Segment & Geographic Data
Quant-Grade Normalized (live API)
API & CSV Delivery
Nasdaq Inc's Business Segments
Nasdaq Inc's reported revenue by business segment and by geographic region, quarterly and annual, normalized against the consolidated income statement. Free below: the top 3 rows per table, this quarter and this fiscal year. Subscriber access adds the full segment history and operating income by segment.
Segment Data As of Q2 FY2026
Reportable Segments
3
Largest Segment
Market Services
Total Revenue
$ 2,532
Regions Reported
1
Revenue Share by Reportable Segment - Q2 FY2026
- Market Services54.2%
- Capital Access Platforms24.5%
- Financial Technology21.3%
Revenue by Reportable Segment - Q2 FY2026
| Segment | Revenue (Millions) | % of Total |
|---|---|---|
| Market Services | $ 1,372 | 54.2% |
| Capital Access Platforms | $ 621 | 24.5% |
| Financial Technology | $ 539 | 21.3% |
Revenue Share by Region - Q2 FY2026
- Non-US24.8%
Revenue by Geographic Region - Q2 FY2026
| Region | Revenue (Millions) | % of Total |
|---|---|---|
| Non-US | $ 627 | 24.8% |
Description of Nasdaq Inc
Nasdaq, Inc. is a prominent global technology company headquartered in New York City, primarily known for its significant role in financial markets. It operates as a holding company and serves as the parent organization of The Nasdaq Stock Market LLC, which is its wholly-owned subsidiary. Nasdaq became structured as a holding company on August 1, 2006, when The Nasdaq Stock Market began functions as a registered national securities exchange specifically for securities listed on the Nasdaq platform.
The company is widely recognized for revolutionizing the trading landscape, particularly through its innovative electronic trading system, which pioneered the move away from traditional floor-based exchanges. Nasdaq operates multiple exchanges globally, including the Nasdaq Stock Market and other exchanges in various regions, thus providing an extensive range of trading services and capabilities that facilitate the trading of securities.
Nasdaq’s core business segments revolve around three primary pillars:
1. Transaction Services: This segment encompasses trade execution and clearing services for securities listed on Nasdaq and other venues. The company provides a robust electronic trading platform that offers efficient and transparent trading experiences for both retail and institutional investors. The transaction services include equities, options, and futures trading, among other instruments.
2. Market Data Products and Services: Nasdaq is a leading provider of market data, offering a comprehensive array of data products that deliver real-time and historical market information. This includes feeds from various exchanges and alternative trading venues. The data services cater to a broad audience, including financial institutions, investment firms, and independent traders, providing essential insights for market analysis and decision-making.
3. Listing Services: Nasdaq offers listing services for companies looking to go public or to raise capital through securities issuance. It is known for being home to many high-profile technology and growth-oriented companies. Listing fees comprise a significant revenue stream for the company, generated from companies that become publicly traded on Nasdaq.
In addition to these core segments, Nasdaq has expanded into various adjacent areas, such as:
- Asset Management and Financial Products: The company provides a range of financial products, including exchange-traded funds (ETFs) and index products that leverage its indices, such as the well-known Nasdaq-100 index.
- Market Technology: Nasdaq also sells technology solutions to other exchanges, regulators, and financial institutions worldwide. These solutions include trading and surveillance systems designed to enhance market efficiency, security, and transparency.
- Corporate Services: Nasdaq provides a suite of corporate services that assist public companies with shareholder communications, proxy voting, and other governance aspects. Its services also encompass shareholder services, support for annual meetings, and the facilitation of news distribution through newswire services.
- Insurance Products: Initially developed through acquisitions and partnerships, Nasdaq offers specialized insurance products tailored for the financial services sector, addressing risks associated with trading and investment activities.
Overall, Nasdaq, Inc. stands as a multi-faceted financial services organization, intricately woven into the global financial architecture. With a commitment to innovation and technological advancement, Nasdaq continues to enhance its offerings, catering to a diverse clientele, including individual investors, institutional clients, exchanges around the globe, and organizations involved in the financial services sector. Through its strategic initiatives and expansion into new markets, Nasdaq remains at the forefront of shaping the future of trading, data services, and financial markets.
The company is widely recognized for revolutionizing the trading landscape, particularly through its innovative electronic trading system, which pioneered the move away from traditional floor-based exchanges. Nasdaq operates multiple exchanges globally, including the Nasdaq Stock Market and other exchanges in various regions, thus providing an extensive range of trading services and capabilities that facilitate the trading of securities.
Nasdaq’s core business segments revolve around three primary pillars:
1. Transaction Services: This segment encompasses trade execution and clearing services for securities listed on Nasdaq and other venues. The company provides a robust electronic trading platform that offers efficient and transparent trading experiences for both retail and institutional investors. The transaction services include equities, options, and futures trading, among other instruments.
