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NDAQ · NASDAQ · Financial - Data & Stock Exchanges

Nasdaq

Runs securities exchanges and supplies data, indexes, and financial-market software.

$99.31
After-hours close+0.02 (+0.02%)
At close$99.29(−0.06%)
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Profile

Nasdaq, Inc.NDAQFinancials

Operates securities exchanges in the United States and Northern Europe, licensing market data and indexes alongside listing, analytics, and workflow services. Financial Technology adds financial-crime detection, regulatory reporting, surveillance, trading, and risk software, creating a revenue mix of transaction fees, subscriptions, index licensing, and multiyear contracts.

Operates securities and derivatives markets in the United States and Northern Europe through Market Services, while Capital Access Platforms sells listing services, proprietary market data, indexes, and investor and corporate workflow tools.

Provides banks, brokers, exchanges, and regulators with Financial Technology spanning Verafin financial-crime detection, AxiomSL regulatory reporting, Calypso trading and risk management, market surveillance, and exchange infrastructure. This mix pairs transaction and clearing fees with subscriptions, index licensing, and multiyear software contracts.

Scale comes from linking regulated venues and proprietary data with software embedded in clients' trading, compliance, and risk workflows. Operations remain subject to securities and market regulation across multiple jurisdictions; results also depend on trading and listing activity, index-linked assets, resilient technology, and software renewals.

Company facts

CEOAdena T. Friedman
ListedJul 1, 2002
ExchangeNASDAQ
HeadquartersNew York City, NY
CountryUnited States
Employees9,525
CIK0001120193
ISINUS6311031081

Categories

Key statistics

Market cap$55.51B
EPS (ttm)$3.43
P/E (ttm)28.95
ROE16.3%
P/B4.67
P/S6.38
Dividend yield1.13%
Beta0.64vs XLF 0.96

Year to date +2.7% · Average volume (30d) 2.9M

Analysts

Price target, next 12 months$113.00+13.8%Median of 36 analysts · vs the Aug 28 close
ConsensusBuy22 of 36 analysts rate it buy or better

Ratings

Target range

Latest analyst notes

DateFirmActionPrior ratingRatingPrior targetTarget
Jul 24, 2026Morgan StanleyReiterateOverweight$112$120
Jul 24, 2026BarclaysReiterateOverweight$115$111
Jul 10, 2026Morgan StanleyReiterateOverweight$116$112
Jul 9, 2026Raymond JamesReiterateOutperform$109$113
Jun 11, 2026Redburn PartnersTarget$110

Earnings

EPS

Estimate$1.02
ReportedDue Oct 20, 2026

Revenue

Estimate$1.47B
ReportedDue Oct 20, 2026

History

Report dateEPS estEPSSurpriseRevenue estRevenueSurpriseNext session
Jul 23, 2026Q2 FY26$0.98$1.07+8.7%$1.46B$1.50B+3.1%+1.85%
Apr 23, 2026Q1 FY26$0.93$0.96+3.2%$1.37B$1.41B+2.6%+3.29%
Jan 29, 2026Q4 FY25$0.92$0.96+4.1%$1.37B$1.39B+1.9%−1.22%
Oct 21, 2025Q3 FY25$0.85$0.88+3.3%$1.30B$1.96B+50.2%−3.22%
View details

Financial highlights

12 quartersQ1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26
Revenue$2.09B$2.09B$1.96B$2.08B$2.14B$2.53B
Gross profit$816.0M$861.0M$870.0M$1.39B$1.41B$1.50B
Operating income$547.0M$568.0M$586.0M$630.0M$657.0M$877.0M
Net income$395.0M$452.0M$423.0M$519.0M$519.0M$507.0M
Diluted EPS$0.68$0.78$0.73$0.90$0.91$0.89
Gross margin39.0%41.2%44.4%66.9%65.8%59.2%
Operating margin26.2%27.2%29.9%30.3%30.7%34.6%

