Market Services was Nasdaq’s largest segment in fiscal 2025, bringing in $4.21B of $8.26B (51%).
| Segment | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Platforms | — | — | — | — | |||||||||||||
| Market Services | $3.63B | $3.16B | $3.77B | $4.21B | |||||||||||||
| Capital Access Platforms | $1.68B | $1.74B | $1.95B | $2.14B | |||||||||||||
| Financial Technology | $864.00M | $1.10B | $1.66B | $1.85B | |||||||||||||
| Investment Intelligence | — | — | — | — | |||||||||||||
| Corporate Services | — | — | — | — | |||||||||||||
| Corporate Platforms | — | — | — | — | |||||||||||||
| Information Services | — | — | — | — | |||||||||||||
| Issuer Services | — | — | — | — | |||||||||||||
| Market Technology | — | — | — | — | |||||||||||||
| Market Technology Revenues | — | — | — | — | |||||||||||||
| Technology Solutions Revenues | — | — | — | — | |||||||||||||
| Technology Solutions | — | — | — | — | |||||||||||||
| Listing Services | — | — | — | — | |||||||||||||
| Anti-Financial Crime | — | — | — | — | |||||||||||||
| Corporate | $48.00M | $65.00M | $29.00M | $61.00M | |||||||||||||
| Corporate Items | — | — | — | — | |||||||||||||
| Corporate Items & Eliminations | — | — | — | — | |||||||||||||
| Total | $6.23B | $6.06B | $7.40B | $8.26B |
Nasdaq brought in $8.26B from its four segments in fiscal 2025, the year ended December 31, 2025. That was up 11.6% from $7.40B in fiscal 2024. Market Services was the largest at $4.21B (51.0%), ahead of Capital Access Platforms at $2.14B (25.9%) and Financial Technology at $1.85B (22.4%). The remaining segment, Corporate, brought in $61.00M.
Compared with fiscal 2024, Financial Technology grew fastest, up 11.8% to $1.85B. Every segment above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these segments grew from $6.23B to $8.26B, a compound annual growth rate of 9.9%. Market Services' share of the total fell from 58.3% to 51.0%.
United States was Nasdaq’s largest region in fiscal 2025, bringing in $5.95B of $8.26B (72%).
| Geography | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| United States | $5.10B | $4.87B | $5.82B | $5.95B | |||||||||||
| All Other Countries | $1.13B | $1.19B | $1.58B | $2.32B | |||||||||||
| Total | $6.23B | $6.06B | $7.40B | $8.26B |
Nasdaq brought in $8.26B from its two regions in fiscal 2025, the year ended December 31, 2025. That was up 11.6% from $7.40B in fiscal 2024. United States was the largest at $5.95B (72.0%), ahead of All Other Countries at $2.32B (28.0%).
Compared with fiscal 2024, All Other Countries grew 46.2% to $2.32B and United States grew 2.2% to $5.95B. From fiscal 2022 to 2025, combined revenue from these regions grew from $6.23B to $8.26B, a compound annual growth rate of 9.9%. United States' share of the total fell from 81.9% to 72.0%.
Market Services was Nasdaq’s largest product and service line in fiscal 2016, bringing in $2.26B of $3.70B (61%).
| Product and Service | FY 2016 |
|---|---|
| Market Services | $2.26B |
| Information Services | $540.00M |
| Corporate Services | $477.00M |
| Market Technology | $241.00M |
| Other Revenues | $191.00M |
| Total | $3.70B |
Nasdaq brought in $3.70B from its five product and service lines in fiscal 2016, the year ended December 31, 2016. Market Services was the largest at $2.26B (60.9%), ahead of Information Services at $540.00M (14.6%) and Corporate Services at $477.00M (12.9%). The other two lines brought in $432.00M combined.
Nasdaq (NDAQ) reports its revenue by segment, by geography and by product and service. In fiscal 2025, Market Services was its largest segment, bringing in $4.21B (51.0% of the total), followed by Capital Access Platforms at $2.14B (25.9%).
Market Services was Nasdaq's largest segment in fiscal 2025, bringing in $4.21B, or 51.0% of the $8.26B total across its four segments.
United States was Nasdaq's largest region in fiscal 2025, bringing in $5.95B, or 72.0% of the $8.26B total across its two regions.
Market Services was Nasdaq's largest product and service line in fiscal 2016, bringing in $2.26B, or 60.9% of the $3.70B total across its five product and service lines.
Among Nasdaq's segments that make up at least 2% of revenue, Financial Technology grew fastest in fiscal 2025, up 11.8% from $1.66B to $1.85B.
Every figure comes from Nasdaq's annual financial filings, as reported. Each line keeps the name Nasdaq gives it, and years follow its fiscal calendar.
Nasdaq's revenue by segment goes back to fiscal 2009, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.