olivLaw · US equity research
Nasdaq, Inc. NDAQ
Security & Commodity Brokers, Dealers, Exchanges & Services · SIC 6200 · Vertical: Security & Commodity Brokers, Dealers, Exchanges & Services (SIC 6200)
Nasdaq is a technology platform that builds market infrastructure, data, index and software solutions for exchanges, banks and regulators. The company closed fiscal 2025 with total revenues of 8262 million USD, and in the third quarter of 2026 Solutions revenue grew 17%, driven by demand for cloud and AI solutions.
At the close of 04 Nov 2026, Nasdaq, Inc. (NDAQ) stock was 109.70 USD (+2.55% on the day), with market capitalisation 60.9 bn USD, P/E 30.0 on diluted EPS of 3.66 USD over the last 12 months, dividend yield 1.06%, beta 0.82, 52-week range 76.85–109.70 USD. Latest reported quarter (Q3 2026): revenue of 2.4 bn USD (+20.9% YoY), net income of 540.0 m USD (+27.7% YoY), diluted EPS 0.96 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 75.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 87.25 – 112.24
- in the upper half of the band · %B 0.90 · band width 25.1%
- SMA 50 / 200
- 96.30 / 90.74
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 3.92 / 2.88
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +19.0% | −1.1% | +20.1 pp | — |
| 3 months | +16.0% | −0.5% | +16.5 pp | — |
| 6 months | +23.0% | +4.4% | +18.6 pp | — |
| Year to date | +12.9% | +12.3% | +0.6 pp | — |
| 1 year | +27.8% | +13.5% | +14.2 pp | +9.5% |
| 3 years | +118.4% | +76.4% | +42.0 pp | +40.1% |
| 5 years | +54.6% | +63.7% | −9.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.0 bn | 2.1 bn | 2.1 bn | 2.0 bn | 2.1 bn | 2.1 bn | 2.5 bn | 2.4 bn |
| Cost of revenue | 803.0 m | 859.0 m | 795.0 m | 664.0 m | 695.0 m | 730.0 m | 1.0 bn | 912.0 m |
| Gross profit | 1.2 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.4 bn | 1.5 bn | 1.5 bn |
| Operating income | 517.0 m | 547.0 m | 568.0 m | 586.0 m | 629.0 m | 657.0 m | 712.0 m | 732.0 m |
| Depreciation & amortisation | -335.0 m | 156.0 m | 158.0 m | 158.0 m | -326.0 m | 165.0 m | 165.0 m | 165.0 m |
| Interest expense | 101.0 m | 96.0 m | 95.0 m | 87.0 m | 88.0 m | 87.0 m | 86.0 m | 86.0 m |
| Pre-tax income | 439.0 m | 488.0 m | 548.0 m | 529.0 m | 580.0 m | 677.0 m | 653.0 m | 701.0 m |
| Income tax | 84.0 m | 93.0 m | 96.0 m | 106.0 m | 62.0 m | 158.0 m | 146.0 m | 162.0 m |
| Net income | 355.0 m | 395.0 m | 452.0 m | 423.0 m | 518.0 m | 519.0 m | 507.0 m | 540.0 m |
| Diluted EPS | 0.61 ≈ | 0.68 | 0.78 | 0.73 | 0.90 ≈ | 0.91 | 0.89 | 0.96 |
| Operating cash flow | 705.0 m | 663.0 m | 746.0 m ≈ | 221.0 m ≈ | 625.0 m | 689.0 m | 711.0 m ≈ | 521.0 m ≈ |
| Capex | 60.0 m | 49.0 m | 59.0 m ≈ | 69.0 m ≈ | 89.0 m | 60.0 m | 77.0 m ≈ | 62.0 m ≈ |
| Dividends paid | 138.0 m | 138.0 m | 155.0 m ≈ | 155.0 m ≈ | 153.0 m | 153.0 m | 174.0 m ≈ | 173.0 m ≈ |
| Share repurchases | 0 | 115.0 m | 100.0 m ≈ | 115.0 m ≈ | 286.0 m | 548.0 m | 355.0 m ≈ | 323.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 80 percentile of its own 44-quarter history (min 5.9, median 16.6, max 43.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.3 bn | 4.3 bn | 5.6 bn | 5.9 bn | 6.2 bn | 6.1 bn | 7.4 bn | 8.3 bn |
