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Sankey diagram of Nasdaq, Inc.. A complete text table follows the diagram.
Market technology, financial-crime tools, indexes and issuer services now supply 77% of net revenue, with trading operating as the smaller transaction engine
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All product, segment and profit flows are directly reported or exact sums of reported lines. Market Services is shown net of $730M of transaction rebates and brokerage, clearance and exchange fees, matching Nasdaq's primary net-revenue presentation. The $138M Corporate drag is the reported Corporate segment loss, comprising $8M other revenue and $146M expense.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Data & listing services | 1 | $214M | 4,570 Nasdaq-listed companies |
| Index licensing | 1 | $220M | $836B in ETP assets tracking Nasdaq indexes |
| Workflow & insights | 1 | $131M | Investor relations and asset-owner tools |
| Financial-crime technology | 1 | $93M | Fraud and anti-money-laundering systems; +21% |
| Regulatory technology | 1 | $118M | Surveillance and compliance infrastructure; +16% |
| Capital-markets technology | 1 | $306M | Adenza and market infrastructure; +21% |
| Trading & market services | 1 | $317M | Net of transaction rebates and clearing fees |
| Capital Access Platforms | 2 | $565M | Listings, indexes, data and workflows; +11% |
| Financial Technology | 2 | $517M | Mission-critical bank and market software; +20% |
| Market Services | 2 | $317M | Trading net revenue; +13% |
| Access-platform operating income | 3 | $349M | 62% segment margin |
| Access-platform operations | 3 | $216M | Data, listing, index and workflow delivery |
| Financial-tech operating income | 3 | $245M | 47% segment margin |
| Financial-tech operations | 3 | $272M | Software development, delivery and support |
| Market-services operating income | 3 | $201M | 63% margin on net revenue |
| Market operations | 3 | $116M | Exchange and clearing infrastructure |
| Three-engine operating profit | 4 | $795M | 75% comes from access and technology |
| Consolidated operating income | 5 | $657M | After the corporate segment |
| Corporate net drag | 5 | $138M | $146M cost offset by $8M other revenue |
| Net non-operating income | 5 | $20M | Includes an $89M divestiture gain |
| Pretax income | 6 | $677M | 48% of net revenue |
| Net income | 7 | $519M | $0.91 diluted EPS |
| Income tax | 7 | $158M | 23.3% effective rate |
| From | To | Value |
|---|---|---|
| Data & listing services | Capital Access Platforms | $214M |
| Index licensing | Capital Access Platforms | $220M |
| Workflow & insights | Capital Access Platforms | $131M |
| Financial-crime technology | Financial Technology | $93M |
| Regulatory technology | Financial Technology | $118M |
| Capital-markets technology | Financial Technology | $306M |
| Trading & market services | Market Services | $317M |
| Capital Access Platforms | Access-platform operating income | $349M |
| Capital Access Platforms | Access-platform operations | $216M |
| Financial Technology | Financial-tech operating income | $245M |
| Financial Technology | Financial-tech operations | $272M |
| Market Services | Market-services operating income | $201M |
| Market Services | Market operations | $116M |
| Access-platform operating income | Three-engine operating profit | $349M |
| Financial-tech operating income | Three-engine operating profit | $245M |
| Market-services operating income | Three-engine operating profit | $201M |
| Three-engine operating profit | Consolidated operating income | $657M |
| Three-engine operating profit | Corporate net drag | $138M |
| Consolidated operating income | Pretax income | $657M |
| Net non-operating income | Pretax income | $20M |
| Pretax income | Net income | $519M |
| Pretax income | Income tax | $158M |