2. Market Data Products and Services: Nasdaq is a leading provider of market data, offering a comprehensive array of data products that deliver real-time and historical market information. This includes feeds from various exchanges and alternative trading venues. The data services cater to a broad audience, including financial institutions, investment firms, and independent traders, providing essential insights for market analysis and decision-making.
3. Listing Services: Nasdaq offers listing services for companies looking to go public or to raise capital through securities issuance. It is known for being home to many high-profile technology and growth-oriented companies. Listing fees comprise a significant revenue stream for the company, generated from companies that become publicly traded on Nasdaq.
In addition to these core segments, Nasdaq has expanded into various adjacent areas, such as:
- Asset Management and Financial Products: The company provides a range of financial products, including exchange-traded funds (ETFs) and index products that leverage its indices, such as the well-known Nasdaq-100 index.
- Market Technology: Nasdaq also sells technology solutions to other exchanges, regulators, and financial institutions worldwide. These solutions include trading and surveillance systems designed to enhance market efficiency, security, and transparency.
- Corporate Services: Nasdaq provides a suite of corporate services that assist public companies with shareholder communications, proxy voting, and other governance aspects. Its services also encompass shareholder services, support for annual meetings, and the facilitation of news distribution through newswire services.
- Insurance Products: Initially developed through acquisitions and partnerships, Nasdaq offers specialized insurance products tailored for the financial services sector, addressing risks associated with trading and investment activities.
Overall, Nasdaq, Inc. stands as a multi-faceted financial services organization, intricately woven into the global financial architecture. With a commitment to innovation and technological advancement, Nasdaq continues to enhance its offerings, catering to a diverse clientele, including individual investors, institutional clients, exchanges around the globe, and organizations involved in the financial services sector. Through its strategic initiatives and expansion into new markets, Nasdaq remains at the forefront of shaping the future of trading, data services, and financial markets.
Nasdaq, Inc. operates through two primary business segments: Market Services and Issuer Services. Each segment is intricately designed to cater to various market needs while enhancing market efficiency and promoting innovative solutions. Below is an extensive description of each segment, along with their respective products and services.
Market Services Segment
The Market Services segment is foundation to Nasdaqs operations, centering around transaction-based services and market information services. This segment includes The Nasdaq Market Center, a centralized trading platform that allows market participants to efficiently access, process, display, and integrate orders and quotes for both Nasdaq-listed and non-Nasdaq-listed securities.
Key Components of the Market Services Segment:
1. Trade Execution Services:
- Execution Platform: The Nasdaq Market Center serves as an advanced transaction platform where participants can execute trades directly. This environment provides a comprehensive view of market interest, highlighting the best available bid and offer for different securities.
- Order and Quote Display: Subscribers have access to detailed displays showing quotes, orders, and total anonymous interest across various price levels. This feature equips traders with critical information to make informed decisions.
- Anonymity in Trading: To support confidential trading, the platform offers anonymity, ensuring that participant identities remain undisclosed unless explicitly chosen otherwise. This feature decreases market impact and facilitates fairer pricing mechanisms.
2. Revenue Generation from Trade Execution:
- Transaction Execution Charges: Nasdaq implements charges on a per-share execution basis, levied on parties accessing liquidity from other market participants. A portion of these fees is typically returned as rebates to liquidity providers, forming a significant revenue generator for Nasdaqs execution services.
- Tape Fees: Revenue is also derived from shared tape fees linked to trading activities across various exchanges, including the NYSE and American Stock Exchange (Amex).
3. Market Information Services:
- Nasdaq provides a comprehensive suite of market data services, encompassing both historical and real-time market information. This includes trade data, corporate actions, index data, and mutual fund pricing, fulfilling diverse customer needs.
- Clients, including data vendors, purchase market data subscriptions, which they then monetize through various public access services, thus creating an additional revenue stream for Nasdaq.
Issuer Services Segment
The Issuer Services segment concentrates on a broad spectrum of services aimed at companies listed on Nasdaq. This segment includes securities listings, financial products, and supplementary services designed to assist corporate clients in navigating financial markets successfully.
Key Components of the Issuer Services Segment:
1. Securities Listings Business:
- This division, known as the Corporate Client Group, is dedicated to providing tailored support services and products for companies listing on The Nasdaq Stock Market. Nasdaq has seen a record number of listings across various sectors, including technology, healthcare, and consumer goods.
- The Corporate Client Groups role extends to fostering new listings and sustaining relationships with existing Nasdaq-listed entities, ensuring a vibrant and diverse marketplace.
2. Financial Products Business:
- Nasdaq plays a pivotal role in creating, licensing, and distributing a variety of financial products and derivatives based on multiple Nasdaq indexes. Some prominent indexes include the Nasdaq-100 Index, Nasdaq Composite Index, and Nasdaq Biotechnology Index.
