Nasdaq, Inc. operates as a technology company that serves capital markets and other industries worldwide. The Market Technology segment includes anti financial crime technology business, which offers Nasdaq Trade Surveillance, a SaaS solution for brokers and other market participants to assist them in complying with market rules, regulations, and internal market surveillance policies; Nasdaq Automated Investigator, a cloud-deployed anti-money laundering tool; and Verafin, a SaaS technology provider of anti-financial crime management solutions. This segment also handles assets, such as cash equities, equity derivatives, currencies, interest-bearing securities, commodities, energy products, and digital currencies. The Investment Intelligence segment sells and distributes historical and real-time market data; develops and licenses Nasdaq-branded indexes and financial products; and provides investment insights and workflow solutions. The Corporate Platforms segment operates listing platforms; and offers investor relations intelligence and governance solutions. As of December 31, 2021, it had 4,178 companies listed securities on The Nasdaq Stock Market, including 1,632 listings on The Nasdaq Global Select Market; 1,169 on The Nasdaq Global Market; and 1,377 on The Nasdaq Capital Market. The Market Services segment includes equity derivative trading and clearing, cash equity trading, fixed income and commodities trading and clearing, and trade management service businesses. This segment operates various exchanges and other marketplace facilities across various asset classes, which include derivatives, commodities, cash equity, debt, structured products, and exchange traded products; and provides broker, clearing, settlement, and central depository services. The company was formerly known as The NASDAQ OMX Group, Inc. and changed its name to Nasdaq, Inc. in September 2015. Nasdaq, Inc. was founded in 1971 and is headquartered in New York, New York.

Nasdaq, Inc.

