Nasdaq, Inc. (NDAQ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los mercados financieros, NASDAQ, Inc. (NDAQ) surge como una potencia de innovación tecnológica e inteligencia de mercado, transformando la forma en que los inversores y empresas globales interactúan con los ecosistemas financieros. Al combinar a la perfección la tecnología de vanguardia, los datos integrales del mercado y las plataformas comerciales sólidas, NASDAQ ha revolucionado la forma en que se ejecutan y monitorean las transacciones financieras. Este intrincado lienzo de modelo de negocio revela una estrategia sofisticada que va más allá de las operaciones tradicionales de la bolsa de valores, posicionando a Nasdaq como un jugador fundamental en el panorama financiero global.

NASDAQ, Inc. (NDAQ) - Modelo de negocio: asociaciones clave

Proveedores de tecnología para plataformas comerciales e infraestructura de datos del mercado

NASDAQ colabora con socios de tecnología clave para mantener su infraestructura de mercado avanzada:

Pareja	Enfoque tecnológico	Valor de contrato
Sistemas de Cisco	Infraestructura de red	$ 42.3 millones anuales
IBM	Servicios de computación en la nube	$ 67.5 millones por año
Microsoft Azure	Tecnologías de nubes y IA	$ 89.2 millones anuales

Instituciones financieras y bancos de inversión

Asociaciones estratégicas con instituciones financieras:

• Goldman Sachs
• JPMorgan Chase
• Morgan Stanley
• Bank of America Merrill Lynch

Organismos reguladores y organizaciones de cumplimiento

Las asociaciones de cumplimiento crítico incluyen:

Organización	Enfoque regulatorio
SEGUNDO	Regulación de valores
Finra	Supervisión de la industria financiera
CFTC	Regulación del mercado de derivados

Proveedores de servicios de computación en la nube y ciberseguridad

Asociaciones de ciberseguridad e infraestructura en la nube:

• Amazon Web Services (AWS): contrato anual de $ 53.7 millones
• Palo Alto Networks: Acuerdo de ciberseguridad de $ 24.6 millones
• CrowdStrike: Asociación de detección de amenazas de $ 18.3 millones

Intercambios de acciones globales y redes de mercado financiero

Asociaciones internacionales de intercambio:

Intercambio	Tipo de asociación	Valor de colaboración
Bolsa de Londres	Compartir tecnología	$ 37.9 millones
Intercambio de Singapur	Intercambio de datos del mercado	$ 22.5 millones
Deutsche Börse	Integración tecnológica	$ 45.6 millones

NASDAQ, Inc. (NDAQ) - Modelo de negocio: actividades clave

Operación de mercado y gestión de la bolsa de valores

NASDAQ opera 29 mercados a nivel mundial, incluido el mercado de valores de NASDAQ en los Estados Unidos. En 2022, el intercambio procesó:

• 2.300 millones de acciones totales negociadas diariamente
• Más de 4,000 empresas enumeradas
• Capitalización de mercado de aproximadamente $ 16.4 billones

Métrico de mercado	Volumen
Compañías totales que cotizan en la lista	4,200
Volumen de negociación diaria	2.300 millones de acciones
Ingresos comerciales anuales	$ 1.1 mil millones

Desarrollo de tecnología financiera

Inversión tecnológica: NASDAQ invirtió $ 381 millones en tecnología y desarrollo de productos en 2022.

• Desarrollado Marco Financiero NASDAQ (NFF)
• Creó sistemas avanzados de vigilancia del mercado
• Implementadas plataformas de comercio basadas en la nube

Datos de mercado y servicios de análisis

Los servicios de datos del mercado generaron $ 386 millones en ingresos para 2022.

Servicio de datos	Ingresos anuales
Suscripciones de datos del mercado	$ 230 millones
Plataforma de análisis	$ 156 millones

Listado y servicios corporativos

Los ingresos por servicios corporativos alcanzaron los $ 296 millones en 2022.

• Las tarifas de listado inicial varían de $ 50,000 a $ 250,000
• Tarifas de listado anual entre $ 42,000 y $ 155,000
• Contradas 4.200 empresas cotizadas

Mantenimiento e innovación de la plataforma de comercio

Rendimiento de la plataforma: Mantuvo el tiempo de actividad del sistema 99.99% en 2022.

