Nasdaq is a global technology company that provides platforms to enhance liquidity, transparency, and integrity in the global economy, serving corporate clients, investment managers, banks, brokers, and exchange operators . The company operates through three main business segments, offering a range of services and solutions that cater to different aspects of the financial markets . These segments include Capital Access Platforms, Financial Technology, and Market Services, each contributing significantly to Nasdaq's overall revenue .
- Market Services - Provides trading and clearing services across various asset classes, ensuring efficient and secure transactions.
- Capital Access Platforms - Enhances liquidity, transparency, and integrity for corporate issuers and the investment community, including Data & Listing Services, Index, and Workflow & Insights.
- Financial Technology - Offers risk management, regulatory reporting, and capital markets software solutions, including AxiomSL and Calypso, to meet the growing demand for financial technology services.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Adena T. Friedman ExecutiveBoard | Chair and CEO | Vanderbilt University Board of Trust, Director of Federal Reserve Bank of New York, FCLTGlobal | Adena T. Friedman has been CEO since 2017 and Chair since 2023. She has over 25 years of industry leadership and has driven Nasdaq's transformation into a global technology company. | View Report → |
Bradley J. Peterson Executive | EVP and CIO/CTO | None | Bradley Peterson has been Nasdaq's CIO/CTO since 2013, leading its technology and cloud transformation. | |
Brendan Brothers Executive | Senior Strategic Advisor | None | Brendan Brothers co-founded Verafin and joined Nasdaq in 2021. He transitioned to an advisory role in September 2024. | |
Bryan E. Smith Executive | EVP and Chief People Officer | None | Bryan Smith joined Nasdaq in 2012 and leads human resources strategy, including DEI initiatives. | |
Jeremy Skule Executive | EVP and Chief Strategy Officer | None | Jeremy Skule joined Nasdaq in 2012 and became Chief Strategy Officer in 2021. He also chairs Nasdaq Verafin. | |
John A. Zecca Executive | EVP and Chief Legal, Risk, and Regulatory Officer | None | John Zecca joined Nasdaq in 2001 and oversees legal, risk, and regulatory functions. | |
Michelle L. Daly Executive | SVP, Controller, and Principal Accounting Officer | None | Michelle Daly joined Nasdaq in May 2021. She oversees financial reporting and compliance. | |
P.C. Nelson Griggs Executive | President, Capital Access Platforms | None | Nelson Griggs joined Nasdaq in 2001 and leads the Capital Access Platforms division, including listings and corporate platforms. | |
Sarah Youngwood Executive | EVP and CFO | None | Sarah Youngwood joined Nasdaq in December 2023. She previously served as CFO at UBS and held senior roles at JPMorgan Chase. | |
Tal Cohen Executive | President | None | Tal Cohen joined Nasdaq in 2016 and became President in April 2023. He oversees global markets and financial technology businesses. | |
Alfred W. Zollar Board | Director | IBM Board Member, BNY Mellon Board Member, Siris Capital Executive Advisor | Alfred Zollar joined the Nasdaq Board in 2019. He is a former IBM executive with expertise in technology and governance. | |
Charlene T. Begley Board | Director | Hilton Worldwide, SentinelOne | Charlene Begley has been a director since 2014. She is a former GE executive with expertise in finance and risk management. | |
Essa Kazim Board | Director | Governor of Dubai International Financial Centre, Chairman of Borse Dubai, Vice Chairman of Emirates Telecommunications Group | Essa Kazim has been a director since 2008. He brings extensive experience in international finance and governance. | |
Holden Spaht Board | Director | Managing Partner at Thoma Bravo, Spaht Family Foundation | Holden Spaht joined the Nasdaq Board in 2023. He is a Managing Partner at Thoma Bravo, specializing in software and technology investments. | |
