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Nasdaq, Inc. logo

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 ($909.0M), and Market Services ($792.0M). The company-wide operating margin is 29.37%. Based on the Q1 2026 filing.

Capital Access Platforms (TTM)$1.3BFinancial Technology (TTM)$909.0MMarket Services (TTM)$792.0M
Latest FilingQ1 2026
Report Date2026-04-24
Market Cap$49.1B
P/E Ratio25.66
ROE16.22%

Products & Services

2026

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Annual Listings—$272M$187M$97M—$294M
Workflow & Insights—$197M$155M$96M—$202M
Financial Crime Management Technology—$151M$119M$68M—$181M
Capital Markets Technology—$150M$111M$52M—$158M
Regulatory Technology—$117M$90M$49M—$149M
Initial Listings—$27M$19M$10M—$31M
Other—$20M$12M$6M—$15M

2027

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Initial Listings$34M$30M$33M$36M$39M$29M
Financial Crime Management Technology$144M$12M$37M$77M$186M$18M
Workflow & Insights$192M$16M$48M$109M$196M$17M
Capital Markets Technology$179M$9M$26M$55M$185M$15M
Regulatory Technology$146M$6M$28M$70M$163M$11M
Other$14M$7M$9M$10M$13M$7M
Annual Listings$2M$0$1M$0$3M$0

2028

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Initial Listings$28M$18M$21M$23M$26M$17M
Other$5M$4M$5M$6M$7M$4M
Capital Markets Technology$3M$2M$3M$3M$7M$3M
Financial Crime Management Technology$2M$1M$2M$1M$3M$2M
Annual Listings$0$0$0$0$0$0
Regulatory Technology$1M$0$0$0$3M$0
Workflow & Insights$2M$0$0$0$3M$0

2029

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Initial Listings$4M$8M$9M$12M$14M$11M
Capital Markets Technology$0$1M$1M$1M$3M$3M
Other$0$1M$2M$3M$4M$2M
Annual Listings$0$0$0$0$0$0
Financial Crime Management Technology$0$1M$0$1M$0$0
Regulatory Technology$0$0$0$0$0$0
Workflow & Insights$0$0$0$0$0$0

2030

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Initial Listings$2M$5M$6M$8M$6M$8M
Annual Listings$0$0$0$0$0$0
Capital Markets Technology$0$0$0$0$0$0
Financial Crime Management Technology$0$0$0$0$0$0
Other$0$0$0$1M$0$0
Regulatory Technology$0$0$0$0$0$0
Workflow & Insights$0$0$0$0$0$0

2031+

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Initial Listings—$3M$5M$7M$2M$3M
Annual Listings—$0$0$0$0$0
Capital Markets Technology—$0$0$0$0$0
Financial Crime Management Technology—$0$0$0$0$0
Other—$0$0$0$0$0
Regulatory Technology—$0$0$0$0$0
Workflow & Insights—$0$0$0$0$0

Additions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Annual Listings—$270M———$293M
Workflow & Insights$20M$99M$7M$68M$19M$101M
Financial Crime Management Technology$32M$74M$37M$18M$56M$88M
Regulatory Technology$49M$28M$38M$34M$49M$56M
Capital Markets Technology$107M$42M$23M$6M$103M$53M
Initial Listings$8M$11M$8M$11M$8M$14M
Other$2M$13M——$1M$8M

Contract with Customer, Liability

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Annual Listings$2M$272M$188M$97M$3M$294M
Workflow & Insights$194M$213M$203M$205M$199M$219M
Financial Crime Management Technology$148M$165M$158M$147M$189M$201M
Capital Markets Technology$186M$162M$141M$111M$196M$179M
Regulatory Technology$147M$123M$118M$119M$166M$160M
Initial Listings$89M$91M$93M$96M$96M$99M
Other$22M$32M$28M$26M$24M$28M

