 vs. 2023"],["","(in millions)"],["Capital Access Platforms","$2,137","","$1,945","","$1,744","","9.9%","11.5%"],["Financial Technology","1,850","","1,621","","1,099","","14.1%","47.5%"],["Market Services","4,214","","3,771","","3,156","","11.7%","20.9%"],["Other revenues","61","","63","","65","","(4.1)%","(3.1)%"],["Total revenues","$8,262","","$7,400","","$6,064","","11.6%","22.0%"],["Transaction rebates","(2,572)","","(2,026)","","(1,838)","","26.9%","10.2%"],["Brokerage, clearance and exchange fees","(441)","","(725)","","(331)","","(39.1)%","119.1%"],["Total revenues less transaction-based expenses","$5,249","","$4,649","","$3,895","","12.9%","19.4%"]] [[/GREPCENT_TABLE]] The following charts present our Capital Access Platforms, Financial Technology and Market Services segments as a percentage of our total revenues, less transaction-based expenses. Capital Access Platforms The following tables present revenues and ARR from our Capital Access Platforms segment: [[GREPCENT_TABLE]] [["","Year Ended December 31,","","Percentage Change"],["","2025","","2024","","2023","","2025 vs. 2024","2024 vs. 2023"],["","(in millions)"],["Data & Listing Services","$804","","$754","","$749","","6.7%","0.7%"],["Index","827","","706","","528","","17.1%","33.7%"],["Workflow & Insights","506","","485","","467","","4.4%","3.9%"],["Total Capital Access Platforms","$2,137","","$1,945","","$1,744","","9.9%","11.5%"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","","As of December 31,"],["","","2025","","2024","","2023"],["ARR (in millions)","","$1,340","","$1,240","","$1,210"]] [[/GREPCENT_TABLE]] 39 Data & Listing Services Revenues The following tables present key drivers from our Data & Listing Services business: [[GREPCENT_TABLE]] [["","Year Ended December 31,"],["IPOs","2025","","2024","","2023"],["The Nasdaq Stock Market","281","","180","","130"],["Operating company","155","","130","","103"],["SPACs","126","","50","","27"],["Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic","19","","14","","7"],["Total new listings"],["The Nasdaq Stock Market","784","","463","","330"],["Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic","27","","31","","23"],["","As of December 31"],["Number of listed companies","2025","","2024","","2023"],["The Nasdaq Stock Market","4,480","","4,075","","4,044"],["Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic","1,119","","1,174","","1,218"],["ARR (in millions)","$764","","$691","","$682"]] [[/GREPCENT_TABLE]] In the tables above: •The number of total listed companies on The Nasdaq Stock Market for the years ended December 31, 2025, 2024 and 2023 included 1,112, 768 and 600 ETPs, respectively. •IPOs, new listings (which includes IPOs) and total listed companies for exchanges that comprise Nasdaq Nordic and Nasdaq Baltic represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies listed on the alternative markets of Nasdaq First North. Data & Listing Services revenues increased for the year ended December 31, 2025 compared with the same period in 2024 due to new data sales, usage and pricing, increased annual listings revenues due to new listings and the favorable impact from changes in foreign currency rates, partially offset by delistings. Index Revenues The following table presents key drivers from our Index business: [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/NDAQ/mda/fy2025/ All MD&A years: /company/NDAQ/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/NDAQ/mda/fy2024/): filed 2025-02-21; accession 0001120193-25-000008 (https://www.sec.gov/Archives/edgar/data/1120193/000112019325000008/ndaq-20241231.htm) - [FY 2023 MD&A](/company/NDAQ/mda/fy2023/): filed 2024-02-21; accession 0001120193-24-000006 (https://www.sec.gov/Archives/edgar/data/1120193/000112019324000006/ndaq-20231231.htm) - [FY 2022 MD&A](/company/NDAQ/mda/fy2022/): filed 2023-02-23; accession 0001120193-23-000014 (https://www.sec.gov/Archives/edgar/data/1120193/000112019323000014/ndaq-20221231.htm) - [FY 2021 MD&A](/company/NDAQ/mda/fy2021/): filed 2022-02-23; accession 0001120193-22-000007 (https://www.sec.gov/Archives/edgar/data/1120193/000112019322000007/ndaq-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6200 Security & Commodity Brokers, Dealers, Exchanges & Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [M2SL](/indicator/M2SL/): M2 Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/NDAQ.md · JSON record: /company/NDAQ.json · verified financials: /company/NDAQ/financials.json / /company/NDAQ/financials.csv · machine TOC for the whole site: /llms.txt