Fiscal years (4-quarter sums)FY21 $5.89B · FY22 $6.23B · FY23 $6.06B · FY24 $7.40B · FY25 $8.22B

Revenue by product · Q2 FY26

Market Services$1.37B · 54%
Capital Access Platforms$621.0M · 25%
Market Technology$539.0M · 21%

Revenue by geography · Q2 FY26

United States$1.91B · 75%
Non-US$627.0M · 25%

Balance sheet, Jun 30, 2026Cash & short-term investments $2.79B · Total debt $9.24B · Total assets $27.34B · Shareholders' equity $11.99B

Dividends

Next ex-date
Sep 11, 2026
in 13 days
Annual dividend
$1.12
per share
Dividend yield
1.13%
Schedule
Quarterly
4 payments a year

Raised for 12 straight years — most recently to $0.31 from $0.27 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.

History

Ex-dateRecordPaidAmountNote
Jun 12, 2026Jun 12Jun 26$0.31raised from $0.27
Mar 16, 2026Mar 16Mar 30$0.27
Dec 5, 2025Dec 5Dec 19$0.27
Sep 12, 2025Sep 12Sep 26$0.27
Jun 13, 2025Jun 13Jun 27$0.27raised from $0.24
Mar 14, 2025Mar 14Mar 28$0.24
Dec 6, 2024Dec 6Dec 20$0.24
Sep 13, 2024Sep 13Sep 27$0.24
View details

Ownership

Institutions 94.19%526.50M sharesInsiders 0.65%3.62M sharesOther 5.16%28.86M shares

Shares outstanding 558.98M · Float 439.67M · 78.7% free float

Top shareholders13F · 13D/G · Form 4

HolderShares% outstandingFormFiled
Investor AB58.44M10.45%13FAug 14, 2026
Wellington Investment Advisors Holdings LLP38.83M6.74%13GNov 8, 2024
BlackRock, Inc.37.19M6.65%13FAug 7, 2026
Vanguard Capital Management LLC31.23M5.59%13FAug 13, 2026
Wellington Management Group LLP30.33M5.43%13FAug 14, 2026

Insider tradesForm 4

DateInsiderRoleSharesAvg price
Aug 10, 2026PC Nelson Griggsofficer: Pres. Capital Access Platforms−3,226$96.16
Aug 10, 2026Jeremy Skuleofficer: EVP, CSO−2,250$94.75
Aug 7, 2026Bradley J. Petersonofficer: EVP, CIO−6,000$95.55
Aug 3, 2026Bryan Everard Smithofficer: EVP, CPO−1,556$95.07
Jul 29, 2026PC Nelson Griggsofficer: Pres. Capital Access Platforms−11,010$96.35
View details

Peers

  • Intercontinental Exchange

    NYSE operator; ICE Data Services rivals across listings, data, and derivatives.

  • CME Group

    World's largest derivatives marketplace; overlaps in equity options and data.

  • Cboe Global Markets

    Largest US options exchange; competes head-to-head in options and equity venues.

  • S&P Global

    S&P Dow Jones Indices is the primary US rival for index licensing and analytics.

  • MSCI

    MSCI global indexes and analytics contest Nasdaq's index business worldwide.

  • SS&C Technologies

    Capital-markets tech platform; competes with Nasdaq's Adenza and FinTech stack.

CompareAfter-hours close

CompanyPriceChange
Nasdaq$99.31+0.02%$55.51B29.022.76.4−28.2%
Intercontinental Exchange$162.37+0.02%$91.13B22.919.76.8−18.3%
CME Group$269.56−5.68%$102.77B24.223.015.2+0.8%
Cboe Global Markets$310.51−0.05%$32.49B24.221.86.4−37.7%
S&P Global$442.90+0.00%$130.56B27.023.48.1−2.1%
MSCI$570.77−0.01%$41.49B31.427.112.4+12.2%
SS&C Technologies$83.42−0.02%$19.57B24.011.23.0+10.4%
Median24.222.47.4−0.6%