NDAQ · Forward model · Data and Listing Services
What has to happen in Data and Listing Services
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Data and Listing Services
Annual listing fees from every company on The Nasdaq Stock Market and on Nasdaq Nordic and Baltic, plus the proprietary and tape market data sold on top of them. Both legs of the driver are printed every quarter: 5,768 listed companies at 30 June 2026 against $217M of revenue, which is $37,621 per listing per quarter. The listing count is the earning base and it has risen in nine of the last ten quarters, from 5,223 at the start of 2024. That is why this is a capacity line and not a growth rate.
Latest: $309M (2031Q2E)
| Period | Value |
|---|---|
| 2024Q1 | $186M |
| 2024Q2 | $187M |
| 2024Q3 | $190M |
| 2024Q4 | $192M |
| 2025Q1 | $192M |
| 2025Q2 | $198M |
| 2025Q3 | $204M |
| 2025Q4 | $211M |
| 2026Q1 | $214M |
| 2026Q2 | $217M |
| 2026Q3E | $221M |
| 2026Q4E | $226M |
| 2027Q1E | $230M |
| 2027Q2E | $235M |
| 2027Q3E | $239M |
| 2027Q4E | $244M |
| 2028Q1E | $248M |
| 2028Q2E | $253M |
| 2028Q3E | $258M |
| 2028Q4E | $262M |
| 2029Q1E | $267M |
| 2029Q2E | $271M |
| 2029Q3E | $276M |
| 2029Q4E | $281M |
| 2030Q1E | $285M |
| 2030Q2E | $290M |
| 2030Q3E | $295M |
| 2030Q4E | $299M |
| 2031Q1E | $304M |
| 2031Q2E | $309M |
Assumptions & reasoning
- Revenue per listing is the monetisation metric and it is remarkably steady: $35,614 in 2024 Q1, $37,621 in the basis quarter, never moving more than 1.5% in any single quarter of the ten.
- The listing count includes exchange-traded products. ETPs on The Nasdaq Stock Market went from 914 to 1,243 in a year, so part of the base's growth is the same ETF boom that drives the Index line.
- Capital Access Platforms ARR is disclosed only in total, $1,388M, so the recurring share of this line cannot be measured against Workflow and Insights. The listing count is used precisely because it is published per quarter.
- The margin is the Capital Access Platforms divisional margin, 65.4%, applied uniformly to all three of its lines. Nasdaq publishes operating income by division only; a split between listings, index and workflow is not disclosed and is not invented here.