What is Nasdaq, Inc.'s annual listings — 2028?

Nasdaq, Inc. (NDAQ) reported annual listings — 2028 of $0 in Q1 2026.

What does annual listings — 2028 mean?

Represents the portion of deferred revenue from listing contracts expected to be recognized as revenue in the fiscal year 2028. This long-term view helps quantify the durability of the corporate services business model. It reflects the company's success in securing multi-year commitments from global issuers.

Nasdaq, Inc. NDAQ Annual Listings — 2028

Other product segments

Initial Listings

$17M-5.6%

Other

$4M0.0%

Capital Markets Technology

$3M+50.0%

Financial Crime Management Technology

$2M+100%

Regulatory Technology

$0—

Workflow & Insights

$0—

Similar metrics at other companies

ICEAnnual Listing Revenue — Total deferred revenue

$464M+1.3%

ICEAnnual Listing Revenue — Contract With Customer, Liability, Including New Contract Revenue, Recognized

$128M+4.9%

ICEAnnual Listing Revenue — Additions

$473M+2.6%

VSNT2028

$76M—

SDGRSoftware products and services — Deferred revenue, long-term

$6.2M-51.2%

ADPDeferred revenue, net of current portion

$384.9M+6.4%

Other financials

Income statement

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Revenue$2.1B+2.0%

Gross profit$1.4B+13.7%

Operating income$657.0M+20.1%

Net income$519.0M+31.4%

EPS (diluted)$0.91+33.8%

Balance sheet

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Cash & equivalents$1.1B-76.0%

Total debt$9.9B-2.2%

Total equity$12.0B+4.2%

Total assets$27.3B-10.9%

Cash flow

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Operating cash flow$689.0M+3.9%

CapEx$60.0M+22.4%

Free cash flow$629.0M+2.4%

Valuation

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Market cap$44.58B-5.7%

Enterprise value$53.39B-0.1%

P/E23.3×-8.0×

P/S5.4×-0.5×

Profitability

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Gross margin65.2%+4.2pp

Operating margin29.4%+4.6pp

Net margin23%+6.7pp

FCF margin24.1%+0.4pp

Returns & leverage

See full

Return on equity16.2%+4.8pp

Debt / equity0.8×-0.1×

Current ratio1×0.0×

Where this comes from

Reported directly by Nasdaq, Inc. in its filing.

Tagged under the XBRL concept ndaq:ContractWithCustomerLiabilityExpectedToBeRecognizedInYearTwo.

The official record: Nasdaq, Inc.’s 10-Q, filed April 24, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Nasdaq, Inc.'s annual listings — 2028?: Nasdaq, Inc. (NDAQ) reported annual listings — 2028 of $0 in Q1 2026.
What does annual listings — 2028 mean?: Represents the portion of deferred revenue from listing contracts expected to be recognized as revenue in the fiscal year 2028. This long-term view helps quantify the durability of the corporate services business model. It reflects the company's success in securing multi-year commitments from global issuers.