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Companies / Financials / Nasdaq, Inc.
NDAQ

Nasdaq, Inc.

FinancialsBanks & BrokersS&P 500
Ticker NDAQNEW YORK, NYFiscal year ends DecemberBook value per share $21.14Diluted shares 567.6M

Nasdaq, Inc. (Nasdaq: NDAQ) operates financial markets and provides technology, data and analytics to companies, investors and financial institutions. It has three business segments: Capital Access Platforms, Financial Technology and Market Services. Capital Access Platforms offers listing services, market data,… From the company’s description.

In fiscal 2025, Nasdaq, Inc. reported revenue of $8.26B, up 11.6% from fiscal 2024, and net income of $1.79B. Its pre-tax margin was 28.2%. Over the twelve months to Sep 30, 2026, revenue was $9.19B.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-09-30
Sales & profitability
$8.26BFY2025
+11.6% year over year
Last 12 mo $9.19B
28.21%FY2025
+3.9 percentage points
Last 12 mo 29.72%
$1.79BFY2025
+60.3% year over year
Last 12 mo $2.08B
14.91%FY2025
+4.1 percentage points
Last 12 mo 17.37%
Cash & financing
$2.25BFY2025
+16.3% year over year
Last 12 mo $2.55B
$1.99BFY2025
+14.8% year over year
Last 12 mo $2.26B
1.21FY2025
Was 1.35× a year earlier
Last 12 mo 0.73
578.6MFY2025
−0.1% year over year
Last 12 mo 567.6M

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What Nasdaq, Inc. does

In the company’s own words

Nasdaq, Inc. (Nasdaq: NDAQ) operates financial markets and provides technology, data and analytics to companies, investors and financial institutions. It has three business segments: Capital Access Platforms, Financial Technology and Market Services. Capital Access Platforms offers listing services, market data, indices, investment analytics and corporate governance, investor relations and sustainability tools. Financial Technology provides financial crime management, regulatory reporting, surveillance, trading, risk and market infrastructure systems to exchanges, banks, brokers, regulators and other institutions. Market Services operates exchanges and trading and clearing services across equities, options, fixed income, currencies and commodities. As of December 31, 2025, 5,599 companies listed securities on Nasdaq’s U.S., Nordic, Baltic and First North markets. Nasdaq operates 19 exchanges and provides technology to more than 135 marketplaces and regulators in over 55 countries. The company grew from a U.S. exchange operator into a global technology provider through its 2008 combination with OMX and acquisitions including Verafin and Adenza. Its website is ir.nasdaq.com.

Company details
Sector
Financials
Industry (SIC)
Banks & Brokers
Headquarters
NEW YORK, NY
Fiscal year end
December
CIK
1120193
SIC
6200

Financial performance, year by year

Fiscal 2013–2025 · USD
$-918.70M$1.84B$4.59B$7.35B$10.11B2013201420152016201720182019202020212022202320242025Last 12 moLast 12 monthsLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns Nasdaq, Inc. — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

737
funds hold it
1 of 35
superinvestors hold it
$16.42B
held by funds, at market
35.0%
of shares held by funds
10
bond issues held by funds

Superinvestors in Nasdaq, Inc. · what they did last quarter

Bill NygrenINCREASED +1.0%
Harris Associates (Oakmark)
0.8%of 13F portfolio

Share of each manager’s reported 13F portfolio. Change is in shares held, since the previous quarter.

Largest fund holders · Nasdaq, Inc.’s weight in each

VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.06%of fund net assets
0.90%of fund net assets
MFS Value Fund
MEIAX · MFS SERIES TRUST I
2.06%of fund net assets
VANGUARD 500 INDEX FUND
VOO · VANGUARD INDEX FUNDS
0.05%of fund net assets
VANGUARD MID-CAP INDEX FUND
VO · VANGUARD INDEX FUNDS
0.39%of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

Nasdaq, Inc.’s bonds, as funds hold them

Funds report holding 10 issues of Nasdaq, Inc.’s debt, $657.93M at market value — what funds hold, not the company’s total debt. Weighted-average coupon 4.84%, maturing 2026 to 2063.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Fund ownership is a subset of institutional 13F ownership — the two describe overlapping populations and must not be added together.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

Compare this company with peers, find it in your funds and follow its financial history with your connected AI:

  • “How do Nasdaq, Inc. and its peers compare on margins and cash generation over ten years?”
  • “Where did five years of Nasdaq, Inc.'s earnings go — cash, debt, buybacks, reinvestment?”
  • “What changed in Nasdaq, Inc.'s last four quarterly filings that the numbers alone won't show?”
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