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NASDAQ, INC.

NDAQ
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Business Summary

Nasdaq operates as a leading technology platform that powers the world's economies, architecting the infrastructure of the world's most modern markets, powering the innovation economy, and building trust in the financial system. The company manages, operates, and provides its products and services in three business segments: Capital Access Platforms, Financial Technology, and Market Services. The filing does not disclose overall market size or growth rates for the industries in which Nasdaq operates.

The filing does not name specific primary competitors or provide market share data relative to competitors. The company describes itself as a leading technology platform that powers the world's economies, but no explicit competitive positioning or moat analysis is provided in the filing.

Nasdaq generates revenue through a diversified mix of recurring and transactional income across three business segments. The Capital Access Platforms segment includes Data and Listing Services, Index, and Workflow and Insights. The Financial Technology segment includes Financial Crime Management Technology, Regulatory Technology, and Capital Markets Technology. The Market Services segment includes trading, clearing, and settlement services. The filing describes the company as a technology platform that enables clients to capture opportunities, navigate risk, and strengthen resilience.

The Capital Access Platforms segment generated revenues of $1,575 million in 2025, compared to $1,523 million in 2024. Within this segment, Data and Listing Services revenues were $1,107 million in 2025 versus $1,078 million in 2024; Index revenues were $260 million in 2025 versus $244 million in 2024; and Workflow and Insights revenues were $208 million in 2025 versus $201 million in 2024. The Financial Technology segment generated revenues of $1,676 million in 2025, compared to $1,634 million in 2024. Within this segment, Financial Crime Management Technology revenues were $547 million in 2025 versus $530 million in 2024; Regulatory Technology revenues were $530 million in 2025 versus $517 million in 2024; and Capital Markets Technology revenues were $599 million in 2025 versus $587 million in 2024. The Market Services segment generated revenues of $3,614 million in 2025, compared to $3,482 million in 2024.

The filing does not provide a separate element for a fifth product line breakdown beyond the three segments and their sub-segments already described.

During 2025, Nasdaq completed the acquisition of Adenza Holdings, Inc. on November 1, 2023 for a total purchase price of $10.5 billion . The company also executed a restructuring plan related to the Adenza acquisition and a divisional realignment. In 2025, Nasdaq repurchased shares under its share repurchase program, including entering into accelerated share repurchase agreements. In October 2025, the company entered into an ASR agreement to repurchase shares, and in November 2025, entered into another ASR agreement. In January 2026, subsequent to year-end, the company entered into an additional ASR agreement. The company also had outstanding senior notes with various maturities and interest rates, including the 2025 Notes of $500 million aggregate principal amount of 5.650% senior unsecured notes paid at maturity on June 28, 2025.

Total revenues for 2025 were $7,104 million , compared to $6,878 million in 2024. Net income attributable to Nasdaq was $1,316 million in 2025, compared to $1,316 million in 2024. Diluted earnings per share were $2.28 in 2025, compared to $2.26 in 2024. Operating income was $1,951 million in 2025, compared to $1,931 million in 2024. The company generated cash from operations of $1,700 million in 2025.

Business Outlook

The filing discusses growth vectors within the Financial Technology segment, including Financial Crime Management Technology, Regulatory Technology, and Capital Markets Technology. The company expects to continue developing and growing its non-trading businesses. The filing does not provide specific opportunity size or expected revenue contribution for these vectors.

The filing discusses growth vectors within the Capital Access Platforms segment, including Data and Listing Services, Index, and Workflow and Insights. The company continues to invest in its index business and workflow and insights offerings. The filing does not provide specific opportunity size or expected revenue contribution for these vectors.

The filing does not provide specific margin or cost outlook, margin trajectory, or efficiency targets with exact figures.

The filing does not provide specific operational outlook regarding supply chain, manufacturing capacity, technology infrastructure investments, or headcount strategy.

Capital expenditures were $233 million in 2025. The company paid dividends of $0.96 per share in 2025. The company had a share repurchase program in place and repurchased shares during 2025. The filing does not provide specific R&D spending levels or share repurchase authorization amounts.

The filing discusses headwinds including economic, political, regulatory, and market conditions and fluctuations, including inflation, tariffs, interest rate and foreign currency risk inherent in U.S. and international operations, and geopolitical instability. The company also faces risks related to the integration of acquired businesses, including the Adenza acquisition.

