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Nasdaq, Inc. Business Segments

Business, geographic, and product segment breakdowns

Nasdaq, Inc. generates $8.3B in annual revenue across 3 key segments: Capital Access Platforms ($1.3B), Financial Technology ($907.0M), and Market Services ($792.0M). The company-wide operating margin is 29.38%. Based on the Q1 2026 filing.

Capital Access Platforms (TTM)$1.3BFinancial Technology (TTM)$907.0MMarket Services (TTM)$792.0M
Latest FilingQ1 2026
Report Date2026-04-24
Market Cap$50.6B
P/E Ratio26.47
ROE16.22%

Products & Services

2026

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Annual Listings—$272.0M$187.0M$97.0M—$294.0M
Workflow & Insights—$197.0M$155.0M$96.0M—$202.0M
Financial Crime Management Technology—$151.0M$119.0M$68.0M—$181.0M
Capital Markets Technology—$150.0M$111.0M$52.0M—$158.0M
Regulatory Technology—$117.0M$90.0M$49.0M—$149.0M
Initial Listings—$27.0M$19.0M$10.0M—$31.0M
Other—$20.0M$12.0M$6.0M—$15.0M

2027

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Initial Listings$34.0M$30.0M$33.0M$36.0M$39.0M$29.0M
Financial Crime Management Technology$144.0M$12.0M$37.0M$77.0M$186.0M$18.0M
Workflow & Insights$192.0M$16.0M$48.0M$109.0M$196.0M$17.0M
Capital Markets Technology$179.0M$9.0M$26.0M$55.0M$185.0M$15.0M
Regulatory Technology$146.0M$6.0M$28.0M$70.0M$163.0M$11.0M
Other$14.0M$7.0M$9.0M$10.0M$13.0M$7.0M
Annual Listings$2.0M$0.0$1.0M$0.0$3.0M$0.0

2028

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Initial Listings$28.0M$18.0M$21.0M$23.0M$26.0M$17.0M
Other$5.0M$4.0M$5.0M$6.0M$7.0M$4.0M
Capital Markets Technology$3.0M$2.0M$3.0M$3.0M$7.0M$3.0M
Financial Crime Management Technology$2.0M$1.0M$2.0M$1.0M$3.0M$2.0M
Annual Listings$0.0$0.0$0.0$0.0$0.0$0.0
Regulatory Technology$1.0M$0.0$0.0$0.0$3.0M$0.0
Workflow & Insights$2.0M$0.0$0.0$0.0$3.0M$0.0

2029

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Initial Listings$4.0M$8.0M$9.0M$12.0M$14.0M$11.0M
Capital Markets Technology$0.0$1.0M$1.0M$1.0M$3.0M$3.0M
Other$0.0$1.0M$2.0M$3.0M$4.0M$2.0M
Annual Listings$0.0$0.0$0.0$0.0$0.0$0.0
Financial Crime Management Technology$0.0$1.0M$0.0$1.0M$0.0$0.0
Regulatory Technology$0.0$0.0$0.0$0.0$0.0$0.0
Workflow & Insights$0.0$0.0$0.0$0.0$0.0$0.0

2030

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Initial Listings$2.0M$5.0M$6.0M$8.0M$6.0M$8.0M
Annual Listings$0.0$0.0$0.0$0.0$0.0$0.0
Capital Markets Technology$0.0$0.0$0.0$0.0$0.0$0.0
Financial Crime Management Technology$0.0$0.0$0.0$0.0$0.0$0.0
Other$0.0$0.0$0.0$1.0M$0.0$0.0
Regulatory Technology$0.0$0.0$0.0$0.0$0.0$0.0
Workflow & Insights$0.0$0.0$0.0$0.0$0.0$0.0

2031+

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Initial Listings—$3.0M$5.0M$7.0M$2.0M$3.0M
Annual Listings—$0.0$0.0$0.0$0.0$0.0
Capital Markets Technology—$0.0$0.0$0.0$0.0$0.0
Financial Crime Management Technology—$0.0$0.0$0.0$0.0$0.0
Other—$0.0$0.0$0.0$0.0$0.0
Regulatory Technology—$0.0$0.0$0.0$0.0$0.0
Workflow & Insights—$0.0$0.0$0.0$0.0$0.0

