Nasdaq Revenue Breakdown 2023: How Nasdaq Made $3.9 Billion

Nasdaq, Inc. stands as a global technology powerhouse, delivering cutting-edge data, analytics, software, and services to the capital markets sector. Best known for operating the Nasdaq Stock Market—the largest liquidity hub for U.S.-listed cash equities—Nasdaq offers a comprehensive suite of products including data solutions, analytic tools, exchange services, and tailored client support.

Key Insights

• Nasdaq is a leading global tech company providing data, analytics, software, and exchange services, anchored by the Nasdaq Stock Market.
• Capital Access Platforms are the primary revenue drivers for Nasdaq.
• Main competitors include Cboe Global Markets, Miami International Holdings, and the Intercontinental Exchange.

Nasdaq’s Business Segments

Nasdaq competes with major players such as Cboe Global Markets (CBOE), Miami International Holdings (MIAX), and Intercontinental Exchange (ICE), owner of the NYSE. The company’s offerings are divided into three key segments:

• Capital Access Platforms: These empower clients’ navigation of capital markets by helping companies manage corporate governance. This segment encompasses Data & Listing Services, Index operations, and Workflow & Insights.
• Financial Technology: This segment develops platforms enhancing liquidity, transparency, and integrity worldwide, featuring Financial Crime Management, Regulatory Technology, and Capital Markets Technology solutions.
• Market Services: Covering equity derivatives trading and clearing, cash equities, fixed income, currencies, and commodities, Nasdaq operates nineteen exchanges across various asset classes including derivatives, commodities, and ETPs.

Financial Performance in 2023

In fiscal year 2023, Nasdaq reported net revenues of $3.9 billion, marking a 9% increase from 2022. The Capital Access Platforms segment led revenue growth, driven by the Adenza acquisition, expanded trade management services, and enhanced market technology revenues. Operating income for the year reached $1.58 billion.

Company History and Leadership

Founded in 1971 as a subsidiary of FINRA, Nasdaq became fully independent in 2006 and was officially registered as a national securities exchange in 2007. In 2008, Nasdaq merged with OMX AB to form The NASDAQ OMX Group, a global exchange technology provider. The company rebranded to Nasdaq, Inc. in 2015. As of 2024, Adena T. Friedman serves as Chair and CEO.

Recent Strategic Moves

In 2023, Nasdaq expanded its technological capabilities by acquiring Adenza, known for its AxiomSL and Calypso platforms that specialize in risk management, regulatory reporting, and capital markets software.

How Nasdaq Operates

Nasdaq functions as a fully electronic stock exchange, facilitating trades exclusively through authorized broker-dealers without a physical trading floor, unlike traditional exchanges such as the New York Stock Exchange.

Ownership Structure

Nasdaq, Inc. owns and operates the Nasdaq Stock Exchange, named after the National Association of Securities Dealers Automated Quotation System.

Headquarters Location

The company is headquartered in New York, NY.

Conclusion

Nasdaq, Inc. is a leader in providing technology and analytics solutions that empower investment and asset managers globally. With a focus on financial crime prevention and compliance, Nasdaq operates multiple trading platforms across North America and Europe, including Nasdaq PHLX, Nasdaq Options Market, and several others, cementing its role in the global capital markets ecosystem.

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