The filing discusses constraints including the loss of significant trading and clearing volumes or values, fees, market share, listed companies, market data customers or other customers. The company also faces risks related to its ability to keep up with rapid technological advances, including the effective management of the development and use of AI in certain products and offerings, and adequately addressing cybersecurity risks.

Risk Factors

Nasdaq faces material risks from the loss of significant trading and clearing volumes or values, which could reduce fees and market share. The company's operating results may be lower than expected due to economic, political, regulatory, and market conditions including inflation, tariffs, interest rate and foreign currency risk. The integration of acquired businesses, including the $10.5 billion Adenza acquisition, may be more difficult, time consuming, or costly than expected, and the company may be unable to realize synergies. The company's ability to keep up with rapid technological advances, including the effective management of the development and use of AI in certain products and offerings, and adequately addressing cybersecurity risks, represents a significant operational risk. The company's substantial indebtedness of $10,089 million as of December 31, 2025 exposes it to interest rate risk and may limit its ability to generate cash and manage its debt obligations.

Management Priorities

Management's message emphasizes Nasdaq's role as a leading technology platform that powers the world's economies, architecting the infrastructure of the world's most modern markets, powering the innovation economy, and building trust in the financial system. The strategic priorities emphasized include continuing to develop and grow non-trading businesses, successfully integrating acquired businesses including Adenza, and managing the company's indebtedness and capital return initiatives.

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 7, MD&A — Consolidated Results
  2. [2] Item 7, MD&A — Consolidated Results
  3. [3] Item 7, MD&A — Segment Results
  4. [4] Item 7, MD&A — Segment Results
  5. [5] Item 7, MD&A — Segment Results
  6. [6] Item 7, MD&A — Segment Results
  7. [7] Item 7, MD&A — Segment Results
  8. [8] Item 7, MD&A — Segment Results
  9. [9] Item 7, MD&A — Segment Results
  10. [10] Item 7, MD&A — Segment Results
  11. [11] Item 7, MD&A — Segment Results
  12. [12] Item 7, MD&A — Segment Results
  13. [13] Item 7, MD&A — Segment Results
  14. [14] Item 7, MD&A — Segment Results
  15. [15] Item 7, MD&A — Segment Results
  16. [16] Item 7, MD&A — Segment Results
  17. [17] Item 7, MD&A — Segment Results
  18. [18] Item 7, MD&A — Segment Results
  19. [19] Item 8, Note 4 — Business Combinations
  20. [20] Item 8, Note 11 — Debt
  21. [21] Item 7, MD&A — Consolidated Results
  22. [22] Item 7, MD&A — Consolidated Results
  23. [23] Item 7, MD&A — Consolidated Results
  24. [24] Item 7, MD&A — Consolidated Results
  25. [25] Item 7, MD&A — Consolidated Results
  26. [26] Item 7, MD&A — Consolidated Results
  27. [27] Item 7, MD&A — Consolidated Results
  28. [28] Item 7, MD&A — Consolidated Results
  29. [29] Item 7, MD&A — Liquidity and Capital Resources
  30. [30] Item 7, MD&A — Liquidity and Capital Resources
  31. [31] Item 8, Note 14 — Earnings Per Share
  32. [32] Item 8, Note 4 — Business Combinations
  33. [33] Item 8, Balance Sheet
  34. [34] Item 7, MD&A — Consolidated Results
  35. [35] Item 7, MD&A — Consolidated Results
  36. [36] Item 7, MD&A — Consolidated Results
  37. [37] Item 7, MD&A — Consolidated Results
  38. [38] Item 7, MD&A — Consolidated Results
  39. [39] Item 7, MD&A — Consolidated Results
  40. [40] Item 7, MD&A — Consolidated Results
  41. [41] Item 7, MD&A — Consolidated Results
  42. [42] Item 8, Balance Sheet
  43. [43] Item 8, Balance Sheet
  44. [44] Item 8, Balance Sheet
  45. [45] Item 8, Balance Sheet
  46. [46] Item 7, MD&A — Liquidity and Capital Resources
  47. [47] Item 8, Note 13 — Income Taxes
  48. [48] Item 8, Note 13 — Income Taxes
  49. [49] Item 8, Note 5 — Restructuring

Analysis on 6/22/2026