Nasdaq’s Transformation by the Numbers

During Nasdaq’s Investor Day presentation on February 25, 2026, the company discussed several key long-term metrics that show the scale and breadth of its transformation into a leading technology platform that powers the world’s economies.

As global markets have become more complex, Nasdaq’s strategic response has been to architect modern markets around the globe, power the innovation economy, and build trust in the system by focusing on high-integrity data and combatting financial crime.

The full presentation, including reconciliations of U.S. GAAP to non-GAAP measures, are available on Nasdaq’s Investor Relations website, but here are three key highlights about the company’s long-term growth:

The Mix of Nasdaq’s Revenues by Business

From its exchange roots, Nasdaq has become a technology powerhouse with a diverse revenue mix. In 2020, net revenue for the company was $2.9 billion, with 31% attributable to Market Services, 44% to Capital Access Platforms, and 22% to Financial Technology. By 2025, net revenue increased to $5.2 billion, with Market Services making up 23%, Capital Access Platforms at 41%, and Financial Technology growing to 35%.

“We've achieved a fundamental transformation, and today we are the trusted fabric of the financial system,” said Sarah Youngwood, EVP & CFO of Nasdaq. “We have scaled to be the trusted transformation partner of our clients, and we do that as we create profitable growth for our shareholders.”

Over that five-year period, total net revenue grew at a 13% compound annual growth rate (CAGR), and annual recurring revenue grew at a 14% CAGR during that period.

The Company’s Financial Profile is in Rarefied Air

A strong financial profile is the bedrock of Nasdaq's strategic transformation, providing the capital and stability needed to pivot from a traditional exchange operator to a premier technology partner.

The double-digit growth in revenue since 2020 demonstrates the success of this transformation as the company has consistently demonstrated strong growth from across its diversified platform while investing in key growth pillars including Financial Crime Management, Index, and its suite of mission-critical solutions across risk management and trader infrastructure. Key figures include:

• Annual Solutions Revenue has grown from $1.9 billion in 2020 to $4.0 billion in 2025, representing a 16% CAGR
• Free Cash Flow has risen from $1.0 billion in 2020 to $2.2 billion in 2025, for a 17% CAGR
• Non-GAAP Diluted Earnings Per Share has jumped from $2.06 in 2020 to $3.48 in 2025, for an 11% CAGR

Other key figures from Nasdaq’s 2025 results report include a 109% free cash flow conversion ratio and a 56% non-GAAP operating margin – further indicators that the company has become more scalable and financially resilient.

The Rule of 40

In fact, Nasdaq’s strategic execution is far outperforming the “Rule of 40” – a measure stating that a company’s health can be assessed by adding its revenue growth rate to its EBITDA margin and comparing the total to a 40% benchmark.

With an organic net revenue growth of 12% and an EBITDA margin of 58%, Nasdaq achieves a powerful Rule-of-40 score of 70% for 2025. That tops the 46% average for software peers, a 51% average for information services peers, and a 57% average for diversified financials peers.

Across the S&P 500, Nasdaq is just one of 18 companies that hit at least 60 on this key measure of growth and profitability.

For more on how Nasdaq is growing its platform and shaping the evolution of the markets, check out this roundup of the company’s major achievements in 2025.

Cautionary Note Regarding Forward-Looking Statements

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. When used in this communication, words such as “can" and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements.

Such forward-looking statements include, but are not limited to (i) management’s vision for the future of Nasdaq; projections relating to our future financial results, growth, products and services; and ability to transition to new business models or implement new business initiatives, (ii) statements about the benefits of strategic, technology and artificial intelligence commitments and initiatives, (iii) our medium-term growth outlook, and (iv) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk and U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. The forward-looking statements in this communication do not include the potential impact of any acquisitions or divestitures that may be announced and/or completed after the date hereof.