| Revenue YoY | +8.3% | −0.4% | +32.1% | +4.6% | +5.8% | −2.6% | +22.0% | +11.6% |
| Net income | 458.0 m | 774.0 m | 933.0 m | 1.2 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.8 bn |
| Net income YoY | −37.2% | +69.0% | +20.5% | +27.2% | −5.2% | −5.9% | +5.5% | +60.1% |
| Diluted EPS | 2.73 | 4.63 | 1.86 | 2.35 | 2.26 | 2.08 | 1.93 | 3.09 |
| Diluted EPS YoY | −36.5% | +69.6% | −59.8% | +26.3% | −3.8% | −8.0% | −7.2% | +60.1% |
| net % | 10.7% | 18.2% | 16.6% | 20.2% | 18.1% | 17.5% | 15.1% | 21.6% |
| Free cash flow | 917.0 m | 836.0 m | 1.1 bn | 920.0 m | 1.6 bn | 1.5 bn | 1.7 bn | 2.0 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 604.0 m USD
- Financial debt
- 9.0 bn USD
- Net debt
- 8.4 bn USD
- Equity
- 12.2 bn USD
- Total assets
- 31.1 bn USD
- Debt / equity
- 0.74x
- Current ratio
- 1.01x
- ROE
- 15.3%
- ROA
- 5.8%
- FCF margin
- 24.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.6 bn | 5.9 bn | 6.2 bn | 6.1 bn | 7.4 bn | 8.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Cost of revenue | 2.7 bn | 2.5 bn | 2.6 bn | 2.2 bn | 2.8 bn | 3.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Gross profit | 2.9 bn | 3.4 bn | 3.6 bn | 3.9 bn | 4.6 bn | 5.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Operating income | 1.2 bn | 1.4 bn | 1.6 bn | 1.6 bn | 1.8 bn | 2.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 99.0 m | 108.0 m | 105.0 m | 117.0 m | 125.0 m | 145.0 m | SEC (XBRL)· 12 Feb 2026verified |
| EBITDA | 1.3 bn ≈ | 1.5 bn ≈ | 1.7 bn ≈ | 1.7 bn ≈ | 1.9 bn ≈ | 2.5 bn ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Interest expense | 101.0 m | 125.0 m | 129.0 m | 284.0 m | 414.0 m | 367.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Pre-tax income | 1.2 bn | 1.5 bn | 1.5 bn | 1.4 bn | 1.4 bn | 2.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 279.0 m | 347.0 m | 352.0 m | 344.0 m | 334.0 m | 358.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 933.0 m | 1.2 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 1.86 | 2.35 | 2.26 | 2.08 | 1.93 | 3.09 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 500.7 m | 505.1 m | 497.9 m | 508.4 m | 579.2 m | 578.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividend per share | 0.65 | 0.70 | 0.78 | 0.86 | 0.94 | 1.05 | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.7 bn | 393.0 m | 502.0 m | 453.0 m | 592.0 m | 604.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 7.7 bn | 7.4 bn | 8.6 bn | 9.1 bn | 7.8 bn | 8.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | 475.0 m | 509.0 m | 532.0 m | 576.0 m | 593.0 m | 728.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Goodwill | 6.9 bn | 8.4 bn | 8.1 bn | 14.1 bn | 14.0 bn | 14.4 bn | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 2.3 bn | 2.8 bn | 2.6 bn | 7.4 bn | 6.9 bn | 6.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 18.0 bn | 20.1 bn | 20.9 bn | 32.3 bn | 30.4 bn | 31.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | 175.0 m | 185.0 m | 185.0 m | 332.0 m | 269.0 m | 280.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Short-term debt | 0 | 1.0 bn | 664.0 m | 291.0 m | 399.0 m | 431.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Long-term debt | 5.5 bn | 4.8 bn | 4.7 bn | 10.2 bn | 9.1 bn | 8.