Nasdaq, Inc.

Nasdaq, Inc. is a leading global technology company serving the capital markets and other industries, headquartered in New York City and led by Chair and Chief Executive Officer Adena Friedman. The company operates the Nasdaq Stock Market, the world's first electronic stock exchange founded in 1971, while also providing advanced trading technology, data analytics, market infrastructure, and regulatory solutions to financial institutions, corporations, and market operators worldwide. Nasdaq has evolved from a U.S.-based exchange operator into a multinational financial services corporation providing data, analytics, software, exchange capabilities, and advisory services across the global financial system. The company serves clients through four primary business divisions: Market Services (operating 18 markets, one clearinghouse, and four central depositories across equity, options, fixed income, commodities, and futures), Financial Technology (mission-critical capital markets and regulatory technology solutions), Investment Intelligence (enabling economic growth through capital access and transparency), and Corporate Solutions (governance, ESG, and investor relations tools for public companies). As of December 31, 2024, Nasdaq lists 4,075 companies with a combined market capitalization of approximately $14 trillion, including 1,383 on The Nasdaq Global Select Market, 1,366 on The Nasdaq Global Market, and 1,326 on The Nasdaq Capital Market. The exchange processes approximately 1.8 billion trades per day, exceeding NYSE trading volume. Nasdaq, Inc. became a publicly traded company in 2002 following its separation from FINRA (Financial Industry Regulatory Authority, formerly NASD), listing its own shares under ticker NDAQ. The company's transformational acquisition of OMX AB in 2008 expanded operations from a U.S. exchange to a global company operating Nordic exchanges and providing technology to market infrastructure operators worldwide. In 2017, Adena Friedman became CEO, making her the first woman to lead a major U.S. stock exchange. Nasdaq's business model combines exchange transaction revenues (from equity and derivatives trading), technology and analytics subscriptions (recurring revenue from software solutions), listing fees from public companies, market data sales, and advisory services. The company has pursued a strategic transformation toward higher-margin, recurring-revenue businesses through acquisitions of AxiomSL and Calypso (regulatory reporting and risk management platforms), positioning Nasdaq as a comprehensive financial technology provider beyond traditional exchange operations. As of 2025, Nasdaq has achieved over $3 billion in Annualized Recurring Revenue (ARR), with SaaS revenues representing 37% of ARR and growing 14% annually. The company's Solutions segment (Financial Technology, Investment Intelligence, and Corporate Solutions combined) generated $3.6 billion in revenue in 2024, up 25% from 2023, demonstrating successful diversification beyond market services. Nasdaq's technology platforms power over 130 marketplaces and clearinghouses across six continents, establishing the company as critical infrastructure for global capital markets. The company maintains market leadership in U.S. equity options trading, listings (with 80% win rate for eligible operating company IPOs in 2024), and index services (ending 2024 with $647 billion in assets under management, up 31% in adjusted revenue). Nasdaq has positioned itself at the forefront of capital markets innovation, integrating artificial intelligence into trading platforms (including the October 2024 launch of XVA Accelerator for Calypso platform), expanding cryptocurrency and digital asset capabilities, and partnering with exchanges globally (including the landmark 2024 partnership with Singapore Exchange enabling cross-border listings). The company successfully delivered on 2024 strategic priorities of Integrate, Innovate, and Accelerate, achieving $140 million in annual cost savings (a year ahead of schedule) while driving broad-based revenue growth across all divisions.