Contract with Customer, Liability, Revenue Recognized Including Opening Balance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Workflow & Insights$18M$80M$18M$66M$17M$80M
Financial Crime Management Technology$11M$57M$44M$29M$14M$76M
Capital Markets Technology$28M$68M$47M$36M$17M$69M
Regulatory Technology$8M$53M$43M$33M$6M$62M
Initial Listings$7M$11M$7M$8M$8M$11M
Other$3M$6M$3M$2M$3M$4M
Annual Listings$1M$1M——$1M$1M

Foreign Currency Translation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Annual Listings-$1M$1M$2M$1M—-$1M
Capital Markets Technology-$2M$3M$2M——-$1M
Workflow & Insights$0$0$1M$0-$8M-$1M
Financial Crime Management Technology—$0$0$0$0$0
Initial Listings-$2M$2M$1M——$0
Other-$2M$2M$1M——$0
Regulatory Technology—$1M——$4M$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$548M$585M$629M$637M$727M$724M
Brokerage, clearance and exchange fees$255M$274M$155M$6M$5M$6M

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$776M$805M$898M$807M$988M$1B
Financial Crime Management Technology$776M$762M$770M$797M$866M$858M
Workflow & Insights$357M$355M$346M$340M$379M$365M

Revenue, remaining performance obligation, period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital Markets Technology$0$0$0$0$0$0
Financial Crime Management Technology$0$0$0$0$0$0
Regulatory Technology$0$0$0$0$0$0
Workflow & Insights$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$70M$78M$87M$89M$88M$84M

Junior capital, cash deposits and pledged assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Liability Waterfall$40M$42M$46M$46M$46M$46M

Senior capital, cash deposits and pledged assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Liability Waterfall$19M$20M$24M$24M$24M$24M

Revenues less transaction-based expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other revenues$36M$16M$9M$9M$34M$8M

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
United States$425M$431M$442M$454M$500M$500M
All other countries$168M$190M$214M$235M$228M$239M

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
United States$1.6B$1.7B$1.7B$1.6B$1B$1.5B
All other countries$474M$390M$402M$396M$1.1B$614M

Approximate combined market capitalization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Europe$2T$2T$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$647B$622B$745B$829B$882B$836B

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Financial Technology$12M$12M$13M$14M$17M$19M
Capital Access Platforms$7M$10M$12M$11M$8M$13M
Market Services$9M$11M$11M$11M$11M$12M

Directly consumed expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Financial Technology—$205M$220M$220M$225M$233M
Capital Access Platforms$146M$161M$180M$175M$167M$170M
Market Services$89M$88M$92M$84M$89M$92M

Foreign currency translation adjustments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Market Services-$105M$117M$80M$5M$27M-$31M
Capital Access Platforms-$83M$89M$64M$2M$22M-$30M
Financial Technology-$20M$16M$14M$1M$5M-$3M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Financial Technology$7.9B$7.9B$7.9B$7.9B$8B$7.9B
Capital Access Platforms$4.1B$4.2B$4.3B$4.3B$4.3B$4.3B
Market Services$1.9B$2B$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 Platforms—20.00———20.00

Number of equity exchanges (in exchanges)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital Access Platforms1.0027.00—2.00—27.00
Market Services—19.00———19.00

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$297M$306M$306M$325M$336M$349M
Financial Technology—$198M$217M$206M$241M$245M
Market Services$158M$173M$194M$197M$200M$201M

Other expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital Access Platforms$42M$41M$41M$46M$46M$46M
Financial Technology$25M$29M$27M$31M$32M$39M
Market Services$21M$20M$20M$22M$22M$24M

Purchases of property and equipment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Financial Technology—$22M$29M$37M$44M$33M
Capital Access Platforms$15M$13M$15M$18M$21M$15M
Market Services$11M$14M$15M$14M$24M$12M

Revenues less transaction-based expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Market Services$268M$281M$306M$303M$311M$317M
Financial Technology$266M$254M$279M$264M$295M$306M
Capital Access Platforms$192M$193M$198M$206M$232M$220M

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$946M$1B$1B
Capital Access Platforms$485M$508M$527M$546M$549M$565M
Financial Technology$438M$432M$464M$457M$498M$517M

Cost of Product and Service Sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Market Services$803M$859M$784M$643M$732M$730M