Nasdaq, Inc. NDAQ Business Segments
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Total revenues by Business | ||||||
| Capital Access Platforms | $2.19B+2.7% | $2.13B+3.1% | $2.07B+2.2% | $2.02B+2.3% | $1.98B+1.5% | |
| Financial Technology | $1.94B+4.6% | $1.85B+3.4% | $1.79B+3.0% | $1.74B+2.6% | $1.7B+2.4% | |
| Market Services | $4.13B-2.2% | $4.22B-0.7% | $4.25B-1.8% | $4.32B+5.0% | $4.12B+9.2% | |
| Revenues less transaction-based expenses by Business | ||||||
| Capital Access Platforms | $856M+3.3% | $829M+5.1% | $789M+2.1% | $773M+1.4% | $762M+0.9% | |
| Financial Technology | $1.14B+4.8% | $1.09B+2.7% | $1.06B+2.9% | $1.03B+2.1% | $1.01B+1.6% | |
| Market Services | $1.24B+3.0% | $1.2B+3.7% | $1.16B+3.3% | $1.12B+5.3% | $1.07B+4.3% | |
| Operating Income by Business | ||||||
| Capital Access Platforms | $1.32B+3.4% | $1.27B+3.2% | $1.23B+2.9% | $1.2B+3.0% | $1.16B+2.4% | |
| Financial Technology | $909M+5.5% | $862M— | —— | —— | —— | |
| Market Services | $792M+3.7% | $764M+5.8% | $722M+5.2% | $686M+7.5% | $638M+6.7% | |
| Other expenses by Business | ||||||
| Capital Access Platforms | $179M+2.9% | $174M+2.4% | $170M+4.9% | $162M0.0% | $162M-1.2% | |
| Financial Technology | $129M+8.4% | $119M+6.3% | $112M+10.9% | $101M+5.2% | $96M+6.7% | |
| Market Services | $88M+4.8% | $84M+1.2% | $83M+2.5% | $81M-1.2% | $82M-2.4% | |
| Directly consumed expenses by Business | ||||||
| Capital Access Platforms | $692M+1.3% | $683M+3.2% | $662M+0.3% | $660M+1.7% | $649M+0.6% | |
| Financial Technology | $898M+3.2% | $870M— | —— | —— | —— | |
| Market Services | $357M+1.1% | $353M0.0% | $353M-0.3% | $354M+2.6% | $345M+1.8% | |
| Purchases of property and equipment by Business | ||||||
| Capital Access Platforms | $69M+3.0% | $67M+9.8% | $61M+3.4% | $59M+5.4% | $56M+9.8% | |
| Financial Technology | $143M+8.3% | $132M— | —— | —— | —— | |
| Market Services | $65M-3.0% | $67M+24.1% | $54M0.0% | $54M-1.8% | $55M+7.8% | |
| Foreign currency translation adjustments by Business | ||||||
| Capital Access Platforms | $58M-67.2% | $177M+146% | $72M— | —— | —— | |
| Financial Technology | $17M-52.8% | $36M+227% | $11M— | —— | —— | |
| Market Services | $81M-64.6% | $229M+136% | $97M— | —— | —— | |
| D&A by Business | ||||||
| Capital Access Platforms | $44M+7.3% | $41M+2.5% | $40M+2.6% | $39M+2.6% | $38M0.0% | |
| Financial Technology | $63M+12.5% | $56M+9.8% | $51M+8.5% | $47M+6.8% | $44M0.0% | |
| Market Services | $45M+2.3% | $44M+4.8% | $42M+2.4% | $41M+2.5% | $40M+2.6% | |
| Goodwill by Business | ||||||
| Capital Access Platforms | $17.1B+0.2% | $17.06B+0.9% | $16.91B+0.4% | $16.83B+0.7% | $16.72B+0.3% | |
| Financial Technology | $31.79B0.0% | $31.79B+0.1% | $31.76B0.0% | $31.76B+0.3% | $31.67B+0.3% | |
| Market Services | $8.45B+1.0% | $8.37B+2.8% | $8.14B+1.2% | $8.04B+1.8% | $7.9B+0.9% | |
| Contract with Customer, Liability, Revenue Recognized Including Opening Balance by Product | ||||||
| Capital Markets Technology | $169M+0.6% | $168M-6.1% | $179M-2.2% | $183M+2.8% | $178M+2.9% | |
