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+10.7% | $2.13B+9.5% | $2.07B+9.0% | $2.02B+9.2% | $1.98B+9.2% | |
| Financial Technology | $1.94B+14.2% | $1.85B+11.8% | $1.79B+31.1% | $1.74B+45.0% | $1.7B+67.2% | |
| Market Services | $4.13B+0.2% | $4.22B+11.9% | $4.25B+22.1% | $4.32B+35.0% | $4.12B+34.1% | |
| Revenues less transaction-based expenses by Business | ||||||
| Capital Access Platforms | $856M+12.3% | $829M+9.8% | $789M+4.8% | $773M+2.9% | $762M+1.5% | |
| Financial Technology | $1.14B+13.0% | $1.09B+9.6% | $1.06B+10.8% | $1.03B+18.7% | $1.01B+33.5% | |
| Market Services | $1.24B+16.2% | $1.2B+17.6% | $1.16B+15.7% | $1.12B+15.4% | $1.07B+10.6% | |
| Operating Income by Business | ||||||
| Capital Access Platforms | $1.32B+13.1% | $1.27B+12.0% | $1.23B+12.9% | $1.2B+13.4% | $1.16B+13.3% | |
| Financial Technology | $909M— | $862M— | —— | —— | —— | |
| Market Services | $792M+24.1% | $764M+27.8% | $722M+24.1% | $686M+23.2% | $638M+15.2% | |
| Other expenses by Business | ||||||
| Capital Access Platforms | $179M+10.5% | $174M+6.1% | $170M+7.3% | $162M+3.2% | $162M+6.2% | |
| Financial Technology | $129M+34.4% | $119M+32.2% | $112M+36.2% | $101M+27.0% | $96M+28.4% | |
| Market Services | $88M+7.3% | $84M0.0% | $83M+1.5% | $81M+0.6% | $82M+4.8% | |
| Directly consumed expenses by Business | ||||||
| Capital Access Platforms | $692M+6.6% | $683M+5.9% | $662M+1.0% | $660M+3.4% | $649M+3.7% | |
| Financial Technology | $898M— | $870M— | —— | —— | —— | |
| Market Services | $357M+3.5% | $353M+4.1% | $353M+6.2% | $354M+7.3% | $345M+4.7% | |
| Purchases of property and equipment by Business | ||||||
| Capital Access Platforms | $69M+23.2% | $67M+31.4% | $61M+23.9% | $59M+26.9% | $56M+17.3% | |
| Financial Technology | $143M— | $132M— | —— | —— | —— | |
| Market Services | $65M+18.2% | $67M+31.4% | $54M+0.5% | $54M+0.9% | $55M+7.3% | |
| Foreign currency translation adjustments by Business | ||||||
| Capital Access Platforms | $58M— | $177M— | $72M— | —— | —— | |
| Financial Technology | $17M— | $36M— | $11M— | —— | —— | |
| Market Services | $81M— | $229M— | $97M— | —— | —— | |
| D&A by Business | ||||||
| Capital Access Platforms | $44M+15.8% | $41M+7.9% | $40M-0.6% | $39M-1.3% | $38M+0.7% | |
| Financial Technology | $63M+43.2% | $56M+27.3% | $51M+24.4% | $47M+17.5% | $44M+12.8% | |
| Market Services | $45M+12.5% | $44M+12.8% | $42M+9.1% | $41M+10.8% | $40M+12.7% | |
| Goodwill by Business | ||||||
| Capital Access Platforms | $17.1B+2.3% | $17.06B+2.4% | $16.91B+0.9% | $16.83B+0.9% | $16.72B+0.3% | |
| Financial Technology | $31.79B+0.4% | $31.79B+0.6% | $31.76B+0.7% | $31.76B— | $31.67B— | |
| Market Services | $8.45B+7.0% | $8.37B+6.8% | $8.14B+2.4% | $8.04B— | $7.9B— | |
| Contract with Customer, Liability, Revenue Recognized Including Opening Balance by Product | ||||||
| Capital Markets Technology | $169M-5.1% | $168M-2.9% | $179M+12.1% | $183M+36.1% | $178M+66.0% | |
