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 earnings calls.
Alexander Blostein
Goldman Sachs
5 questions for NDAQ
Ashish Sabadra
RBC Capital Markets
5 questions for NDAQ
Brian Bedell
Deutsche Bank
5 questions for NDAQ
Michael Cyprys
Morgan Stanley
5 questions for NDAQ
Owen Lau
Oppenheimer & Co. Inc.
5 questions for NDAQ
Alex Kramm
UBS Group AG
4 questions for NDAQ
Benjamin Budish
Barclays PLC
4 questions for NDAQ
Patrick Moley
Piper Sandler & Co.
4 questions for NDAQ
Craig Siegenthaler
Bank of America
3 questions for NDAQ
Dan Fannon
Jefferies & Company Inc.
3 questions for NDAQ
Daniel Fannon
Jefferies Financial Group Inc.
3 questions for NDAQ
Kyle Voigt
Keefe, Bruyette & Woods
3 questions for NDAQ
Michael Cho
JPMorgan Chase & Co.
3 questions for NDAQ
Eli Abboud
Bank of America
2 questions for NDAQ
Jeff Schmitt
William Blair & Company, L.L.C.
2 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
Alexander Kramm
UBS Group AG
1 question for NDAQ
Alex Blostein
Goldman Sachs
1 question for NDAQ
Ben Budish
Barclays PLC
1 question for NDAQ
Benjamin Elliot Budish
Barclays PLC
1 question for NDAQ
Brian Bertram Bedell
Deutsche Bank AG
1 question for NDAQ
Christopher Allen
Citigroup
1 question for NDAQ
Jeffrey Schmitt
William Blair
1 question for NDAQ
Jeff Schmidt
William Blair & Company, L.L.C.
1 question for NDAQ
Kwun Sum Lau
Oppenheimer
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.
- Starbucks and Boyu will form a joint venture to operate Starbucks’ retail business in China, with Boyu holding a 60% interest and Starbucks retaining 40%.
- Boyu’s 60% stake is based on a cash-free, debt-free enterprise value of approximately $4 billion.
- The venture will oversee Starbucks’ existing 8,000 coffeehouses in China, headquartered in Shanghai, and aims to expand to 20,000 locations over time.
- The transaction is expected to close in Q2 FY 2026 pending regulatory approvals; Starbucks anticipates the China business value will exceed $13 billion, comprising sale proceeds, retained interest, and licensing economics.
- Castle Biosciences delivered $83.0 million in Q3 2025 revenue, a 3.1% decrease from $85.8 million in Q3 2024.
- Test volume rose to 26,841 reports, up from 26,010 a year ago, with DecisionDx-Melanoma (10,459) and TissueCypher (10,609) each exceeding 10,000 reports.
- Profitability metrics declined: gross margin fell to 75% (from 79%), net loss was $0.5 million (versus net income of $2.3 million), and Adjusted EBITDA dropped to $9.2 million (from $21.6 million).
- The company raised full-year 2025 revenue guidance to $327–335 million (from $310–320 million) and announced the launch of AdvanceAD-Tx™, its atopic dermatitis treatment decision test.
- Navitas reported Q3 2025 revenue of $10.1 million, down from $21.7 million in Q3 2024 and $14.5 million in Q2 2025; GAAP loss from operations was $19.4 million and non-GAAP loss was $11.5 million.
- Cash and cash equivalents totaled $150.6 million as of September 30, 2025.
- Under “Navitas 2.0,” the company is pivoting from consumer and mobile markets to high-power GaN and SiC segments—targeting AI data centers, performance computing, energy & grid infrastructure, and industrial electrification.
- Q4 2025 guidance: net revenues of $7.0 million ± $0.25 million, non-GAAP gross margin of 38.5% ± 50 bps, and non-GAAP operating expenses of approximately $15.0 million.