| Financial Crime Management Technology | $163M+13.2% | $144M+2.1% | $141M+4.4% | $135M-11.2% | $152M+29.9% | |
| Initial Listings | $34M0.0% | $34M+3.0% | $33M0.0% | $33M-5.7% | $35M-2.8% | |
| Other | $12M-14.3% | $14M0.0% | $14M0.0% | $14M+16.7% | $12M+9.1% | |
| Regulatory Technology | $144M+6.7% | $135M-1.5% | $137M+16.1% | $118M+25.5% | $94M+49.2% | |
| Workflow & Insights | $181M0.0% | $181M-0.5% | $182M+19.7% | $152M-16.9% | $183M+2.8% | |
| Revenue, remaining performance obligation by Product | ||||||
| Capital Markets Technology | $5.38B+3.9% | $5.18B+3.7% | $4.99B+2.8% | $4.86B+3.9% | $4.67B+1.5% | |
| Financial Crime Management Technology | $3.29B+3.0% | $3.2B+2.9% | $3.11B+3.0% | $3.02B+3.9% | $2.9B+4.2% | |
| Regulatory Technology | $3.72B+6.2% | $3.5B+6.5% | $3.29B+1.7% | $3.23B+10.0% | $2.94B+7.7% | |
| Workflow & Insights | $1.43B+0.7% | $1.42B+1.6% | $1.4B-0.4% | $1.4B+0.2% | $1.4B+1.2% | |
| 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 | $582M+3.9% | $560M+0.2% | $559M+1.1% | $553M+2.0% | $542M+2.1% | |
| Capital Markets Technology | $627M+2.8% | $610M+1.7% | $600M+0.5% | $597M+1.5% | $588M+0.2% | |
| Financial Crime Management Technology | $695M+5.5% | $659M+6.6% | $618M+3.3% | $598M+4.2% | $574M+5.3% | |
| Initial Listings | $384M+2.1% | $376M+1.9% | $369M+1.7% | $363M+0.8% | $360M-0.3% | |
| Other | $106M-3.6% | $110M+1.9% | $108M0.0% | $108M+0.9% | $107M+3.9% | |
| Regulatory Technology | $563M+7.0% | $526M+3.7% | $507M+2.4% | $495M+12.8% | $439M+16.1% | |
| Workflow & Insights | $826M+0.7% | $820M+0.6% | $815M+1.6% | $802M+1.4% | $791M+1.2% | |
| Cost of Product and Service Sold by Product | ||||||
| Brokerage, clearance and exchange fees | $172M-60.9% | $440M-36.2% | $690M-25.6% | $927M+0.5% | $922M+27.3% | |
| Transaction rebates | $2.72B+5.4% | $2.58B+7.5% | $2.4B+5.5% | $2.28B+6.9% | $2.13B+5.1% | |
| Additions by Product | ||||||
| Capital Markets Technology | $185M+6.3% | $174M-2.2% | $178M-4.8% | $187M+5.6% | $177M0.0% | |
| Financial Crime Management Technology | $199M+7.6% | $185M+14.9% | $161M+1.3% | $159M-12.2% | $181M+24.0% | |
| Initial Listings | $41M+7.9% | $38M0.0% | $38M+11.8% | $34M+3.0% | $33M+10.0% | |
| Regulatory Technology | $177M+18.8% | $149M0.0% | $149M+27.4% | $117M+19.4% | $98M+12.6% | |
| Workflow & Insights | $195M+1.0% | $193M-0.5% | $194M+19.8% | $162M-15.6% | $192M0.0% | |
| Foreign Currency Translation by Product | ||||||
| Financial Crime Management Technology | $0— | $0— | —— | —— | —— | |
| Workflow & Insights | -$8M-14.3% | -$7M-800% | $1M0.0% | $1M— | $0— | |
| Total revenues by Geography | ||||||
| All other countries | $2.54B+9.7% | $2.31B+39.1% | $1.66B+2.7% | $1.62B+2.0% | $1.59B+1.3% | |
| United States | $5.77B-3.1% | $5.96B-8.5% | $6.51B+0.2% | $6.5B+4.3% | $6.23B+6.9% | |
| PP&E (Net) by Geography | ||||||
| All other countries | $916M+5.7% | $867M+7.4% | $807M— | —— | —— | |
| United States | $1.9B+3.8% | $1.83B+4.3% | $1.75B— | —— | —— |
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.
