# Nasdaq, Inc.

**Source:** https://geo.sig.ai/brands/nasdaq-inc  
**Vertical:** Technology  
**Subcategory:** General  
**Tier:** Emerging  
**Website:** ndaq.com  
**Last Updated:** 2026-04-14

## Summary

Exchange-to-fintech transformation; $7.4B FY2024 revenue; $10.5B Adenza acquisition 2023 adds bank risk/regulatory SaaS; Nasdaq-100 index powers $300B+ benchmarked assets including QQQ.

## Company Overview

Nasdaq, Inc. is a global technology company and exchange operator that has transformed from a stock market into a diversified financial infrastructure and capital markets technology provider, founded in 1971 as the world's first electronic stock exchange and headquartered in New York City, trading on Nasdaq (NDAQ). The company generated approximately $7.4 billion in net revenues for FY2024 under CEO Adena Friedman, who has led Nasdaq's strategic evolution from exchange operator to enterprise software and services company. The landmark $10.5 billion acquisition of Adenza—completed in November 2023—combined Calypso Technology and AxiomSL under one umbrella, providing risk management, treasury management, and regulatory reporting software to banks, broker-dealers, and asset managers globally, dramatically expanding Nasdaq's financial technology footprint.

Nasdaq's business spans four primary segments: Capital Access Platforms (exchange listings, IPO services, equity, options, and futures trading), Financial Technology (Adenza risk/regulatory software, anti-financial crime technology including Nasdaq Verafin, and marketplace infrastructure services), Market Services (U.S. equities trading, options, fixed income, and Nordic/Baltic exchanges via Nasdaq Nordic), and Index Businesses (Nasdaq-100, the world's most-tracked technology index, and over 40,000 indexes globally). The Nasdaq-100—home to Apple, Microsoft, Nvidia, Amazon, Meta, Tesla, and Alphabet—generates licensing fees from $300+ billion in assets tracking or benchmarked to it, including the QQQ ETF ($260B AUM), making it one of the most economically significant index franchises globally.

In 2025-2026, Nasdaq's strategic transformation from exchange to financial technology company creates higher-multiple recurring SaaS revenue streams that command better valuations than transaction-based exchange revenues. The Adenza integration targets $80 million in annual cost synergies and positions Nasdaq to sell risk management and compliance software to the same banks whose equities it lists and whose trading activity it executes. Competition from ICE, CME Group, London Stock Exchange Group, and fintech specialists like SS&C Technologies characterizes each of Nasdaq's non-exchange segments. Regulatory technology demand—driven by Basel IV implementation, DORA (EU Digital Operational Resilience Act), and SEC reporting requirements—creates durable spend for Adenza's compliance workflow software.

## Frequently Asked Questions

### What does Nasdaq, Inc. do and how is it different from the Nasdaq Stock Market?
Nasdaq, Inc. is a multinational financial services corporation that both operates stock exchanges (including the Nasdaq Stock Market) and provides technology, data, and analytics services to the global financial industry. The company operates through four main business divisions: Market Services (operating 18 markets, one clearinghouse, and four central depositories handling equity, options, fixed income, and derivatives trading), Financial Technology (providing mission-critical capital markets and regulatory technology solutions to banks, brokers, regulators, and market operators), Investment Intelligence (enabling economic growth through capital access and transparency with index services and analytics), and Corporate Solutions (offering governance, ESG, and investor relations tools to public companies). As of December 31, 2024, the Nasdaq Stock Market lists 4,075 companies with approximately $14 trillion in combined market capitalization, processes approximately 1.8 billion trades per day, and maintains leadership in listings with an 80% win rate for eligible operating company IPOs in 2024. Beyond the exchange, Nasdaq's technology platforms power over 130 marketplaces and clearinghouses across six continents. The company generates revenue from exchange transaction fees, technology subscriptions (achieving over $3 billion in Annualized Recurring Revenue as of 2025), listing fees, market data sales, and advisory services. Nasdaq, Inc. is the parent company that owns and operates the Nasdaq Stock Market while also providing technology and services to competitors and other financial institutions globally.

