Saturday 31 October 2026 Export NDAQ’s income statement to Excel — free account

Nasdaq, Inc.

NDAQ Financial Financial Data & Stock Exchanges

Nasdaq, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.3 billion, up 11.6% from fiscal 2024. In the quarter to June 2026, revenue grew 20.5%, EPS grew 13.9%, free cash flow fell 7.71% and total debt fell 2.14%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years; insiders bought in the last twelve months.

106.23 0.63 +0.60%

Follow NDAQ

Alert me

Market cap: $58.6B
P/E: 30.7×
Fwd P/E: 29.4×
Dividend yield: 1.09%
F-score: 9/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Segments Filings

Nasdaq, Inc. (NDAQ) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Market Services	4,214	51.00%
Capital Access Platforms	2,137	25.87%
Financial Technology	1,850	22.39%
Other, not broken out	61	0.74%
Gross margin		63.53%
Operating margin		28.21%
Pre-tax margin		25.96%

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Market Services	4,214 51.00%	3,771 50.96%	3,156 52.04%	3,632 58.34%	3,471 58.97%	—	2,616 61.44%	2,709 63.34%	2,418 61.25%	2,255 60.88%	2,084 61.24%	2,229 63.69%	2,072 64.53%	2,206 70.71%	2,553 74.26%	2,700 84.61%	2,934 86.02%
Capital Access Platforms	2,137 25.87%	1,945 26.28%	1,744 28.76%	1,682 27.02%	1,566 26.61%	1,287 22.88%	—	—	—	—	—	—	—	—	—	—	—
Financial Technology	1,850 22.39%	1,621 21.91%	1,099 18.12%	864 13.88%	772 13.12%	—	—	—	—	—	—	—	—	—	—	—	—
Financial Technology	—	1,655 22.36%	—	864 13.88%	—	—	—	—	—	—	—	—	—	—	—	—	—
Market Platforms	—	—	—	—	—	4,179 74.29%	—	—	—	—	—	—	—	—	—	—	—
Anti-Financial Crime	—	—	—	—	—	116 2.06%	—	—	—	—	—	—	—	—	—	—	—
Investment Intelligence	—	—	—	—	—	—	768 18.04%	714 16.69%	588 14.89%	540 14.58%	512 15.05%	473 13.51%	436 13.58%	400 12.82%	391 11.37%	—	—
Corporate Platforms	—	—	—	—	—	—	490 11.51%	487 11.39%	459 11.63%	477 12.88%	562 16.51%	552 15.77%	—	—	—	—	—
Market Technology	—	—	—	—	—	—	338 7.94%	270 6.31%	247 6.26%	241 6.51%	245 7.20%	246 7.03%	475 14.79%	290 9.29%	258 7.50%	152 4.76%	145 4.25%
Technology Service	—	—	—	—	—	—	—	—	247 6.26%	241 6.51%	—	—	—	—	—	—	—
Listing Services	—	—	—	—	—	—	—	—	—	—	—	—	228 7.10%	224 7.18%	236 6.86%	—	—
Issuer Services	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	338 10.59%	330 9.67%
Corporate Item And Eliminations	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1 0.03%	2 0.06%
Other, not broken out	61 0.74%	—	65 1.07%	—	77 1.31%	43 0.76%	46 1.08%	97 2.27%	—	—	—	—	—	—	—	—	—
Eliminations	—	(1,592) (21.51%)	—	(816) (13.11%)	—	—	—	—	—	(50) (1.35%)	—	—	—	—	—	—	—
Revenue	8,262	7,400	6,064	6,226	5,886	5,625	4,258	4,277	3,948	3,704	3,403	3,500	3,211	3,120	3,438	3,191	3,411

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Capital Access Platforms	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Financial Technology	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Market Services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Financial Technology	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Market Platforms	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Anti-Financial Crime	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Investment Intelligence	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Platforms	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Market Technology	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Listing Services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
United States	5,947 71.98%	5,817 78.61%	4,870 80.31%	5,100 81.91%	4,822 81.92%	4,662 82.88%	3,405 79.97%	3,379 79.00%	3,081 78.04%	2,679 72.33%	2,408 70.76%	2,524 72.11%	2,386 74.31%	2,423 77.66%	2,707 78.74%	2,558 80.16%	2,744 80.45%
All other countries	2,315 28.02%	1,583 21.39%	1,194 19.69%	1,126 18.09%	1,064 18.08%	963 17.12%	853 20.03%	898 21.00%	867 21.96%	1,025 27.67%	995 29.24%	976 27.89%	825 25.69%	697 22.34%	731 21.26%	633 19.84%	667 19.55%
Revenue	8,262	7,400	6,064	6,226	5,886	5,625	4,258	4,277	3,948	3,704	3,403	3,500	3,211	3,120	3,438	3,191	3,411

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Annualized recurring revenues — Regulatory Technology	Q3 FY2026	$443.0M	$389.0M	+13.88%
Annualized SaaS revenue as a percent of ARR	Q3 FY2026	38.0%	38.0%	—
Index net inflows	Q2 FY2026	$51.0B	—	—
Initial public offerings — Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic	Q3 FY2026	7.00	2.00	+250.00%
Initial public offerings — The Nasdaq Stock Market	Q3 FY2026	46.00	76.00	−39.47%
Nasdaq operating company IPOs	Q3 FY2026	15.00	—	—
Number of licensed exchange traded products (ETPs)	Q3 FY2026	487.00	439.00	+10.93%
Number of listed companies — Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic	Q3 FY2026	1.1K	1.1K	−2.65%
Number of listed companies — The Nasdaq Stock Market	Q3 FY2026	4.7K	4.4K	+8.42%
Remaining performance obligations	Q3 FY2026	$3.6B	$3.2B	+13.12%
SPACs	Q3 FY2026	31.00	—	—
Total new listings — Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic	Q3 FY2026	8.00	4.00	+100.00%
Total new listings — The Nasdaq Stock Market	Q3 FY2026	167.00	205.00	−18.54%
TTM net inflows ETP AUM tracking Nasdaq indexes	Q3 FY2026	$141.0B	$91.0B	+54.95%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q1 FY2018
Annualized recurring revenues — Regulatory Technology	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Annualized SaaS revenue as a percent of ARR	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Index net inflows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Initial public offerings — Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Initial public offerings — The Nasdaq Stock Market	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Nasdaq operating company IPOs	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Number of licensed exchange traded products (ETPs)	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Number of listed companies — Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Number of listed companies — The Nasdaq Stock Market	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
SPACs	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total new listings — Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total new listings — The Nasdaq Stock Market	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
TTM net inflows ETP AUM tracking Nasdaq indexes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.