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Nasdaq, Inc.

Nasdaq, Inc.

NASDAQ•NDAQ
CEO: Ms. Adena T. Friedman
Sector: Financial Services
Industry: Financial - Data & Stock Exchanges
Listing Date: 2002-07-01
Nasdaq, Inc. operates as a technology company that serves capital markets and other industries worldwide. It operates in three segments: Capital Access Platforms, Financial Technology, and Market Services. The Capital Access Platforms segment sells and distributes historical and real-time market data; and develops and licenses Nasdaq-branded indices and financial products. This segment also offers investor relations intelligence, governance solutions, and ESG solutions; and insights and workflow solutions, as well as operates listing platforms. The Financial Technology segment offers Verafin, a cloud-based platform to detect, investigate, and report money laundering and financial frauds; surveillance solutions, including a SaaS platform to assist in complying with market rules, regulations, and internal market surveillance policies; AxiomSL, a risk data management and regulatory reporting solution; and Calypso, a front-to-back trading technology solution for the financial market. This segment also handles assets, comprising cash equities, equity derivatives, currencies, various interest-bearing securities, commodities, energy products, and digital currencies; and trade management and colocation services. The Market Platforms segment offers equity derivative trading and clearing, cash equity trading, fixed income and commodities trading and clearing, and currency trading services. This segment operates various exchanges and other marketplace facilities across various asset classes which includes derivatives, commodities, cash equity, debt, structured products, and exchange traded products; and provides clearing, settlement, and central depository services. The company was formerly known as The NASDAQ OMX Group, Inc. and changed its name to Nasdaq, Inc. in September 2015. Nasdaq, Inc. was founded in 1971 and is headquartered in New York, New York.
Contact Information
151 West 42nd Street, New York, NY, 10036, United States
212-401-8700
www.nasdaq.com
Market Cap
$57.94B
P/E (TTM)
35.6
27.6
Dividend Yield
1.0%
52W High
$101.79
52W Low
$64.84
52W Range
98%
Rank37Top 34.1%
4.4
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 4.4 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q3 2025 Data

Revenue

$1.96B+2.94%
4-Quarter Trend

EPS

$0.74+39.62%
4-Quarter Trend

FCF

$152.00M-19.15%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Net Income Attributable Surge Net income attributable to Nasdaq reached $1.27B for nine months, showing strong 66.6% growth compared to prior year.
Revenue Less Expenses Growth Revenues less transaction-based expenses grew 12.7% to $3.857B for the nine months ended September 30, 2025.
Index AUM Reaches High Index ETP Assets Under Management hit $829B, supported by $17B net inflows during the third quarter.
FinTech Subscription Traction Financial Technology segment delivered 12% ARR growth, reflecting successful increases in new clients and cross-sells.

Risk Factors

Macroeconomic Performance Impact Business performance is vulnerable to inflation, interest rates, tariffs, and geopolitical instability potentially slowing IPO issuance.
Regulatory Uncertainty Exposure Ongoing discussions and audits with taxing authorities carry uncertain outcomes that may impact financial position.
Technology Advancement Pace Ability to keep up with rapid technological advances, including effective management and use of AI, presents ongoing risk.
Trading Volume Competition Risk exists regarding loss of significant trading and clearing volumes, fees, or market share across various exchange venues.

Outlook

Adenza Restructuring Optimization Continuing Adenza restructuring, expecting over $150M net expense synergies actioned by year-end 2025.
Debt Repayment Progress Successfully repaid 2025 Notes in full during Q2 2025 and partially repurchased several series of senior unsecured notes.
Capital Return Policy Board maintains policy for regular and increasing dividends; $1.4B remains authorized for the existing share repurchase program.
Solovis Divestiture Finalization Agreement to sell Nasdaq Solovis closed in October 2025, resulting in a gain expected to be recorded in Q4 2025.

Peer Comparison

Revenue (TTM)

S&P Global Inc.SPGI
$15.01B
+9.0%
Intercontinental Exchange, Inc.ICE
$12.53B
+9.9%
Nasdaq, Inc.NDAQ
$8.17B
+16.4%

Gross Margin (Latest Quarter)

CME Group Inc.CME
84.5%
-1.6pp
MSCI Inc.MSCI
83.3%
+0.7pp
S&P Global Inc.SPGI
71.2%
+1.2pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
SPGI$165.43B40.312.4%19.9%
CME$100.79B26.813.7%1.8%
ICE$99.59B31.511.2%13.8%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-1.2%
Flat Growth
4Q Net Income CAGR
6.0%
Profitability Improving
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Jan 29, 2026
|
EPS:$0.91
|
Revenue:$1.37B
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Oct 23, 2025|
    Revenue: $1.96B+2.9%
    |
    EPS: $0.74+39.6%
    Miss
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 25, 2025|
    Revenue: $2.09B+16.6%
    |
    EPS: $0.79+102.6%
    Meet
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: Apr 28, 2025|
    Revenue: $2.09B+24.9%
    |
    EPS: $0.69+68.3%
    Miss
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 21, 2025|
    Revenue: $7.40B+22.0%
    |
    EPS: $1.94-7.6%
    Beat
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Oct 29, 2024|
    Revenue: $1.90B+31.1%
    |
    EPS: $0.53-11.7%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 6, 2024|
    Revenue: $1.79B+25.1%
    |
    EPS: $0.39-27.8%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 2, 2024|
    Revenue: $1.67B+9.2%
    |
    EPS: $0.41-33.9%
    Miss
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 21, 2024|
    Revenue: $6.06B-2.6%
    |
    EPS: $2.10-7.9%
    Beat