### How was Nasdaq founded and what is its history?
Nasdaq was founded on February 8, 1971, by the National Association of Securities Dealers (NASD, now FINRA) as the world's first electronic stock market, revolutionizing capital markets by replacing physical trading floors and telephone-based quotations with computerized systems. The name Nasdaq is an acronym for National Association of Securities Dealers Automated Quotations. Gordon Macklin, serving as first president from 1975-1987, is credited as the 'father of Nasdaq' for transforming it from an electronic quote display into a competitive marketplace. FINRA sold its stake in Nasdaq through 2000-2001, and on July 2, 2002, Nasdaq, Inc. became a public company through an IPO, trading under ticker NDAQ. The transformational acquisition of OMX AB on February 27, 2008 (for approximately $3.7 billion) expanded Nasdaq from a U.S. exchange operator to a global company operating Nordic exchanges and providing technology worldwide. In 2017, Adena Friedman became CEO, making her the first woman to lead a major U.S. stock exchange. Under her leadership, Nasdaq has transformed from a traditional exchange into a comprehensive financial technology company through strategic acquisitions of Verafin, AxiomSL, and Calypso, with Solutions businesses now representing the majority of revenues and Annualized Recurring Revenue surpassing $3 billion in 2025.

### Who leads Nasdaq, Inc. and what is the executive team structure?
Nasdaq, Inc. is led by Chair and Chief Executive Officer Adena T. Friedman, who was appointed CEO in January 2017 (tenure of 8+ years) and elevated to Chairwoman in 2023, becoming the first woman to lead a major U.S. stock exchange. Friedman previously served as Nasdaq CFO from 2001-2011, then CFO of The Carlyle Group, before returning to Nasdaq in 2014 as President and COO. The executive team includes a Chief Financial Officer leading global finance operations and investor relations (specific name not provided in search results), along with Executive Vice Presidents and Senior Vice Presidents in roles including Chief Strategy Officer and Executive Chair of Financial Crime Management Technology, Global Chief Legal, Risk and Regulatory Officer, and Head of Global Trading & Market Services. The leadership team brings diverse expertise from financial services, technology, capital markets, and regulatory backgrounds. Under Friedman's leadership, Nasdaq has successfully transformed its business model toward recurring-revenue technology and analytics services, achieving strong financial performance with 2024 revenue of $4.7 billion (up 19% non-GAAP) and delivering on strategic priorities of Integrate, Innovate, and Accelerate.

### What are Nasdaq's main technology products and services?
Nasdaq provides comprehensive financial technology solutions through its Financial Technology division, which generated $438 million in Q4 2024 revenue (up 10% year-over-year). Core offerings include Nasdaq Eqlipse, a purpose-built capital market technology platform for market infrastructure operators supporting trading in equities, fixed income, foreign exchange, derivatives, and digital assets across the entire trade lifecycle including trading solutions, CCP risk clearing, and central securities depository technology. The platform powers over 130 marketplaces and clearinghouses across six continents. Market data products include the Genium Consolidated Feed (GCF) disseminating real-time data from Nordic and Baltic exchanges across asset classes, and Nordic Derivatives Analytics Data providing Greeks, theoretical prices, and implied volatility. Regulatory technology solutions acquired through AxiomSL and Calypso help banks, brokers, and financial institutions with regulatory reporting, risk management, and compliance. In October 2024, Nasdaq added AI capabilities to Calypso with the XVA Accelerator for portfolio risk calculations used by banks and insurers. The company demonstrated innovation leadership in 2024 with AI-powered solutions and product enhancements, building a robust pipeline of new AI capabilities. Nasdaq achieved Annualized Recurring Revenue of $3.0 billion in Q3 2025 (up 10% organically), with SaaS revenues increasing 14% and representing 37% of ARR, demonstrating successful transition to subscription-based technology services.

