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Nasdaq Revenue Rises 14% as Financial Technology Business Expands

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Nasdaq Revenue Rises 14% as Financial Technology Business Expands

Nasdaq reported higher third-quarter revenue and earnings Thursday (Oct. 22), supported by growth in its financial technology and capital markets businesses as the exchange operator continues investing in technology and market infrastructure.

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Net revenue rose 14% on an organic basis to $1.5 billion in the quarter ended Sept. 30, Nasdaq said in a press release. Solutions revenue, which includes its Capital Access Platforms and Financial Technology businesses, increased 18% organically to $1.2 billion. The company’s reported revenue growth was 13%, reflecting the impact of portfolio changes.

Annualized recurring revenue, a measure of contracted revenue expected to recur over a 12-month period, reached a record $3.4 billion, up 14% organically from a year earlier.

Financial Technology revenue increased 16% year over year, while revenue from Capital Access Platforms, which provides services to companies and investors, grew 20%. Market Services, which includes Nasdaq’s trading operations, generated $309 million in net revenue, up 2% from the prior-year quarter.

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Nasdaq Chair and Chief Executive Adena Friedman said the results reflected progress across the company’s businesses, including record growth in financial technology recurring revenue and the establishment of Nasdaq Digital Liquidity Networks within Market Services.

The company is investing in infrastructure to support markets that increasingly operate across asset classes and geographies, including through digital assets and artificial intelligence, Friedman said.


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