• It's the company that operates the Nasdaq Stock Market, akin to how the New York Stock Exchange (NYSE) operates its exchange.
• A core technology and platform provider for financial markets, similar to how Salesforce provides essential software platforms for businesses.
• The Amazon Web Services (AWS) for capital markets infrastructure.

• Listing Services: Facilitates the listing and trading of public company securities, offering global visibility and access to capital.
• Market Services: Operates marketplaces for trading equities, options, and fixed income products, including execution, clearing, and settlement.
• Market Technology: Provides technology solutions, such as trading, clearing, and surveillance systems, to over 130 exchanges and market infrastructure operators globally.
• Information Services: Delivers real-time and historical market data, custom data products, and maintains a suite of globally recognized financial indexes.
• Anti-Financial Crime Technology: Offers advanced software and analytics to financial institutions for detecting and preventing financial crime like money laundering, fraud, and market abuse.

Nasdaq (NDAQ) primarily serves other companies and institutional clients rather than individual investors directly. Its major customers fall into several distinct categories:

• Broker-Dealers and Market Makers: These financial institutions are direct participants on Nasdaq's exchanges, utilizing its trading platforms, market data feeds, and connectivity services to execute trades and provide liquidity.
  • Goldman Sachs Group Inc. (GS)
  • Morgan Stanley (MS)
  • Virtu Financial Inc. (VIRT)
  • Charles Schwab Corporation (SCHW)
• Publicly Traded Companies (Issuers): Companies that choose to list their shares on the Nasdaq stock exchange are customers, paying initial and ongoing listing fees. Many also subscribe to Nasdaq's investor relations, corporate governance, and ESG solutions.
  • Apple Inc. (AAPL)
  • Microsoft Corporation (MSFT)
  • Amazon.com Inc. (AMZN)
  • Alphabet Inc. (GOOGL)
• Asset Managers, Investment Firms, and Data Vendors: These entities are significant consumers of Nasdaq's market data products, index licenses (e.g., for creating ETFs and mutual funds that track Nasdaq indices), and analytics solutions for research and portfolio management.
  • BlackRock Inc. (BLK)
  • State Street Corporation (STT)

• Amazon (AMZN)

Adena T. Friedman, Chair and Chief Executive Officer

Adena T. Friedman began her career at Nasdaq in 1993 as an intern, ascending through various leadership roles including head of data products, head of corporate strategy, and Chief Financial Officer. From 2011 to 2014, she served as Chief Financial Officer and Managing Director of The Carlyle Group, a private equity firm, where she played a significant role in taking the company public in 2012. She returned to Nasdaq in 2014, becoming CEO in January 2017 and Chair in January 2023. Ms. Friedman is credited with transforming Nasdaq into a leading global exchange and technology company and has overseen key acquisitions such as INET, OMX, and the Philadelphia and Boston Stock Exchanges. She has also served as a Class B director to the Federal Reserve Bank of New York since 2018.

Sarah Youngwood, Executive Vice President, Chief Financial Officer

Sarah Youngwood was appointed Nasdaq's Chief Financial Officer, effective December 1, 2023. Prior to joining Nasdaq, she served as Chief Financial Officer and Group Executive Board member at UBS Group, where she led a global finance team and was instrumental in modernizing the bank's infrastructure and the acquisition of Credit Suisse. Before her tenure at UBS, Ms. Youngwood spent more than two decades at JPMorgan Chase, holding various executive positions including Chief Financial Officer for the Consumer and Community Banking and Global Technology businesses, and Head of Investor Relations.

Tal Cohen, President, Market Platforms

Tal Cohen serves as President of Market Platforms and is Co-President of Nasdaq. In this role, he oversees Nasdaq's global market services, which include North American and European exchange services, market technology, digital assets, and carbon markets.

Nelson Griggs, President, Capital Access Platforms

Nelson Griggs is President of Capital Access Platforms and Co-President of Nasdaq. He is responsible for Nasdaq's businesses that provide indexes, data, and listings services.

Brad Peterson, Executive Vice President, Chief Technology/Information Officer

Brad Peterson holds the position of Executive Vice President and Chief Information Officer (CIO) at Nasdaq. He is responsible for leading the company's global technology strategy and operations.

