Nasdaq, Inc. NDAQ Market Services — Revenues less transaction-based expenses

Other segment segments

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Questions, answered.

What is Nasdaq, Inc.'s market services — revenues less transaction-based expenses?

Nasdaq, Inc. (NDAQ) reported market services — revenues less transaction-based expenses of $317M 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 $281M to $317M.

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 4.4% compound annual growth rate (CAGR), from $1.01B to $1.2B.

What does market services — revenues less transaction-based expenses mean?

This is a net revenue metric that subtracts variable transaction-related costs, such as liquidity rebates and routing fees, from gross market services revenue. It provides a clearer view of the underlying profitability of the trading business by isolating the revenue retained after direct execution costs.