### How did Nasdaq perform financially in 2024 and early 2025?
Nasdaq delivered strong financial performance in 2024 and early 2025, demonstrating successful execution of its diversified business model. Full year 2024 revenue reached $4.7 billion on a non-GAAP basis, up 19% from 2023 (or up 9% on an adjusted basis), with Solutions revenue increasing 25% (or up 10% on an adjusted basis). Net revenues increased 9% on a GAAP basis. Solutions Revenue reached $3.6 billion for the full year, up 10%, while Annualized Recurring Revenue (ARR) reached $2.8 billion, up 7.5% year-over-year. Net income was $1.6 billion for the full year with diluted EPS of $2.82. Operating margin reached 54% (up over 1 percentage point) and EBITDA margin was 56% (up over 1 percentage point). Q1 2025 results showed GAAP diluted EPS growing 69% and non-GAAP diluted EPS growing 24%. Q3 2025 results surpassed $1 billion in Solutions quarterly revenue for the first time, with total net revenue of $1.3 billion (up 15% year-over-year or 11% organically). ARR reached $3.0 billion in Q3 2025 (up 10% or 9% organically). Market Services Q4 2024 net revenue was $268 million (up 8%), while Financial Technology revenue was $438 million (up 10%). The Index franchise delivered 31% adjusted revenue growth for full year 2024, ending with $647 billion in assets under management. The company achieved $140 million in annual cost savings from AxiomSL and Calypso acquisitions, a year ahead of target.

### What is Nasdaq's company culture and what benefits does it offer employees?
Nasdaq fosters a culture focused on building an environment where everyone feels connected, valued, and empowered to thrive, with shared values and behaviors that define how employees work, lead, and grow together. The culture emphasizes collaboration, innovation, global perspective, and support for diversity and inclusion. Employees describe the culture as welcoming with nice people, many learning opportunities, and willingness to help across the organization. Employee ratings reflect mixed sentiment: 4.1 out of 5 stars on Glassdoor (1,337 reviews), with 82% positive employee reviews on Comparably (out of 57 reviews) and overall rating of 3.5 out of 5, ranking #116 out of all Finance organizations with RepVue score of 81.11. Comprehensive benefits include medical, dental, and vision care, paid time off, flexible work arrangements, competitive base salary, retirement plans (6% 401(k) match for U.S. employees), equity grants, tuition reimbursement, and student loan assistance. Additional perks include paid volunteer days, matched donations, 11 employee networks, employee recognition program, mentoring program, leadership development courses, Udemy membership, parental leave, fertility assistance, and child/elder care support. Nasdaq demonstrates concern for employees' overall mental health with extra perks and support programs. Positive aspects include flexible work environment and learning opportunities, though some employees note pay challenges and work-life balance concerns. The company's global presence and diversity/inclusion support are cited as what makes Nasdaq special, with culture and leadership creating opportunities for professional growth across international operations.

### What is Nasdaq's market position in the exchange and financial technology industry?
Nasdaq, Inc. occupies a significant leadership position in the global financial technology and market infrastructure landscape, characterized by dual focus on operating leading stock exchanges and providing cutting-edge technology solutions to the broader financial industry. As of December 31, 2024, Nasdaq lists 4,075 companies with combined market capitalization of approximately $14 trillion (1,383 on Global Select Market, 1,366 on Global Market, 1,326 on Capital Market). Nasdaq is the second largest stock exchange in the United States but has greater trading volume than NYSE with approximately 1.8 billion trades per day. The company maintains market leadership in U.S. listings with 180 IPOs in 2024 raising $23 billion and achieving 80% win rate among eligible operating company IPOs. Nasdaq's technology platforms power over 130 marketplaces and clearinghouses across six continents, establishing the company as critical global infrastructure. The Index franchise ended 2024 with $647 billion in assets under management, delivering 31% adjusted revenue growth. Strategic investments in AI (including October 2024 XVA Accelerator launch), focus on client partnerships, and comprehensive Solutions portfolio strengthen competitive positioning. Over three months ending September 2024, Nasdaq achieved revenue growth of 31.08%, demonstrating strong performance across segments. The company estimates medium-term Solutions revenue growth of 8-11% with Financial Technology revenue growth of 10-14%, positioning Nasdaq for continued expansion in high-margin technology businesses beyond traditional exchange operations.

