Company file · NDAQ
Nasdaq
Nasdaq's revenue rose 11.6% in FY2025, to $8.3B, and net income rose 60.1% to $1.8B
Revenue rose 11.6% to $8.3B in FY2025, from $7.4B in FY2024. Net income rose 60.1% to $1.8B. United States was the largest region, at 72% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Nasdaq (Nasdaq: NDAQ) took in $8.3B of revenue (up 11.6% on fiscal 2024); net income was $1.8B (up 60.1%). The most recent quarter, ended Sep 30, 2026, brought revenue of $2.4B, up 20.9% year over year, with net income of $540M. United States was the biggest single line by region: 72% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 12, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 22, 2026).
Source: 10-K FY2025, filed Feb 12, 2026
Source: 10-Q filed Jul 23, 2026 · 10-Q filed Oct 22, 2026 · 10-Q filed Apr 24, 2026
How it makes money
By region, FY2025
Source: 10-K FY2025, XBRL breakdown
By region in FY2025: United States (72%) and Non-US (28%), as shares of total revenue. Total revenue was $8.3B.
Source: 10-K FY2025
By segment, FY2025
Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Nasdaq 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026
By region
Source: Nasdaq 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026
The bull case and the bear case
The bull case
- Revenue rose 11.6% in FY2025 to $8.3B, from $7.4B a year earlier. 10-K, FY2025
- Net income rose 60.1% in FY2025 to $1.8B, from $1.1B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $2.4B, up 20.9% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $540M, up 27.7% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include markets and rates; credit and claims; regulation. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Nasdaq is in the financial exchanges & data industry, part of the financials sector. The SEC files it under Security & Commodity Brokers, Dealers, Exchanges & Services.
Nasdaq reports 3 segments: Market Services, Capital Access Platforms and Financial Technology.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the financial exchanges & data industry. They are not a summary of Nasdaq’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Markets and ratesInterest rates, credit conditions and market levels move its revenue and results.
- Credit and claimsLosses on loans, claims or investments can reduce earnings.
- RegulationCapital, liquidity and conduct rules affect what it can do and what it costs.
- CompetitionBanks, insurers, asset managers and technology firms compete for the same customers.
- Cyber and operationsSecurity incidents and operational failures can cause losses and harm trust.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Risk factors (Item 1A)
- Segment reporting
- The cash flow statement
- Market cap and enterprise value
- Return on equity (ROE)
- Margin accounts
- S-1 filings and IPOs
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Nasdaq's revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.
- The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.
What we left out
- Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 22, 2026 | Sep 30, 2026 |
| 10-Q | Jul 23, 2026 | Jun 30, 2026 |
| DEF 14A | Apr 24, 2026 | Jun 10, 2026 |
| 10-Q | Apr 24, 2026 | Mar 31, 2026 |
| 10-K | Feb 12, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Nasdaq
How does Nasdaq make money?
In fiscal 2025, revenue totaled $8.3B. By region in FY2025: United States (72%) and Non-US (28%), as shares of total revenue. Total revenue was $8.3B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
What was Nasdaq's revenue in fiscal 2025?
Revenue came to $8.3B in the year ended Dec 31, 2025. Going back two years, it was $6.1B in fiscal 2023 and $7.4B in fiscal 2024, so the latest year was up 11.6%. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
Is Nasdaq profitable?
Yes, by US accounting rules (GAAP): net income was $1.8B in fiscal 2025, up 60.1% from $1.1B a year earlier. For the quarter ended Sep 30, 2026, net income was $540M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
What did Nasdaq report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $2.4B, against $2.0B in the same quarter a year before (up 20.9%), and net income of $540M, against $423M (up 27.7%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026.
What are the main risks Nasdaq faces?
Nasdaq's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 12, 2026. Risks that are common among companies in the financial exchanges & data industry include Markets and rates; credit and claims; regulation; competition; cyber and operations. The first: Interest rates, credit conditions and market levels move its revenue and results. Source: 10-K, Item 1A Risk Factors.
Where do these Nasdaq numbers come from?
Two filings Nasdaq made with the SEC: its fiscal 2025 10-K, filed Feb 12, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Nasdaq
- Two Sigma Investments: 3,039,828 shares, reported value $239.6M at Jun 30, 2026 (+30.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 1,480,671 shares, reported value $116.7M at Jun 30, 2026 (+56.5% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Point72 Asset Management: 591,220 shares, reported value $46.6M at Jun 30, 2026 (−27.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 466,690 shares, reported value $36.8M at Jun 30, 2026 (+64.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 80,751 shares, reported value $6.4M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in NDAQ
- The editor holds no position in Nasdaq (NDAQ). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell NDAQ from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 4, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold NDAQ, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| NasdaqNDAQ | FY2025 | $8.3B | +11.6% | $1.8B |
| S&P GlobalSPGI | FY2025 | $15.3B | +7.9% | $4.5B |
| CME GroupCME | FY2025 | $6.5B | +6.4% | $4.1B |
| Intercontinental ExchangeICE | FY2025 | $12.6B | +7.5% | $3.3B |
| Moody'sMCO | FY2025 | $7.7B | +8.9% | $2.5B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.