Capital Access Platforms

Capital Access Platforms %Chg

Capital Access Platforms Common Size

Anti-Financial Crime

Anti-Financial Crime %Chg

Anti-Financial Crime Common Size

Market Platforms

Market Platforms %Chg

Market Platforms Common Size

Financial Technology

Financial Technology %Chg

Financial Technology Common Size

Market Services

Market Services %Chg

Market Services Common Size

Listing Services

Listing Services %Chg

Listing Services Common Size

Corporate Services

Corporate Services %Chg

Corporate Services Common Size

Information Services

Information Services %Chg

Information Services Common Size

Technology Solutions

Technology Solutions %Chg

Technology Solutions Common Size

Market Technology

Market Technology %Chg

Market Technology Common Size

Investment Intelligence

Investment Intelligence %Chg

Investment Intelligence Common Size

Corporate Platforms

Corporate Platforms %Chg

Corporate Platforms Common Size

Other Revenues

Other Revenues %Chg

Other Revenues Common Size

Total Revenues

Total Revenues %Chg

Total Revenues Common Size

Transaction Rebates

Transaction Rebates %Chg

Transaction Rebates Common Size

Brokerage, Clearance and Exchange Fees

Brokerage, Clearance and Exchange Fees %Chg

Brokerage, Clearance and Exchange Fees Common Size

Total Market Services Revenues Less Transaction-Based Expenses

Total Market Services Revenues Less Transaction-Based Expenses %Chg

Total Market Services Revenues Less Transaction-Based Expenses Common Size

Revenues Less Transaction-Based Expenses

Revenues Less Transaction-Based Expenses %Chg

Revenues Less Transaction-Based Expenses Common Size

Compensation and Benefits

Compensation and Benefits %Chg

Compensation and Benefits Common Size

Professional and Contract Services

Professional and Contract Services %Chg

Professional and Contract Services Common Size

Technology and Communication Infrastructure

Technology and Communication Infrastructure %Chg

Technology and Communication Infrastructure Common Size

Occupancy

Occupancy %Chg

Occupancy Common Size

General, Administrative and Other

General, Administrative and Other %Chg

General, Administrative and Other Common Size

Marketing and Advertising

Marketing and Advertising %Chg

Marketing and Advertising Common Size

Depreciation and Amortization

Depreciation and Amortization %Chg

Depreciation and Amortization Common Size

Regulatory

Regulatory %Chg

Regulatory Common Size

Merger and Strategic Initiatives

Merger and Strategic Initiatives %Chg

Merger and Strategic Initiatives Common Size

Restructuring Charges

Restructuring Charges %Chg

Restructuring Charges Common Size

Total Operating Expenses

Total Operating Expenses %Chg

Total Operating Expenses Common Size

Operating Income

Operating Income %Chg

Operating Income Common Size

Interest Income

Interest Income %Chg

Interest Income Common Size

Interest Expense

Interest Expense %Chg

Interest Expense Common Size

Gain on Sale of Investment Security

Gain on Sale of Investment Security %Chg

Gain on Sale of Investment Security Common Size

Net Gain on Divestitures

Cost of Sales

Cost of Sales %Chg

Cost of Sales Common Size

Gross Profit

Gross Profit %Chg

Gross Profit Common Size

Gross Profit Margin

Gross Profit Margin %Chg

Gross Profit Margin Common Size

Selling, General & Administrative Expenses

Selling, General & Administrative Expenses %Chg

Selling, General & Administrative Expenses Common Size

Depreciation & Amortization Expenses

Depreciation & Amortization Expenses %Chg

Depreciation & Amortization Expenses Common Size

Other Operating Expenses

Other Operating Expenses %Chg

Other Operating Expenses Common Size

Operating Profit

Revenue

EBIT

EBITDA

CapEx

Net Interest Income

Assets

Adjusted EBITDA

Adjusted Net Income

Net Revenue

Net Income

Average Assets

Adjusted EBIT

Adjusted Revenue

Adjusted EBT

Adjusted Funds From Operations

Income Statement	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Total Revenues	1,958	2,090	2,090	2,030	1,902	1,792
Total Revenues %Chg	2.9%	16.6%	24.9%	23.3%	31.1%	25.1%
Capital Access Platforms
Anti-Financial Crime
Market Platforms
Financial Technology
Market Services
Listing Services
Corporate Services
Information Services
Technology Solutions
Market Technology
Investment Intelligence
Corporate Platforms
Other Revenues
Cost of Sales	643	784	853	803	756	633
Transaction Rebates
Brokerage, Clearance and Exchange Fees
Gross Profit	1,315	1,306	1,237	1,227	1,146	1,159
Revenues Less Transaction-Based Expenses
Gross Profit Margin	67.2%	62.5%	59.2%	60.4%	60.3%	64.7%
Selling, General & Administrative Expenses	550	551	505	532	513	523
Compensation and Benefits
Professional and Contract Services
Technology and Communication Infrastructure
Occupancy
General, Administrative and Other
Marketing and Advertising
Regulatory
Depreciation & Amortization Expenses	158	158	156	153	153	153
Depreciation and Amortization
Other Operating Expenses	21	29	29	25	32	60
Merger and Strategic Initiatives
Restructuring Charges
Operating Profit	586	568	547	517	448	423
Operating Income
Operating Margin	29.9%	27.2%	26.2%	25.5%	23.6%	23.6%
Interest and Investment Income	32	35	38	17	9	8
Interest Income
Dividend and Investment Income
Net Income from Unconsolidated Investees
Interest Expense	-87	-95	-96	-101	-102	-102
Interest Expense
Non-Operating Income	-2	40	-1	6	1	12
Gain on Sale of Investment Security
Net Gain on Divestitures
Asset Impairment Charges
Other Income
Total Non-Operating Income	-57	-20	-59	-78	-92	-82
Income Before Provision for Income Taxes	529	548	488	439	356	341
Income Before Income Taxes
Provision for Income Taxes	106	96	93	84	51	119
Income Tax Provision
Consolidated Net Income	423	452	395	355	305	222
Net Income
Net Income Attributable to Minority Interests and Other	—	—	—	—	-1	—
Net Loss Attributable to Noncontrolling Interests
Net Income Attributable to Common Shareholders	423	452	395	355	306	222
Net Income Attributable to Nasdaq
Basic EPS	0.7	0.8	0.7	0.6	0.5	0.4
Diluted EPS	0.7	0.8	0.7	0.6	0.5	0.4
Basic Weighted Average Shares Outstanding	573.3	574.1	575	574.8	575.1	576.4
Total Shares Outstanding	572.7	573.9	573.8	575.1	574.7	576.1
Diluted Weighted Average Shares Outstanding	579	579	580	579.7	579	579
EBITDA	744	725	703	670	600	576
Effective Tax Rate	20%	17.5%	19.1%	19.1%	14.3%	34.9%