NASDAQ, INC.NDAQ
NASDAQ, INC. Segments Disclosure
BUSINESS SEGMENTS
We manage, operate and provide our products and services in
three business segments: Capital Access Platforms, Financial
Technology and Market Services. See Note 1, “Organization
and Nature of Operations,” for further discussion of our
reportable segments.
Our management allocates resources, assesses performance
and manages these businesses as three separate segments. We
evaluate the performance of our segments based on several
factors, of which the primary financial measure is operating
income. Our chief operating decision maker, or CODM, who
is our Chair and Chief Executive Officer, does not review
total assets or statements of income below operating income
by segments as key performance metrics; therefore, such
information is not presented below.
The following tables present certain information regarding
our business segments for the years ended December 31,
2025, 2024 and 2023:
Capital Access Platforms | Financial Technology | Market Services | Corporate | Total | |
December 31, 2025 | (in millions) | ||||
Total revenues | $2,137 | $1,850 | $4,214 | $61 | $8,262 |
Transaction- based expenses | — | — | (3,013) | — | (3,013) |
Revenues less transaction- based expenses | 2,137 | 1,850 | 1,201 | 61 | 5,249 |
Directly consumed expenses | 690 | 871 | 353 | — | 1,914 |
Other expenses | 173 | 119 | 84 | 628 | 1,004 |
Operating income | $1,274 | $860 | $764 | $(567) | $2,331 |
Depreciation and amortization | 42 | 55 | 45 | 490 | 632 |
Purchases of property and equipment | 67 | 133 | 66 | — | 266 |
December 31, 2024 | |||||
Total revenues | $1,945 | $1,655 | $3,771 | $29 | $7,400 |
Transaction- based expenses | — | — | (2,751) | — | (2,751) |
Revenues less transaction- based expenses | 1,945 | 1,655 | 1,020 | 29 | 4,649 |
Directly consumed expenses | 644 | 794 | 339 | — | 1,777 |
Other expenses | 164 | 91 | 84 | 735 | 1,074 |
Operating income | $1,137 | $770 | $597 | $(706) | $1,798 |
Depreciation and amortization | 38 | 43 | 39 | 493 | 613 |
Purchases of property and equipment | 52 | 105 | 50 | — | 207 |
Capital Access Platforms | Financial Technology | Market Services | Corporate | Total | |
December 31, 2023 | (in millions) | ||||
Total revenues | $1,744 | $1,099 | $3,156 | $65 | $6,064 |
Transaction- based expenses | — | — | (2,169) | — | (2,169) |
Revenues less transaction- based expenses | 1,744 | 1,099 | 987 | 65 | 3,895 |
Directly consumed expenses | 625 | 536 | 330 | — | 1,491 |
Other expenses | 146 | 69 | 75 | 536 | 826 |
Operating income | $973 | $494 | $582 | $(471) | $1,578 |
Depreciation and amortization | 37 | 36 | 34 | 216 | 323 |
Purchases of property and equipment | 53 | 50 | 55 | — | 158 |
Directly consumed expenses in the table above include both
direct and directly consumed costs for resources directly used
by the segment for revenue generating activities. Other
expenses include indirect overhead costs allocated to our
segments. During the first year of integration of certain
significant acquisitions such as Adenza or Verafin, the
allocation of these indirect overhead costs to the Financial
Technology segment were phased in and therefore these
allocations may change in the future. Other expenses also
includes expenses allocated to our Corporate segment. The
following tables summarize revenues and expenses allocated
to our Corporate segment:
Year Ended December 31, | |||||
2025 | 2024 | 2023 | |||
Revenues: | (in millions) | ||||
Divestitures of businesses | $61 | $63 | $65 | ||
Adenza purchase accounting adjustment | — | (34) | — | ||
Expenses: | |||||
Amortization expense of acquired intangible assets | 487 | 488 | 206 | ||
Merger and strategic initiatives expense | 60 | 35 | 148 | ||
Restructuring charges | 42 | 116 | 80 | ||
Lease asset impairments | — | — | 25 | ||
Legal and regulatory matters | 6 | 20 | 12 | ||
(Gain) loss on extinguishment of debt | (18) | 4 | — | ||
Pension settlement charge | — | 23 | 9 | ||
Expenses - divestiture | 41 | 46 | 49 | ||
Other | 10 | 3 | 7 | ||
Total expenses | $628 | $735 | $536 | ||
Operating loss | $(567) | $(706) | $(471) | ||
For further discussion of our segments’ results, see “Segment
Operating Results,” of “Part II, Item 7. Management’s
Discussion and Analysis of Financial Condition and Results
of Operations.”
