
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
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
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)
SPGI$15.01B
ICE$12.53B
NDAQ$8.17B
Gross Margin (Latest Quarter)
CME84.5%
MSCI83.3%
SPGI71.2%
Key Metrics
Symbol | Market Cap | P/E (TTM) | ROE (TTM) | Debt to Assets |
|---|---|---|---|---|
| SPGI | $165.43B | 40.3 | 12.4% | 19.9% |
| CME | $100.79B | 26.8 | 13.7% | 1.8% |
| ICE | $99.59B | 31.5 | 11.2% | 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%MissForm 10-Q - Q2 2025
Period End: Jun 30, 2025|Filed: Jul 25, 2025|Revenue: $2.09B+16.6%|EPS: $0.79+102.6%MeetForm 10-Q - Q1 2025
Period End: Mar 31, 2025|Filed: Apr 28, 2025|Revenue: $2.09B+24.9%|EPS: $0.69+68.3%MissForm 10-K - FY 2024
Period End: Dec 31, 2024|Filed: Feb 21, 2025|Revenue: $7.40B+22.0%|EPS: $1.94-7.6%BeatForm 10-Q - Q3 2024
Period End: Sep 30, 2024|Filed: Oct 29, 2024|Revenue: $1.90B+31.1%|EPS: $0.53-11.7%MissForm 10-Q - Q2 2024
Period End: Jun 30, 2024|Filed: Aug 6, 2024|Revenue: $1.79B+25.1%|EPS: $0.39-27.8%MissForm 10-Q - Q1 2024
Period End: Mar 31, 2024|Filed: May 2, 2024|Revenue: $1.67B+9.2%|EPS: $0.41-33.9%MissForm 10-K - FY 2023
Period End: Dec 31, 2023|Filed: Feb 21, 2024|Revenue: $6.06B-2.6%|EPS: $2.10-7.9%Beat