Jeffery W. Yabuki Board | Director | Chair of Sportradar, RBC Board Member, Milwaukee Art Museum Trustee | Jeffery Yabuki joined the Nasdaq Board in 2023. He is the Chair of Sportradar and a former CEO of Fiserv. | |
Johan Torgeby Board | Director | President and CEO of SEB, Swedish Bankers Association, Institute of International Finance | Johan Torgeby joined the Nasdaq Board in 2022. He is the CEO of SEB and has extensive experience in financial services. | |
Kathryn A. Koch Board | Director | CEO of TCW Group, Notre Dame Trustee, Toigo Foundation Director | Kathryn Koch joined the Nasdaq Board in 2024. She is the CEO of TCW Group and a former Goldman Sachs executive. | |
Melissa M. Arnoldi Board | Director | None | Melissa Arnoldi has been a director since 2017. She is the Chief Customer Officer for AT&T Consumer. | |
Michael R. Splinter Board | Lead Independent Director | Gogoro Inc., TSMC, Tigo Energy, U.S. CHIPS Act Advisory Committee, WISC Partners | Michael Splinter has been a director since 2008 and served as Chair of the Board from 2017 to 2022. He is a veteran of the semiconductor industry. | |
Thomas A. Kloet Board | Director | Chair of Northern Funds and Northern Institutional Funds | Thomas Kloet has been a director since 2015. He is the former CEO of TMX Group and has extensive experience in financial services. | |
Toni Townes-Whitley Board | Director | CEO of SAIC, Marathon Petroleum, PNC Financial Services | Toni Townes-Whitley joined the Nasdaq Board in 2021. She is the CEO of SAIC and a former Microsoft executive. |
- With the significant decrease in professional services revenue following the completion of a major client project last year, how do you plan to sustain and grow revenue in the Market Technology segment, especially considering the tough year-over-year comparisons and potential roll-off of certain contracts?
- The pushout of a key Calypso client's renewal by up to two quarters has impacted your revenue recognition this quarter; does this indicate potential challenges in the renewal environment for your fintech solutions, and how might this affect your revenue expectations in the near term?
- Despite generating strong free cash flow, your leverage ratio remains relatively high at 3.8x; how does this elevated leverage impact your ability to invest in growth opportunities or return capital to shareholders, and what are your plans to deleverage more aggressively?
- Given the decline in listings revenue due to lower listings activity and prior year delistings, what specific strategies are you implementing to rejuvenate growth in your listings business, especially in the face of competitive pressures and a modest uptick in U.S. listings?
- While you've seen some success in upselling Verafin solutions to Tier 1 and Tier 2 clients, lengthy sales cycles pose a challenge; how are you addressing these challenges to accelerate revenue growth in your anti-financial crime technology offerings?
Research analysts who have asked questions during Nasdaq Inc earnings calls.
Alexander Blostein
Goldman Sachs
4 questions for NDAQ
Brian Bedell
Deutsche Bank
4 questions for NDAQ
Patrick Moley
Piper Sandler & Co.
4 questions for NDAQ
Alex Kramm
UBS Group AG
3 questions for NDAQ
Ashish Sabadra
RBC Capital Markets
3 questions for NDAQ
Benjamin Budish
Barclays PLC
3 questions for NDAQ
Craig Siegenthaler
Bank of America
3 questions for NDAQ
Daniel Fannon
Jefferies Financial Group Inc.
3 questions for NDAQ
Kyle Voigt
Keefe, Bruyette & Woods
3 questions for NDAQ
Michael Cyprys
Morgan Stanley
3 questions for NDAQ
Owen Lau
Oppenheimer & Co. Inc.
3 questions for NDAQ
Simon Clinch
Redburn Atlantic
2 questions for NDAQ
William Katz
TD Cowen
2 questions for NDAQ
Y. Cho
JPMorgan Chase & Co.
2 questions for NDAQ
Ben Budish
Barclays PLC
1 question for NDAQ
Christopher Allen
Citigroup
1 question for NDAQ
Dan Fannon
Jefferies & Company Inc.
1 question for NDAQ
Jeffrey Schmitt
William Blair
1 question for NDAQ
Jeff Schmitt
William Blair & Company, L.L.C.
1 question for NDAQ
Kwun Sum Lau
Oppenheimer
1 question for NDAQ
Michael Cho
JPMorgan Chase & Co.
