NASDAQ, Inc. (NDAQ): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des marchés financiers, Nasdaq, Inc. (NDAQ) émerge comme une puissance de l'innovation technologique et de l'intelligence du marché, transformant comment les investisseurs et les entreprises mondiaux interagissent avec les écosystèmes financiers. En mélangeant de manière transparente la technologie de pointe, des données de marché complètes et des plateformes de trading robustes, le NASDAQ a révolutionné la façon dont les transactions financières sont exécutées et surveillées. Cette toile de modèle commercial complexe révèle une stratégie sophistiquée qui va au-delà des opérations de bourse traditionnelles, positionnant le NASDAQ en tant qu'acteur charnière dans le paysage financier mondial.

NASDAQ, Inc. (NDAQ) - Modèle commercial: partenariats clés

Fournisseurs de technologies pour les plateformes de trading et l'infrastructure de données de marché

Le NASDAQ collabore avec les principaux partenaires technologiques pour maintenir son infrastructure de marché avancée:

Partenaire	Focus technologique	Valeur du contrat
Systèmes Cisco	Infrastructure réseau	42,3 millions de dollars par an
Ibm	Services de cloud computing	67,5 millions de dollars par an
Microsoft Azure	Technologies des cloud et des airs	89,2 millions de dollars par an

Institutions financières et banques d'investissement

Partenariats stratégiques avec les institutions financières:

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

Organismes de réglementation et organisations de conformité

Les partenariats de conformité critique comprennent:

Organisation	Concentration réglementaire
SECONDE	Règlement sur les valeurs mobilières
Finre	Surveillance de l'industrie financière
CFTC	Règlement sur le marché des dérivés

Fournisseurs de services de cloud computing et de cybersécurité

Partenariats de cybersécurité et d'infrastructure cloud:

• Amazon Web Services (AWS): 53,7 millions de dollars Contrat annuel
• Palo Alto Networks: 24,6 millions de dollars Contrat de cybersécurité
• CrowdStrike: 18,3 millions de dollars Partnership de détection de menaces

Bourses mondiales et réseaux de marchés financiers

Partenariats d'échange internationaux:

Échange	Type de partenariat	Valeur de collaboration
Bourse de Londres	Partage technologique	37,9 millions de dollars
Échange de Singapour	Partage de données du marché	22,5 millions de dollars
Deutsche Börse	Intégration technologique	45,6 millions de dollars

NASDAQ, Inc. (NDAQ) - Modèle d'entreprise: Activités clés

Fonctionnement du marché et gestion de la bourse

Le NASDAQ exploite 29 marchés dans le monde, y compris le marché boursier du NASDAQ aux États-Unis. En 2022, l'échange a traité:

• 2,3 milliards d'actions au total négociées quotidiennement
• Plus de 4 000 entreprises cotées
• Capitalisation boursière d'environ 16,4 billions de dollars

Métrique du marché	Volume
Compagnies répertoriées totales	4,200
Volume de trading quotidien	2,3 milliards d'actions
Revenus commerciaux annuels	1,1 milliard de dollars

Développement de la technologie financière

Investissement technologique: NASDAQ a investi 381 millions de dollars dans la technologie et le développement de produits en 2022.

• Framework financier NASDAQ développé (NFF)
• Créé des systèmes avancés de surveillance du marché
• Implémentation de plateformes de trading basées sur le cloud

Données du marché et services d'analyse

Les services de données du marché ont généré 386 millions de dollars de revenus pour 2022.

Service de données	Revenus annuels
Abonnements de données de marché	230 millions de dollars
Plate-forme d'analyse	156 millions de dollars

Listing et services d'entreprise

Les revenus des services aux entreprises ont atteint 296 millions de dollars en 2022.

• Les frais d'inscription initiaux varient de 50 000 $ à 250 000 $
• Frais d'inscription annuels entre 42 000 $ et 155 000 $
• Associé 4 200 entreprises cotées

Maintenance et innovation de la plate-forme commerciale

Performance de la plate-forme: Maintenu la disponibilité du système de 99,99% en 2022.