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | 4.9 bn | 7.9 bn | 8.8 bn | 9.0 bn | 7.9 bn | 8.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | 11.5 bn | 13.7 bn | 14.7 bn | 21.5 bn | 19.2 bn | 18.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 6.4 bn | 6.4 bn | 6.2 bn | 10.8 bn | 11.2 bn | 12.2 bn | SEC (XBRL)· 12 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.3 bn | 1.1 bn | 1.7 bn | 1.7 bn | 1.9 bn | 2.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 188.0 m | 163.0 m | 152.0 m | 158.0 m | 207.0 m | 266.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Free cash flow | 1.1 bn ≈ | 920.0 m ≈ | 1.6 bn ≈ | 1.5 bn ≈ | 1.7 bn ≈ | 2.0 bn ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Investing cash flow | -122.0 m | -2.7 bn | 49.0 m | -6.0 bn | -953.0 m | -1.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | 1.9 bn | 1.4 bn | 1.0 bn | 4.2 bn | -2.6 bn | -3.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Dividends paid | 320.0 m | 350.0 m | 383.0 m | 441.0 m | 541.0 m | 601.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Share repurchases | 222.0 m | 468.0 m | 308.0 m | 269.0 m | 145.0 m | 616.0 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 52 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 60.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation13
- Returns70
- Quality77
- Balance sheet49
- Growth78
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.80 – 99.91 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)57.42 – 99.91 (Mid 73.58)WACC 8.7% · starting FCFF 2.5 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 26.3%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E65.39 – 92.19 (Mid 87.33)9 companies used · median multiple 23.9x · quartiles 17.9x – 25.2xBGC, CBOE, CME, GSIW, ICE, LPLA, MRX, SNEX, TW
- Dividend discount (DDM)13.80 – 18.56 (Mid 15.83)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 52/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.6% | 66 (on a fixed band) | 10% |
| Net margin · Quality | 22.8% | 71 (vs peers) | 6% |
| FCF conversion · Quality | 108.3% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 9.9% | 82 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 11.0% | 73 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 2.9x | 32 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 7.9x | 98 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.0x | 17 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 30.0x | 0 (vs peers) | 10% |
| EV/EBITDA · Valuation | 23.9x | 0 (on a fixed band) | 10% |
| FCF yield · Valuation | 3.7% | 46 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 3.6% | 51 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 28.9% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet49/100 · 3/3 factors with a value
- Growth78/100 · 2/2 factors with a value
- Quality77/100 · 3/3 factors with a value
- Returns70/100 · 2/2 factors with a value
- Valuation13/100 · 3/3 factors with a value
Memo
Nasdaq, Inc. (NDAQ). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 8.3 bn USD in 2025; YoY growth 11.6%; net margin 22.8%; ROE 17.4%; net debt/EBITDA 2.9x.
