Company profile
Nasdaq
An exchange that now earns most of its revenue from software
Nasdaq still runs stock exchanges, but most of its net revenue now comes from what it calls Solutions: listings, index licensing, investment data and financial-crime and capital-markets software. Adenza (Calypso and AxiomSL) made it a major risk and regulatory software vendor.
Founded
1971
Headquarters
New York
Ownership
NASDAQ: NDAQ
Revenue
$5.25B
FY 2025 (net revenue)
Employees
~9,200
2024
Official websiteWhere the money is
76% of revenue comes from solutions
Each block is sized by its share of $5.25B revenue (FY 2025 (net revenue)).
Solutions
$4.0B
Software · 76%
Listings, indices, investment data and analytics, and financial-technology software (Adenza, Verafin).
Market services
$1.2B
Services · 23%
Net revenue from running its trading venues.
Other
1%
Services · 1%
Other revenue.
What Nasdaq sells
Software and data: Adenza made Nasdaq a risk software vendor
Rows are what they sell, columns are who buys it. Darker cells cover more capabilities, weighted toward flagship strengths. Tap an offering for detail.
Asset management
Capital markets
Banking
Product by product
What each of Nasdaq's products actually does
Calypso, AxiomSL and Verafin sell to banks; eVestment and Data Link sell data to investors. The bar shows where each product is strongest: front, middle or back office. Darker means stronger.
Acquisitions
Every deal since 2017 bought software or data: $16B disclosed
Colour shows what was bought; size shows the price in 2026 dollars (US consumer prices). Small hollow dots: price not disclosed. Dashed: deal abandoned. Tap a deal to see what it added.
Competitors and peers
Who Nasdaq is up against, and where
Grouped by how they compete. A firm can be a software rival without being a business rival.