The clear emerging threat to Nasdaq (NDAQ) is the rise of decentralized finance (DeFi) and blockchain-based trading platforms. These technologies aim to disintermediate traditional financial intermediaries, including centralized exchanges, by enabling peer-to-peer trading and settlement of tokenized assets directly on distributed ledger technology (DLT).

Evidence for this emerging threat includes:

• **Growth of Decentralized Exchanges (DEXs):** Platforms like Uniswap and Curve already facilitate billions in daily trading volume for cryptocurrencies, demonstrating the viability and demand for decentralized trading venues.
• **Tokenization of Traditional Assets:** There is increasing institutional interest and pilot programs for representing traditional securities (stocks, bonds, real estate) as digital tokens on a blockchain. If these tokenized assets are primarily traded on DLT-based platforms rather than traditional exchanges, Nasdaq's core market services business would be bypassed.
• **Disintermediation of Clearing and Settlement:** DLT offers the potential for near-instant, atomic settlement of trades, which could reduce or eliminate the need for traditional clearinghouses and custodians—functions integral to Nasdaq's ecosystem.
• **Regulatory Focus:** Regulators worldwide are actively developing frameworks for digital assets and DLT-based market infrastructure (e.g., MiCA in Europe), indicating the growing importance and potential impact of these technologies on the broader financial system.

This trend poses a direct challenge to Nasdaq's business model by offering an alternative, potentially more efficient, and disintermediated way to conduct financial transactions, akin to how streaming services disrupted physical media distribution.

Nasdaq (NDAQ) operates across several key product and service areas, each with its own addressable market. The company primarily generates revenue from market services, investment intelligence, market technology, and corporate services.

Market Services (Trading and Execution)

Nasdaq's Market Services division is a leader in trading across North America and Europe, operating 29 markets globally for stocks, derivatives, fixed income, and commodities. The global online trading platform market, which encompasses these services, was estimated at USD 9.57 billion in 2023 and is projected to reach USD 15.62 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 7.3% from 2024 to 2030. North America held the largest share of this market in 2023, accounting for 36.6% of the global revenue.

Investment Intelligence (Data and Analytics)

Nasdaq's Investment Intelligence unit provides data, indices, and investment analytics. The global data and analytics market was valued at US$ 112.05 billion in 2023 and is projected to grow to US$ 189.98 billion by 2028, with a CAGR of 11.14%. Other estimates indicate the global data analytics market was valued at USD 55.1 billion in 2022 and is projected to reach USD 303.4 billion by 2030, with a CAGR of 27.60%. The market size is also reported as USD 82.33 billion in 2025, with a projection to reach USD 345.30 billion by 2030, at a 33.2% CAGR. North America held a significant share, accounting for USD 25.2 billion in 2022 and 31.75% in 2024. Meanwhile, the Asia Pacific region dominated the data and analytics market with a 34.6% revenue share in 2023.

Market Technology (Financial Technology)

Nasdaq Financial Technology provides mission-critical capital markets and regulatory technology solutions. Nasdaq serves as a technology provider to over 130 marketplaces, financial regulators, and post-trade organizations in more than 50 countries globally. A component of this market, the global trade surveillance systems market, is projected to grow from USD 1.7 billion in 2022 to USD 4.1 billion by 2027, at a CAGR of 19.7%.

Corporate Services (Listings)

Nasdaq provides listing services to corporations. Nasdaq's U.S., Nordic, and Baltic exchanges are home to over 5,200 total listings with a market value of nearly $34 trillion USD. The Nasdaq stock market alone has approximately 3,890 listings as of February 2025, with a market capitalization of $30.13 trillion as of November 2024. While specific addressable market sizes for listing services in terms of revenue are not explicitly detailed as a distinct market, the value of companies choosing to list on Nasdaq represents the immense scale of this market globally. Listing fees vary depending on the market and number of shares.

Nasdaq (NDAQ) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and strong performance in key business segments.

