Nasdaq (NDAQ)
Runs securities exchanges and supplies data, indexes, and financial-market software.
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Operates securities exchanges in the United States and Northern Europe, licensing market data and indexes alongside listing, analytics, and workflow services. Financial Technology adds financial-crime detection, regulatory reporting, surveillance, trading, and risk software, creating a revenue mix of transaction fees, subscriptions, index licensing, and multiyear contracts.
Operates securities and derivatives markets in the United States and Northern Europe through Market Services, while Capital Access Platforms sells listing services, proprietary market data, indexes, and investor and corporate workflow tools.
Provides banks, brokers, exchanges, and regulators with Financial Technology spanning Verafin financial-crime detection, AxiomSL regulatory reporting, Calypso trading and risk management, market surveillance, and exchange infrastructure. This mix pairs transaction and clearing fees with subscriptions, index licensing, and multiyear software contracts.
Scale comes from linking regulated venues and proprietary data with software embedded in clients' trading, compliance, and risk workflows. Operations remain subject to securities and market regulation across multiple jurisdictions; results also depend on trading and listing activity, index-linked assets, resilient technology, and software renewals.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 24, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $112 | Target: $120 |
| Jul 24, 2026 | Barclays | Reiterate | Rating: —Target: $115 | Target: $111 |
| Jul 10, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $116 | Target: $112 |
| Jul 9, 2026 | Raymond James | Reiterate | Rating: —Target: $109 | Target: $113 |
| Jun 11, 2026 | Redburn Partners | Target | Target: — | Target: $110 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $2.79B · Total debt $9.24B · Total assets $27.34B · Shareholders' equity $11.99B
- Revenue
- $2.53B
- Operating income
- $877.0M
- Net income
- $507.0M
HistoryDividendAnnual yield
| Institutions | 85.06% | 475.48M shares | |
|---|---|---|---|
| 1,114 holders · as of Jun 30, 2026 | |||
| Insiders | 0.65% | 3.62M shares | |
| 20 holders · as of Sep 14, 2026 | |||
| Other | 14.29% | 79.87M shares | |
| remainder | |||
558.98M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Investor ABInstitution | 10.45% | 58.44M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 6.65% | 37.19M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 5.59% | 31.23M | as of Jun 30, 2026 |
Wellington Management Group LLPInstitution | 5.43% | 30.33M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.67% | 26.09M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 10, 2026 | Jeremy Skule | officer: EVP, CSO | −1,125 | $94.22 |
| Aug 10, 2026 | PC Nelson Griggs | officer: Pres. Capital Access Platforms | −3,226 | $96.16 |
| Aug 10, 2026 | Jeremy Skule | officer: EVP, CSO | −2,250 | $94.75 |
| Aug 7, 2026 | Bradley J. Peterson | officer: EVP, CIO | −6,000 | $95.55 |
| Aug 3, 2026 | Bryan Everard Smith | officer: EVP, CPO | −1,556 | $95.07 |
- Intercontinental Exchange
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- MSCI
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- SS&C Technologies
Capital-markets tech platform; competes with Nasdaq's Adenza and FinTech stack.
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Nasdaq | $94.50 | +0.01% | $52.93B | 27.6 | 21.6 | 6.1 | −28.2% |
| Intercontinental Exchange | $152.93 | −0.03% | $87.22B | 21.9 | 18.6 | 6.5 | −18.3% |
| CME Group | $268.00 | +0.30% | $99.07B | 23.4 | 21.5 | 14.6 | +0.8% |
| Cboe Global Markets | $266.83 | +0.12% | $28.41B | 21.2 | 18.7 | 5.6 | −37.7% |
| S&P Global | $402.44 | −0.04% | $119.24B | 24.6 | 21.3 | 7.4 | −2.1% |
| MSCI | $548.88 | +0.01% | $40.64B | 30.8 | 26.0 | 12.2 | +12.2% |
| SS&C Technologies | $79.26 | +0.04% | $18.87B | 23.1 | 10.6 | 2.9 | +10.4% |
| Median | 23.2 | 20.0 | 6.9 | −0.6% |