NASDAQ, INC. (NDAQ): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos mercados financeiros, a NASDAQ, Inc. (NDAQ) surge como uma potência de inovação tecnológica e inteligência de mercado, transformando como investidores e empresas globais interagem com ecossistemas financeiros. Ao misturar perfeitamente a tecnologia de ponta, dados abrangentes de mercado e plataformas de negociação robustas, a NASDAQ revolucionou a maneira como as transações financeiras são executadas e monitoradas. Essa intrincada Canvas de modelo de negócios revela uma estratégia sofisticada que vai além das operações tradicionais da bolsa de valores, posicionando a NASDAQ como um participante fundamental no cenário financeiro global.

NASDAQ, INC. (NDAQ) - Modelo de negócios: Parcerias -chave

Provedores de tecnologia para negociação e infraestrutura de dados de mercado

A NASDAQ colabora com os principais parceiros de tecnologia para manter sua infraestrutura avançada de mercado:

Parceiro	Foco em tecnologia	Valor do contrato
Sistemas Cisco	Infraestrutura de rede	US $ 42,3 milhões anualmente
IBM	Serviços de computação em nuvem	US $ 67,5 milhões por ano
Microsoft Azure	Tecnologias de nuvem e IA	US $ 89,2 milhões anualmente

Instituições financeiras e bancos de investimento

Parcerias estratégicas com instituições financeiras:

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

Órgãos regulatórios e organizações de conformidade

As parcerias críticas de conformidade incluem:

Organização	Foco regulatório
Sec	Regulamentação de valores mobiliários
Finra	Supervisão do setor financeiro
Cftc	Regulação do mercado de derivativos

Provedores de serviços de computação em nuvem e segurança cibernética

Parcerias de infraestrutura de cibersegurança e nuvem:

• Amazon Web Services (AWS): contrato anual de US $ 53,7 milhões
• Redes Palo Alto: US $ 24,6 milhões de contrato de segurança cibernética
• Crowdstrike: US $ 18,3 milhões em parceria de detecção de ameaças

Bolsas de valores globais e redes de mercado financeiro

Parcerias de intercâmbio internacional:

Intercâmbio	Tipo de parceria	Valor de colaboração
Bolsa de Valores de Londres	Compartilhamento de tecnologia	US $ 37,9 milhões
Exchange de Cingapura	Compartilhamento de dados de mercado	US $ 22,5 milhões
Deutsche Börse	Integração de tecnologia	US $ 45,6 milhões

NASDAQ, INC. (NDAQ) - Modelo de negócios: Atividades -chave

Operação de mercado e gerenciamento de bolsas de valores

A NASDAQ opera 29 mercados globalmente, incluindo o mercado de ações da NASDAQ nos Estados Unidos. Em 2022, a troca processou:

• 2,3 bilhões de ações totais negociadas diariamente
• Mais de 4.000 empresas listadas
• Capitalização de mercado de aproximadamente US $ 16,4 trilhões

Métrica de mercado	Volume
Empresas listadas no total	4,200
Volume de negociação diária	2,3 bilhões de ações
Receita de negociação anual	US $ 1,1 bilhão

Desenvolvimento de Tecnologia Financeira

Investimento em tecnologia: A NASDAQ investiu US $ 381 milhões em tecnologia e desenvolvimento de produtos em 2022.

• Desenvolvido Nasdaq Financial Framework (NFF)
• Criou sistemas de vigilância de mercado avançados
• Implementou plataformas de negociação baseadas em nuvem

Dados de mercado e serviços de análise

Os serviços de dados de mercado geraram US $ 386 milhões em receita para 2022.

Serviço de dados	Receita anual
Assinaturas de dados de mercado	US $ 230 milhões
Plataforma de análise	US $ 156 milhões

Listagem e serviços corporativos

A receita de serviços corporativos atingiu US $ 296 milhões em 2022.

• As taxas iniciais de listagem variam de US $ 50.000 a US $ 250.000
• Taxas anuais de listagem entre US $ 42.000 e US $ 155.000
• Serviço de 4.200 empresas listadas

Manutenção e inovação da plataforma de negociação

Desempenho da plataforma: Mantido 99,99% de tempo de atividade do sistema em 2022.