Métrica de plataforma	Valor
Tiempo de actividad del sistema	99.99%
Inversión en infraestructura tecnológica	$ 175 millones
Gasto de ciberseguridad	$ 62 millones

NASDAQ, Inc. (NDAQ) - Modelo de negocio: recursos clave

Infraestructura tecnológica avanzada

NASDAQ opera un ecosistema tecnológico sofisticado valorado en aproximadamente $ 1.2 mil millones en inversiones de infraestructura tecnológica a partir de 2023. La compañía mantiene 13 centros de datos globales con una confiabilidad de tiempo de actividad del 99.99%.

Componente de infraestructura	Especificación	Inversión anual
Plataformas comerciales	Sistemas de mercado electrónico	$ 387 millones
Centros de datos	13 ubicaciones globales	$ 215 millones
Sistemas de ciberseguridad	Protección avanzada de amenazas	$ 142 millones

Plataformas de datos y análisis de mercado

Las plataformas de datos del mercado de NASDAQ generan aproximadamente $ 850 millones en ingresos anuales, que cubre más de 3,8 millones de suscriptores de datos del mercado a nivel mundial.

• Productos de datos de mercado: 47 soluciones de análisis distintas
• Feeds de precios en tiempo real: cobertura de más de 70 intercambios globales
• Datos del mercado histórico: más de 30 años de registros financieros integrales

Red global de profesionales del mercado financiero

NASDAQ emplea a 5.274 profesionales en 26 países a partir del cuarto trimestre de 2023, con una experiencia promedio de empleados de 12.6 años en mercados financieros.

Categoría profesional	Total de empleados	Experiencia promedio
Profesionales de la tecnología	2,103	8.4 años
Analistas financieros	1,247	15.2 años
Operaciones de mercado	1,924	11.3 años

Fuerte reputación de marca en servicios financieros

La valoración de la marca de NASDAQ es de $ 4.6 mil millones en 2023, con un puntaje de reconocimiento de marca global de 87/100 en sectores de tecnología financiera.

Propiedad intelectual y tecnologías de software

NASDAQ posee 423 patentes de tecnología activa a partir de 2023, con una cartera de propiedades intelectuales valoradas en $ 672 millones.

• Patentes de software: 276 patentes de tecnología activa
• Patentes de algoritmo de comercio: 147 innovaciones algorítmicas únicas
• Inversión anual de I + D: $ 324 millones

NASDAQ, Inc. (NDAQ) - Modelo de negocio: propuestas de valor

Mecanismos de comercio de mercado transparentes y eficientes

NASDAQ opera 29 mercados a nivel mundial, facilitando 1.500 millones de acciones negociadas diariamente. El volumen de negociación en 2022 alcanzó aproximadamente $ 2.1 billones. Las plataformas de negociación electrónica procesan más del 99% de las transacciones con un tiempo de ejecución promedio de 0.0035 segundos.

Métrico de mercado	Valor 2022
Mercados globales	29
Volumen de negociación de acciones diarias	1.500 millones
Valor comercial anual	$ 2.1 billones

Datos e ideas del mercado en tiempo real

NASDAQ proporciona datos de mercado a más de 11,000 instituciones financieras en todo el mundo. Los ingresos por suscripción para los servicios de datos del mercado alcanzaron los $ 588 millones en 2022.

• Más de 11,000 suscriptores de datos institucionales
• Ingresos del servicio de datos del mercado: $ 588 millones
• Cobertura de datos en tiempo real en más de 50 mercados globales

Soluciones de comercio tecnológico avanzado

La tecnología de mercado de NASDAQ sirve más de 130 intercambios y plataformas de comercio a nivel mundial. Las soluciones tecnológicas generaron $ 381 millones en ingresos durante 2022.

Métrica de tecnología	Valor 2022
Intercambios globales atendidos	130+
Ingresos de soluciones tecnológicas	$ 381 millones

Servicios de listado integrales para empresas públicas

NASDAQ enumeró más de más de más de 4,700 empresas en 2022, que representan una capitalización de mercado total de $ 16.5 billones. Los servicios de listado generaron $ 321 millones en ingresos.

• Empresas listadas: más de 4,700
• Capitalización de mercado total: $ 16.5 billones
• Ingresos de servicios de listado: $ 321 millones

Herramientas de gestión de riesgos y cumplimiento

La tecnología de vigilancia de Nasdaq monitorea 70 mil millones de eventos de mercado diariamente. La tecnología del mercado y los servicios corporativos generaron $ 761 millones en 2022.