- Reported Q3 FY2025 revenue of $133.3 M, with GAAP gross margin of 67.9% and non-GAAP gross margin of 69.5%
- Delivered GAAP net income of $2.8 M (2.1% margin) and GAAP EPS of $0.02; non-GAAP EPS was $0.28 per diluted share
- Achieved adjusted EBITDA of $47.4 M (35.6% margin) and strong cash flows: $47.0 M operating cash flow (35.3% margin) and $34.0 M free cash flow (25.5% margin)
- Guided 22% year-over-year revenue growth for Q4 2025
- Orchestra BioMed will host a business update call on November 12, 2025, at 8:00 AM ET to discuss company developments.
- Management will review recent clinical, strategic and financing developments, including additional strategic investment from Medtronic, a new capital relationship with Ligand, and a right of first refusal agreement with Terumo.
- The call will also cover trial progress: accelerated enrollment in the BACKBEAT pivotal study of AVIM Therapy and initiation of patient enrollment in the Virtue SAB US pivotal IDE coronary trial.
- Psyence BioMed made a USD 3.5 million follow-on investment in PsyLabs on August 15, 2025, building on a prior USD 0.5 million injection in April 2025.
- The funding secures access to GMP-grade psilocybin and ibogaine APIs for Psyence BioMed’s clinical research programs.
- This move advances Psyence BioMed’s strategy of a vertically integrated supply chain from cultivation to clinical development, aiming to enhance sustainability and competitive differentiation.
- Key executives—including the CEO, CFO, and General Counsel—provide consulting services to PsyLabs and serve on its subsidiary board, reflecting deep operational collaboration.
- Stardust Power entered a non-binding Letter of Intent to secure 7,500 metric tons per annum of LCE as lithium chloride from Mandrake’s Utah project to feed its Muskogee refinery.
- The agreement spans a 12-year term with an optional 6-year extension, potentially covering up to 18 years of supply.
- This deal complements Stardust’s 50,000 metric ton annual capacity lithium carbonate refinery in Muskogee, reinforcing its integrated U.S. supply chain strategy.
- The LOI enhances financing options, reduces development risk, and marks tangible progress toward full-scale operations.
- Revenues of $62.4 M in Q3 2025, up 2% YoY (8% ex-automation divestiture)
- GAAP net income of $3.1 M, EPS of $0.06, and adjusted EPS of $0.09
- Adjusted EBITDA of $8.4 M, up 19% YoY, with a margin of 13.5%
- Cash from operations of $11.1 M, with a cash balance of $28.7 M at September 30, 2025
- Q4 guidance: revenues of $60.5–$61.5 M, adjusted EBITDA of $7.5–$8.5 M, and a $0.045/share dividend
- Datavault AI condemns Wolfpack Research’s report as false and defamatory and plans to file suit for market manipulation.
- The company has engaged Paul Hastings LLP and Dickinson Wright PLLC, issuing a cease-and-desist demand and preparing to pursue all legal remedies.
- Datavault AI highlights its robust intellectual property portfolio of over 70 U.S. and international patents in AI-driven data valuation, inaudible audio signal technology, and blockchain tokenization frameworks.
- CEO Nathaniel T. Bradley, an inventor with over two decades of experience in mobile marketing, audio processing, and data monetization, continues to lead the development of patent-protected innovations.
- Recent strategic initiatives include a strategic alliance with NYIAX, acquisition of CompuSystems assets, and plans to launch four independent data exchanges leveraging the company’s patent assets.
- AlphaTON Capital (NASDAQ: ATON) will kick off its global World Tour with an Investor Breakfast Meeting at the Nasdaq MarketSite in New York City on November 3, 2025.
- The event, titled “Introducing AlphaTON Capital: A New Frontier in Open Finance,” will feature presentations by CEO Brittany Kaiser, Chairman & CIO Enzo Villani, and Independent Board Member Michael Terpin.
- The company has raised $71 million to accelerate its global strategy, aiming to bridge institutional finance with the TON ecosystem and expand into gaming, DeFi, and Web3 accessibility.
- AlphaTON manages a strategic reserve of TON tokens through direct acquisition, validator operations, and ecosystem investments, providing institutional-grade exposure to Telegram’s billion-user platform.