Nasdaq, Inc. is a leading global financial technology company and exchange operator, best known for running the Nasdaq Stock Market. The company operates through three primary business segments: Capital Access Platforms, Financial Technology, and Market Services. Capital Access Platforms (approximately 42% of net revenue in 2024) provides data and listing services, index products (including the widely tracked Nasdaq-100), and workflow insights for corporate clients and investors. The Financial Technology segment (around 35% of net revenue) has grown significantly following the acquisition of Adenza, offering mission-critical software for risk management, regulatory compliance, anti-financial crime, and capital markets infrastructure to banks, brokers, and other exchanges globally. Market Services (roughly 22% of net revenue) remains a core legacy business, encompassing equity and derivative trading, clearing, and settlement across multiple U.S. and European exchanges.
Geographically, while the United States accounts for the majority of its revenue (over 75%), Nasdaq maintains a strong international footprint, operating exchanges in the Nordic and Baltic regions and providing technology to marketplaces worldwide. The company's strategic shift from a traditional exchange operator to a diversified SaaS and data provider has enhanced its recurring revenue streams, reducing its reliance on cyclical trading volumes and IPO windows. Nasdaq's competitive position is fortified by its technological leadership, its iconic brand as the listing venue of choice for major technology companies, and its comprehensive suite of regulatory and market software.
