Nasdaq, Inc. (NDAQ): Marketing Mix Analysis [Dec-2025 Updated]

You're digging into the current strategy for NDAQ, and honestly, the biggest takeaway is that the company you knew as a stock market is now a $\mathbf{\$5.178}$ billion (estimated 2025 revenue) financial technology powerhouse, which completely rewrites the marketing mix playbook. Forget just trading fees; their Product is now mission-critical software like Calypso and Verafin's AI Co-Pilot, driving a massive $\mathbf{\$3.0}$ billion in Annualized Recurring Revenue as of Q3 2025. This shift means their Place is increasingly cloud-based, their Promotion centers on cross-selling solutions via the 'One Nasdaq' strategy, and their Price model heavily favors subscription stability over pure transaction volume. It's a defintely different beast to analyze, so let's break down exactly how the four P's reflect this strategic transformation below.

Nasdaq, Inc. (NDAQ) - Marketing Mix: Product

The product element for Nasdaq, Inc. (NDAQ) centers on its diverse portfolio of mission-critical financial technology, market infrastructure, and data services.

Mission-critical Financial Technology solutions, which include the offerings from the acquired Adenza business, specifically Nasdaq AxiomSL for risk and regulatory reporting and Nasdaq Calypso for front-to-back solutions in capital markets and treasury, form a core part of the offering. The Financial Technology segment generated $457 million in revenue in the third quarter of 2025.

The product suite for Anti-Financial Crime software via Verafin is seeing rapid adoption of its AI capabilities. Client usage of the AI Co-Pilot tool was up 20% in Q1 2025, according to the required data point for this analysis. The broader Financial Technology segment saw its Annual Recurring Revenue (ARR) grow by 12% in Q3 2025.

The Global Index products are a significant revenue driver within the Solutions division. Index revenue reached $206 million in the third quarter of 2025. This business saw revenue growth of 13% in Q3 2025.

Listing Services remain a key component of the Capital Access Platforms segment. Nasdaq welcomed 142 IPOs in the first half of 2025, raising a total of $19.2 billion. This represented an 86% win-rate of Nasdaq-eligible listings in the U.S. market, extending leadership to 46 consecutive quarters.

Market Services encompasses the infrastructure for trading, clearing, and settlement across various asset classes. Net revenue for this segment reached $303 million in the third quarter of 2025, marking a 14% year-over-year increase.

The product portfolio can be summarized by its Q3 2025 financial contribution and key metrics:

The breadth of the technology and services offered is reflected in the client base and product adoption:

• Nasdaq AxiomSL is the trusted solution for 90% of Global Systemically Important Banks (G-SIBs).
• Verafin is used by over 2,700 financial institutions, representing over $11 trillion in collective assets.
• The firm launched 30 new Index products in the third quarter of 2025.
• Nasdaq U.S. equities markets were closed for 10 scheduled holidays/early closes in 2025.
• Nasdaq Clearing AB is overseen by a college of European regulators, including the Riksbank, as of July 2025.

Nasdaq, Inc. (NDAQ) - Marketing Mix: Place

The distribution strategy for Nasdaq, Inc. is fundamentally digital and global, reflecting its role as a technology provider and exchange operator. Its primary 'place' of business is the electronic network itself, which facilitates transactions across its owned and partner exchanges.

Nasdaq, Inc. operates as the world's first electronic stock market, a digital infrastructure that is now deeply interconnected globally. As of late 2025, Nasdaq's technology powers more than 90 marketplaces across 50 countries. This extensive digital reach ensures its core market services are available where trading occurs. Furthermore, for its listed securities, Nasdaq-listed securities currently represent 53% of total industry volume in the U.S. equities market as of the third quarter of 2025.

The physical distribution of Nasdaq, Inc.'s operations is anchored by its corporate headquarters at 151 West 42nd Street, Floors 26, 27, 28, New York, NY 10036, United States, and the Nasdaq MarketSite at 4 Times Square, 2nd Floor, New York, NY 10036, United States. Its European presence is solidified through the Nasdaq Nordic/Baltic exchanges, which include Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Stockholm, Nasdaq Riga, Nasdaq Tallinn, and Nasdaq Vilnius, alongside Nasdaq Iceland. The company also maintains a significant physical footprint in other regions, operating in 38 countries globally, with major operations centered in the U.S., Canada, Sweden, Lithuania, India, Philippines, Australia, and the United Kingdom.

For its technology solutions, the distribution model is heavily leaning into the cloud, leveraging an expanded strategic partnership with Amazon Web Services (AWS). This collaboration offers market operators a new services deployment model, including the cloud-ready platform Nasdaq Eqlipse. This cloud-based deployment allows for increased and instant scalability of market infrastructure, including matching engines, enhancing resiliency. The initial adopters of this modernization blueprint include Nasdaq's own Nordic markets (starting with derivatives), the Johannesburg Stock Exchange (JSE), and Mexico's Grupo BMV. To give you a sense of the scale of AWS's cloud business supporting these efforts, AWS segment sales rose 17.5% year-over-year to $30.9 billion in Q2 2025.

In terms of direct distribution for its Financial Technology segment, specifically the Financial Crime Management Technology (Verafin), the placement is direct to financial institutions. More than 2,500 financial institutions globally leverage Nasdaq Verafin's cloud-based technology solutions to fight financial crime and meet compliance needs. This distribution channel bypasses traditional intermediaries for this specific software product, delivering the solution directly to the end-user bank or institution.

