NASDAQ, INC.NDAQ
NASDAQ, INC. Revenue Disclosure
REVENUE FROM CONTRACTS WITH
DEFERRED REVENUE
CUSTOMERS
Disaggregation of Revenue
The following table summarizes the disaggregation of
revenue by major product and service and by segment for the
years ended December 31, 2025, 2024 and 2023:
Year Ended December 31, | |||||
2025 | 2024 | 2023 | |||
(in millions) | |||||
Capital Access Platforms | |||||
Data & Listing Services | $804 | $754 | $749 | ||
Index | 827 | 706 | 528 | ||
Workflow & Insights | 506 | 485 | 467 | ||
Financial Technology | |||||
Financial Crime Management Technology | 331 | 273 | 223 | ||
Regulatory Technology | 428 | 352 | 212 | ||
Capital Markets Technology | 1,091 | 996 | 664 | ||
Market Services, net | 1,201 | 1,020 | 987 | ||
Other revenues | 61 | 63 | 65 | ||
Revenues less transaction- based expenses | $5,249 | $4,649 | $3,895 | ||
Substantially all revenues from the Capital Access Platforms
and Financial Technology segments were recognized over
time for the years ended December 31, 2025, 2024 and 2023.
For the years ended December 31, 2025, 2024 and 2023,
approximately 95.3%, 95.3% and 93.0%, respectively, of
Market Services revenues were recognized at a point in time
and 4.7%, 4.7% and 7.0%, respectively, were recognized
over time. See "Revenue Recognition and Transaction-Based
Expenses" in Note 2, "Summary of Significant Accounting
Policies," for additional detail on Other Revenues.
During the third quarter of 2024, as part of finalizing the
purchase accounting of the Adenza acquisition, we
implemented a change to the accounting treatment of the
revenues associated with AxiomSL on-premises subscription
contracts, which are included in the Regulatory Technology
business within the Financial Technology segment. Starting
in the third quarter of 2024, we began recognizing
AxiomSL’s subscription-based revenues on a ratable basis
over the contract term. The change reflects new information
obtained on the frequent and ongoing mandatory updates to
AxiomSL's regulatory reporting software, which are critical
to the utility and value of the product for the client. As a
result of this change, we recognized a one-time revenue
reduction of $32 million in the third quarter of 2024,
reflecting the net impact of the accounting change since the
date of the Adenza acquisition. See Note 4, “Acquisition and
Divestitures,” for further discussion on the measurement
period adjustment.
Contract Balances
Substantially all of our revenues are considered to be
revenues from contracts with customers. The related accounts
receivable balances are recorded in the Consolidated Balance
Sheets as receivables, which are net of allowance for doubtful
accounts of $11 million as of December 31, 2025 and $10
million as of December 31, 2024. Changes to the allowance
for doubtful accounts during the year ended December 31,
2025 were not material to our consolidated financial
statements. We do not have obligations for warranties,
returns or refunds to customers.
Deferred revenue represents consideration received that is yet
to be recognized as revenue for unsatisfied performance
obligations and is the only significant contract asset or
liability as of December 31, 2025. See Note 8, “Deferred
Revenue,” for our discussion on deferred revenue balances,
activity, and expected timing of recognition.
We do not provide disclosures about the transaction price
allocated to unsatisfied performance obligations if contract
durations are less than one year. For our initial listings, the
transaction price allocated to remaining performance
obligations is included in deferred revenue, and therefore not
included below. For our Financial Crime Management
Technology, Regulatory Technology, Capital Markets
Technology and Workflow & Insights contracts, the portion
of transaction price allocated to unsatisfied performance
obligations is presented in the table below. The timing in the
table below is based on our best estimates as, for certain
contracts, the recognition is primarily dependent upon the
completion of customization and any significant
modifications made pursuant to existing contracts. To the
extent consideration has been received, unsatisfied
performance obligations would be included in the table below
as well as deferred revenue.
The following table summarizes the amount of the
transaction price allocated to performance obligations that are
unsatisfied, for contract durations greater than one year, as of
December 31, 2025:
Financial Crime Management Technology | Regulatory Technology | Capital Markets Technology | Workflow & Insights | Total | |||||
(in millions) | |||||||||
2026 | $341 | $328 | $359 | $168 | $1,196 | ||||
2027 | 276 | 261 | 314 | 103 | 954 | ||||
2028 | 166 | 192 | 251 | 47 | 656 | ||||
2029 | 65 | 107 | 154 | 30 | 356 | ||||
2030 | 16 | 68 | 99 | 26 | 209 | ||||
2031+ | 2 | 32 | 228 | 5 | 267 | ||||
Total | $866 | $988 | $1,405 | $379 | $3,638 | ||||
Deferred revenue represents consideration received that is yet
to be recognized as revenue. The changes in our deferred
revenue during the year ended December 31, 2025 are
reflected in the following table:
Balance at December 31, 2024 | Additions | Revenue Recognized | Adjustments | Balance at December 31, 2025 | |
Capital Access Platforms: | (in millions) | ||||
Initial Listings | $89 | $38 | $(34) | $3 | $96 |
Annual Listings | 2 | 2 | (2) | 1 | 3 |
Workflow & Insights | 194 | 193 | (181) | (7) | 199 |
Other | 22 | 13 | (14) | 3 | 24 |
Financial Technology: | |||||
Financial Crime Management Technology | 148 | 185 | (144) | — | 189 |
Regulatory Technology | 147 | 149 | (135) | 5 | 166 |
Capital Markets Technology | 186 | 174 | (168) | 4 | 196 |
Total | $788 | $754 | $(678) | $9 | $873 |
In the above table:
•Additions include deferred revenue billed in the current
period, net of recognition.
•Revenue recognized includes revenue recognized during
the current period that was included in the beginning
balance.
•Adjustments include the impact from foreign currency
translation adjustments and the impact of any acquisitions
or divestitures completed during the period.
•Other, within our Capital Access Platforms segment,
primarily includes deferred revenue from our non-U.S.
listing of additional shares fees and our Index business.
As of December 31, 2025, we estimate that our deferred
revenue will be recognized in the following years:
Fiscal year ended: | 2026 | 2027 | 2028 | 2029 | 2030 | 2031+ | Total |
Capital Access Platforms: | (in millions) | ||||||
Initial Listings | $39 | $26 | $14 | $9 | $6 | $2 | $96 |
Annual Listings | 3 | — | — | — | — | — | 3 |
Workflow & Insights | 196 | 3 | — | — | — | — | 199 |
Other | 13 | 7 | 4 | — | — | — | 24 |
Financial Technology: | |||||||
Financial Crime Management Technology | 186 | 3 | — | — | — | — | 189 |
Regulatory Technology | 163 | 3 | — | — | — | — | 166 |
Capital Markets Technology | 185 | 7 | 3 | 1 | — | — | 196 |
Total | $785 | $49 | $21 | $10 | $6 | $2 | $873 |
The timing of recognition of deferred revenue related to
certain contracts represents our best estimates as the
recognition is primarily dependent upon the completion of
customization and any significant modifications made
pursuant to existing contracts.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 26, 2016 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.