Additions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Annual Listings—$270.0M-$86.0M-$92.0M—$293.0M
Workflow & Insights$20.0M$99.0M$7.0M$68.0M$19.0M$101.0M
Financial Crime Management Technology$32.0M$74.0M$37.0M$18.0M$56.0M$88.0M
Regulatory Technology$49.0M$28.0M$38.0M$34.0M$49.0M$56.0M
Capital Markets Technology$107.0M$42.0M$23.0M$6.0M$103.0M$53.0M
Initial Listings$8.0M$11.0M$8.0M$11.0M$8.0M$14.0M
Other$2.0M$13.0M-$1.0M$0.0$1.0M$8.0M

Contract with Customer, Liability

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Annual Listings$2.0M$272.0M$188.0M$97.0M$3.0M$294.0M
Workflow & Insights$194.0M$213.0M$203.0M$205.0M$199.0M$219.0M
Financial Crime Management Technology$148.0M$165.0M$158.0M$147.0M$189.0M$201.0M
Capital Markets Technology$185.0M$162.0M$141.0M$111.0M$196.0M$179.0M
Regulatory Technology$147.0M$123.0M$118.0M$119.0M$166.0M$160.0M
Initial Listings$89.0M$91.0M$93.0M$96.0M$96.0M$99.0M
Other$23.0M$32.0M$28.0M$26.0M$24.0M$28.0M

Contract with Customer, Liability, Revenue Recognized Including Opening Balance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Workflow & Insights$18.0M$80.0M$18.0M$66.0M$17.0M$80.0M
Financial Crime Management Technology$11.0M$57.0M$44.0M$29.0M$14.0M$76.0M
Capital Markets Technology$28.0M$68.0M$47.0M$36.0M$17.0M$69.0M
Regulatory Technology$8.0M$53.0M$43.0M$33.0M$6.0M$62.0M
Initial Listings$7.0M$11.0M$7.0M$8.0M$8.0M$11.0M
Other$3.0M$6.0M$3.0M$2.0M$3.0M$4.0M
Annual Listings$1.0M$1.0M$0.0$0.0$1.0M$1.0M

Foreign Currency Translation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Annual Listings-$1.0M$1.0M$2.0M$1.0M—-$1.0M
Capital Markets Technology-$2.0M$3.0M$2.0M$0.0—-$1.0M
Workflow & Insights$0.0$0.0$1.0M$0.0-$8.0M-$1.0M
Financial Crime Management Technology$0.0$0.0$0.0$0.0$0.0$0.0
Initial Listings-$2.0M$2.0M$1.0M$0.0$0.0$0.0
Other-$2.0M$2.0M$1.0M$0.0$0.0$0.0
Regulatory Technology$0.0$1.0M$0.0$0.0$4.0M$0.0

Subscription agreement period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
AxiomSL Solutions—0.000.000.000.00—
Capital Markets Technology—0.000.000.000.00—
Financial Crime Management Technology0.000.000.000.000.00—
Surveillance—0.000.000.000.00—
Workflow & Insights0.000.000.000.000.00—

Cost of Product and Service Sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Transaction rebates$549.0M$579.0M$629.0M$637.0M$727.0M$724.0M
Brokerage, clearance and exchange fees$256.0M$274.0M$155.0M$6.0M$6.0M$6.0M

Revenue, remaining performance obligation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital Markets Technology$1.2B$1.2B$1.3B$1.3B$1.4B$1.4B
Regulatory Technology$776.0M$805.0M$898.0M$807.0M$988.0M$1.0B
Financial Crime Management Technology$776.0M$762.0M$770.0M$797.0M$866.0M$858.0M
Workflow & Insights$357.0M$355.0M$346.0M$340.0M$379.0M$365.0M

Revenue, remaining performance obligation, period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital Markets Technology$0.0$0.0$0.0$0.0$0.0$0.0
Financial Crime Management Technology$0.0$0.0$0.0$0.0$0.0$0.0
Regulatory Technology$0.0$0.0$0.0$0.0$0.0$0.0
Workflow & Insights$0.0$0.0$0.0$0.0$0.0$0.0

Number of financial institution

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Financial Crime Management Technology———2700.00—2800.00

Number of types of license agreements (in agreements)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Index0.500.500.500.500.50—

Committed capital

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Liability Waterfall$70.0M$78.0M$87.0M$89.0M$88.0M$84.0M

Junior capital, cash deposits and pledged assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Liability Waterfall$40.0M$42.0M$46.0M$46.0M$46.0M$46.0M