Métrique de la plate-forme	Valeur
Time de disponibilité du système	99.99%
Investissement infrastructure technologique	175 millions de dollars
Dépenses de cybersécurité	62 millions de dollars

NASDAQ, Inc. (NDAQ) - Modèle commercial: Ressources clés

Infrastructure technologique avancée

Le NASDAQ exploite un écosystème technologique sophistiqué d'une valeur d'environ 1,2 milliard de dollars en investissements infrastructures technologiques en 2023. La société maintient 13 centres de données mondiaux avec une fiabilité de disponibilité de 99,99%.

Composant d'infrastructure	Spécification	Investissement annuel
Plates-formes de trading	Systèmes de marché électroniques	387 millions de dollars
Centres de données	13 emplacements mondiaux	215 millions de dollars
Systèmes de cybersécurité	Protection avancée des menaces	142 millions de dollars

Données et plateformes d'analyse du marché propriétaires

Les plateformes de données de marché du NASDAQ génèrent environ 850 millions de dollars de revenus annuels, couvrant plus de 3,8 millions d'abonnés de données sur le marché dans le monde.

• Produits de données du marché: 47 solutions d'analyse distinctes
• Flux de prix en temps réel: couverture de plus de 70 échanges mondiaux
• Données historiques du marché: 30+ ans de dossiers financiers complets

Réseau mondial de professionnels du marché financier

Le NASDAQ emploie 5 274 professionnels dans 26 pays au quatrième trimestre 2023, avec une expertise moyenne des employés de 12,6 ans sur les marchés financiers.

Catégorie professionnelle	Total des employés	Expérience moyenne
Professionnels de la technologie	2,103	8,4 ans
Analystes financiers	1,247	15,2 ans
Opérations de marché	1,924	11.3 ans

Solide réputation de la marque dans les services financiers

L'évaluation de la marque du NASDAQ s'élève à 4,6 milliards de dollars en 2023, avec un score mondial de reconnaissance de marque de 87/100 dans les secteurs de la technologie financière.

Propriété intellectuelle et technologies logicielles

Le NASDAQ détient 423 brevets technologiques actifs en 2023, avec un portefeuille de propriété intellectuelle d'une valeur de 672 millions de dollars.

• Brevets logiciels: 276 brevets technologiques actifs
• Algorithme commercial Brevets: 147 Innovations algorithmiques uniques
• Investissement annuel de R&D: 324 millions de dollars

NASDAQ, Inc. (NDAQ) - Modèle d'entreprise: propositions de valeur

Mécanismes de trading de marché transparents et efficaces

Le NASDAQ exploite 29 marchés à l'échelle mondiale, facilitant 1,5 milliard d'actions négociées quotidiennement. Le volume de négociation en 2022 a atteint environ 2,1 billions de dollars. Les plates-formes de trading électronique traitent plus de 99% des transactions avec un temps d'exécution moyen de 0,0035 seconde.

Métrique du marché	Valeur 2022
Marchés mondiaux	29
Volume quotidien de trading d'actions	1,5 milliard
Valeur commerciale annuelle	2,1 billions de dollars

Données et informations sur le marché en temps réel

Le NASDAQ fournit des données de marché à plus de 11 000 institutions financières dans le monde. Les revenus d'abonnement pour les services de données du marché ont atteint 588 millions de dollars en 2022.

• Plus de 11 000 abonnés de données institutionnelles
• Revenus de services de données du marché: 588 millions de dollars
• Couverture de données en temps réel sur plus de 50 marchés mondiaux

Solutions de trading technologique avancées

La technologie de marché du NASDAQ dessert plus de 130 échanges et plates-formes de trading dans le monde. Les solutions technologiques ont généré 381 millions de dollars de revenus en 2022.

Métrique technologique	Valeur 2022
Échanges mondiaux servis	130+
Revenus de solutions technologiques	381 millions de dollars

Services d'inscription complets pour les entreprises publiques

Le NASDAQ a inscrit plus de 4 700 entreprises en 2022, ce qui représente une capitalisation boursière totale de 16,5 billions de dollars. Les services d'inscription ont généré 321 millions de dollars de revenus.

• Compagnies répertoriées: 4 700+
• Capitalisation boursière totale: 16,5 billions de dollars
• Revenus de services d'inscription: 321 millions de dollars

Outils de gestion des risques et de conformité

La technologie de surveillance du NASDAQ surveille 70 milliards d'événements de marché par jour. La technologie du marché et les services d'entreprise ont généré 761 millions de dollars en 2022.

