Nasdaq, Inc. NDAQ Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Total revenues by Business | ||||||
| Capital Access Platforms | $565M+11.2% | $549M+13.2% | $546M+9.0% | $527M+9.6% | $508M+6.1% | |
| Financial Technology | $517M+19.7% | $498M+13.7% | $457M+12.8% | $464M+10.5% | $432M+10.2% | |
| Market Services | $1.05B-8.2% | $1.04B-2.6% | $946M-7.4% | $1.09B+23.4% | $1.14B+43.6% | |
| Revenues less transaction-based expenses by Business | ||||||
| Capital Access Platforms | $220M+14.0% | $232M+20.8% | $206M+8.4% | $198M+5.9% | $193M+3.8% | |
| Financial Technology | $306M+20.5% | $295M+10.9% | $264M+12.8% | $279M+8.1% | $254M+6.7% | |
| Market Services | $317M+12.8% | $311M+16.0% | $303M+13.9% | $306M+22.4% | $281M+18.6% | |
| Operating Income by Business | ||||||
| Capital Access Platforms | $349M+14.1% | $336M+13.1% | $325M+12.1% | $306M+12.9% | $306M+9.7% | |
| Financial Technology | $245M+23.7% | $241M— | $206M+13.2% | $217M+9.0% | $198M+12.5% | |
| Market Services | $201M+16.2% | $200M+26.6% | $197M+22.4% | $194M+32.9% | $173M+30.1% | |
| Other expenses by Business | ||||||
| Capital Access Platforms | $46M+12.2% | $46M+9.5% | $46M+21.1% | $41M0.0% | $41M-4.7% | |
| Financial Technology | $39M+34.5% | $32M+28.0% | $31M+55.0% | $27M+22.7% | $29M+26.1% | |
| Market Services | $24M+20.0% | $22M+4.8% | $22M+10.0% | $20M-4.8% | $20M-9.1% | |
| Directly consumed expenses by Business | ||||||
| Capital Access Platforms | $170M+5.6% | $167M+14.4% | $175M+1.2% | $180M+6.5% | $161M+2.5% | |
| Financial Technology | $233M+13.7% | $225M— | $220M+8.4% | $220M+10.6% | $205M+6.2% | |
| Market Services | $92M+4.5% | $89M0.0% | $84M-1.2% | $92M+10.8% | $88M+7.3% | |
| Purchases of property and equipment by Business | ||||||
| Capital Access Platforms | $15M+15.4% | $21M+40.0% | $18M+12.5% | $15M+25.0% | $13M+62.5% | |
| Financial Technology | $33M+50.0% | $44M— | $37M+37.0% | $29M+20.8% | $22M+4.8% | |
| Market Services | $12M-14.3% | $24M+118% | $14M0.0% | $15M-6.3% | $14M+40.0% | |
| Foreign currency translation adjustments by Business | ||||||
| Capital Access Platforms | -$30M-134% | $22M+127% | $2M— | $64M— | $89M+271% | |
| Financial Technology | -$3M-119% | $5M+125% | $1M— | $14M+1,500% | $16M+207% | |
| Market Services | -$31M-126% | $27M+126% | $5M— | $80M— | $117M+265% | |
| D&A by Business | ||||||
| Capital Access Platforms | $13M+30.0% | $8M+14.3% | $11M+10.0% | $12M+9.1% | $10M0.0% | |
| Financial Technology | $19M+58.3% | $17M+41.7% | $14M+40.0% | $13M+30.0% | $12M0.0% | |
| Market Services | $12M+9.1% | $11M+22.2% | $11M+10.0% | $11M+10.0% | $11M+10.0% | |
| Number of equity exchanges (in exchanges) by Business | ||||||
| Capital Access Platforms | 270.0% | —— | 2— | —— | 270.0% | |
| Market Services | 190.0% | —— | —— | —— | 190.0% | |
| Goodwill by Business | ||||||
| Capital Access Platforms | $4.26B+0.9% | $4.29B+3.8% | $4.28B+1.7% | $4.28B+2.7% | $4.22B+1.3% | |
| Financial Technology | $7.95B+0.1% | $7.95B+0.3% | $7.95B0.0% | $7.95B+1.1% | $7.94B+1.1% | |
| Market Services | $2.1B+4.0% | $2.13B+12.0% | $2.11B+4.8% | $2.1B+7.2% | $2.02B+3.5% | |
| Contract with Customer, Liability, Revenue Recognized Including Opening Balance by Product | ||||||
| Annual Listings | $1M0.0% | $1M0.0% | —— | —— | $1M0.0% | |
| Capital Markets Technology | $69M+1.5% | $17M-39.3% | $36M-10.0% | $47M+11.9% | $68M+7.9% | |
