Market Services — Revenues less transaction-based expenses
Nasdaq, Inc. Market Services — Revenues less transaction-based expenses increased by 1.9% to $317.00M in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 12.8%, from $281.00M to $317.00M. Over 4 years (FY 2021 to FY 2025), Market Services — Revenues less transaction-based expenses shows relatively stable performance with a -0.8% CAGR. This is a positive signal — higher values indicate stronger performance for this metric.
Analysis
How to read this metric
Higher values indicate better margin capture on trading activity, whereas lower values may signal increased competition or higher costs to attract liquidity.
Detailed definition
This is a net revenue metric that subtracts variable transaction-related costs, such as liquidity rebates and routing fe...
Peer comparison
Commonly referred to as 'net capture' or 'net transaction revenue' in the exchange industry.
ndaq_segment_market_services_revenues_less_transaction_based_expensesHistorical Data
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $312.00M | $295.00M | $296.00M | $315.00M | $310.00M | $305.00M | $58.00M | $260.00M | $242.00M | $236.00M | $249.00M | $237.00M | $250.00M | $266.00M | $267.00M | $281.00M | $306.00M | $303.00M | $311.00M | $317.00M |
| QoQ Change | — | -5.4% | +0.3% | +6.4% | -1.6% | -1.6% | -81.0% | +348.3% | -6.9% | -2.5% | +5.5% | -4.8% | +5.5% | +6.4% | +0.4% | +5.2% | +8.9% | -1.0% | +2.6% | +1.9% |
| YoY Change | — | — | — | — | -0.6% | +3.4% | -80.4% | -17.5% | -21.9% | -22.6% | +329.3% | -8.8% | +3.3% | +12.7% | +7.2% | +18.6% | +22.4% | +13.9% | +16.5% | +12.8% |
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Frequently Asked Questions
- What is Nasdaq, Inc.'s market services — revenues less transaction-based expenses?
- Nasdaq, Inc. (NDAQ) reported market services — revenues less transaction-based expenses of $317.00M in Q1 2026.
- How has Nasdaq, Inc.'s market services — revenues less transaction-based expenses changed year-over-year?
- Nasdaq, Inc.'s market services — revenues less transaction-based expenses increased by 12.8% year-over-year, from $281.00M to $317.00M.
- What is the long-term trend for Nasdaq, Inc.'s market services — revenues less transaction-based expenses?
- Over 4 years (2021 to 2025), Nasdaq, Inc.'s market services — revenues less transaction-based expenses has grown at a -0.8% compound annual growth rate (CAGR), from $1.24B to $1.20B.
- What does market services — revenues less transaction-based expenses mean?
- Net revenue from trading services after accounting for direct transaction-related costs.