### What major industry trends is Nasdaq positioned to benefit from?
Nasdaq is positioned to capitalize on several major industry trends transforming capital markets and financial services. Trading volume growth shows market-wide average daily volume exceeded 13 billion shares per day in Q4 2024, with off-exchange trading exceeding 50% of all ADV on 37 days in 2024, creating opportunities for Nasdaq's multi-market trading infrastructure. The U.S. ETF industry saw record inflows in 2024 with creations exceeding $1 trillion for the first time ever, benefiting Nasdaq's index services which ended 2024 with $647 billion in AUM (up 31% in adjusted revenue). Artificial intelligence integration across financial services drives demand for Nasdaq's AI-powered solutions, including the October 2024 launch of XVA Accelerator for Calypso platform and broader AI capabilities in trading, risk management, and analytics. Digital asset and cryptocurrency market growth creates opportunities for Nasdaq's blockchain and digital asset technology capabilities. Increasing regulatory complexity globally drives demand for Nasdaq's regulatory technology solutions acquired through AxiomSL and Calypso, helping financial institutions manage compliance and reporting requirements. The trend toward outsourcing of market technology by exchanges and clearinghouses worldwide positions Nasdaq's Eqlipse platform to capture market share from institutions seeking proven, scalable solutions. Cross-border capital formation, exemplified by Nasdaq's June 2024 partnership with Singapore Exchange creating harmonized listing pathways, enables companies to access multiple markets through coordinated regulatory frameworks. The shift toward recurring-revenue SaaS models in financial technology (with Nasdaq's SaaS revenues up 14% and representing 37% of ARR) aligns with Nasdaq's strategic transformation toward subscription-based services. ESG and sustainable finance growth drives demand for Nasdaq's Corporate Solutions offerings helping public companies with governance, ESG reporting, and investor relations.

### What are Nasdaq's strategic priorities and growth plans?
Nasdaq's strategic framework centers on three priorities: Integrate, Innovate, and Accelerate, which the company successfully delivered on in 2024 to position for sustainable, scalable, and resilient growth. Integration priorities include achieving $140 million in annual cost savings from AxiomSL and Calypso acquisitions (accomplished a year ahead of the initial target), seamlessly integrating acquired technology platforms into Nasdaq's ecosystem, and creating cross-selling opportunities across Solutions businesses. Innovation priorities focus on expanding AI-powered solutions across product lines (including the October 2024 XVA Accelerator launch), developing new index products and analytics capabilities, enhancing trading technology for traditional and digital assets, and building a robust pipeline of client-driven product innovations. Acceleration priorities emphasize driving Solutions revenue growth of 8-11% over the medium term with Financial Technology revenue growth of 10-14%, expanding Capital Access Platforms revenue by 5-8%, increasing Annualized Recurring Revenue (which reached $3.0 billion in Q3 2025, up 10%), and growing SaaS revenues (up 14% with 37% of ARR in 2025). Nasdaq estimates continued strong performance across all divisions with focus on client partnerships, market leadership in listings (demonstrated by 80% win rate for eligible IPOs in 2024), and expansion of global technology footprint through partnerships like the June 2024 Singapore Exchange agreement. The company's transformation toward recurring-revenue technology and analytics businesses positions Nasdaq for higher-margin, more predictable growth with reduced dependence on trading volumes. Strategic priorities also include maintaining operational excellence, investing in talent and technology infrastructure, and leveraging Nasdaq's brand and client relationships to cross-sell comprehensive Solutions across the institutional client base.