Métrico de cumplimiento	Valor 2022
Eventos del mercado diario monitoreados	70 mil millones
Ingresos tecnológicos del mercado	$ 761 millones

NASDAQ, Inc. (NDAQ) - Modelo de negocios: relaciones con los clientes

Asociaciones empresariales a largo plazo

NASDAQ sirve a más de 4,000 empresas que cotizan en todo el mundo. Los valores de asociación empresarial incluyen:

Tipo de asociación	Número de clientes	Impacto anual de ingresos
Servicios de listado de mercado	3.900 empresas	$ 507 millones (2023)
Soluciones de tecnología corporativa	2.500 clientes empresariales	$ 342 millones (2023)

Gestión de cuentas dedicada

NASDAQ proporciona gestión de cuentas especializada con:

• Más de 250 gerentes de relaciones dedicadas
• Tasa promedio de retención del cliente del 92%
• Servicio personalizado para instituciones financieras de primer nivel

Plataformas digitales de autoservicio

Las métricas de la plataforma digital incluyen:

Característica de la plataforma	Estadísticas de uso
Portal de inteligencia de mercado	87,000 usuarios activos
Dashboard de Nasdaq Market Insights	53,000 usuarios activos mensuales

Apoyo tecnológico continuo

Capacidades de soporte tecnológico:

• Equipo de soporte técnico 24/7
• Tasa de resolución de primer contacto del 95%
• Tiempo de respuesta promedio: 12 minutos

Información regular del mercado y comunicaciones de investigación

Métricas de comunicación de investigación:

Canal de comunicación	Frecuencia	Base de suscriptores
Informes de análisis de mercado	Semanalmente	42,000 suscriptores
Ideas financieras trimestrales	Trimestral	35,000 suscriptores

NASDAQ, Inc. (NDAQ) - Modelo de negocio: canales

Plataformas de comercio en línea

NASDAQ opera la plataforma de vigilancia del mercado NASDAQ, que atiende a aproximadamente 3.900 compañías cotizadas. La plataforma procesó 2.200 millones de acciones diarias en 2023, con un valor comercial promedio de $ 226 mil millones por día.

Métrica de plataforma	2023 rendimiento
Volumen de compartir diario	2.200 millones de acciones
Valor comercial diario promedio	$ 226 mil millones
Empresas listadas	3,900

Servicios de datos del mercado digital

Los servicios de datos de mercado de NASDAQ generaron $ 1.1 mil millones en ingresos en 2023, con el 85% de las instituciones financieras globales que utilizan sus productos de datos.

• Base de suscriptores de datos de mercado: 5.200 clientes institucionales
• Cobertura de datos del mercado global: 70 países
• Feeds de datos en tiempo real: más de 55 mercados globales

Equipos de ventas directos

NASDAQ emplea a 1.750 profesionales de ventas a nivel mundial, dirigido a instituciones financieras, empresas de inversión y clientes corporativos.

Métrica del equipo de ventas	2023 datos
Profesionales de ventas totales	1,750
Cobertura de ventas global	América del Norte, Europa, Asia

Conferencias financieras y eventos de la industria

NASDAQ organizó 42 conferencias de la industria en 2023, atrayendo a 8.500 profesionales financieros y ejecutivos corporativos.

• Conferencias totales: 42
• Asistentes: 8,500 profesionales
• Ubicaciones de eventos: 12 países

Aplicaciones web y móviles

Las plataformas digitales de NASDAQ registraron 22 millones de usuarios activos mensuales en 2023, con las descargas de aplicaciones móviles que aumentaron un 35% año tras año.

Métrica de plataforma digital	2023 rendimiento
Usuarios activos mensuales	22 millones
Crecimiento de descarga de aplicaciones móviles	35%
Plataformas de aplicaciones móviles	iOS, Android

NASDAQ, Inc. (NDAQ) - Modelo de negocio: segmentos de clientes

Empresas públicas que buscan listados

A partir del cuarto trimestre de 2023, NASDAQ enumeró 3,327 empresas totales con una capitalización de mercado total de $ 16.7 billones.

Categoría de listado	Número de empresas	Total de mercado de mercado
Empresas tecnológicas	1,214	$ 7.3 billones
Servicios financieros	612	$ 3.2 billones
Cuidado de la salud	541	$ 2.9 billones

Inversores institucionales

NASDAQ atiende a aproximadamente 5.400 empresas de inversión institucional a nivel mundial.

• Empresas de gestión de activos: 2,100
• Fondos de pensiones: 870
• Fondos de cobertura: 1.230
• Compañías de seguros: 680

Inversores minoristas

La plataforma de NASDAQ admite más de 130 millones de cuentas individuales de inversores minoristas en 2024.

Grupo de edad de los inversores	Porcentaje
18-34 años	38%
35-54 años	42%
55+ años	20%

Empresas de tecnología financiera

NASDAQ admite 1,287 compañías fintech en su infraestructura de mercado.

