Flagship explainer
How Nasdaq, Inc. makes its money
Start with a dollar of revenue and follow what the filing says remains.
Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.
| Filed line | Value | % of revenue | Source |
|---|---|---|---|
| $8.3B | 100% |
| |
| Cost of revenue | $3.0B | 36% |
|
| $5.2B | 64% |
| |
| $2.3B | 28% |
| |
| Income before tax | $2.1B | 26% |
|
| Income tax | $358M | 4% |
|
| $1.8B | 22% |
|
Source:
- SEC filing · FY 2025Filing detailsAccession 0001628280-26-007703