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
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.
- Lantronix’s NDAA/TAA-compliant Edge-AI solution, based on the Open-Q™ 5165RB SoM with Qualcomm® Dragonwing™ processor, was selected by Gremsy to power its Lynx-ISR payload and integrate with Teledyne FLIR’s Hadron 640R dual thermal camera.
- The integrated platform delivers ultra-efficient energy consumption for extended UAV flight times, supporting on-edge AI tasks such as object detection, SLAM, and real-time analytics.
- Production deliveries have begun, generating initial revenues and positioning the solution for high-margin, mission-critical applications across government, energy, agriculture, and infrastructure sectors.
- This partnership expands Lantronix’s global market reach and reinforces its role as a provider of secure, compliant embedded computing for defense and commercial drone OEMs.
- Lantronix integrates its NDAA/TAA-compliant Edge AI platform into Gremsy’s UAV systems alongside Teledyne FLIR’s Hadron 640R thermal-visual camera, enabling real-time onboard AI processing and HD video streaming.
- The collaborative solution offers extended flight times through ultra-efficient power consumption and provides advanced connectivity (Wi-Fi 6, full I/O) for tasks like object detection, SLAM, and anomaly detection.
- Lantronix has begun generating early revenue, confirming design wins and positioning for high-margin opportunities in defense, energy, agriculture, and infrastructure markets.
- The partnership underscores Lantronix’s strategic focus on scalable, secure embedded computing and recurring software services within high-growth segments such as drones and autonomous systems.
- $42.5 million in equity financing committed, including $37 million of PIPE capital and $5.5 million from a funded bridge facility to back their business combination.
- Financing will accelerate deployment of the first-of-a-kind (FOAK) SOLO™ micro-modular reactor, designed as scalable 1 MWe modules built from commercial off-the-shelf components.
- The merger is subject to GSRT shareholder approval at an extraordinary meeting on October 7, 2025, with the combined company to trade on Nasdaq under the ticker NKLR upon closing.
- Terra Innovatum targets 2028 for market deployment, offering CO₂-free power solutions for data centers, mini-grids and industrial heat applications.
- Revenue grew by over 50% year-over-year in fiscal 2025, driven by strong demand in aerospace, defense, and wireless markets plus contributions from recent acquisitions.
- Management highlighted record customer momentum and the strongest opportunity pipeline entering fiscal 2026.
- The company expects continued growth in fiscal 2026, supported by rising global demand for defense and aerospace connectivity, wireless and sensing technologies, and an aggressive organic and acquisition-driven strategy.
- Bitcoin Depot acquired the assets of National Bitcoin ATM, adding over 500 kiosks across 27 states.
- The acquisition increases Bitcoin Depot’s U.S. market share to approximately 30%, reinforcing its leadership as North America’s largest Bitcoin ATM operator.
- The transaction had no material impact on the company’s Q3 preliminary results.
- Existing kiosks remain fully operational and will be integrated into Bitcoin Depot’s network, benefiting from its compliance program and customer support.
- Wrap Technologies entered a definitive agreement appointing Carahsoft as its Master Government Aggregator, enabling Wrap’s non-lethal solutions to be offered to U.S. public sector agencies via Carahsoft’s reseller network and NASPO ValuePoint and OMNIA Partners contracts.
- The partnership covers Wrap’s BolaWrap® 150 pre-escalation device, WrapReality™ VR training platform, and WrapVision™ body-worn camera and evidence management system.
- Wrap and Carahsoft expect to streamline procurement and accelerate deployment of these tools, with potential extension to Wrap’s UAS and Counter-UAS programs (Merlin and PAN-DA) in the future.
- reAlpha Mortgage secured licensing in Nevada, growing its national footprint to 31 states as part of its rollout strategy.
- Nevada’s mortgage market saw over $24 billion in originations in 2024 (+21.8% YoY); the Las Vegas–Henderson metro contributed $18 billion (+27.4%).
- Appointed Jennifer Buserini as originating loan officer for Nevada; she has closed 178 loans totaling $75.5 million from 2023 through YTD 2025, ranking in the top 150 statewide and top 25 in Las Vegas–Henderson.
- The expansion leverages reAlpha’s integrated AI-powered platform combining brokerage, mortgage, and title services to streamline homebuying nationwide.
- Khrom Capital, which owns 5.5% of Acadia Healthcare, demands the Board immediately launch a formal strategic review, including evaluating a potential sale to maximize shareholder value.
- The firm highlights Acadia’s “lost decade,” pointing to a (70.7%) 10-year total shareholder return versus peers’ strong gains (e.g., HCA’s 386.5%).
- Khrom criticizes an entrenched Board—with directors serving up to 20 years and collectively owning only 1.3% of stock—for governance failures and poor accountability.
- The letter calls for accelerated governance reforms: de-stagger the Board ahead of 2029, implement director age and tenure limits, and adopt comprehensive corporate governance guidelines.
- SEGG Media Corporation debuted its first-ever live streaming event on Sports.com for the Super League Kerala, expanding its digital sports footprint in India and globally
- Last season, SLK reached 131 million viewers across 33 matches, supported by sponsors including Amul, Eastern, Data News, Peekay Steels, Nivea, and Miralda
- The streaming partnership complements Sony India’s TEN 2 as the official linear broadcast partner
- Existing sponsorship agreements are expected to generate over $2 million in revenue beginning Q4 2025
- In November, Sports.com will also stream Lionel Messi and Argentina’s match against India in Kerala, further boosting audience engagement
- Total vessel revenues for Q2 2025 were $2.0 million, up 33.3% year-over-year from $1.5 million.
- Net income in Q2 2025 was $0.5 million (basic EPS $0.15), versus $0.2 million (EPS $0.08) in Q2 2024, with EBITDA of $0.7 million compared to $0.4 million a year earlier.
- For the six months ended June 30, 2025, vessel revenues totaled $3.6 million (vs. $4.0 million), net income was $0.4 million (EPS $0.13 vs. $0.57), and EBITDA reached $1.0 million (vs. $1.9 million).
- As of June 30, 2025, cash balances stood at $39.4 million (vs. $0.01 million at Dec 31, 2024); the Company completed its spin-off from Toro on April 14, 2025 and began Nasdaq trading April 15, 2025.