The items in the preceding tables are not included in the
measurement of segment profitability reviewed by our
CODM, as we believe they do not contribute to a meaningful
evaluation of a particular segment’s ongoing operating
performance. Management does not consider these items for
the purpose of evaluating the performance of our segments or
their managers or when making decisions to allocate
resources. Therefore, we believe performance measures
excluding the below items provide management with a useful
representation of our segments’ ongoing activity in each
period. These items, which are presented in the tables above,
include the following:
•Revenues and expenses - divestiture: In January 2025, we
entered into an agreement to transfer existing open
positions in our Nordic power futures business to a
European exchange. In June 2025, this transaction was
completed and consideration was received. Migration of
open positions are planned to take place by the end of the
first quarter of 2026. We expect to wind down
commodities clearing and trading services in the second
half of 2026, and the business to be wound down in the
months following. In connection with the successful
migration of open positions, Nasdaq may receive
additional consideration in 2026 and 2027, and is expected
to release regulatory capital in the medium term. Also, in
October 2025, Nasdaq completed the sale of our Solovis
business. Revenues and expenses related to these
transactions are included as revenues and expenses -
divestiture.
•Adenza purchase accounting adjustment: As discussed in
Note 3, “Revenue from Contracts with Customers,” during
the third quarter of 2024, as part of finalizing the purchase
accounting of the Adenza acquisition, a one-time net
revenue reduction of $32 million was recorded in our
Financial Technology segment, reflecting the net impact of
the accounting change on AxiomSL subscription revenue
from the date of the Adenza acquisition. For purposes of
evaluating the performance of our segments, we have
excluded the reduction of $34 million as this relates to the
prior year impact of this change. We have not excluded the
offsetting $2 million 2024 impact of this change.
•Amortization expense of acquired intangible assets: We
amortize intangible assets acquired in connection with
various acquisitions. Intangible asset amortization expense
can vary from period to period due to episodic acquisitions
completed, rather than from our ongoing business
operations. As such, if intangible asset amortization is
included in performance measures, it is more difficult to
assess the day-to-day operating performance of the
segments, and the relative operating performance of the
segments between periods.
•Merger and strategic initiatives expense: We have pursued
various strategic initiatives and completed acquisitions and
divestitures in recent years that have resulted in expenses
which would not have otherwise been incurred. These
expenses generally include integration costs, as well as
legal, due diligence and other third-party transaction costs.
The frequency and the amount of such expenses vary
significantly based on the size, timing and complexity of
the transactions.
◦For the years ended December 31, 2025, and December
31, 2024, these costs included Adenza integration costs
and other strategic initiative costs. For the year ended
December 31, 2024, these costs were partially offset by
the recognition of a termination fee received by Nasdaq
in 2024, related to the termination of the proposed
divestiture of our Nordic power futures business. For the
year ended December 31, 2025, these costs included a
repayment of this fee due to the sale of the Nordic power
futures business to another buyer, as designated in the
settlement agreement.
•Restructuring charges: See Note 20, “Restructuring
Charges,” for further discussion of these plans.
•Lease asset impairments: For year ended December 31,
2023, this included impairment charges related to our
operating lease assets and leasehold improvements
associated with vacating certain leased office space, which
are recorded in occupancy and depreciation and
amortization expense in the Consolidated Statements of
Income.
•Legal and regulatory matters: For the year ended
December 31, 2025, this includes accruals relating to
certain legal matters, which are recorded in professional
and contract services in the Consolidated Statements of
Income. For the year ended December 31, 2024, this
primarily related to the settlement of an SFSA fine, and
accruals related to certain legal matters, which are recorded
in regulatory expense and professional and contract
services in the Consolidated Statements of Income.
•Gain/loss on extinguishment of debt: For the year ended
December 31, 2025 we recorded a gain on early
extinguishment of debt and for the year ended December
31, 2024 we recorded a loss on early extinguishment of
debt. These gains and losses were recorded under general,
administrative and other expense in the Consolidated
Statements of Income. See Note 9, “Debt Obligations,” to
the consolidated financial statements for further discussion.
•Pension settlement charge: For the years ended December
31, 2024 and 2023, we recorded a pre-tax charge as a result
of settling our U.S. pension plan. The plan was terminated
and partially settled in 2023, with final settlement
occurring during the first quarter of 2024. The pre-tax
charge is recorded in compensation and benefits expense in
the Consolidated Statements of Income.
•Other items: We have included certain other charges or
gains in corporate items, to the extent we believe they
should be excluded when evaluating the ongoing operating
performance of each individual segment.
Geographic DataThe following tables present total gross revenues by
geographic area for the years ended December 31, 2025,
2024 and 2023. Revenues are classified based upon the
location of the customer.
Year Ended December 31, | |||||
2025 | 2024 | 2023 | |||
(in millions) | |||||
United States | $5,947 | $5,817 | $4,870 | ||
All other countries | 2,315 | 1,583 | 1,194 | ||
Total | $8,262 | $7,400 | $6,064 | ||
No single customer accounted for 10.0% or more of our
revenues for the years ended December 31, 2025, 2024 and
2023.
The following table presents property and equipment, net by
geographic area as of December 31, 2025 and December 31,
2024. Property and equipment information is based on the
physical location of the assets.
(in millions) | December 31, 2025 | December 31, 2024 | |
United States | $500 | $425 | |
All other countries | 228 | 168 | |
Total | $728 | $593 |
Property and equipment, net for all other countries primarily
includes assets held in Sweden.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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.