| Financial Crime Management Technology | $163M+7.2% | $144M+23.1% | $141M+7.2% | $135M+0.7% | $152M+54.3% | |
| Initial Listings | $34M-2.9% | $34M-5.6% | $33M-14.8% | $33M-18.5% | $35M-15.2% | |
| Other | $12M0.0% | $14M+27.3% | $14M+36.6% | $14M+33.3% | $12M+2.1% | |
| Regulatory Technology | $144M+53.2% | $135M+114% | $137M+129% | $118M+134% | $94M+159% | |
| Workflow & Insights | $181M-1.1% | $181M+1.7% | $182M-10.0% | $152M-27.1% | $183M-9.3% | |
| Revenue, remaining performance obligation by Product | ||||||
| Capital Markets Technology | $5.38B+15.0% | $5.18B+12.4% | $4.99B+11.9% | $4.86B— | $4.67B— | |
| Financial Crime Management Technology | $3.29B+13.4% | $3.2B+14.7% | $3.11B+17.3% | $3.02B— | $2.9B— | |
| Regulatory Technology | $3.72B+26.6% | $3.5B+28.3% | $3.29B+29.5% | $3.23B— | $2.94B— | |
| Workflow & Insights | $1.43B+2.1% | $1.42B+2.5% | $1.4B+1.8% | $1.4B+4.4% | $1.4B+10.9% | |
| 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+7.4% | $560M+5.5% | $559M+5.1% | $553M+3.8% | $542M+0.7% | |
| Capital Markets Technology | $627M+6.6% | $610M+3.9% | $600M+2.7% | $597M— | $588M— | |
| Financial Crime Management Technology | $695M+21.1% | $659M+20.9% | $618M+18.8% | $598M— | $574M— | |
| Initial Listings | $384M+6.7% | $376M+4.2% | $369M0.0% | $363M-4.2% | $360M-8.6% | |
| Other | $106M-0.9% | $110M+6.8% | $108M+5.9% | $108M+10.2% | $107M+12.6% | |
| Regulatory Technology | $563M+28.2% | $526M+39.2% | $507M+69.6% | $495M— | $439M— | |
| Workflow & Insights | $826M+4.4% | $820M+4.9% | $815M+6.1% | $802M+5.8% | $791M+5.5% | |
| Cost of Product and Service Sold by Product | ||||||
| Brokerage, clearance and exchange fees | $172M-81.3% | $440M-39.2% | $690M+28.3% | $927M+158% | $922M+238% | |
| Transaction rebates | $2.72B+27.6% | $2.58B+27.3% | $2.4B+23.8% | $2.28B+21.5% | $2.13B+16.1% | |
| Additions by Product | ||||||
| Capital Markets Technology | $185M+4.5% | $174M-1.7% | $178M+45.0% | $187M+16.5% | $177M-11.6% | |
| Financial Crime Management Technology | $199M+9.9% | $185M+26.7% | $161M+11.4% | $159M0.0% | $181M+38.7% | |
| Initial Listings | $41M+24.2% | $38M+26.7% | $38M+46.2% | $34M+36.0% | $33M+57.1% | |
| Regulatory Technology | $177M+80.6% | $149M+71.3% | $149M+156% | $117M+52.9% | $98M+26.0% | |
| Workflow & Insights | $195M+1.6% | $193M+0.5% | $194M+3.7% | $162M-11.0% | $192M+4.9% | |
| Foreign Currency Translation by Product | ||||||
| Financial Crime Management Technology | $0— | $0— | —— | —— | —— | |
| Workflow & Insights | -$8M— | -$7M— | $1M— | $1M— | $0— | |
| Total revenues by Geography | ||||||
| All other countries | $2.54B+59.7% | $2.31B+47.4% | $1.66B+19.4% | $1.62B+21.0% | $1.59B+25.5% | |
| United States | $5.77B-7.4% | $5.96B+2.2% | $6.51B+18.6% | $6.5B+25.9% | $6.23B+25.7% | |
| PP&E (Net) by Geography | ||||||
| All other countries | $916M— | $867M— | $807M— | —— | —— | |
| United States | $1.9B— | $1.83B— | $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.