Métrica da plataforma	Valor
Tempo de atividade do sistema	99.99%
Investimento de infraestrutura de tecnologia	US $ 175 milhões
Despesas de segurança cibernética	US $ 62 milhões

NASDAQ, INC. (NDAQ) - Modelo de negócios: Recursos -chave

Infraestrutura tecnológica avançada

A NASDAQ opera um ecossistema tecnológico sofisticado, avaliado em aproximadamente US $ 1,2 bilhão em investimentos em infraestrutura tecnológica a partir de 2023. A Companhia mantém 13 data centers globais com 99,99% de confiabilidade de tempo de atividade.

Componente de infraestrutura	Especificação	Investimento anual
Plataformas de negociação	Sistemas de mercado eletrônico	US $ 387 milhões
Data centers	13 locais globais	US $ 215 milhões
Sistemas de segurança cibernética	Proteção avançada de ameaças	US $ 142 milhões

Dados de mercado proprietários e plataformas de análise

As plataformas de dados de mercado da NASDAQ geram aproximadamente US $ 850 milhões em receita anual, cobrindo mais de 3,8 milhões de assinantes de dados de mercado em todo o mundo.

• Produtos de dados de mercado: 47 soluções de análise distintas
• Feeds de preços em tempo real: cobertura de mais de 70 trocas globais
• Dados históricos do mercado: mais de 30 anos de registros financeiros abrangentes

Rede global de profissionais de mercado financeiro

A NASDAQ emprega 5.274 profissionais em 26 países a partir do quarto trimestre de 2023, com uma experiência média dos funcionários de 12,6 anos nos mercados financeiros.

Categoria profissional	Total de funcionários	Experiência média
Profissionais de tecnologia	2,103	8,4 anos
Analistas financeiros	1,247	15,2 anos
Operações de mercado	1,924	11,3 anos

Forte reputação da marca em serviços financeiros

A avaliação da marca da NASDAQ é de US $ 4,6 bilhões em 2023, com uma pontuação global de reconhecimento de marca de 87/100 em setores de tecnologia financeira.

Tecnologias de propriedade intelectual e software

A NASDAQ detém 423 patentes de tecnologia ativa a partir de 2023, com um portfólio de propriedades intelectuais avaliado em US $ 672 milhões.

• Patentes de software: 276 patentes de tecnologia ativa
• Patentes do algoritmo de negociação: 147 inovações algorítmicas únicas
• Investimento anual de P&D: US $ 324 milhões

NASDAQ, INC. (NDAQ) - Modelo de negócios: proposições de valor

Mecanismos de negociação de mercado transparentes e eficientes

A NASDAQ opera 29 mercados globalmente, facilitando 1,5 bilhão de ações negociadas diariamente. O volume de negociação em 2022 atingiu aproximadamente US $ 2,1 trilhões. As plataformas de negociação eletrônica processam mais de 99% das transações com um tempo médio de execução de 0,0035 segundos.

Métrica de mercado	2022 Valor
Mercados globais	29
Volume de negociação de ações diárias	1,5 bilhão
Valor de negociação anual	US $ 2,1 trilhões

Dados e insights do mercado em tempo real

A NASDAQ fornece dados de mercado para mais de 11.000 instituições financeiras em todo o mundo. A receita de assinatura para serviços de dados de mercado atingiu US $ 588 milhões em 2022.

• Mais de 11.000 assinantes de dados institucionais
• Receita de serviço de dados de mercado: US $ 588 milhões
• Cobertura de dados em tempo real em mais de 50 mercados globais

Soluções de negociação tecnológica avançada

A tecnologia de mercado da NASDAQ atende a mais de 130 trocas e plataformas de negociação em todo o mundo. A Technology Solutions gerou US $ 381 milhões em receita durante 2022.

Métrica de tecnologia	2022 Valor
Trocas globais serviram	130+
Receita de Soluções de Tecnologia	US $ 381 milhões

Serviços de listagem abrangentes para empresas públicas

A NASDAQ listou mais de 4.700 empresas em 2022, representando uma capitalização de mercado total de US $ 16,5 trilhões. Os serviços de listagem geraram US $ 321 milhões em receita.

• Empresas listadas: 4.700+
• Capitalização de mercado total: US $ 16,5 trilhões
• Receita de serviços de listagem: US $ 321 milhões

Ferramentas de gerenciamento de riscos e conformidade

A tecnologia de vigilância da NASDAQ monitora diariamente 70 bilhões de eventos de mercado. A tecnologia do Marketplace e os serviços corporativos geraram US $ 761 milhões em 2022.

