Nasdaq, Inc.

Recurring subscription and software revenues represented approximately 75-80% of net revenues in FY2024 and FY2025, with ARR reaching $3.1B in FY2025, up from $2.8B in FY2024. Solutions revenue continued expanding through the 2022-2023 capital markets slowdown, demonstrating multi-year durability across a stress period.

Revenue is spread across Capital Access Platforms (roughly 43% of FY2025 net revenue), Financial Technology (roughly 38%), and Market Services (roughly 23%), spanning data, index licensing, FinTech software, and exchange trading with different client types. All three segments operate within financial services and face correlated headwinds in severe market dislocations.

The United States accounted for approximately 79% of total revenue in FY2024, with non-US revenue at roughly 21% from European exchange operations and global FinTech clients. Non-US revenue grew approximately 33% in FY2024, but the business remains predominantly dependent on the US capital markets and regulatory environment.

At the February 2026 Investor Day, Nasdaq raised its medium-term Solutions revenue growth target to 9-12% while maintaining expense growth guidance at 5-8%, indicating structural operating leverage in its software and data businesses. Ongoing Adenza integration investment and exchange infrastructure maintenance limit how quickly this leverage translates to reported margin expansion.

AxiomSL and Calypso provide mission-critical regulatory reporting and treasury management software to major financial institutions, with Financial Crime Management Technology reporting net revenue retention of 113% in FY2025. Solutions revenue of $4.0B in FY2025 grew organically through the 2022-2023 market downturn, reflecting the non-discretionary nature of the underlying contracts.