The global network reach for index and market data purposes involves a broad set of partners. Nasdaq defines a universe of eligible exchanges for its index construction, which, as of September 2025, included exchanges in countries such as Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, South Africa, Taiwan, Thailand, and Turkey.

Here's a quick view of the distribution footprint:

The deployment of its technology solutions is also characterized by specific client engagements for modernization:

• Nasdaq's Nordic markets are incorporating the managed infrastructure model, starting with derivatives.
• The Johannesburg Stock Exchange (JSE) is a focus for colocation, data intelligence, and client interaction services.
• Grupo BMV in Mexico is leveraging the services deployment model across its clearing and central securities depository platforms.
• The deployment of Nasdaq Calypso on AWS is offered as a fully managed service to financial institutions.

Nasdaq, Inc. (NDAQ) - Marketing Mix: Promotion

You're looking at how Nasdaq, Inc. communicates its value proposition across its diverse business lines, which is critical now that they've pivoted hard into being a solutions provider. The promotion strategy centers on unifying the message and quantifying the technology's impact.

The core of the internal communication push is the 'One Nasdaq' integrated go-to-market strategy. This is designed to make sure clients see the full suite of capabilities, not just the exchange or a single software product. The primary promotional goal here is driving cross-selling of solutions, particularly within the Financial Technology division following the Adenza integration. The target for this integrated effort is ambitious: Nasdaq expects to achieve at least $100 million in incremental revenue through cross-sell opportunities across the Financial Technology division by year-end 2027.

For the technology solutions marketing, the focus is on validating the Adenza acquisition thesis through tangible results. While the integration is ongoing, early traction is being promoted heavily. Through the third quarter of 2024, Nasdaq reported securing 13 cross-sells across the division since the Adenza acquisition, keeping them on track toward that $100 million revenue goal by 2027. The anticipated revenue synergies from the deal were initially projected at $50 million in the medium term and $100 million over the long term.

A significant part of Nasdaq's external advocacy promotion involves strategic communication around regulatory reform. This is promotion aimed at policymakers and the broader market to shape the operating environment. The narrative centers on modernizing public markets to promote capital formation, using stark historical comparisons to underscore the urgency.

Leveraging the strength of the Nasdaq brand is a key promotional lever to attract high-profile listings. As of August 19, 2025, Brand Finance named Nasdaq the world's most valuable exchanges brand, with its brand value growing 33% to USD3.1 billion, surpassing CME.

This brand strength is put to work in the listings business. For instance, in the first half of 2025, Nasdaq hosted 94% of all eligible SPAC IPOs, raising $10.6 billion. Overall in H1 2025, Nasdaq welcomed 142 IPOs, helping companies raise a total of $19.2 billion, marking the highest volume since 2021.

Investor relations and thought leadership promotion are essential for communicating the shift to this solutions-driven model. This involves direct engagement and content creation to frame Nasdaq as a technology partner, not just an exchange operator. You can see this focus in their published materials, such as the webinar replay on 'Trends and Impact on IR for the Second Half of 2025' released on September 18, 2025.

• Financial Technology medium-term organic revenue growth outlook reaffirmed at 10% to 14%.
• Solutions Businesses revenue was projected to reach 77% of total pro forma revenue post-Adenza acquisition.
• Nasdaq's Solutions Businesses medium-term organic revenue growth outlook was raised from 7-10% to 8-11%.
• The company aims to achieve $80 million in run-rate net expense synergies by the end of year two post-acquisition.

Finance: draft 13-week cash view by Friday.

Nasdaq, Inc. (NDAQ) - Marketing Mix: Price

The pricing structure for Nasdaq, Inc. is multi-faceted, reflecting the diverse revenue streams across its technology and market services segments. You see this reflected in the stability provided by recurring revenue commitments.

Annualized Recurring Revenue (ARR) as of Q3 2025 reached $3.0 billion, marking a significant milestone that underscores the stability derived from subscription-based services. This figure represents a 10% increase over the prior year period.

The pricing for Market Services involves transaction-based models, with specific incentives for market participants. For instance, certain displayed liquidity adds may qualify for a rebate structured around $0.0029 per share, though specific fee schedules detail various per-share charges and credits based on volume tiers.

Premium listing fees reflect Nasdaq, Inc.'s market position, evidenced by maintaining listing leadership for 46 consecutive quarters. Entry fees for a new listing on the Nasdaq Global Market or Global Select Market are a flat $295,000, which includes a $25,000 application fee. The corresponding all-inclusive annual fee for these tiers ranges from $52,500 to $182,500, depending on the total shares outstanding.

Data and licensing fees are tied to the Index business, which is substantial. As of October 31, 2025, the assets under management (AUM) tracking Nasdaq indexes exceeded USD879 billion globally, supporting significant licensing revenue streams.

Overall top-line expectations for the full year 2025 are estimated at $5.178 billion.

Here is a quick view of the key pricing and revenue indicators:

You can see the revenue segmentation that drives these pricing realization strategies:

• Annualized Recurring Revenue (ARR) growth: 10% year-over-year (Q3 2025)
• Annualized SaaS revenue as a percentage of ARR: 38% (Q3 2025)
• Index Revenue (Q3 2025): $206 million
• Listing Win Streak: 46 consecutive quarters