Métrica de conformidade	2022 Valor
Eventos diários de mercado monitorados	70 bilhões
Receita de tecnologia do mercado	US $ 761 milhões

NASDAQ, INC. (NDAQ) - Modelo de negócios: relacionamentos com o cliente

Parcerias corporativas de longo prazo

A NASDAQ atende a mais de 4.000 empresas listadas em todo o mundo. Os valores da parceria corporativa incluem:

Tipo de parceria	Número de clientes	Impacto anual da receita
Serviços de listagem de mercado	3.900 empresas	US $ 507 milhões (2023)
Soluções de tecnologia corporativa	2.500 clientes corporativos	US $ 342 milhões (2023)

Gerenciamento de conta dedicado

A NASDAQ fornece gerenciamento de contas especializado com:

• Mais de 250 gerentes de relacionamento dedicados
• Taxa média de retenção de clientes de 92%
• Serviço personalizado para instituições financeiras de primeira linha

Plataformas digitais de autoatendimento

As métricas da plataforma digital incluem:

Recurso da plataforma	Estatísticas de uso
Portal de inteligência de mercado	87.000 usuários ativos
Painel do NASDAQ MERCADO INSIGHTS	53.000 usuários ativos mensais

Suporte tecnológico contínuo

Recursos de suporte à tecnologia:

• Equipe de suporte técnico 24/7
• 95% Taxa de resolução de primeiro contato
• Tempo médio de resposta: 12 minutos

Insights regulares de mercado e comunicações de pesquisa

Métricas de comunicação de pesquisa:

Canal de comunicação	Freqüência	Base de assinante
Relatórios de análise de mercado	Semanalmente	42.000 assinantes
Insights financeiros trimestrais	Trimestral	35.000 assinantes

NASDAQ, INC. (NDAQ) - Modelo de negócios: canais

Plataformas de negociação on -line

A NASDAQ opera a plataforma de vigilância do mercado da NASDAQ, atendendo a aproximadamente 3.900 empresas listadas. A plataforma processou 2,2 bilhões de ações diariamente em 2023, com um valor médio de negociação de US $ 226 bilhões por dia.

Métrica da plataforma	2023 desempenho
Volume de compartilhamento diário	2,2 bilhões de ações
Valor médio de negociação diária	US $ 226 bilhões
Empresas listadas	3,900

Serviços de dados do mercado digital

Os serviços de dados de mercado da NASDAQ geraram US $ 1,1 bilhão em receita em 2023, com 85% das instituições financeiras globais usando seus produtos de dados.

• Base de assinantes de dados de mercado: 5.200 clientes institucionais
• Cobertura de dados do mercado global: 70 países
• Feeds de dados em tempo real: mais de 55 mercados globais

Equipes de vendas diretas

A NASDAQ emprega 1.750 profissionais de vendas em todo o mundo, direcionando instituições financeiras, empresas de investimento e clientes corporativos.

Métrica da equipe de vendas	2023 dados
Total de profissionais de vendas	1,750
Cobertura global de vendas	América do Norte, Europa, Ásia

Conferências financeiras e eventos do setor

A NASDAQ organizou 42 conferências do setor em 2023, atraindo 8.500 profissionais financeiros e executivos corporativos.

• Total Conferências: 42
• Participantes: 8.500 profissionais
• Locais de eventos: 12 países

Aplicativos da Web e móveis

As plataformas digitais da NASDAQ registraram 22 milhões de usuários ativos mensais em 2023, com downloads de aplicativos móveis aumentando em 35% ano a ano.

Métrica da plataforma digital	2023 desempenho
Usuários ativos mensais	22 milhões
Crescimento do download de aplicativos móveis	35%
Plataformas de aplicativos móveis	iOS, Android

NASDAQ, INC. (NDAQ) - Modelo de negócios: segmentos de clientes

Empresas públicas que buscam listagens

A partir do quarto trimestre de 2023, a NASDAQ listou 3.327 empresas totais com uma capitalização de mercado total de US $ 16,7 trilhões.

Categoria de listagem	Número de empresas	Cap total de mercado
Empresas de tecnologia	1,214	US $ 7,3 trilhões
Serviços financeiros	612	US $ 3,2 trilhões
Assistência médica	541	US $ 2,9 trilhões

Investidores institucionais

A NASDAQ atende a aproximadamente 5.400 empresas de investimento institucional globalmente.