The estimated value range is 57.42–92.19 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 73.58 USD, the price of 109.70 USD leaves a potential of -32.9% (value / price − 1) and a margin of safety of -49.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 52/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 22.8%
- FCF conversion: 108.3%
- Revenue CAGR 3Y: 9.9%
- EPS CAGR 3Y: 11.0%
- Interest coverage: 7.9x
- Payout ratio (FCF): 28.9%
What contradicts it
- Current ratio: 1.0x
- P/E (TTM): 30.0x
- EV/EBITDA: 23.9x
- The price is above the estimated value range
Versus the vertical median
Security & Commodity Brokers, Dealers, Exchanges & Services (SIC 6200) · same industry (4-digit SIC) · compared with 15 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ICEIntercontinental Exchange, Inc. | 97.8 bn | 23.9 | 14.2% | 29.6% | +7.5% | +11% / +54% |
| NDAQNasdaq, Inc. | 60.9 bn | 30.0 | 17.4% | 22.8% | +11.6% | +28% / +118% |
| CBOECboe Global Markets, Inc. | 36.0 bn | 24.5 | 27.4% | 28.0% | +15.1% | +34% / +89% |
| LPLALPL Financial Holdings Inc. | 24.3 bn | 17.9 | 25.7% | 6.8% | +37.2% | −13% / +40% |
| SNEXStoneX Group Inc. | 6.9 bn | 13.0 | 21.9% | 0.3% | +32.5% | +41% / +214% |
| MRXMarex Group Ltd | 5.1 bn | 18.2 | 28.7% | 14.5% | +26.9% | +102% / unavailable |
| TOPTop Financial Group Limited | 401.2 m | — | -1.0% | -23.3% | +41.9% | +95% / −51% |
| EBONEbang International Holdings Inc. | 199.5 m | — | -5.6% | -215.6% | +11.4% | −48% / −73% |
| GSIWGarden Stage Limited | 164.1 m | 7.6 | -89.5% | -190.1% | +33.2% | −65% / unavailable |
| WTFWaton Financial Limited | 95.5 m | — | -87.9% | -136.7% | +48.8% | −40% / unavailable |
| STEXStreamex Corp. | 42.0 m | — | -705.4% | — | +122.2% | −92% / −86% |
| SOSSOS Limited | 23.4 m | — | -22.7% | -63.1% | −33.3% | −84% / −100% |
| CMECme Group Inc. | — | 25.2 | 16.1% | 63.3% | +6.4% | +10% / +41% |
| BGCBGC Group, Inc. | — | 27.5 | 19.5% | 6.0% | +30.0% | +30% / +73% |
| TWTradeweb Markets Inc. | 0 | 29.8 | 14.1% | 39.8% | +18.9% | +17% / +31% |
| PLUTPlutus Financial Group Limited | — | — | -55.3% | -377.3% | +6.9% | −63% / unavailable |
1- and 3-year price returns: for NDAQ from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 70.16 Total return -35% · Per year -35% | 123.73 Total return 14% · Per year 14% | 185.96 Total return 71% · Per year 71% |
| 3 years | 75.67 Total return -28% · Per year -10% | 149.42 Total return 40% · Per year 12% | 245.46 Total return 129% · Per year 32% |
| 5 years | 81.61 Total return -21% · Per year -5% | 180.44 Total return 72% · Per year 11% | 324.01 Total return 205% · Per year 25% |
- Exit P/E± 37.36
- Net margin± 26.15
- Annual revenue growth± 20.41
- Annual dilution± 2.20
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Nasdaq is a technology platform that builds market infrastructure, data, index and software solutions for exchanges, banks and regulators. The company closed fiscal 2025 with total revenues of 8262 million USD, and in the third quarter of 2026 Solutions revenue grew 17%, driven by demand for cloud and AI solutions.
SWOT
Strengths
- Leading position in company listings and indices, with growing ARR and a broad base of institutional clients across several countries 13.
- Diversification across three segments reduces reliance on any single revenue type, and software solutions show steady growth 1.
- Net income and diluted earnings per share have grown strongly in recent years, enabling funding of technology investment 12.
Weaknesses
Opportunities
Threats
Risks
- Dependence on trading volumeshigh
Revenue is tied to the volume and value of trades, and a decline could reduce revenue and market share 1.
- Price competitionmedium
Pricing pressure from competitors could force the company to cut fees or raise rebates 1.
- Cybersecurity riskhigh
Systems are exposed to attacks from foreign governments, criminal groups and insiders, which could cause service disruptions 1.
- Failure of new productsmedium
Investments in new products, cloud platforms and AI technologies might not generate sufficient revenue within the expected timeframe 1.
