What does surveillance — subscription agreement period mean?

This metric represents the average duration of contractual commitments for surveillance and regulatory technology services provided to market participants. It serves as a key indicator of revenue visibility and the long-term stickiness of the client base within the surveillance segment. A longer duration typically reflects deeper integration of Nasdaq's compliance tools into the client's operational infrastructure.

Nasdaq, Inc. NDAQ Surveillance — Subscription agreement period

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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

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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:SubscriptionAgreementPeriod.

The official record: Nasdaq, Inc.’s 10-K, filed February 12, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Nasdaq, Inc.'s surveillance — subscription agreement period?: Nasdaq, Inc. (NDAQ) reported surveillance — subscription agreement period of 0 in Q4 2025.
What does surveillance — subscription agreement period mean?: This metric represents the average duration of contractual commitments for surveillance and regulatory technology services provided to market participants. It serves as a key indicator of revenue visibility and the long-term stickiness of the client base within the surveillance segment. A longer duration typically reflects deeper integration of Nasdaq's compliance tools into the client's operational infrastructure.