What is Nasdaq, Inc.'s initial listings — 2027?

Nasdaq, Inc. (NDAQ) reported initial listings — 2027 of $29M in Q1 2026.

How has Nasdaq, Inc.'s initial listings — 2027 changed year-over-year?

Nasdaq, Inc.'s initial listings — 2027 decreased by 3.3% year-over-year, from $30M to $29M.

What is the long-term trend for Nasdaq, Inc.'s initial listings — 2027?

Over 2 years (2023 to 2025), Nasdaq, Inc.'s initial listings — 2027 has grown at a 1.5% compound annual growth rate (CAGR), from $134M to $138M.

What does initial listings — 2027 mean?

This represents the portion of deferred revenue from initial listing fees that is contractually expected to be recognized as revenue in the fiscal year 2027. It serves as a forward-looking indicator of the company's revenue stability derived from its existing listing client base. This helps investors model long-term cash flow expectations.

Nasdaq, Inc. NDAQ Initial Listings — 2027

Other product segments

Financial Crime Management Technology

$18M+50.0%

Workflow & Insights

$17M+6.3%

Capital Markets Technology

$15M+66.7%

Regulatory Technology

$11M+83.3%

Other

$7M0.0%

Annual Listings

$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%

PCTYImplementation services and other — Deferred revenue from nonrefundable upfront fees expected to be recognized in fiscal 2028 and thereafter

$5.92M+74.3%

PCTYImplementation services and other — Deferred revenue from nonrefundable upfront fees expected to be recognized in fiscal 2027

$17.69M+19.8%

PCTYImplementation services and other — Deferred revenue from nonrefundable upfront fees expected to be recognized in fiscal 2026

$10.88M+0.5%

ICEAnnual Listing Revenue — Additions

$473M+2.6%

Other financials

Income statement

See full

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

See full

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

See full

Operating cash flow$689.0M+3.9%

CapEx$60.0M+22.4%

Free cash flow$629.0M+2.4%

Valuation

See full

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:ContractWithCustomerLiabilityExpectedToBeRecognizedInYearOne.

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 initial listings — 2027?: Nasdaq, Inc. (NDAQ) reported initial listings — 2027 of $29M in Q1 2026.
How has Nasdaq, Inc.'s initial listings — 2027 changed year-over-year?: Nasdaq, Inc.'s initial listings — 2027 decreased by 3.3% year-over-year, from $30M to $29M.
What is the long-term trend for Nasdaq, Inc.'s initial listings — 2027?: Over 2 years (2023 to 2025), Nasdaq, Inc.'s initial listings — 2027 has grown at a 1.5% compound annual growth rate (CAGR), from $134M to $138M.
What does initial listings — 2027 mean?: This represents the portion of deferred revenue from initial listing fees that is contractually expected to be recognized as revenue in the fiscal year 2027. It serves as a forward-looking indicator of the company's revenue stability derived from its existing listing client base. This helps investors model long-term cash flow expectations.