Overview
Nasdaq, Inc. is a financial technology and market infrastructure company founded in 1971. It operates securities markets and provides listing, market data, index and financial technology services. Its businesses are organized into Capital Access Platforms, Financial Technology and Market Services; its stated purpose is to “advance economic progress for all.” [1][2][3][4]
Nasdaq’s technology supports marketplaces and regulators in more than 55 countries, while its own markets include exchanges in the United States and the Nordic and Baltic regions. In 2025, it reported approximately 9,525 employees and $8.26 billion in total revenue, or $5.25 billion after transaction-based expenses.[5][6][7][8][9][10][11][12] [1][2][3][4][5][6][7][8][9][10][11][13][13][12]
Products & services
Nasdaq’s products span market data, indices, corporate tools and financial technology. Its Data & Listing Services include exchange listings and real-time and historical market data; Nasdaq TotalView provides market-depth quotes, while Nasdaq Basic is an alternative to a Level 1 data feed. Its Index business develops and licenses benchmarks, including the Nasdaq-100, and distributes index values and constituent information. Workflow & Insights products include eVestment for institutional investment research and due diligence, Nasdaq Data Link for financial and alternative datasets, IR Insight for investor-relations work, and Boardvantage for board-meeting management.[14][15][16][17][18][19][20][21][22]
Nasdaq’s financial-technology offerings include Verafin, a cloud-based platform for fraud detection, anti-money-laundering compliance, sanctions screening and information sharing; AxiomSL, which provides risk-data management and regulatory reporting with data-lineage, validation and audit capabilities; and Calypso, a cross-asset platform for trading, treasury, risk and collateral management across front-, middle- and back-office workflows. Nasdaq also supplies trade-surveillance tools to financial firms, exchanges and regulators, and market-infrastructure technology for trading, clearing and risk management.[23][24][25][26][27][28][29]
Market Services encompasses trading-related services and proprietary market information. In 2025, Capital Access Platforms generated $2.137 billion, Financial Technology $1.850 billion and Market Services $1.201 billion after transaction-based expenses—approximately 41%, 35% and 23%, respectively, of Nasdaq’s $5.249 billion in revenue less transaction-based expenses. These are business-line figures, not revenue for individual products.[15][30] [14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][30][30][31]
Geographic presence
Nasdaq is headquartered in New York City and has a European headquarters in Stockholm, Sweden. Its exchange operations span the United States and Northern Europe: Nasdaq Nordic operates markets in Stockholm, Copenhagen, Helsinki and Reykjavik, while Nasdaq Baltic operates markets in Tallinn, Riga and Vilnius.[32][33][34][35][36][37][38][39]
In 2025, Nasdaq reported $5.947 billion of revenue from the United States, or approximately 72% of its $8.262 billion total. All other countries accounted for $2.315 billion, or approximately 28%. The geographic revenue disclosure does not break out individual countries outside the United States.[12] [32][33][34][35][36][37][38][39][40][40][40][12]
Business segments
Nasdaq reports three business segments: Capital Access Platforms, Financial Technology and Market Services. On a revenue-less-transaction-based-expenses basis, they contributed approximately 41%, 35% and 23%, respectively, of Nasdaq’s 2025 total; corporate or other revenue accounted for the remaining 1%. This net basis deducts transaction-based expenses from Market Services revenue, making the segments more comparable than a gross-revenue breakdown.[41][42]
Capital Access Platforms comprises Data & Listing Services, Index, and Workflow & Insights. It provides market data and listing services, develops and licenses indices, and offers analytics and corporate workflow tools, including investor-relations and governance products.[43][44][45][46][47] Financial Technology comprises Financial Crime Management Technology, Regulatory Technology and Capital Markets Technology. Its products support fraud and financial-crime detection, regulatory reporting and surveillance, and trading, risk and market infrastructure workflows.[23][48][49][50][51][52]
Market Services encompasses equity-derivatives trading and clearing, cash-equity trading, and fixed-income, currency and commodities trading. It includes Nasdaq’s exchange operations and related transaction services.[53][54][55] [41][41][41][41][41][42][43][44][45][46][47][23][48][49][50][51][52][53][54][55]
Company history
Nasdaq began in 1971 when the National Association of Securities Dealers launched an electronic quotation system for over-the-counter securities. It introduced the Nasdaq-100 Index in 1985. In 2000, NASD members approved a plan to separate Nasdaq from the association; Nasdaq gained approval to operate as a national securities exchange in 2006.[56][57][58][59]
In 2008, Nasdaq combined with Nordic exchange operator OMX and became The NASDAQ OMX Group, expanding its exchange and technology operations internationally. It acquired Thomson Reuters’ investor relations, public relations and multimedia businesses in 2013, and changed its corporate name to Nasdaq, Inc. in 2015. Adena Friedman became chief executive officer in 2017. In 2023, Nasdaq acquired Adenza, adding financial risk-management and regulatory-technology software to its business.[60][61][62][63][64] [56][57][58][59][60][61][62][63][64]
Sources
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