| Financial Crime Management Technology | $76M+33.3% | $14M+27.3% | $29M+26.1% | $44M-27.9% | $57M+159% | |
| Initial Listings | $11M0.0% | $8M+14.3% | $8M0.0% | $7M-22.2% | $11M-8.3% | |
| Other | $4M-33.3% | $3M0.0% | $2M0.0% | $3M+200% | $6M+20.0% | |
| Regulatory Technology | $62M+17.0% | $6M-25.0% | $33M+136% | $43M+126% | $53M+141% | |
| Workflow & Insights | $80M0.0% | $17M-5.6% | $66M+83.3% | $18M-63.3% | $80M+6.7% | |
| Revenue, remaining performance obligation by Product | ||||||
| Capital Markets Technology | $1.4B+16.9% | $1.41B+15.0% | $1.27B+12.0% | $1.31B+16.2% | $1.2B+6.2% | |
| Financial Crime Management Technology | $858M+12.6% | $866M+11.6% | $797M+12.7% | $770M+17.0% | $762M+18.3% | |
| Regulatory Technology | $1.02B+27.1% | $988M+27.3% | $807M+7.3% | $898M+48.9% | $805M+35.3% | |
| Workflow & Insights | $365M+2.8% | $379M+6.2% | $340M-1.7% | $346M+0.9% | $355M+4.7% | |
| 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+8.1% | $3M+50.0% | $97M+6.6% | $188M+6.2% | $272M+4.2% | |
| Capital Markets Technology | $179M+10.5% | $196M+5.4% | $111M+2.8% | $141M+6.8% | $162M+0.6% | |
| Financial Crime Management Technology | $201M+21.8% | $189M+27.7% | $147M+15.7% | $158M+17.9% | $165M+21.3% | |
| Initial Listings | $99M+8.8% | $96M+7.9% | $96M+6.7% | $93M+3.3% | $91M-1.1% | |
| Other | $28M-12.5% | $24M+9.1% | $26M0.0% | $28M+3.7% | $32M+14.3% | |
| Regulatory Technology | $160M+30.1% | $166M+12.9% | $119M+11.2% | $118M+90.3% | $123M+98.4% | |
| Workflow & Insights | $219M+2.8% | $199M+2.6% | $205M+6.8% | $203M+5.7% | $213M+4.4% | |
| Cost of Product and Service Sold by Product | ||||||
| Brokerage, clearance and exchange fees | $6M-97.8% | $5M-98.0% | $6M-97.5% | $155M+3.3% | $274M+261% | |
| Transaction rebates | $724M+23.8% | $727M+32.7% | $637M+24.2% | $629M+30.2% | $585M+21.6% | |
| Additions by Product | ||||||
| Annual Listings | $293M+8.5% | —— | —— | —— | $270M+3.8% | |
| Capital Markets Technology | $53M+26.2% | $103M-3.7% | $6M-60.0% | $23M+76.9% | $42M0.0% | |
| Financial Crime Management Technology | $88M+18.9% | $56M+75.0% | $18M+12.5% | $37M-37.3% | $74M+89.7% | |
| Initial Listings | $14M+27.3% | $8M0.0% | $11M+57.1% | $8M+14.3% | $11M+37.5% | |
| Other | $8M-38.5% | $1M-50.0% | —— | —— | $13M0.0% | |
| Regulatory Technology | $56M+100% | $49M0.0% | $34M+1,600% | $38M+100% | $28M+64.7% | |
| Workflow & Insights | $101M+2.0% | $19M-5.0% | $68M+88.9% | $7M-81.1% | $99M0.0% | |
| Foreign Currency Translation by Product | ||||||
| Annual Listings | -$1M-200% | —— | $1M0.0% | $2M— | $1M+200% | |
| Capital Markets Technology | -$1M-133% | —— | —— | $2M— | $3M+400% | |
| Financial Crime Management Technology | $0— | $0— | $0— | $0— | $0+100% | |
| Initial Listings | $0-100% | —— | —— | $1M— | $2M+300% | |
| Other | $0-100% | —— | —— | $1M— | $2M+300% | |
| Regulatory Technology | $0-100% | $4M— | —— | —— | $1M+200% | |
| Workflow & Insights | -$1M— | -$8M— | $0— | $1M— | $0— | |
| Total revenues by Geography | ||||||
| All other countries | $614M+57.4% | $1.12B+137% | $396M+12.2% | $402M+8.4% | $390M+5.4% | |
| United States | $1.52B-10.7% | $1B-35.7% | $1.56B+0.8% | $1.69B+18.8% | $1.71B+30.8% | |
| PP&E (Net) by Geography | ||||||
| All other countries | $239M+25.8% | $228M+35.7% | $235M— | $214M— | $190M— | |
| United States | $500M+16.0% | $500M+17.6% | $454M— | $442M— | $431M— |
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.