1 question for NDAQ
Simon Alistair Clinch
Redburn Atlantic
1 question for NDAQ
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Competes with the company in U.S. options markets, cash equities, and European equity derivatives trading and clearing. It also operates Multilateral Trading Facilities (MTFs) in Europe. | |
Miami International Holdings, Inc. | Competes with the company in U.S. options markets and cash equities. |
Competes with the company in U.S. options markets, cash equities, and European equity derivatives trading and clearing. | |
Members Exchange | Competes with the company in U.S. options markets and cash equities. |
BOX Options Market | Competes with the company in U.S. options markets. |
The Investors Exchange | Competes with the company in U.S. cash equities. |
Long Term Stock Exchange | Competes with the company in U.S. cash equities. |
Toronto Stock Exchange | Competes with the company in Canadian cash equities. |
Euronext N.V. | Competes with the company in European cash equities and for listings in Europe. |
Deutsche Börse AG | Competes with the company in European cash equities, equity derivatives trading and clearing, and for listings in Europe. |
London Stock Exchange Group plc | Competes with the company in European cash equities, equity derivatives trading and clearing, and for listings in Europe and Asia. |
Turquoise | Operates as a Multilateral Trading Facility (MTF) in Europe, competing with the company in European cash equities. |
Aquis | Operates as a Multilateral Trading Facility (MTF) in Europe, competing with the company in European cash equities. |
Eurex | Competes with the company in trading and clearing of options and futures on European equities. |
ICE Futures Europe | Competes with the company in trading and clearing of options and futures on European equities. |
London Clearing House | Competes with the company in clearing of European equity derivatives. |
TSX | Competes with the company in proprietary data products. |
S&P Dow Jones Indices | Competes with the company in providing financial indices, including indices that track the technology sector. |
Competes with the company in providing financial indices. | |
FTSE Russell | Competes with the company in providing financial indices. |
Morningstar | Competes with the company in analytics and corporate solutions. |
Competes with the company in analytics and corporate solutions. | |
Addepar | Competes with the company in analytics offerings. |
Caissa | Competes with the company in analytics offerings. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Adenza Holdings, Inc. | 2023 | Nasdaq acquired Adenza Holdings, Inc. in 2023 for approximately $10.02 billion through a merger agreement (completed on November 1, 2023) involving a mix of $5.77 billion in cash and Nasdaq common stock valued at about $4.25 billion, financed with $5.0 billion in debt and a $600 million term loan. This strategic acquisition is expected to enhance Nasdaq's capabilities in risk management, regulatory compliance, and capital markets software, delivering significant synergies including $80 million in annual run-rate net expense synergies and $100 million in revenue synergies over the long term, with Thoma Bravo also receiving a board seat. |
Recent press releases and 8-K filings for NDAQ.
- On August 18, 2025, Nasdaq notified Top KingWin Ltd that its Class A shares no longer comply with the minimum $1 bid-price rule and will face delisting.
- Due to a recent reverse stock split, the company is ineligible for a 180-day compliance period and must request a hearing by August 25, 2025 to stay the delisting.
- If no appeal is filed, trading will be suspended on August 27, 2025, and Top KingWin’s securities will be removed from Nasdaq upon filing a Form 25-NSE.
- Top KingWin has secured shareholder approval for a reverse split to restore compliance with Nasdaq rules.
- Zip Co’s cash earnings surged 147% to A$170.3 million for the fiscal year ending June 2025.
- Total transaction volume climbed 30.3% to A$13.1 billion, with the US segment recording a 41.6% TTV increase to US$6 billion and an 11% rise in active customers.
- Group operating margin nearly doubled to 15.8%, and the company projects margins of 16%–19% in fiscal 2026.
- Zip Co is exploring a dual listing on Nasdaq—where approximately 80% of its earnings originate—while retaining its primary ASX listing.
- No dividend was declared for FY 2025 as the company prioritizes reinvestment and expansion.
- TruGolf reported Q2 2025 sales of $4.3 million, up 11.3% year-over-year, with a net loss of $3.3 million and EPS of ($4.63).
- Gross margin fell to 44.4% in Q2 2025 from 66.4% in Q2 2024, driven by $0.9 million of write-downs on inventory and the TruTrack product.
- For the first half of 2025, revenue grew 9% to $9.7 million from $8.9 million, while gross margin declined to 57.5% from 63.3%.
- In July, TruGolf regained compliance with Nasdaq listing standards, reduced its debt load, and expects operational improvements in H2 2025.
