Nasdaq Inc
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of Nasdaq Inc (NDAQ). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2020 | 2021 | 2022 | 2023 | 2025 |
|---|---|---|---|---|---|
| Market Services | – | $3.47B 59.8% | $3.63B 58.8% · +4.6% | $3.16B 52.6% · -13.1% | $4.21B 51.4% · +33.5% |
| Capital Access Platforms | $1.29B 23.1% | $1.57B 27.0% · +21.7% | $1.68B 27.2% · +7.4% | $1.74B 29.1% · +3.7% | $2.14B 26.1% · +22.5% |
| Financial Technology | – | $772.0M 13.3% | $864.0M 14.0% · +11.9% | $1.10B 18.3% · +27.2% | $1.85B 22.6% · +68.3% |
| Market Platforms | $4.18B 74.9% | – | – | – | – |
| Anti-Financial Crime | $116.0M 2.1% | – | – | – | – |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
| Segment | 2020 | 2021 | 2022 | 2023 | 2025 |
|---|---|---|---|---|---|
| Market Services | – | $664.0M 19.1% | $627.0M 17.3% | $582.0M 18.4% | $764.0M 18.1% |
| Capital Access Platforms | $651.0M 50.6% | $842.0M 53.8% | $914.0M 54.3% | $973.0M 55.8% | $1.27B 59.6% |
| Financial Technology | – | $259.0M 33.5% | $299.0M 34.6% | $494.0M 44.9% | $860.0M 46.5% |
| Market Platforms | $784.0M 18.8% | – | – | – | – |
| Anti-Financial Crime | $35.0M 30.2% | – | – | – | – |
Large figure: segment operating income. Below it the margin, that is operating income measured against the revenue of the same segment.
Revenue by region
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| United States | $4.66B 82.9% | $4.82B 81.9% · +3.4% | $5.10B 81.9% · +5.8% | $4.87B 80.3% · -4.5% | $5.82B 78.6% · +19.4% | $5.95B 72.0% · +2.2% |
| All other countries | $963.0M 17.1% | $1.06B 18.1% · +10.5% | $1.13B 18.1% · +5.8% | $1.19B 19.7% · +6.0% | $1.58B 21.4% · +32.6% | $2.32B 28.0% · +46.2% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 7, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.