• Proveedores de plataforma de comercio: 423
• Firmas de análisis de datos: 356
• Plataformas de criptomonedas: 218
• Empresas comerciales algorítmicas: 290

Bancos de inversión globales

NASDAQ atiende a 672 instituciones de banca de inversión global en 2024.

Región	Número de bancos de inversión
América del norte	278
Europa	197
Asia-Pacífico	142
Resto del mundo	55

NASDAQ, Inc. (NDAQ) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos de infraestructura tecnológica anual para NASDAQ en 2023: $ 428.7 millones

Categoría de infraestructura	Costo anual
Operaciones del centro de datos	$ 189.3 millones
Servicios de computación en la nube	$ 112.5 millones
Sistemas de seguridad de red	$ 76.9 millones
Mantenimiento de hardware	$ 50 millones

Inversiones de investigación y desarrollo

Gastos totales de I + D para 2023: $ 203.4 millones

• I + D de tecnología de mercado: $ 98.6 millones
• Innovación de la plataforma de negociación: $ 64.2 millones
• Investigación de ciberseguridad: $ 40.6 millones

Compensación de empleados

Gastos totales de personal para 2023: $ 612.8 millones

Categoría de compensación	Cantidad
Salarios base	$ 387.5 millones
Bonos de rendimiento	$ 145.3 millones
Compensación basada en acciones	$ 80 millones

Gastos de cumplimiento regulatorio

Costos de cumplimiento total en 2023: $ 176.2 millones

• Informes legales y regulatorios: $ 82.7 millones
• Tecnología de cumplimiento: $ 53.5 millones
• Auditoría externa y consultoría: $ 40 millones

Operaciones de marketing y ventas

Gastos totales de marketing y ventas para 2023: $ 145.6 millones

Canal de marketing	Gasto
Marketing digital	$ 47.3 millones
Patrocinios de la Conferencia de la Industria	$ 38.7 millones
Operaciones del equipo de ventas	$ 59.6 millones

NASDAQ, Inc. (NDAQ) - Modelo de negocio: flujos de ingresos

Tarifas de suscripción de datos del mercado

En 2023, el segmento de servicios de mercado de NASDAQ generó $ 1.05 mil millones en ingresos a partir de suscripciones y servicios de datos del mercado.

Categoría de ingresos de datos del mercado	Ingresos anuales (2023)
Suscripciones de datos de mercado profesionales	$ 612 millones
Soluciones de datos empresariales	$ 438 millones

Tarifas de transacción comerciales

Las tarifas de transacción de negociación generaron $ 785 millones en ingresos para NASDAQ en 2023.

• Tarifas de transacción de negociación de capital: $ 456 millones
• Tarifas de negociación de derivados: $ 329 millones

Ingresos de servicios de listado

Los servicios de listado generaron $ 302 millones en ingresos anuales para NASDAQ en 2023.

Tipo de servicio de listado	Ingresos anuales
Tarifas de listado inicial	$ 124 millones
Tarifas de mantenimiento de listado anual	$ 178 millones

Licencias de tecnología

Los ingresos por licencias de tecnología totalizaron $ 267 millones en 2023.

• Soluciones de tecnología de mercado: $ 186 millones
• Licencias de plataforma de negociación: $ 81 millones

Servicios de asesoramiento corporativo

Los servicios de asesoramiento corporativo generaron $ 198 millones en ingresos para NASDAQ en 2023.

Categoría de servicio de asesoramiento	Ingresos anuales
Fusión & Aviso de adquisición	$ 112 millones
Servicios de gobierno corporativo	$ 86 millones

Nasdaq, Inc. (NDAQ) - Canvas Business Model: Value Propositions

You're looking at the core value Nasdaq, Inc. (NDAQ) delivers across the financial ecosystem, moving well beyond just the exchange floor. The numbers from the third quarter of 2025 show this strategy is working, with Solutions revenue hitting $1.0 billion for the quarter, up 15% year-over-year.

Providing mission-critical risk management and regulatory compliance software is a key pillar. This is where the technology backbone supports trust. For instance, the Agentic Enhanced Due Diligence (EDD) Analyst, currently in beta, slashed review times for high-risk customers from three to eight hours down to just 30-60 minutes for participating institutions.

Offering a trusted, liquid venue for capital access and listings remains central. As of February 2025, the Nasdaq Stock Market hosted 3,890 total listings. The commitment to being a primary listing venue for innovators is clear, even as the technology side scales up.

