Nasdaq (NDAQ) revenue breakdown

Financial Services · Financial Data & Stock Exchanges · Market cap $54.0B

By segment, Market Services is the largest at 51% of fiscal 2025 revenue; Financial Technology grew fastest, 24% a year over 4 years.

By product, Market Services is the largest at 63% of fiscal 2018 revenue; Information Services grew fastest, 15% a year over 2 years.

Revenue by segment

Fiscal years, as Nasdaq reports them in its 10-K filings; fiscal 2025 total $8.2B.

Segments2016201720182019202020212022202320242025Share
Market Services$2.3B$2.4B$2.7B$2.6B$4.2B$3.5B$3.6B$3.2B$3.8B$4.2B 51%
Capital Access Platforms————$1.3B$1.6B$1.7B$1.7B$2.0B$2.1B 26%
Financial Technology—————$772M$864M$1.1B$1.6B$1.9B 23%
Investment Intelligence$540M$588M$714M$768M—————— —
Corporate Platforms$477M$501M$487M$490M—————— —
Market Technology$241M$247M$270M$338M—————— —
Anti-Financial Crime————$116M————— —

Revenue by product

Fiscal years, as Nasdaq reports them in its 10-K filings; fiscal 2018 total $4.3B.

Products201620172018Share
Market Services$2.3B$2.4B$2.7B 63%
Information Services$540M$588M$714M 17%
Corporate Services$477M$501M$528M 12%
Market Technology$241M$247M$270M 6%
Other revenues$191M$194M$56M 1%

Revenue by region

Fiscal years, as Nasdaq reports them in its 10-K filings; fiscal 2025 total $8.3B.

Regions2016201720182019202020212022202320242025Share
United States$2.7B$3.1B$3.4B$3.4B$4.7B$4.8B$5.1B$4.9B$5.8B$5.9B 72%
All other countries$1.0B$867M$898M$853M$963M$1.1B$1.1B$1.2B$1.6B$2.3B 28%
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Questions

Where does Nasdaq make its money?

In fiscal 2025, by segment: Market Services $4.2B, Capital Access Platforms $2.1B, Financial Technology $1.9B.

From Nasdaq's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.