### How is Nasdaq integrating AI into its products and services?
Nasdaq has made artificial intelligence integration a strategic priority across its technology platform and product portfolio in 2024-2025. In October 2024, Nasdaq launched XVA Accelerator, adding AI capabilities to its Calypso platform for portfolio risk calculations used by banks and insurers for capital markets access and regulatory reporting. This tool demonstrates Nasdaq's commitment to applying AI to solve complex computational challenges in financial services. The company has demonstrated innovation leadership with the launch of AI-powered solutions and product enhancements across all divisions, building a robust pipeline of new AI capabilities to be delivered through software and analytics solutions. AI integration focuses on several key areas: improving trading efficiency and execution quality through pattern recognition and predictive analytics on Nasdaq's trading platforms, enhancing risk management and regulatory compliance through automated monitoring and reporting in AxiomSL and Calypso platforms, providing deeper investment insights through AI-powered analytics in Investment Intelligence products, and optimizing operational efficiency in market surveillance, trade processing, and client service functions. Nasdaq's technology organization is incorporating machine learning models to analyze market microstructure, detect anomalies in trading patterns, and provide real-time insights to market operators and participants. The company's scale (processing approximately 1.8 billion trades per day and operating 18 markets globally) provides vast datasets to train and refine AI models, creating competitive advantages in accuracy and predictive power. Nasdaq views AI as fundamental to its value proposition as a financial technology provider, enabling clients to make better decisions faster while managing increasingly complex regulatory and risk environments.

### What career opportunities and workplace environment does Nasdaq offer?
Nasdaq offers career opportunities across a global financial services and technology company operating in over 35 countries with offices including headquarters in New York City and major operations in Nordic countries, serving roles in trading operations, technology development, data science, financial analysis, sales, client service, compliance, and corporate functions. The workplace environment receives generally positive employee feedback with 4.1 out of 5 stars on Glassdoor (based on 1,337 reviews), though Comparably ratings show 3.5 out of 5 overall with RepVue score of 81.11, ranking #116 among Finance organizations. Positive workplace aspects include flexible work environment with remote and hybrid options, welcoming culture with nice people and helpful colleagues, many learning opportunities across technology, finance, and capital markets domains, and global presence providing exposure to international markets and diverse perspectives. The company emphasizes diversity and inclusion with 11 employee networks, recognition programs, and support for belonging. Learning and development programs include mentoring, leadership development courses, Udemy membership access, and tuition reimbursement for continuing education. However, employee reviews note some challenges including concerns about pay levels compared to industry peers, work-life balance pressures in fast-paced capital markets environment, and job security concerns related to restructuring and cost management initiatives. Benefits are comprehensive including medical/dental/vision, 6% 401(k) match for U.S. employees, equity grants, paid volunteer days, matched donations, parental leave, fertility assistance, and child/elder care support. Career paths span technical roles (software engineering, data science, platform development), business roles (sales, client service, product management), and corporate functions (finance, legal, compliance, human resources), with opportunities for advancement across Nasdaq's global operations and diverse business segments.

### What customer reviews and testimonials exist for Nasdaq's technology products?
Nasdaq's technology customers provide generally positive testimonials about the company's financial technology solutions and platforms. The Polish Power Exchange (TGE) stated that 'Nasdaq's technology offers the agility to tailor our services to the needs of Polish energy markets and advanced energy transformation in our region,' highlighting the platform's flexibility and customization capabilities. The Commercial Bank of Dubai praised Nasdaq's collaboration: 'Their commitment and strategic collaboration have been pivotal in the swift implementation and utilization of our Treasury solution. This cooperation has not only enabled us to optimize our operations but also paved the way for a future of continued success driven by innovation and scalability,' emphasizing Nasdaq's ability to deliver complex implementations successfully. Kiatnakin Phatra Securities (KKPS), the largest institutional broker in Thailand, adopted the Nasdaq Risk Platform, which provides a live view of risk across proprietary and client trading portfolios with detailed analytics to support real-time decision-making, demonstrating Nasdaq's capabilities in mission-critical risk management. Employee reviews show mixed sentiment: 4.1 out of 5 stars on Glassdoor (1,337 reviews) with 82% positive employee reviews on Comparably (57 reviews), though overall rating is 3.5 out of 5 on other platforms. Customer sentiment from public reviews is mixed with both satisfied and dissatisfied customers, resulting in a reputation leaning toward neutral. The fact that Nasdaq's technology powers over 130 marketplaces and clearinghouses across six continents demonstrates strong market validation and trust from financial institutions globally, though publicly available detailed customer testimonials are limited compared to employee reviews.

## Tags

b2b, fintech, global, public, enterprise, saas

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*Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*