Delivering high-quality, transparent market data and index products drives predictable income. Index revenue specifically grew 13% year-over-year in Q3 2025, reaching $206 million. That quarter alone saw $17 billion in net inflows into their indices.

Accelerating client modernization with cloud-based trading technology is a major focus. Nasdaq has been migrating its platforms, and the move of Nasdaq MRX to Amazon Web Services (AWS) previously showed a 10% improvement in latency performance. The company's Annual Recurring Revenue (ARR) reached $3.0 billion in Q3 2025, with Annualized SaaS revenue representing 37% of that ARR in Q2 2025, showing a clear shift to subscription-based delivery.

Enhancing market integrity with Anti-Financial Crime AI solutions is a growing area of value. The 2025 Nasdaq Global Compliance Survey indicated that 36% of financial firms are already using Artificial Intelligence in compliance, and a significant 70% of those surveyed plan to invest more in AI compliance tools over the next 12 months. This signals strong client demand for these embedded capabilities.

Here's a quick look at how the Solutions segment, which houses much of this technology and data value, performed in the latest reported quarter, so you can see the scale:

Metric	Q3 2025 Value	Year-over-Year Change
Total Solutions Revenue	$1.0 billion	15% increase
Index Revenue	$206 million	13% growth
Financial Technology Revenue	$457 million (Q3 2025 reported)	23% growth (Reported)
Annualized Recurring Revenue (ARR)	$3.0 billion	10% increase

The technology offerings are broad, supporting more than just trading venues. For example, Nasdaq's marketplace technology solutions are used by over 135 market infrastructure providers globally for multi-asset trading, clearing, and surveillance.

The value proposition is also supported by internal efficiency metrics that translate to better client service:

• Compliance teams using Nasdaq Verafin's AI saw investigator efficiency improve with up to 90% reduction in alert review time.
• The company repaid $400 million of senior unsecured notes in Q2 2025, showing operational strength.
• Non-GAAP diluted Earnings Per Share (EPS) for Q3 2025 grew 19% year-over-year to $0.88.
• As of September 30, 2025, $1.4 billion remained authorized for share repurchases.
• For the trailing twelve months ending September 30, 2025, Total TTM Revenue was $8.170 billion, a 16.46% increase year-over-year.

The firm is defintely focused on embedding its tech across the entire lifecycle. Finance: draft 13-week cash view by Friday.

Nasdaq, Inc. (NDAQ) - Canvas Business Model: Customer Relationships

You're looking at how Nasdaq, Inc. keeps its most important clients close, which is key since their growth is increasingly tied to technology subscriptions rather than just trading fees. The relationships are layered, moving from the largest global financial institutions down to the individual companies that choose to list on their markets.

Strategic, high-touch relationships with Tier 1 global banks (One Nasdaq)

The One Nasdaq go-to-market strategy is all about deepening partnerships across the financial system. This high-touch approach targets major financial players where integrated solutions are critical. For instance, in the first quarter of 2025, Nasdaq Verafin's Financial Crime Management Technology revenue grew 21%, showing momentum with enterprise clients, including a cross-sell to a Tier 2 AxiomSL client and a deal with a large Tier 1 U.S. financial institution in that same quarter.

The data consortium managed by Nasdaq Verafin is a strong example of this deep relationship, now including clients holding more than $10 trillion in total assets.

Dedicated relationship managers for listed companies

For companies choosing to list, the relationship starts with winning the listing and continues through ongoing services. Nasdaq maintained its market leadership in the U.S. listings market in the first half of 2025, recording an 86% win-rate for eligible listings, extending this leadership to 46 consecutive quarters. In that same period, Nasdaq welcomed 142 listings, which raised a total of $19.2 billion.

The sheer volume of clients served by the technology segments also implies a broad base requiring dedicated support:

Metric	Value (Q3 2025 or Latest)	Context
Total Solutions Revenue (Q3 2025)	$1.0 billion	Represents revenue from Data, Analytics, and Software solutions.
Total Solutions Revenue Growth (YoY Q3 2025)	15%	Reflects strong client adoption of integrated offerings.
Total Companies Listed (Feb 2025)	3,890	The total number of securities listed on the Nasdaq Stock Market.

Subscription-based models for Financial Technology and Data

The recurring revenue base is a core component of Nasdaq's customer relationship value, as it provides predictable cash flow. Annualized Recurring Revenue (ARR) is a key metric here. By the third quarter of 2025, ARR reached $3.0 billion, a 10% increase over the third quarter of 2024.

