---
title: "Nasdaq, Inc.: Business Model"
description: "Nasdaq, Inc. revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/nasdaq-inc/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Nasdaq, Inc.: Business Model & Revenue Engine

## Direct Answer

Nasdaq, Inc. reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Market Services is the largest, with $4.2 billion of revenue (51% of the total), followed by Capital Access Platforms at $2.1 billion (26%). 72% of revenue came from the United States.

## How Does Nasdaq, Inc. Make Money?

No single line supplies a majority of revenue: the largest, Market Services, is 51%, which spreads Nasdaq, Inc.'s exposure across several demand drivers. Between fiscal 2024 and 2025, Financial Technology grew fastest (+14.1%) and Capital Access Platforms slowest (+9.9%), so the revenue mix tilts toward Financial Technology while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Market Services | $4.2 billion | $3.8 billion | 51.0% | 11.7% |
| Capital Access Platforms | $2.1 billion | $1.9 billion | 25.9% | 9.9% |
| Financial Technology | $1.9 billion | $1.6 billion | 22.4% | 14.1% |

![Bar chart of Nasdaq, Inc. revenue by segment for fiscal 2025: Market Services 51.0%, Capital Access Platforms 25.9%, Financial Technology 22.4%.](https://www.getswoopr.com/images/charts/nasdaq-inc-business-model-segment-mix.webp)
*Nasdaq, Inc. revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Which Nasdaq, Inc. Segments Earn the Most?

| Segment | FY2025 segment operating income | Segment margin |
| --- | --- | --- |
| Market Services | $764 million | 18.1% |
| Capital Access Platforms | $1.3 billion | 59.6% |
| Financial Technology | $860 million | 46.5% |

Segment operating income is the profit measure Nasdaq, Inc. reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Nasdaq, Inc. more safely than against another company.

## Where Does Nasdaq, Inc.'s Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $5.9 billion | $5.8 billion | 72.0% | 2.2% |
| Outside the United States | $2.3 billion | $1.6 billion | 28.0% | 46.2% |

## What the Segment Figures Do Not Show

The rows above add up to 99% of Nasdaq, Inc.'s reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Nasdaq, Inc. reported in the segment note and revenue disclosures of its Form 10-K filed February 12, 2026 (accession 0001628280-26-007703), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Nasdaq, Inc.'s business segments?

In its fiscal 2025 Form 10-K, Nasdaq, Inc. reports revenue for Market Services, Capital Access Platforms and Financial Technology.

### Which part of Nasdaq, Inc. brings in the most revenue?

Market Services, with $4.2 billion of revenue in fiscal 2025, or 51% of the total.

### How much of Nasdaq, Inc.'s revenue comes from outside the United States?

28% in fiscal 2025, by the geographic breakdown Nasdaq, Inc. reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: NASDAQ, INC. Form 10-K filed February 12, 2026](https://www.sec.gov/Archives/edgar/data/1120193/000162828026007703/ndaq-20251231.htm)
- [SEC EDGAR: NASDAQ, INC. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1120193&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Nasdaq, Inc. company dossier](https://www.getswoopr.com/stocks/companies/nasdaq-inc/)
- [Nasdaq, Inc. financial metrics](https://www.getswoopr.com/stocks/companies/nasdaq-inc/metrics/)
- [Nasdaq, Inc. financial risk indicators](https://www.getswoopr.com/stocks/companies/nasdaq-inc/risks/)
- [Nasdaq, Inc. peer comparison](https://www.getswoopr.com/stocks/companies/nasdaq-inc/competitors/)
- [Nasdaq, Inc. business model and revenue mix](https://www.getswoopr.com/stocks/companies/nasdaq-inc/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).