Nasdaq, Inc. operates as a technology company that serves capital markets and other industries in the United States and internationally. It operates through three segments: Capital Access Platforms, Financial Technology, and Market Services. The company distributes historical and real-time market data; develops and licenses Nasdaq-branded indices and financial products; provides investor relations intelligence, governance solutions, and sustainability solution products for public and private companies, and organizations, as well as insights and workflow solutions; and operates listing platforms. It also offers Verafin, a cloud-based platform to detect, investigate, and report money laundering and financial frauds; AxiomSL, a risk data management and regulatory reporting solution; cloud-enabled and on-premises surveillance solutions to assist in complying with market rules, regulations, and internal market surveillance policies; Calypso, a platform providing cross-asset, front-to-back trading, treasury, risk, and collateral management solutions; and trade management and colocation services, as well as handles assets comprising cash equities, equity derivatives, currencies, various interest-bearing securities, commodities, energy products, and digital currencies. In addition, the company provides equity derivative trading and clearing, cash equity trading and fixed income, currency and commodities trading, and fixed income trading and clearing services, as well as tape plan data services; operates various exchanges, including derivatives, commodities, cash equity, debt, structured products, and exchange traded products; and offers 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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $8.3B | $3.1B | $1.8B | $2.0B | 14.6% | 11.6% | 60.1% |
| 2024 | $7.4B | $2.5B | $1.1B | $1.7B | 10.0% | 22.0% | 5.5% |
| 2023 | $6.1B | $2.0B | $1.1B | $1.5B | 9.8% | -2.6% | -5.9% |
| 2022 | $6.2B | $1.9B | $1.1B | $1.6B | 18.3% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 6,226 | 6,064 | 7,400 | 8,262 |
| Operating Revenue | - | 6,178 | 5,999 | 7,337 | 8,201 |
| Cost Of Revenue | - | 3,887 | 3,518 | 4,411 | 4,773 |
| Gross Profit | - | 2,339 | 2,546 | 2,989 | 3,489 |
| Operating Expense | - | 678 | 740 | 1,040 | 1,056 |
| Selling General And Administration | - | 420 | 417 | 427 | 424 |
| Total Expenses | - | 4,565 | 4,258 | 5,451 | 5,829 |
| Operating Income | - | 1,661 | 1,806 | 1,949 | 2,433 |
| Total Operating Income As Reported | - | 1,564 | 1,578 | 1,798 | 2,331 |
| EBITDA | - | 1,853 | 1,996 | 2,460 | 3,131 |
| Normalized EBITDA | - | 1,950 | 2,224 | 2,611 | 3,147 |
| EBIT | - | 1,595 | 1,673 | 1,847 | 2,499 |
| Interest Income | - | 7 | 115 | 28 | 39 |
| Interest Expense | - | 120 | 272 | 398 | 354 |
| Net Interest Income | - | -122 | -169 | -386 | -328 |
| Other Non Operating Income Expenses | - | 2 | -1 | 21 | -27 |
| Other Income Expense | - | -64 | -236 | -114 | 40 |
| Interest Income Non Operating | - | 7 | 115 | 28 | 39 |
| Interest Expense Non Operating | - | 120 | 272 | 398 | 354 |
| Net Non Operating Interest Income Expense | - | -122 | -169 | -386 | -328 |
| Pretax Income | - | 1,475 | 1,401 | 1,449 | 2,145 |
| Tax Provision | - | 352 | 344 | 334 | 358 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -23.18 | -56.09 | -34.88 | -2.67 |
| Net Income Continuous Operations | - | 1,123 | 1,057 | 1,115 | 1,787 |
| Net Income From Continuing And Discontinued Operation | - | 1,125 | 1,059 | 1,117 | 1,788 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,125 | 1,059 | 1,117 | 1,788 |
| Net Income | - | 1,125 | 1,059 | 1,117 | 1,788 |
| Net Income Common Stockholders | - | 1,125 | 1,059 | 1,117 | 1,788 |
| Net Income Including Noncontrolling Interests | - | 1,123 | 1,057 | 1,115 | 1,787 |
| Normalized Income | - | 1,198.82 | 1,230.91 | 1,233.12 | 1,801.33 |
| Diluted NI Availto Com Stockholders | - | 1,125 | 1,059 | 1,117 | 1,788 |
| Basic Average Shares | - | 492.40 | 504.90 | 575.40 | 573.30 |
| Diluted Average Shares | - | 497.90 | 508.40 | 579.20 | 578.60 |
| Reconciled Depreciation | - | 258 | 323 | 613 | 632 |
| Reconciled Cost Of Revenue | - | 3,887 | 3,518 | 4,411 | 4,773 |
| Total Unusual Items | - | -97 | -228 | -151 | -16 |
| Total Unusual Items Excluding Goodwill | - | -97 | -228 | -151 | -16 |
| Minority Interests | - | 2 | 2 | 2 | 1 |
| Special Income Charges | - | -97 | -228 | -151 | -16 |
| Gain On Sale Of Business | - | 0 | 0 | 0 | 86 |
| Restructuring And Mergern Acquisition | - | 97 | 228 | 151 | 102 |
| Depreciation Amortization Depletion Income Statement | - | 258 | 323 | 613 | 632 |
| Depreciation And Amortization In Income Statement | - | 258 | 323 | 613 | 632 |
| General And Administrative Expense | - | 369 | 370 | 373 | 359 |
| Other Gand A | - | 265 | 241 | 261 | 235 |
| Rent Expense Supplemental | - | 104 | 129 | 112 | 124 |
| Total Other Finance Cost | - | 9 | 12 | 16 | 13 |
| Other Operating Expenses | 64 | 33 | - | - | - |
| Selling And Marketing Expense | - | 51 | 47 | 54 | 65 |
| Rent And Landing Fees | - | 104 | 129 | 112 | 124 |
| Earnings From Equity Interest | - | 31 | -7 | 16 | 83 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Nasdaq, Inc.this co. | NDAQ | $50.0B | 27.98 | 4.09 | 14.6% | 18.81 |
| The Allstate Corporation | ALL | $54.3B | 5.28 | 1.90 | 35.9% | - |
| Arthur J. Gallagher & Co. | AJG | $54.2B | 36.29 | 2.32 | 6.4% | 18.26 |
| MetLife, Inc. | MET | $53.7B | 15.89 | 1.89 | 11.9% | - |
| Fifth Third Bancorp | FITB | $46.9B | 18.61 | 2.35 |
| - |
| - |
| - |
| - |
| 12.6% |
| - |
| State Street Corporation | STT | $45.0B | 15.30 | 1.86 | 12.1% | - |
| MSCI Inc. | MSCI | $45.0B | 37.44 | -16.96 | -45.3% | 26.42 |
| Coinbase Global, Inc. | COIN | $43.2B | 34.31 | 2.92 | 8.5% | 22.15 |
| Ares Management Corporation | ARES | $43.0B | 81.62 | 15.29 | 18.7% | 24.30 |
| Peer Median | - | 26.46 | 2.11 | 12.0% | 23.23 | |