The subscription model is heavily weighted toward technology:

• Annualized SaaS revenue represented 38% of total ARR in Q3 2025.
• Annualized SaaS revenue increased 12% in Q3 2025.
• Financial Technology ARR grew 12% (reported and organic) in Q3 2025.

For the Index business, which is also subscription-driven, net inflows over the trailing twelve months ending Q3 2025 reached $91 billion, with $17 billion in the third quarter of 2025 alone.

Deep regulatory engagement (e.g., SEC filing for tokenization)

Nasdaq actively engages with regulators to shape future market infrastructure, which directly impacts its technology clients. The company is pursuing initiatives like tokenization, with partnerships mentioned that aim to standardize post-trade operations and enable blockchain-based settlements, involving filings or discussions with the SEC. Furthermore, Nasdaq is planning to expand U.S. market access to 24/5 trading during the second half of 2026, a major infrastructure change requiring deep regulatory alignment.

Proactive cross-selling of integrated solutions post-Adenza

The acquisition of Adenza was heavily predicated on unlocking cross-sell opportunities between the legacy Nasdaq technology stack and the newly acquired risk and regulatory software. The company announced a target of over $100 million in incremental cross-sell revenue across the Financial Technology division by year-end 2027. As of a late 2025 update, the execution was ahead of that pace, with the company already tracking $150 million in cross-sells by the quarter preceding the end of the program timeline. The cross-sell pipeline has been consistently maintained around the 15% mark.

Client acquisition and expansion within the Financial Technology segment in the first three quarters of 2025 included 65 new clients and 97 upsells, demonstrating success in expanding relationships beyond initial product sales.

Finance: draft 13-week cash view by Friday.

Nasdaq, Inc. (NDAQ) - Canvas Business Model: Channels

You're looking at how Nasdaq, Inc. gets its services and data into the hands of its customers as of late 2025. It's a mix of direct engagement, platform operation, and licensing agreements, all generating significant, measurable revenue.

The core channels for Nasdaq, Inc. are multifaceted, spanning direct client interaction for its technology solutions and the operation of its primary market venues. The Solutions business, which bundles Financial Technology and Index revenue, hit $1.0 billion in net revenue for the third quarter of 2025 alone. This recurring revenue stream is key, with Annualized Recurring Revenue (ARR) reaching $3.0 billion as of Q3 2025.

Here's a breakdown of the financial scale tied to these primary distribution channels for the third quarter of 2025:

Channel Component	Associated Financial Metric	Amount (Q3 2025)
Direct Sales (Financial Technology)	Revenue	$457 million
Direct Sales (Financial Technology)	Annualized Recurring Revenue (ARR) Growth	12%
Global Exchanges (Market Services)	Net Revenue	$303 million
Index Licensing (Index Revenue)	Revenue	$206 million
Index Licensing (Index Revenue)	Year-over-Year Growth	13%
Digital Platforms (SaaS Component of ARR)	Percentage of Total ARR	38%

The direct sales teams are the engine for the Financial Technology segment, which saw its revenue jump 23.2% year-over-year in Q3 2025. This channel delivers software for regulatory compliance and anti-financial crime, with Annualized SaaS revenue growing 12%.

The Nasdaq Stock Market and its global exchange operations are a critical channel, evidenced by the Market Services net revenue of $303 million in Q3 2025, up 14% versus the prior year period. This channel is supported by the sheer scale of its listings:

• The Nasdaq Stock Market had 4,139 listed companies as of the first quarter of 2025.
• Exchanges comprising Nasdaq Nordic and Nasdaq Baltic had 1,160 listed companies in Q1 2025.
• The Nasdaq Stock Market added 170 new operating company listings in Q1 2025.

Index licensing agreements are a major distribution route for Nasdaq's intellectual property, primarily through Exchange Traded Products (ETPs). The growth here is substantial:

• Net inflows for ETPs tracking Nasdaq indexes over the trailing twelve months (TTM) reached $91 billion as of Q3 2025.
• Net inflows for Q3 2025 alone were $17 billion.
• Exchange Traded Product Assets Under Management (AUM) tracking Nasdaq indexes hit a record $745 billion at the end of Q2 2025.

For cloud deployment, you see the strategic partnerships supporting the technology delivery. Nasdaq and Amazon Web Services (AWS) signed an enhanced agreement to amplify their [technology efforts] in 2025. This supports the delivery of solutions that are increasingly cloud-ready, as noted by the focus on infrastructure modernization.

Digital platforms for market data and analytics are embedded within the Solutions segment, contributing to the $3.0 billion in ARR. The shift to recurring revenue models, with SaaS revenue at 38% of ARR, shows the importance of these digital distribution methods. Finance: draft 13-week cash view by Friday.