1. Growth in Financial Technology (FinTech) Segment: The Financial Technology segment is a significant driver, with analysts forecasting 'Net Revenues- Financial Technology' to increase by 10.1% year-over-year. Nasdaq's third-quarter 2025 results showed Financial Technology revenue surged 23% over the prior year, or 13% on an organic basis. This growth is fueled by strategic investments in integrating acquisitions and innovating with artificial intelligence within this division.
2. Expansion of Capital Access Platforms (Data and Index Services): Nasdaq's Capital Access Platforms segment, particularly its data and index services, is expected to be a key area for revenue expansion. Analysts project 'Net Revenues- Capital Access Platforms' to reach $543.98 million, with 'Index revenues' anticipated to increase by 15.2% year over year. The company has observed a 17% year-over-year increase in Index revenue, largely due to a 25% rise in average Exchange-Traded Product (ETP) Assets Under Management (AUM). This segment, encompassing data and listing services, is forecast to grow 10% to $2.2 billion in fiscal year 2025 and is identified as the fastest-growing segment from FY2024-26.
3. Increasing Annualized Recurring Revenue (ARR) and Software as a Service (SaaS) Offerings: A growing portion of Nasdaq's revenue is recurring, primarily through its SaaS offerings. Annualized Recurring Revenue (ARR) increased by 8% to $2.7 billion in the third quarter of 2024. For the second quarter of 2025, ARR grew 9% year-over-year to $2.9 billion. In 2024, annualized SaaS revenues saw a 14% increase, representing 37% of the total ARR. Nasdaq provides these SaaS services across capital markets, financial technology, and data buyers.
4. Strategic Investments in Technology and Artificial Intelligence: Nasdaq is actively investing in advanced technology and artificial intelligence to foster innovation and achieve long-term growth. Collaborations, such as the enhanced partnership with AWS, are expected to shift market technology revenues towards managed service offerings. Product innovation and strategic partnerships are anticipated to drive operational efficiencies and improve net margins.
5. Accretive Acquisitions and Organic Initiatives: Nasdaq continues to pursue growth through both strategic acquisitions and organic initiatives, which bolster its capabilities and unlock new market opportunities. For instance, the acquisition of Adenza contributed 2% to the total 8% revenue increase in 2024.

Share Repurchases

• Nasdaq repurchased $943 million in shares in 2021, including a $475 million accelerated stock repurchase program.
• In 2022, Nasdaq executed a $325 million accelerated stock repurchase program.
• The company repurchased $269 million in shares in 2023 and an additional $110 million in the fourth quarter of 2023. As of December 31, 2023, $1.9 billion remained under the board-authorized share repurchase program.
• In 2024, Nasdaq made $145 million in repurchases, including a $120 million share buyback in July to offset employee stock plan dilution. As of December 31, 2024, $1.7 billion remained authorized for future repurchases.
• During the first quarter of 2025, Nasdaq repurchased $115 million in shares, and an additional $100 million in the second quarter of 2025. As of September 30, 2025, $1.4 billion remained under the board-authorized share repurchase program. [cite: 11 (previous output)]

Share Issuance

• In 2021, approximately 6.2 million shares of common stock were issued in connection with the sale of Nasdaq's U.S. fixed income business. Using the closing price of $175.80 on June 30, 2021, this issuance is estimated to be approximately $1.09 billion.
• As part of the Adenza acquisition announced in June 2023, Nasdaq issued 85.6 million shares to Thoma Bravo. With Nasdaq's stock price around the announcement time (e.g., $53.05 on June 9, 2023), the value of these shares was approximately $4.54 billion.
• In October 2025, Nasdaq filed to register an additional 7,500,000 shares of common stock for issuance under its Equity Incentive Plan. [cite: 32 (previous output)]

Outbound Investments

• Nasdaq acquired Verafin for $2.75 billion in cash in a deal that closed in the first quarter of 2021, strengthening its anti-financial crime management products.
• In 2023, Nasdaq acquired Adenza, a provider of risk management and regulatory software, for $10.5 billion. This transaction was comprised of $5.75 billion in cash and the issuance of 85.6 million Nasdaq shares.

Capital Expenditures

• Capital expenditures were $188 million in 2021, $163 million in 2022, $152 million in 2023, and $158 million in 2024.
• Expected capital expenditures for 2025 are $207 million.
• The primary focus of capital expenditures includes investments in technology, data offerings, cloud workflows, AI innovation, and anti-financial crime initiatives to drive long-term growth and enhance market surveillance. [cite: 6 (previous output), 10 (previous output), 15 (previous output)]