Métrique de conformité	Valeur 2022
Événements quotidiens du marché surveillé	70 milliards
Revenus technologiques du marché	761 millions de dollars

NASDAQ, Inc. (NDAQ) - Modèle d'entreprise: Relations clients

Partenariats d'entreprise à long terme

Le NASDAQ dessert plus de 4 000 sociétés cotées dans le monde. Les valeurs de partenariat d'entreprise comprennent:

Type de partenariat	Nombre de clients	Impact annuel sur les revenus
Services d'inscription de marché	3 900 entreprises	507 millions de dollars (2023)
Solutions technologiques d'entreprise	2 500 clients d'entreprise	342 millions de dollars (2023)

Gestion de compte dédiée

NASDAQ fournit une gestion des comptes spécialisée avec:

• Plus de 250 gestionnaires de relations dédiées
• Taux moyen de rétention de la clientèle de 92%
• Service personnalisé pour les institutions financières de haut niveau

Plates-formes numériques en libre-service

Les mesures de plate-forme numérique comprennent:

Fonctionnalité de plate-forme	Statistiques d'utilisation
Portail de renseignement du marché	87 000 utilisateurs actifs
Tableau de bord du marché du marché du NASDAQ	53 000 utilisateurs actifs mensuels

Soutien technologique continu

Capacités de support technologique:

• Équipe de support technique 24/7
• Taux de résolution de 95%
• Temps de réponse moyen: 12 minutes

Informations sur le marché régulier et communications de la recherche

Métriques de communication de recherche:

Canal de communication	Fréquence	Base d'abonné
Rapports d'analyse du marché	Hebdomadaire	42 000 abonnés
Idées financières trimestrielles	Trimestriel	35 000 abonnés

NASDAQ, Inc. (NDAQ) - Modèle d'entreprise: canaux

Plateformes de trading en ligne

Le NASDAQ exploite la plate-forme de surveillance du marché du NASDAQ, desservant environ 3 900 sociétés cotées. La plate-forme a traité 2,2 milliards d'actions par jour en 2023, avec une valeur de négociation moyenne de 226 milliards de dollars par jour.

Métrique de la plate-forme	Performance de 2023
Volume de partage quotidien	2,2 milliards d'actions
Valeur de trading quotidien moyen	226 milliards de dollars
Sociétés cotées	3,900

Services de données du marché numérique

Les services de données du marché du NASDAQ ont généré 1,1 milliard de dollars de revenus en 2023, avec 85% des institutions financières mondiales utilisant leurs produits de données.

• Base d'abonnés de données du marché: 5 200 clients institutionnels
• Couverture des données du marché mondial: 70 pays
• Flux de données en temps réel: plus de 55 marchés mondiaux

Équipes de vente directes

Le NASDAQ emploie 1 750 professionnels de la vente dans le monde, ciblant les institutions financières, les entreprises d'investissement et les entreprises.

Métrique de l'équipe de vente	2023 données
Total des professionnels de la vente	1,750
Couverture des ventes mondiales	Amérique du Nord, Europe, Asie

Conférences financières et événements de l'industrie

Le NASDAQ a accueilli 42 conférences de l'industrie en 2023, attirant 8 500 professionnels de la finance et dirigeants d'entreprise.

• Conférences totales: 42
• Partenaires: 8 500 professionnels
• Emplacements des événements: 12 pays

Applications Web et mobiles

Les plateformes numériques de NASDAQ ont enregistré 22 millions d'utilisateurs actifs mensuels en 2023, les téléchargements d'applications mobiles augmentant de 35% d'une année à l'autre.

Métrique de la plate-forme numérique	Performance de 2023
Utilisateurs actifs mensuels	22 millions
Croissance de téléchargement d'application mobile	35%
Plates-formes d'applications mobiles	iOS, Android

NASDAQ, Inc. (NDAQ) - Modèle d'entreprise: segments de clientèle

Les sociétés publiques recherchent des listes

Au quatrième trimestre 2023, le NASDAQ a inscrit 3 327 sociétés totales avec une capitalisation boursière totale de 16,7 billions de dollars.

Catégorie d'inscription	Nombre d'entreprises	Caps boursière total
Entreprises technologiques	1,214	7,3 billions de dollars
Services financiers	612	3,2 billions de dollars
Soins de santé	541	2,9 billions de dollars

Investisseurs institutionnels

Le NASDAQ dessert environ 5 400 sociétés d'investissement institutionnelles dans le monde.