- Client concentrationmedium
A small number of financial industry clients generate a significant share of revenue, so their difficulties could affect results 1.
Investment thesis
What would need to be true (bull case)
- Rising Solutions revenue and ARR, combined with record inflows into index-linked funds, could support durable revenue expansion 23.
- If continuous trading and digital assets become standard in the market, the company could capture new revenue from the infrastructure and liquidity it provides 23.
- Leadership in listings and the ability to return capital to shareholders could support long-term growth if execution remains disciplined 3.
What would break the thesis
- Trading revenue is volatile, and a period of low volumes could quickly reduce Market Services results 1.
- Higher spending on technology and staff could compress margins if revenue does not grow at the same pace 3.
- Intense competition from exchanges and alternative venues could limit the company's ability to hold market share and pricing 1.
What to watch
- Evolution of ARR in Financial Technology and Capital Access PlatformsQ4 2026
- Non-GAAP operating expense guidance for 2026Q4 2026
- Results after the launch of 23/5 trading on the Nasdaq Stock MarketQ1 2027
- Integration of LeveL Markets and Digital Liquidity Networks volumesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Nasdaq describes its business as a technology platform that designs and operates market infrastructure, supports the innovation economy and builds trust in the financial system. The company operates three segments: Capital Access Platforms, Financial Technology and Market Services. According to the 2025 annual report 1, total revenues were 8262 million USD and revenues less transaction-based expenses were 5249 million USD.
Segments
Market Services
Market Services covers trading and clearing in US and European equity and derivatives markets. Segment net revenue reached a record in the third quarter of 2026, supported by higher volumes in US options and European equities 2.
Capital Access Platforms
This segment includes market data, listing services, indices and investor analytics. Index delivered the largest gains, and the division's ARR grew in the third quarter of 2026, making it the main driver of Index growth 23.
Financial Technology
Financial Technology provides solutions for financial crime management, regulatory reporting and capital markets technology. Revenue grew 16% in the third quarter of 2026, while organic ARR grew 18% 3.
Market context
The company operates in capital markets, where trading volumes, listing counts and assets tracked by index-linked ETPs directly affect revenue. Listing activity stayed strong in 2026, with Nasdaq winning 8 of the 10 largest operating company IPOs in the third quarter 3.
Demand for compliance and regulatory software is supported by regulatory pressure and by the adoption of cloud and AI technologies at financial institutions. Transaction-based revenue may fluctuate, however, with market volumes 12.
Trends
- Growth in index-linked ETP assetstailwind
Assets under management in ETPs tracking Nasdaq indices reached record levels, lifting licensing revenue. A market decline could, however, reduce the value of these assets 12.
- Demand for cloud and AI solutionstailwind
Financial clients are adopting cloud solutions and AI tools for compliance and fraud prevention, which supports ARR growth in Financial Technology 3.
- Volatility of trading volumesmixed
Trading revenue depends on market volumes, which have fluctuated significantly in the past. A period of low volumes could affect Market Services revenue 1.
- Shift to always-on marketsmixed
The move toward continuous trading, including extended trading hours for US-listed equities, could create new revenue streams but also competitive and technology cost pressures 23.
Competitive position
Nasdaq competes with other exchanges and execution venues for trading share and listings, and with financial services and technology companies for its Capital Access Platforms and Financial Technology products. Competition also takes the form of price pressure, and some competitors are also customers 1.
Competition is intensified by European regulation that has allowed new participants to enter and by business concentrating in fewer institutions. Nasdaq acquired LeveL Markets, a US alternative trading system, to extend its off-exchange offering 13.
- NYSE (Intercontinental Exchange)ICE
Exchange competing for listings and trading share, named in the filing as a direct rival in the US market.
- Other exchanges and alternative execution venues
Global exchanges, ATSs and MTFs competing for trading volume and listings.
- Financial and regulatory technology providers
Software companies offering compliance, reporting and financial crime solutions.
