Nasdaq, Inc. NDAQ Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Total revenues by Business | ||||||
| Capital Access Platforms | $565M+2.9% | $549M+0.5% | $546M+3.6% | $527M+3.7% | $508M+4.7% | |
| Financial Technology | $517M+3.8% | $498M+9.0% | $457M-1.5% | $464M+7.4% | $432M-1.4% | |
| Market Services | $1.05B+0.4% | $1.04B+10.3% | $946M-13.2% | $1.09B-4.4% | $1.14B+6.4% | |
| Revenues less transaction-based expenses by Business | ||||||
| Capital Access Platforms | $220M-5.2% | $232M+12.6% | $206M+4.0% | $198M+2.6% | $193M+0.5% | |
| Financial Technology | $306M+3.7% | $295M+11.7% | $264M-5.4% | $279M+9.8% | $254M-4.5% | |
| Market Services | $317M+1.9% | $311M+2.6% | $303M-1.0% | $306M+8.9% | $281M+4.9% | |
| Operating Income by Business | ||||||
| Capital Access Platforms | $349M+3.9% | $336M+3.4% | $325M+6.2% | $306M0.0% | $306M+3.0% | |
| Financial Technology | $245M+1.7% | $241M+17.0% | $206M-5.1% | $217M+9.6% | $198M— | |
| Market Services | $201M+0.5% | $200M+1.5% | $197M+1.5% | $194M+12.1% | $173M+9.5% | |
| Other expenses by Business | ||||||
| Capital Access Platforms | $46M0.0% | $46M0.0% | $46M+12.2% | $41M0.0% | $41M-2.4% | |
| Financial Technology | $39M+21.9% | $32M+3.2% | $31M+14.8% | $27M-6.9% | $29M+16.0% | |
| Market Services | $24M+9.1% | $22M0.0% | $22M+10.0% | $20M0.0% | $20M-4.8% | |
| Directly consumed expenses by Business | ||||||
| Capital Access Platforms | $170M+1.8% | $167M-4.6% | $175M-2.8% | $180M+11.8% | $161M+10.3% | |
| Financial Technology | $233M+3.6% | $225M+2.3% | $220M0.0% | $220M+7.3% | $205M— | |
| Market Services | $92M+3.4% | $89M+6.0% | $84M-8.7% | $92M+4.5% | $88M-1.1% | |
| Purchases of property and equipment by Business | ||||||
| Capital Access Platforms | $15M-28.6% | $21M+16.7% | $18M+20.0% | $15M+15.4% | $13M-13.3% | |
| Financial Technology | $33M-25.0% | $44M+18.9% | $37M+27.6% | $29M+31.8% | $22M— | |
| Market Services | $12M-50.0% | $24M+71.4% | $14M-6.7% | $15M+7.1% | $14M+27.3% | |
| Foreign currency translation adjustments by Business | ||||||
| Capital Access Platforms | -$30M-236% | $22M+1,000% | $2M-96.9% | $64M-28.1% | $89M+207% | |
| Financial Technology | -$3M-160% | $5M+400% | $1M-92.9% | $14M-12.5% | $16M+180% | |
| Market Services | -$31M-215% | $27M+440% | $5M-93.8% | $80M-31.6% | $117M+211% | |
| D&A by Business | ||||||
| Capital Access Platforms | $13M+62.5% | $8M-27.3% | $11M-8.3% | $12M+20.0% | $10M+42.9% | |
| Financial Technology | $19M+11.8% | $17M+21.4% | $14M+7.7% | $13M+8.3% | $12M0.0% | |
| Market Services | $12M+9.1% | $11M0.0% | $11M0.0% | $11M0.0% | $11M+22.2% | |
| Number of equity exchanges (in exchanges) by Business | ||||||
| Capital Access Platforms | 27— | —— | 2— | —— | 27+2,600% | |
| Market Services | 19— | —— | —— | —— | 19— | |
| Goodwill by Business | ||||||
| Capital Access Platforms | $4.26B-0.7% | $4.29B+0.1% | $4.28B0.0% | $4.28B+1.5% | $4.22B+2.2% | |
| Financial Technology | $7.95B0.0% | $7.95B+0.1% | $7.95B0.0% | $7.95B+0.1% | $7.94B+0.2% | |
| Market Services | $2.1B-1.5% | $2.13B+1.3% | $2.11B+0.2% | $2.1B+4.0% | $2.02B+6.1% | |
| Contract with Customer, Liability, Revenue Recognized Including Opening Balance by Product | ||||||
| Annual Listings | $1M0.0% | $1M— | —— | —— | $1M0.0% | |
| Capital Markets Technology | $69M+306% | $17M-52.8% | $36M-23.4% | $47M-30.9% | $68M+143% | |
| Financial Crime Management Technology | $76M+443% | $14M-51.7% | $29M-34.1% | $44M-22.8% | $57M+418% | |
| Initial Listings | $11M+37.5% | $8M0.0% | $8M+14.3% | $7M-36.4% | $11M+57.1% | |
| Other | $4M+33.3% | $3M+50.0% | $2M-33.3% | $3M-50.0% | $6M+100% | |
| Regulatory Technology | $62M+933% | $6M-81.8% | $33M-23.3% | $43M-18.9% | $53M+563% | |
| Workflow & Insights | $80M+371% | $17M-74.2% | $66M+267% | $18M-77.5% | $80M+344% | |