Nasdaq, Inc. (NDAQ) - Canvas Business Model: Customer Segments

You're looking at the core client base for Nasdaq, Inc. (NDAQ) as of late 2025. It's a diverse group, spanning from companies wanting to go public to the institutions that power global trading infrastructure. Honestly, the numbers show a clear focus on recurring revenue streams from technology and data licensing.

Here's a breakdown of the key customer groups and the metrics we can tie directly to them from the latest reports.

Customer Segment	Associated Metric/Data Point (as of late 2025)	Specific Value/Amount
Corporate clients seeking public listings	Number of total listings	3,890 (February 2025)
Corporate clients seeking public listings	IPOs in the first half of 2025	142 listings, raising $19.2 billion
Global banks, brokers, and investment managers	Financial Technology (FinTech) Net Revenue (Q3 2025)	$457 million
Global banks, brokers, and investment managers	Annualized Recurring Revenue (ARR) (Q3 2025)	$3.0 billion
Exchange operators, central banks, and regulatory authorities	Marketplaces powered by Nasdaq technology	More than 90 marketplaces in 50 countries
Asset managers and passive investment vehicles (ETFs)	Index Net Revenue (Q3 2025)	$206 million
Asset managers and passive investment vehicles (ETFs)	Index Net Inflows (Trailing Twelve Months)	$91 billion
FinTech and data vendors licensing market information	Financial Technology ARR Growth (Q3 2025 vs Q3 2024)	12% (Reported)

You can see the technology component is massive. The Financial Technology revenue stream is clearly a major focus for Nasdaq, Inc.

For the corporate clients, the pipeline activity is also telling. In the first half of 2025, Nasdaq had an 86% win-rate for Nasdaq-eligible listings in the U.S. market, extending leadership to 46 consecutive quarters.

The client base for the technology division includes specific types of users:

• Technology sold to other exchanges.
• Risk management technology.
• Anti-financial crime solutions.
• Regulatory reporting tools.

The overall scale of the data business is reflected in the Index segment performance. For instance, the Index segment saw $17 billion in net inflows during the third quarter of 2025 alone.

Also, note the growth in the technology adoption by other market infrastructure players. In a prior quarter, Nasdaq signed 67 new technology clients and secured almost 100 upsells. That kind of traction shows where the institutional demand is focused.

Finance: draft 13-week cash view by Friday.

Nasdaq, Inc. (NDAQ) - Canvas Business Model: Cost Structure

You're looking at the expense side of Nasdaq, Inc.'s operations as of late 2025, which is heavily weighted toward technology and specialized human capital. The cost structure reflects a business that is both a regulated market operator and a global technology provider, so the numbers are substantial.

The overall spending level is captured by the company's updated non-GAAP operating expense guidance for 2025, which was revised in July 2025 to a range of $2,295 million to $2,335 million. This reflects ongoing investment, though it is higher than the range initiated in January 2025 of $2,245 million to $2,325 million. For context on the run rate, second quarter 2025 non-GAAP operating expenses were $585 million, while GAAP operating expenses for that same quarter were $738 million.

Significant compensation and benefits for specialized staff form a major component. Nasdaq, Inc. structures its employee remuneration with a mix of fixed and variable pay to attract and retain talent. The three main components are annual base salary, annual performance-based cash incentive awards, and long-term incentives, like equity awards. The median total compensation reported for an employee at Nasdaq, Inc. is $101,927 per year, with high-skill roles like Software Engineering Manager reporting a median of $232,000. For governance costs, Non-Employee Directors receive an annual retainer valued at $260,000 in equity, though they can elect cash. The Chairman of the Board receives a total retainer value of $240,000.

The commitment to technology is evident in the high investment in technology, R&D, and cloud infrastructure, which drives organic expense growth. This investment is a key driver for the business, supporting the Financial Technology segment's growth. The company is also focused on realizing efficiencies from its major acquisition, with an expanded net expense efficiency program targeting $140 million, of which approximately $130 million was actioned as of the end of the second quarter of 2025. The initial Adenza integration targeted $80 million in net expense synergies, with about 70% actioned by the end of 2024.

Costs related to debt repayment and integration of Adenza are significant, reflecting the balance sheet management post-acquisition. Nasdaq, Inc. is aggressively managing leverage; it repaid $400 million of senior unsecured notes in the second quarter of 2025 alone. This follows an early repayment of $600 million of the term loan and a $257 million net purchase price for repurchasing senior unsecured notes in the first quarter of 2025. The goal is to have debt to EBITDA around 3.5x and Funds From Operations (FFO) to debt between 20%-23% by the end of 2025. Integration costs are typically captured within non-GAAP adjustments.