Senior capital, cash deposits and pledged assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Liability Waterfall$19.0M$20.0M$24.0M$24.0M$24.0M$24.0M

Revenues less transaction-based expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other revenues$11.0M$9.0M$9.0M$9.0M$34.0M$8.0M

Renewal fee, recognition period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Trade Management Services0.000.000.000.000.00—

Geographic

PP&E (Net)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
All other countries$168.0M$190.0M$214.0M$235.0M$228.0M$239.0M

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
All other countries$489.0M$390.0M$402.0M$396.0M$1.1B$614.0M

Approximate combined market capitalization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Europe$2.0T$2.0T$2.2T$2.2T$2.4T$2.2T

Total number of listed companies within Nordic and Baltic exchanges (in companies)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Europe1174.001160.001148.001133.001119.001107.00

Business Segments

Assets management value

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital Access Platforms$647.0B$622.0B$745.0B$829.0B$882.0B$836.0B

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Financial Technology$11.0M$12.0M$13.0M$14.0M$16.0M$19.0M
Capital Access Platforms$10.0M$11.0M$12.0M$11.0M$8.0M$13.0M
Market Services$9.0M$11.0M$11.0M$11.0M$12.0M$12.0M

Directly consumed expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Financial Technology—$205.0M$220.0M$220.0M$226.0M$233.0M
Capital Access Platforms$175.0M$168.0M$180.0M$175.0M$167.0M$170.0M
Market Services$89.0M$88.0M$92.0M$84.0M$89.0M$92.0M

Foreign currency translation adjustments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Market Services-$105.0M$117.0M$80.0M$5.0M$27.0M-$31.0M
Capital Access Platforms-$83.0M$89.0M$64.0M$2.0M$22.0M-$30.0M
Financial Technology-$20.0M$16.0M$14.0M$1.0M$5.0M-$3.0M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Financial Technology$7.9B$7.9B$7.9B$7.9B$8.0B$7.9B
Capital Access Platforms$4.1B$4.2B$4.3B$4.3B$4.3B$4.3B
Market Services$1.9B$2.0B$2.1B$2.1B$2.1B$2.1B

Goodwill, Measurement Period Adjustment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital Access Platforms—-$4.8M-$4.8M-$4.8M-$4.8M—

Number of countries services are provided (in countries)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital Access Platforms0.0020.000.000.000.0020.00

Number of equity exchanges (in exchanges)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital Access Platforms1.0027.000.002.000.0027.00
Market Services0.0019.000.000.000.0019.00

Number of exchange traded products licensed to Nasdaq's Indexes (in exchange traded products)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital Access Platforms13.00418.004.0017.0012.00470.00

Operating Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital Access Platforms$294.0M$306.0M$306.0M$325.0M$337.0M$349.0M
Financial Technology—$198.0M$217.0M$206.0M$239.0M$245.0M
Market Services$157.0M$173.0M$194.0M$197.0M$200.0M$201.0M

Other expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital Access Platforms$42.0M$41.0M$41.0M$46.0M$45.0M$46.0M
Financial Technology$26.0M$29.0M$27.0M$31.0M$32.0M$39.0M
Market Services$21.0M$20.0M$20.0M$22.0M$22.0M$24.0M

Purchases of property and equipment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Financial Technology—$22.0M$29.0M$37.0M$45.0M$33.0M
Capital Access Platforms$16.0M$13.0M$15.0M$18.0M$21.0M$15.0M
Market Services$10.0M$14.0M$15.0M$14.0M$23.0M$12.0M

Revenues less transaction-based expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Market Services$267.0M$281.0M$306.0M$303.0M$311.0M$317.0M
Financial Technology$266.0M$254.0M$279.0M$264.0M$294.0M$306.0M
Capital Access Platforms$191.0M$193.0M$198.0M$206.0M$230.0M$220.0M

Total number of listed companies within Nordic and Baltic exchanges (in companies)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital Access Platforms5249.005299.005386.005492.005599.005677.00

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Market Services$1.1B$1.1B$1.1B$946.0M$1.0B$1.0B
Capital Access Platforms$511.0M$515.0M$527.0M$546.0M$549.0M$565.0M
Financial Technology$438.0M$432.0M$464.0M$457.0M$497.0M$517.0M

Cost of Product and Service Sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Market Services$805.0M$853.0M$784.0M$643.0M$733.0M$730.0M