- Market data and investment analytics providers
Companies offering market data, asset manager analytics and fund data.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Agility Robotics' Nasdaq debut invites scrutiny of humanoid robot marketArs Technica — AI · 05 Nov 2026 · EN
- Investițiile masive în inteligența artificială pun piețele financiare sub presiune. Peste 2.000 de miliarde de dolari s-au evaporat din Nasdaq 100 în octombrieEconomedia · 05 Nov 2026 · RO
- Investițiile masive în inteligența artificială ar putea declanșa o criză pe piețele financiare. Peste 2.000 de miliarde de dolari au dispărut din Nasdaq în octombrieMediafax · 05 Nov 2026 · RO
- Yardeni: Yields Attractive at 5%; Nasdaq to OutperformBloomberg Markets · 05 Nov 2026 · EN
- Producătorul bulgar de drone civile și militare Dronamics vrea să se listeze pe bursa Nasdaq, în SUA, la o valoare de 500 milioane dolariHotNews.ro · 05 Nov 2026 · RO
- Producătorul bulgar de drone civile și militare Dronamics vrea să se listeze pe bursa Nasdaq, în SUA, la o valoare de 500 milioane dolariStartupCafe.ro · 04 Nov 2026 · RO
- Bulgarian drone maker Dronamics targets Nasdaq listing in $500mn dealbne IntelliNews (EN) · 04 Nov 2026 · EN
- Индексы S&P 500 и Nasdaq снизились в понедельник, Dow Jones выросInterfax Russia (RU) · 03 Nov 2026 · RU
- Nasdaq-100 tumbles into its third correction this year as AI worries mountMarketWatch — Top Stories · 03 Nov 2026 · EN
- Nasdaq Slide Clouds Asian Open, Oil Falls on Iran: Markets WrapBloomberg Markets · 02 Nov 2026 · EN
- Traders rushing into a leveraged ETF to make a bullish bet on the Nasdaq-100 just got burnedMarketWatch — Top Stories · 02 Nov 2026 · EN
- Nasdaq scade 1% pe fondul îngrijorărilor privind cheltuielile pentru AI - InvezzSurge — Google News · 02 Nov 2026 · RO
- Anthropic IPO Explained: S-1 Filing, Nasdaq Listing and Key RisksBloomberg Markets · 02 Nov 2026 · EN
- Индексы S&P 500 и Nasdaq снизились по итогам 3-й недели подряд впервые с мартаInterfax Russia (RU) · 02 Nov 2026 · RU
- Anthropic's path to the Nasdaq just got a lot bumpierCNBC — Top News · 31 Oct 2026 · EN
- Indicele Nasdaq 100 scade brusc cu 3% – Intel se prăbușește cu 30% – Incertitudini privind rezultatele companiilor tehnologice implicate în inteligența artificialăCursDeGuvernare.ro · 31 Oct 2026 · RO
- Nasdaq scade 2,8% pe fondul rezultatelor Intel și Amazon, care amplifică vânzările în AI - InvezzSurge — Google News · 30 Oct 2026 · RO
- Has the tech bubble burst? Why the Nasdaq’s rough ride looks eerily like 2000.MarketWatch — Top Stories · 30 Oct 2026 · EN
- Nasdaq 100 (NDX, NDQ, QQQ) Hits Third Correction of 2026 on Unwinding Tech BetsBloomberg Markets · 30 Oct 2026 · EN
- What happened to 145 Nasdaq companies after the $1 warning letterHacker News · 30 Oct 2026 · EN
SEC filings
- Current report26 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report22 Oct 2026
- Current report22 Oct 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report23 Jul 2026
- Current report23 Jul 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report01 Jul 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report16 Jun 2026Shareholder vote
- Proxy statement24 Apr 2026
- Quarterly report24 Apr 2026
- Current report23 Apr 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Nasdaq, Inc. · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Nasdaq, Inc. · 22 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Nasdaq, Inc. · 22 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.