- Additionally, Nasdaq licenses various third-party structured products and Exchange-Traded Funds (ETFs), broadening its financial product portfolio for a wider audience.
3. Ancillary Services:
- A suite of ancillary services is made available to public companies, including corporate governance advisory, shareholder service management, directors services, and newswire distribution services. These offerings are specifically crafted to help companies align with regulatory standards while enhancing their corporate profiles.
4. Insurance Services:
- Nasdaq also provides specialized insurance products to listed companies, helping them manage risks. These insurance solutions complement Nasdaqs broader array of issuer services, ensuring comprehensive risk management support for corporate clients.
Conclusion
By structuring its operations into these defined segments, Nasdaq, Inc. positions itself as a leading player in the financial services industry. Its comprehensive offerings address the needs of both market participants and listed companies, facilitating operations and driving innovation across securities and financial products. With a commitment to enhancing market efficiency and fostering corporate growth, Nasdaq continues to be a vital component of the global financial landscape.
Market Services Segment
The Market Services segment is foundation to Nasdaqs operations, centering around transaction-based services and market information services. This segment includes The Nasdaq Market Center, a centralized trading platform that allows market participants to efficiently access, process, display, and integrate orders and quotes for both Nasdaq-listed and non-Nasdaq-listed securities.
Key Components of the Market Services Segment:
1. Trade Execution Services:
- Execution Platform: The Nasdaq Market Center serves as an advanced transaction platform where participants can execute trades directly. This environment provides a comprehensive view of market interest, highlighting the best available bid and offer for different securities.
- Order and Quote Display: Subscribers have access to detailed displays showing quotes, orders, and total anonymous interest across various price levels. This feature equips traders with critical information to make informed decisions.
- Anonymity in Trading: To support confidential trading, the platform offers anonymity, ensuring that participant identities remain undisclosed unless explicitly chosen otherwise. This feature decreases market impact and facilitates fairer pricing mechanisms.
2. Revenue Generation from Trade Execution:
- Transaction Execution Charges: Nasdaq implements charges on a per-share execution basis, levied on parties accessing liquidity from other market participants. A portion of these fees is typically returned as rebates to liquidity providers, forming a significant revenue generator for Nasdaqs execution services.
- Tape Fees: Revenue is also derived from shared tape fees linked to trading activities across various exchanges, including the NYSE and American Stock Exchange (Amex).
3. Market Information Services:
- Nasdaq provides a comprehensive suite of market data services, encompassing both historical and real-time market information. This includes trade data, corporate actions, index data, and mutual fund pricing, fulfilling diverse customer needs.
- Clients, including data vendors, purchase market data subscriptions, which they then monetize through various public access services, thus creating an additional revenue stream for Nasdaq.
Issuer Services Segment
The Issuer Services segment concentrates on a broad spectrum of services aimed at companies listed on Nasdaq. This segment includes securities listings, financial products, and supplementary services designed to assist corporate clients in navigating financial markets successfully.
Key Components of the Issuer Services Segment:
1. Securities Listings Business:
- This division, known as the Corporate Client Group, is dedicated to providing tailored support services and products for companies listing on The Nasdaq Stock Market. Nasdaq has seen a record number of listings across various sectors, including technology, healthcare, and consumer goods.
- The Corporate Client Groups role extends to fostering new listings and sustaining relationships with existing Nasdaq-listed entities, ensuring a vibrant and diverse marketplace.
2. Financial Products Business:
- Nasdaq plays a pivotal role in creating, licensing, and distributing a variety of financial products and derivatives based on multiple Nasdaq indexes. Some prominent indexes include the Nasdaq-100 Index, Nasdaq Composite Index, and Nasdaq Biotechnology Index.
- Additionally, Nasdaq licenses various third-party structured products and Exchange-Traded Funds (ETFs), broadening its financial product portfolio for a wider audience.
3. Ancillary Services:
- A suite of ancillary services is made available to public companies, including corporate governance advisory, shareholder service management, directors services, and newswire distribution services. These offerings are specifically crafted to help companies align with regulatory standards while enhancing their corporate profiles.
4. Insurance Services:
- Nasdaq also provides specialized insurance products to listed companies, helping them manage risks. These insurance solutions complement Nasdaqs broader array of issuer services, ensuring comprehensive risk management support for corporate clients.
Conclusion
By structuring its operations into these defined segments, Nasdaq, Inc. positions itself as a leading player in the financial services industry. Its comprehensive offerings address the needs of both market participants and listed companies, facilitating operations and driving innovation across securities and financial products. With a commitment to enhancing market efficiency and fostering corporate growth, Nasdaq continues to be a vital component of the global financial landscape.