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.
- Datavault AI regained compliance with Nasdaq Listing Rule 5550(a)(2) by maintaining a closing bid price of at least $1.00 for ten consecutive trading days from September 26 to October 9, 2025.
- On October 10, 2025, Nasdaq confirmed that the company has met the minimum bid price requirement and will continue its listing on the Nasdaq Capital Market without further action.
- The company had initially disclosed a deficiency in meeting listing standards on May 6, 2025, and this resolution highlights its commitment to operational excellence and shareholder value.
- Nasdaq granted WORK Medical an additional 180-day compliance period to meet the minimum bid price rule, extending the deadline to April 6, 2026.
- To regain compliance, shares must close at or above $1.00 for at least 10 consecutive business days; Nasdaq may extend this to 20 days based on trading volume and compliance margin.
- Failure to meet the requirement by the deadline will prompt a formal delisting notice, though the Company may appeal; it is considering a reverse stock split to cure the deficiency.
- The Company’s Class A ordinary shares will continue trading on Nasdaq under the symbol WOK with no immediate suspension.
- ScanTech AI entered into a Purchase Agreement with ARC Group International to set up an equity line of credit of up to $50 million, including an initial $500,000 PIPE investment.
- The facility, upon SEC registration of the shares, will provide flexible, long-term capital to fund R&D and commercialization of the SENTINEL™ AI threat detection platform.
- Proceeds will support regulatory compliance efforts, including regaining Nasdaq listing compliance, and general corporate purposes with drawdown discretion retained by the company.
- The financing aims to accelerate deployment across aviation and critical infrastructure security applications and back international certification milestones targeted for 2026.
- Terra Innovatum Global N.V. completed a business combination with GSR III Acquisition Corp. following shareholder approval on October 7, 2025, and closed the transaction on October 9, 2025.
- The company’s ordinary shares begin trading on the Nasdaq Global Market under the ticker NKLR on October 10, 2025.
- Transaction proceeds of $130 million are expected to fully fund the first-of-a-kind SOLO™ micro-modular reactor deployment and support scale-up.
- Terra Innovatum will ring the Nasdaq Opening Bell on October 17, 2025.
- Revenue for Q3 ended August 31, 2025 was $7.9 million, down from $12.6 million in Q3 2024; net loss was $86.4 million ($1.03 per share); cash and marketable securities totaled $428.8 million as of August 31, 2025.
- Announced plans to initiate pivotal Phase 3 trials of bexobrutideg in relapsed/refractory CLL in H2 2025.
- Presented encore Phase 1a data for bexobrutideg with an ORR of 80.9% in relapsed/refractory CLL (47 patients) and 84.2% in Waldenström macroglobulinemia (19 patients) at SOHO 2025.
- Reported preclinical data at EADV 2025 for GS-6791, an IRAK4 degrader co-developed with Gilead, showing potent pathway inhibition and efficacy in a dermatitis model.
- Cabaletta Bio showed initial dose data from the RESET-PV trial at the 2025 ESGCT Annual Congress: two of three refractory pemphigus vulgaris patients achieved complete B cell depletion, and all remained off immunomodulators and off or tapering steroids as of the September 11, 2025 data cut-off.
- CAR T cell expansion without preconditioning mirrored kinetics seen with cyclophosphamide and fludarabine regimens, with substantial B cell depletion in all patients and rapid autoantibody reduction alongside peak BAFF levels comparable to preconditioned cohorts.
- The therapy was generally well tolerated: no ICANS, one grade 1 cytokine release syndrome, and a limited steroid course for a post-infusion disease flare that tapered below baseline by three months.
- Meaningful early clinical responses were observed in all patients, e.g., PDAI scores improved from 83 to 3 in one patient at three months post-infusion.
- XOVR, relaunched on August 30, 2024, is the first ETF to offer IPO-stage exposure by incorporating Klarna shares ahead of its public debut.
- The fund combines the Entrepreneur 30 Total Return Index (ER30TR) with selective private equity to capture growth across both private and public markets.
- From its relaunch through September 30, 2025, XOVR delivered a +37.2% total return, outperforming the S&P 500 (+20.1%), Russell 1000 Growth (+28.9%), Nasdaq 100 (+26.9%), and Dow Jones (+13.7%).
- Illustrative holdings span both private and public innovators, including SpaceX, Anduril, and Klarna.
- In Q3 2025, combined market annual contract value (ACV) for tech services and cloud-based as-a-service rose 18% to a record $32.7 billion.
- The as-a-service (XaaS) segment grew 31% to $21.6 billion, with infrastructure-as-a-service ACV up 35% to $16.8 billion.
- Managed services ACV was $11.1 billion, down 2% year-over-year, while engineering, research & development services soared 59% to $811 million.
- ISG raised its 2025 XaaS growth forecast to 25% and maintained managed services growth at 1.3%, citing AI-driven demand.
- Safety Shot, Inc. will change its corporate name to Bonk, Inc. and begin trading under the new ticker BNKK on the Nasdaq Capital Market at the open on Friday, October 10, 2025.
- The rebranding finalizes the company’s strategic pivot into the BONK ecosystem, anchored by its revenue-sharing interest in letsBONK.fun and the building of a BONK token treasury.
- CUSIP numbers for common stock (48208F105) and warrants (48208F113) will remain unchanged, and no action is required by shareholders.
- 4Q25 combined sales were $69.8 M, down 3.1% YoY; nightclubs at $60.5 M (+0.4% YoY; SSS -4.4%) and Bombshells at $9.4 M (-21.2% YoY; SSS -19.5%).
- FY25 combined sales totaled $276.6 M, a 5.5% decline YoY; nightclubs at $240.8 M (-0.6% YoY; SSS -2.1%) and Bombshells at $35.8 M (-29.2% YoY; SSS -13.6%).
- Management noted acquisitions and club reformatting partially offset same-store sales declines, while restaurant sales improved sequentially after divestitures and new openings amid economic uncertainty.
- Development updates include reopening Dallas Showclub as XTC 2.0, negotiating sales of underperforming properties to reduce debt, opening a Bombshells in Rowlett in December, and securing approvals for new Baby Dolls clubs in Fort Worth.