NDAQ
Nasdaq, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Nasdaq, Inc.
Nasdaq, Inc. describes itself as a leading technology platform that powers the world's economies: it architects the infrastructure of the world's most modern markets, powers the innovation economy and builds trust in the financial system. It designs and deploys the technology, data and advanced analytics that let clients capture opportunities, navigate risk and strengthen resilience, and it manages, operates and provides its products and services in three business segments: Capital Access Platforms, Financial Technology and Market Services.
Coverage
Nasdaq Put $100 Million Into Kraken's Parent. Its Tokenized Share Can Only Move Between DTC Participants.
Nasdaq's release carries a $100m cheque and no valuation. The $21bn is Bloomberg's; the token the SEC approved in March moves only among DTC participants.
Nasdaq Joins Coverage and 41% of the Revenue It Reports Never Belongs to It
Nasdaq's June quarter shows $2,532m of revenue and $1,500m of net revenue. The gap is pass-through rebates, and the exchange itself is now 23% of what it keeps.
Where the revenue goes next
Latest: $1.50B (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $914M |
| 2023Q2 | $925M |
| 2023Q3 | $940M |
| 2023Q4 | $1.12B |
| 2024Q1 | $1.12B |
| 2024Q2 | $1.16B |
| 2024Q3 | $1.15B |
| 2024Q4 | $1.23B |
| 2025Q1 | $1.24B |
| 2025Q2 | $1.31B |
| 2025Q3 | $1.31B |
| 2025Q4 | $1.39B |
| 2026Q1 | $1.41B |
| 2026Q2 | $1.50B |
Latest: $0.89 (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $0.61 |
| 2023Q2 | $0.54 |
| 2023Q3 | $0.60 |
| 2023Q4 | $0.34 |
| 2024Q1 | $0.40 |
| 2024Q2 | $0.38 |
| 2024Q3 | $0.53 |
| 2024Q4 | $0.61 |
| 2025Q1 | $0.68 |
| 2025Q2 | $0.78 |
| 2025Q3 | $0.73 |
| 2025Q4 | $0.90 |
| 2026Q1 | $0.91 |
| 2026Q2 | $0.89 |
Latest: 23.0 (2026Q2)
| Period | Value |
|---|---|
| 2023Q4 | 26.9 |
| 2024Q1 | 32.6 |
| 2024Q2 | 34.2 |
| 2024Q3 | 43.3 |
| 2024Q4 | 39.5 |
| 2025Q1 | 34.0 |
| 2025Q2 | 34.0 |
| 2025Q3 | 31.3 |
| 2025Q4 | 31.2 |
| 2026Q1 | 25.5 |
| 2026Q2 | 23.0 |
Latest: $634M (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $525M |
| 2023Q2 | $375M |
| 2023Q3 | $263M |
| 2023Q4 | $375M |
| 2024Q1 | $491M |
| 2024Q2 | $408M |
| 2024Q3 | $188M |
| 2024Q4 | $645M |
| 2025Q1 | $614M |
| 2025Q2 | $687M |
| 2025Q3 | $152M |
| 2025Q4 | $536M |
| 2026Q1 | $629M |
| 2026Q2 | $634M |
Latest: 568M (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | 495M |
| 2023Q2 | 494M |
| 2023Q3 | 494M |
| 2024Q1 | 579M |
| 2024Q2 | 579M |
| 2024Q3 | 579M |
| 2025Q1 | 580M |
| 2025Q2 | 579M |
| 2025Q3 | 579M |
| 2026Q1 | 572M |
| 2026Q2 | 568M |
Latest: $6.52B (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $525M |
| 2023Q2 | $900M |
| 2023Q3 | $1.16B |
| 2023Q4 | $1.54B |
| 2024Q1 | $2.03B |
| 2024Q2 | $2.44B |
| 2024Q3 | $2.62B |
| 2024Q4 | $3.27B |
| 2025Q1 | $3.88B |
| 2025Q2 | $4.57B |
| 2025Q3 | $4.72B |
| 2025Q4 | $5.26B |
| 2026Q1 | $5.89B |
| 2026Q2 | $6.52B |
Latest earnings
Company History
Nasdaq begins as an automated quotation system run by the National Association of Securities Dealers, quoting prices rather than trading on a physical floor.
After a two-phase private placement that separated Nasdaq from the NASD, its shares begin trading publicly under the ticker NDAQ on 1 July 2002.
The company moves its shares onto the Nasdaq market itself, alongside a secondary offering priced at $9 a share.
Nasdaq completes its $3.8 billion combination with the Nordic exchange operator OMX, adding European markets and the exchange technology business that later becomes the software franchise.
Nasdaq closes its $2.75 billion cash purchase of Verafin, announced in November 2020 and financed largely with debt, moving it into fraud and anti-money-laundering software for banks.
The $10.5 billion acquisition of Adenza from Thoma Bravo - $5.75 billion in cash and 85.6 million Nasdaq shares - closes on 1 November 2023, adding AxiomSL regulatory reporting and Calypso capital-markets software and lifting quarterly net revenue by roughly a fifth in a single quarter.
Key Players
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Funds we follow holding NDAQ
By latest reported 13F position value. Market value at quarter-end, not cost basis.