• Empresas de gerenciamento de ativos: 2.100
• Fundos de pensão: 870
• Fundos de hedge: 1.230
• Companhias de seguros: 680

Investidores de varejo

A plataforma da NASDAQ suporta mais de 130 milhões de contas de investidores de varejo individuais em 2024.

Faixa etária do investidor	Percentagem
18-34 anos	38%
35-54 anos	42%
55 anos ou mais	20%

Empresas de tecnologia financeira

A NASDAQ suporta 1.287 empresas de fintech em toda a sua infraestrutura de mercado.

• Provedores de plataforma de negociação: 423
• Empresas de análise de dados: 356
• Plataformas de criptomoeda: 218
• Empresas de comércio algorítmico: 290

Bancos de investimento globais

A NASDAQ atende 672 instituições globais de banco de investimento em 2024.

Região	Número de bancos de investimento
América do Norte	278
Europa	197
Ásia-Pacífico	142
Resto do mundo	55

NASDAQ, INC. (NDAQ) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Custos anuais de infraestrutura de tecnologia para a NASDAQ em 2023: US $ 428,7 milhões

Categoria de infraestrutura	Custo anual
Operações de data center	US $ 189,3 milhões
Serviços de computação em nuvem	US $ 112,5 milhões
Sistemas de segurança de rede	US $ 76,9 milhões
Manutenção de hardware	US $ 50 milhões

Investimentos de pesquisa e desenvolvimento

Despesas totais de P&D para 2023: US $ 203,4 milhões

• Tecnologia de mercado em P&D: US $ 98,6 milhões
• Innovação da plataforma de negociação: US $ 64,2 milhões
• Pesquisa de segurança cibernética: US $ 40,6 milhões

Compensação dos funcionários

Total de despesas de pessoal para 2023: US $ 612,8 milhões

Categoria de compensação	Quantia
Salários da base	US $ 387,5 milhões
Bônus de desempenho	US $ 145,3 milhões
Remuneração baseada em ações	US $ 80 milhões

Despesas de conformidade regulatória

Custos totais de conformidade em 2023: US $ 176,2 milhões

• Relatórios legais e regulatórios: US $ 82,7 milhões
• Tecnologia de conformidade: US $ 53,5 milhões
• Auditoria e consultoria externa: US $ 40 milhões

Operações de marketing e vendas

Despesas totais de marketing e vendas para 2023: US $ 145,6 milhões

Canal de marketing	Gastos
Marketing digital	US $ 47,3 milhões
Patrocínios da Conferência da Indústria	US $ 38,7 milhões
Operações da equipe de vendas	US $ 59,6 milhões

NASDAQ, INC. (NDAQ) - Modelo de negócios: fluxos de receita

Taxas de assinatura de dados de mercado

Em 2023, o segmento de serviços de mercado da NASDAQ gerou US $ 1,05 bilhão em receita de assinaturas e serviços de dados do mercado.

Categoria de receita de dados de mercado	Receita anual (2023)
Assinaturas de dados de mercado profissional	US $ 612 milhões
Enterprise Data Solutions	US $ 438 milhões

Taxas de transação de negociação

As taxas de transação de negociação geraram US $ 785 milhões em receita para a NASDAQ em 2023.

• Taxas de transação de negociação de ações: US $ 456 milhões
• Taxas de negociação de derivativos: US $ 329 milhões

Receita de serviços de listagem

Os serviços de listagem geraram US $ 302 milhões em receita anual para a NASDAQ em 2023.

Tipo de serviço de listagem	Receita anual
Taxas iniciais de listagem	US $ 124 milhões
Taxas anuais de manutenção de listagem	US $ 178 milhões

Licenciamento de tecnologia

A receita de licenciamento de tecnologia totalizou US $ 267 milhões em 2023.

• Soluções de tecnologia de mercado: US $ 186 milhões
• Licenciamento da plataforma de negociação: US $ 81 milhões

Serviços de consultoria corporativa

Os serviços de consultoria corporativa geraram US $ 198 milhões em receita para a NASDAQ em 2023.

Categoria de serviço de consultoria	Receita anual
Fusão & Aviso de aquisição	US $ 112 milhões
Serviços de Governança Corporativa	US $ 86 milhões

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.