• Sociétés de gestion des actifs: 2 100
• Fonds de pension: 870
• Hedge funds: 1 230
• Compagnies d'assurance: 680

Investisseurs de détail

La plate-forme du NASDAQ prend en charge plus de 130 millions de comptes individuels d'investisseurs de détail en 2024.

Groupe d'âge des investisseurs	Pourcentage
18-34 ans	38%
35 à 54 ans	42%
Plus de 55 ans	20%

Entreprises de technologie financière

Le NASDAQ prend en charge 1 287 sociétés fintech dans toute son infrastructure de marché.

• Provideurs de plate-forme de trading: 423
• Sociétés d'analyse de données: 356
• Plateformes de crypto-monnaie: 218
• Sociétés commerciales algorithmiques: 290

Banques d'investissement mondiales

Le NASDAQ dessert 672 institutions mondiales de banque d'investissement en 2024.

Région	Nombre de banques d'investissement
Amérique du Nord	278
Europe	197
Asie-Pacifique	142
Reste du monde	55

NASDAQ, Inc. (NDAQ) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Coût des infrastructures technologiques annuelles pour le NASDAQ en 2023: 428,7 millions de dollars

Catégorie d'infrastructure	Coût annuel
Opérations du centre de données	189,3 millions de dollars
Services de cloud computing	112,5 millions de dollars
Systèmes de sécurité du réseau	76,9 millions de dollars
Maintenance matérielle	50 millions de dollars

Investissements de recherche et développement

Dépenses totales de R&D pour 2023: 203,4 millions de dollars

• R&D de la technologie du marché: 98,6 millions de dollars
• Innovation de la plate-forme commerciale: 64,2 millions de dollars
• Recherche de cybersécurité: 40,6 millions de dollars

Compensation des employés

Total des dépenses du personnel pour 2023: 612,8 millions de dollars

Catégorie de compensation	Montant
Salaires de base	387,5 millions de dollars
Bonus de performance	145,3 millions de dollars
Compensation en stock	80 millions de dollars

Frais de conformité réglementaire

Total des coûts de conformité en 2023: 176,2 millions de dollars

• Représentation juridique et réglementaire: 82,7 millions de dollars
• Technologie de conformité: 53,5 millions de dollars
• Audit externe et conseil: 40 millions de dollars

Opérations de marketing et de vente

Total des dépenses de marketing et de vente pour 2023: 145,6 millions de dollars

Canal de marketing	Dépenses
Marketing numérique	47,3 millions de dollars
Parrainages de la conférence de l'industrie	38,7 millions de dollars
Opérations de l'équipe de vente	59,6 millions de dollars

NASDAQ, Inc. (NDAQ) - Modèle d'entreprise: Strots de revenus

Frais d'abonnement des données du marché

En 2023, le segment des services de marché du NASDAQ a généré 1,05 milliard de dollars de revenus des abonnements et services de données du marché.

Catégorie de revenus des données du marché	Revenus annuels (2023)
Abonnements de données de marché professionnel	612 millions de dollars
Solutions de données d'entreprise	438 millions de dollars

Frais de transaction de négociation

Les frais de transaction de négociation ont généré 785 millions de dollars de revenus pour le NASDAQ en 2023.

• Frais de transaction de négociation sur les actions: 456 millions de dollars
• Frais de négociation des dérivés: 329 millions de dollars

Réserver les revenus des services

Les services d'inscription ont généré 302 millions de dollars de revenus annuels pour le NASDAQ en 2023.

Type de service	Revenus annuels
Frais d'inscription initiaux	124 millions de dollars
Frais de maintenance de la liste annuelle	178 millions de dollars

Licence de technologie

Les revenus des licences technologiques ont totalisé 267 millions de dollars en 2023.

• Solutions technologiques de marché: 186 millions de dollars
• Licence de plateforme de trading: 81 millions de dollars

Services de conseil aux entreprises

Les services consultatifs d'entreprise ont généré 198 millions de dollars de revenus pour le NASDAQ en 2023.

Catégorie de service consultatif	Revenus annuels
Fusionnement & Avis d'acquisition	112 millions de dollars
Services de gouvernance d'entreprise	86 millions de dollars

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.