Data acquisition and intellectual property licensing costs are embedded in the operational expenses, particularly for the Market Services division. While total licensing costs aren't explicitly stated as a single figure, the pricing structure for market data feeds shows the scale of these recurring costs. For instance, the Nasdaq Depth Non-Display data feed for 250 or more subscribers costs $75,000.00 per firm monthly as of January 1, 2025. Furthermore, listing fees, a direct cost to Nasdaq, Inc.'s listed companies but indicative of the cost of maintaining the exchange infrastructure, were raised effective January 1, 2025, with annual fees for Global and Global Select Markets ranging from $56,000 - $193,000 based on shares outstanding.

Here's a quick look at some of the key expense and debt-related figures for 2025:

Cost Category / Metric	Financial Figure (2025)	Reference Period/Context
Non-GAAP Operating Expense Guidance (Midpoint)	$2,315 million	Updated as of July 2025
Non-GAAP Operating Expenses	$585 million	Second Quarter 2025
GAAP Operating Expenses	$738 million	Second Quarter 2025
Senior Unsecured Notes Repaid	$400 million	Second Quarter 2025
Targeted Net Expense Synergies (Adenza)	$140 million	Total Program Size
Actioned Efficiency Program Costs	$130 million	As of Q2 2025
Forecasted Debt to EBITDA	3.5x	End of 2025 Forecast
Forecasted FFO to Debt	20%-23%	End of 2025 Forecast

The compensation structure for specialized staff involves significant equity grants, with vesting schedules often spread over four years, including 25.00% annually for the first year. The costs associated with data distribution are tiered; for example, the Nasdaq Basic-Enterprise License fee is $155,000 for unlimited internal Professional usage.

• Non-Employee Director Annual Retainer (Equity Value): $260,000 per annum.
• Lead Independent Director Additional Retainer: $75,000.
• Chairperson of the Management Compensation Committee Annual Chair Fee: $45,000.
• Non-Chair Member Audit Committee Annual Fee: $20,000.
• Non-Professional Subscriber Fee for Nasdaq Issues (Data): $0.50 each, effective January 1, 2025.

Finance: review the Q3 2025 non-GAAP expense forecast against the current guidance range by next Tuesday.

Nasdaq, Inc. (NDAQ) - Canvas Business Model: Revenue Streams

You're looking at the money coming in for Nasdaq, Inc. as of late 2025, and the story is clearly shifting toward technology. The big news from Q3 2025 is that Solutions revenue officially surpassed the $1.0 billion mark for the quarter, showing a solid 15% year-over-year growth. Also, that focus on software subscriptions paid off, with Annual Recurring Revenue (ARR) hitting $3.0 billion for the first time. That ARR figure is key; it tells you how much of their business is locked in and predictable, which investors definitely like to see.

Here's a quick look at the major revenue components reported for the third quarter of 2025, in millions of U.S. dollars:

Revenue Stream Component	Q3 2025 Amount (US$ millions)	Year-over-Year Growth (%)
Solutions Revenue	$1,003	15%
Market Services Net Revenue (Trading & Clearing Fees)	$303	14%
Index Revenue	$206	13%

The Index licensing revenue for the third quarter of 2025 was reported at $206 million, which included $17 billion in net inflows during that quarter alone. Then you have the core market operations; Trading and clearing fees from Market Services brought in $303 million for the same period, up 14% from the prior year. It's defintely clear that both the tech and market services sides are pulling their weight.

For corporate clients, the revenue stream from listing fees is governed by the all-inclusive annual fee structure that took effect on January 1, 2025. This structure means companies pay one fee to cover most ordinary listing costs, eliminating many transactional fees. The annual fee ranges depend on the market tier:

• Nasdaq Global Select and Global Markets (non-ADR issuers): $56,000 to $193,000.
• Nasdaq Capital Market (non-ADR issuers): $53,000 to $86,000.
• Annual fee for a SPAC on any tier: $85,000 (this was raised from $81,000).

The growth in the Solutions segment is being powered by specific areas within that division. You can see the strength in the recurring software subscriptions:

• Financial Technology ARR growth was 12% reported.
• Capital Access Platforms ARR growth was 7%.
• Annualized SaaS revenue increased by 12%.
• Annualized SaaS revenue represented 38% of the total $3.0 billion ARR.

Finance: draft 13-week cash view by Friday.