- The company launched U.S. sales of its LaunchBox monitor, opened its first TruGolf Links franchise in Chicago on July 29, and plans a larger flagship location in Q4 2025 and additional franchises in 2026.
- FDA has accepted for filing Rhythm’s supplemental NDA for setmelanotide in acquired hypothalamic obesity, granted Priority Review with a PDUFA goal date of December 20, 2025.
- The EMA has validated the Type II variation MAA for the same indication and the CHMP review commenced on August 16, 2025.
- Phase 3 TRANSCEND trial (n=120) met its primary endpoint, demonstrating a -19.8% placebo-adjusted BMI reduction at 52 weeks (setmelanotide: ‑16.5% vs placebo: +3.3%, p<0.0001).
- Wrap Technologies launched WrapTactics™, a subscription-driven digital learning platform using human-science-based instruction and burst learning modules to combat rapid skill degradation in policing.
- Initial curriculum includes the Hybrid BolaWrap® 150 Operator Course, body-worn camera event reviews, and follow-on control tactics training to reinforce critical skills under pressure.
- Available as a standalone service or bundled with WrapReady™ and WrapPlus™ subscriptions, the platform integrates training, operational support, and technology to drive BolaWrap® adoption and officer readiness.
- WrapTactics™ is positioned to deliver state-certified training content, expanding Wrap’s addressable market into the multi-billion-dollar global training sector.
- USPTO granted the company a patent on its modular LIBERTY® endovascular robotic system, increasing its IP portfolio to 12 granted patents globally and 57 pending applications.
- The patent enables greater customization and could expand the total addressable U.S. market from 2.5 million to over 6 million annual endovascular procedures.
- Microbot Medical is scaling commercial readiness for the LIBERTY® System as it awaits FDA 510(k) clearance; the device remains investigational and not yet available for sale.
- Safe Pro Group entered into definitive agreements to sell 2 million common shares at $4.00 each for $8 million of gross proceeds, along with warrants to purchase 2 million shares at $6.00 apiece, for a potential total raise of $20 million.
- Strategic drone leaders Ondas Holdings and Unusual Machines are participating to bolster Safe Pro’s AI-driven defense and security offerings.
- Proceeds will accelerate commercialization of the company’s SPOTD and NODE AI platforms and capitalize on increased SUAS and drone/AI funding.
- The offering is expected to close on or about August 20, 2025, with Northland Capital Markets and Dawson James Securities as financial advisors.
- Record loan facilitation volume of RMB 37.1 billion in 2Q25, up 54.6% YoY
- Net revenue of RMB 1,886.2 million (+27.8% YoY) and net income of RMB 519.1 million (+117.8% YoY); operating income rose 181.4% YoY to RMB 639.1 million
- Guidance update: full-year 2025 loan facilitation volume of RMB 137.0 billion–142.0 billion; 3Q25 volume of RMB 32.0 billion–34.0 billion and non-GAAP operating income of RMB 0.49 billion–0.56 billion
- Capital returns: declared cash dividend of US$ 0.80 per ADS for FY25 and repurchased 4.6 million ADSs for US$ 30.4 million; share buyback authorization raised to US$ 80 million through June 2026
- LanzaTech reported Q2 2025 revenue of $9.1 M (down from $17.4 M y-o-y) and a net loss of $32.5 M, with an adjusted EBITDA loss of $29.7 M.
- In May and June 2025, the company implemented executive leadership transitions and workforce reductions to enhance cost efficiency and shift toward commercial operations.
- In July 2025, LanzaTech secured a £6.4 M UK government grant to advance its DRAGON 1 & 2 sustainable aviation fuel facilities.
- As of June 30, 2025, cash, restricted cash, and investments totaled $39.6 M, up from $23.4 M at March 31, supported by a $40 M preferred equity financing in May 2025.
- Net revenues rose to $22.2 million in Q2 2025, up from $21.6 million a year earlier; net loss was $16.6 million, bookings increased 18.5% to $27.1 million and EBITDA was $(2.4) million
- Announced strategic stablecoin initiative, including formation of Snail Coins LLC, retention of consultants and legal advisors, and an At-the-Market offering to build reserve backing
- Delivered strong performance in its flagship ARK franchise with 1,196,583 ASE units and 807,065 ASA units sold in Q2, supporting robust DAU engagement