| Revenue, remaining performance obligation by Product | ||||||
| Capital Markets Technology | $1.4B-0.4% | $1.41B+11.0% | $1.27B-3.1% | $1.31B+9.2% | $1.2B-2.0% | |
| Financial Crime Management Technology | $858M-0.9% | $866M+8.7% | $797M+3.5% | $770M+1.0% | $762M-1.8% | |
| Regulatory Technology | $1.02B+3.5% | $988M+22.4% | $807M-10.1% | $898M+11.6% | $805M+3.7% | |
| Workflow & Insights | $365M-3.7% | $379M+11.5% | $340M-1.7% | $346M-2.5% | $355M-0.6% | |
| Revenue, remaining performance obligation, period by Product | ||||||
| Capital Markets Technology | $0— | $0— | $0— | $0— | $0— | |
| Financial Crime Management Technology | $0— | $0— | $0— | $0— | $0— | |
| Regulatory Technology | $0— | $0— | $0— | $0— | $0— | |
| Workflow & Insights | $0— | $0— | $0— | $0— | $0— | |
| Contract with Customer, Liability by Product | ||||||
| Annual Listings | $294M+9,700% | $3M-96.9% | $97M-48.4% | $188M-30.9% | $272M+13,500% | |
| Capital Markets Technology | $179M-8.7% | $196M+76.6% | $111M-21.3% | $141M-13.0% | $162M-12.9% | |
| Financial Crime Management Technology | $201M+6.3% | $189M+28.6% | $147M-7.0% | $158M-4.2% | $165M+11.5% | |
| Initial Listings | $99M+3.1% | $96M0.0% | $96M+3.2% | $93M+2.2% | $91M+2.2% | |
| Other | $28M+16.7% | $24M-7.7% | $26M-7.1% | $28M-12.5% | $32M+45.5% | |
| Regulatory Technology | $160M-3.6% | $166M+39.5% | $119M+0.8% | $118M-4.1% | $123M-16.3% | |
| Workflow & Insights | $219M+10.1% | $199M-2.9% | $205M+1.0% | $203M-4.7% | $213M+9.8% | |
| Cost of Product and Service Sold by Product | ||||||
| Brokerage, clearance and exchange fees | $6M+20.0% | $5M-16.7% | $6M-96.1% | $155M-43.4% | $274M+7.5% | |
| Transaction rebates | $724M-0.4% | $727M+14.1% | $637M+1.3% | $629M+7.5% | $585M+6.8% | |
| Additions by Product | ||||||
| Annual Listings | $293M— | —— | —— | —— | $270M— | |
| Capital Markets Technology | $53M-48.5% | $103M+1,617% | $6M-73.9% | $23M-45.2% | $42M-60.7% | |
| Financial Crime Management Technology | $88M+57.1% | $56M+211% | $18M-51.4% | $37M-50.0% | $74M+131% | |
| Initial Listings | $14M+75.0% | $8M-27.3% | $11M+37.5% | $8M-27.3% | $11M+37.5% | |
| Other | $8M+700% | $1M— | —— | —— | $13M+550% | |
| Regulatory Technology | $56M+14.3% | $49M+44.1% | $34M-10.5% | $38M+35.7% | $28M-42.9% | |
| Workflow & Insights | $101M+432% | $19M-72.1% | $68M+871% | $7M-92.9% | $99M+395% | |
| Foreign Currency Translation by Product | ||||||
| Annual Listings | -$1M— | —— | $1M-50.0% | $2M+100% | $1M+200% | |
| Capital Markets Technology | -$1M— | —— | —— | $2M-33.3% | $3M+250% | |
| Financial Crime Management Technology | $0— | $0— | $0— | $0— | $0— | |
| Initial Listings | $0— | —— | —— | $1M-50.0% | $2M+200% | |
| Other | $0— | —— | —— | $1M-50.0% | $2M+200% | |
| Regulatory Technology | $0-100% | $4M— | —— | —— | $1M— | |
| Workflow & Insights | -$1M+87.5% | -$8M— | $0-100% | $1M— | $0— | |
| Total revenues by Geography | ||||||
| All other countries | $614M-45.4% | $1.12B+184% | $396M-1.5% | $402M+3.1% | $390M-17.7% | |
| United States | $1.52B+52.3% | $1B-36.0% | $1.56B-7.5% | $1.69B-1.1% | $1.71B+9.6% | |
| PP&E (Net) by Geography | ||||||
| All other countries | $239M+4.8% | $228M-3.0% | $235M+9.8% | $214M+12.6% | $190M+13.1% | |
| United States | $500M0.0% | $500M+10.1% | $454M+2.7% | $442M+2.6% | $431M+1.4% |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Nasdaq, Inc. break its business down?
- Nasdaq, Inc. (NDAQ) reports total revenues by business across 3 parts — Capital Access Platforms, Financial Technology and Market Services. Each is extracted from the segment footnotes and tracked over time.
- Where does Nasdaq, Inc.'s segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Nasdaq, Inc.'s SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
