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Nasdaq (originally short for the National Association of Securities Dealers Automated Quotations) is a U.S. stock exchange headquartered in New York City. Launched in 1971, it helped popularize the idea of electronic quotation and trading infrastructure—an approach that shaped how modern markets operate.
Today, “Nasdaq” is used in two common ways: (1) the Nasdaq Stock Market, where many public companies list and trade, and (2) Nasdaq, Inc., the public company that operates exchanges and also sells market data, index products, anti-financial-crime tools, and broader financial technology solutions.
Answer box: The most recent full-year results (FY 2025) show Nasdaq, Inc. generated $5.249B in net revenue, including $4.011B in Solutions revenue, and ended the year with $3.051B in Annualized Recurring Revenue (ARR). For context, FY 2024 total revenue was $7.400B (with $4.649B in “total revenues less transaction-based expenses”).
Sources: Nasdaq FY 2025 earnings release and Nasdaq FY 2024 Form 10-K (SEC).
Nasdaq at a glance
- Founded / launched: Nasdaq began operations on February 8, 1971. (Nasdaq.com)
- What Nasdaq does: Operates trading venues and sells market infrastructure services (data, indexes, workflow, surveillance, and financial technology).
- Why “net revenue” is used often: Nasdaq frequently highlights “net revenue” / “total revenues less transaction-based expenses” to account for pass-through costs like transaction rebates and certain fees.
Key metrics table (latest available)
Figures below are company-reported. Fiscal years are the year ended December 31. “Net revenue” (also described as total revenues less transaction-based expenses) is commonly used by Nasdaq to reflect revenue after certain pass-through trading costs.
| Metric | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Net revenue | $5.249B | $4.649B* | $3.895B* | $3.582B* |
| Total revenue | — | $7.400B | $6.064B | $6.226B |
| GAAP net income attributable to Nasdaq | — | $1.117B | $1.059B | $1.125B |
| Solutions revenue | $4.011B | — | — | — |
| Annualized Recurring Revenue (ARR) | $3.051B | — | — | — |
| GAAP operating income | $2.331B | — | — | — |
*From Nasdaq’s FY 2024 Form 10-K table labeled “Total revenues less transaction-based expenses” (a common “net revenue” style view).
Sources: Nasdaq FY 2025 earnings release (filed as an exhibit) and Nasdaq FY 2024 Form 10-K (SEC).
FY 2025 earnings release excerpt •
FY 2024 Form 10-K
What these trends mean
1) Nasdaq is increasingly a “markets + software” business
While many people associate Nasdaq primarily with stock trading and listings, Nasdaq, Inc. generates a large share of revenue from recurring solutions—like indexes, data products, workflow tools, and financial technology. In FY 2025, Nasdaq highlighted $4.011B in Solutions revenue and $3.051B in ARR, reflecting the scale of its subscription-like business lines.
2) “Net revenue” helps normalize the economics of trading
Trading venues often have large pass-through items (like rebates and certain fees). Nasdaq frequently uses “net revenue” (or “total revenues less transaction-based expenses”) to show a clearer view of revenue after those pass-through costs.
3) Profitability can look different depending on the measure
Nasdaq reports GAAP figures in SEC filings, but it also provides non-GAAP metrics to adjust for items like amortization from acquisitions, restructuring, and other one-time charges. For example, Nasdaq’s FY 2024 Form 10-K includes a detailed reconciliation between GAAP and non-GAAP net income.
Historical revenue and earnings
Nasdaq total revenue (GAAP)
- 2024: $7.400B
- 2023: $6.064B
- 2022: $6.226B
GAAP net income attributable to Nasdaq
- 2024: $1.117B
- 2023: $1.059B
- 2022: $1.125B
Source: Nasdaq FY 2024 Form 10-K (SEC)
FAQ
Is Nasdaq the same thing as Nasdaq, Inc. (NDAQ)?
Not exactly. The Nasdaq Stock Market is the exchange. Nasdaq, Inc. is the public company (ticker: NDAQ) that operates exchanges and also sells market technology, data, index products, and related services.
Why does Nasdaq talk about “net revenue” instead of just total revenue?
In exchange businesses, certain items (like transaction rebates and some fees) can be large pass-through costs. Nasdaq often highlights “net revenue” / “total revenues less transaction-based expenses” to better reflect the economics after those pass-through amounts.
What is ARR (Annualized Recurring Revenue)?
ARR is a company-reported metric intended to represent the annualized value of contracted recurring revenue streams (often associated with subscription-like or recurring services).
When did Nasdaq start?
Nasdaq began operations on February 8, 1971 as an electronic quotation system—one of the early foundations of today’s electronic markets.
