NDAQ
NASDAQ · Financial Services · Financial - Data & Stock Exchanges · US
Research · Sep 3, 2026
[NDAQ] Nasdaq Thesis 2026: Adenza Acquisition Tilts Mix Toward Financial Technology Subscriptions
Nasdaq Inc. FY2025 revenue ~$4.7-4.9B (+8-12% net of revenue) with adj. EPS ~$3.20-3.40 reflecting continued post-Adenza acquisition integration completion (Adenza $10.5B closed November 2023 — substantial financial technology + regulatory technology addition transforming Nasdaq into FinTech subscription business) + selected market services trading volume + selected capital access platforms (IPO + selected listings recovery) + selected operational excellence under continued CEO Adena Friedman. Global exchange operator + financial technology + market services + capital access platforms firm; founded February 8, 1971 by NASD as world's first electronic stock exchange (originally National Association of Securities Dealers Automated Quotations; spun off from NASD via 2002 IPO + 2006 NASD divestment); headquartered in New York City; ~10,000+ employees across ~50+ countries. 3 segments post-Adenza November 2023 + post-Power & Water divestment February 2024: Capital Access Platforms 30% ($1.5B — listings + index licensing including Nasdaq-100 + Nasdaq Composite + ~$0.6T+ AUM tracking; QQQ ETF $300B+) + Financial Technology 36% ($1.7B post-Adenza, vs ~$0.5B pre-Adenza — Adenza Calypso trading + risk SaaS + AxiomSL regulatory reporting SaaS + Verafin acquired 2021 $2.75B financial crime/AML; ~85-90% recurring; ~95-97% retention) + Market Services 34% ($1.6B — cash equity + derivatives + fixed income trading + clearing). CEO Adena Friedman since January 2017 (succeeded Bob Greifeld CEO 2003-2017 retired; Friedman first female CEO of major US stock exchange; ex-Carlyle Group CFO 2011-2014 + ex-Nasdaq CFO 2009-2011; ~17+ year Nasdaq career; joined 1993). Adenza $10.5B all-cash + stock acquisition closed November 1, 2023 (~$80M annual cost synergies + ~$100M annual revenue synergies targeted; ~$2.5B integration costs FY2024-2026; ~$5.9B Adenza debt + ~$4.6B equity). Capital return: dividend $0.96-1.04/share annual + buybacks $0.5-1B (resumed post-Adenza balance sheet restoration); investment-grade Baa2/BBB credit rating. FY2026 thesis: Adenza integration + Financial Technology subscription scale + market services + capital return. Risks: integration friction, market volatility cycle, competitive intensity.
Research · Jun 3, 2026
CME, ICE, NDAQ Repriced as CFTC Lets Polymarket In
CFTC's policy action let Polymarket close its first institutional block trade. CME, ICE, and NDAQ sold off on the read-through — the first structural.
Research · Apr 23, 2026
NDAQ Q1: Revenue Climbs to $1.18B as Trading Activity Sustains Post-Volatility Levels
Nasdaq reported Q1 2026 revenue of $1.18 billion, up 8% year-over-year, reflecting sustained market activity levels. The growth sits below the 15% threshold that signals material volume acceleration, suggesting stable rather than breakout trading conditions. Detailed monthly volume metrics and segment-level transaction revenue data will clarify whether the quarter represents trend continuation or early acceleration.
Research · Apr 13, 2026
MS Launches Lowest-Cost Bitcoin ETF — COIN and 5 Stocks Set to Capture Institutional Flows
Morgan Stanley's launch of the lowest-cost Bitcoin ETF marks a milestone in institutional adoption, benefiting custodians like COIN and BK, exchanges CME/NDAQ, issuer MS, and proxy MSTR. Analysis ranks COIN top for its ETF custody dominance amid record volumes and diversification. Watch ETF inflows and crypto derivatives growth as key catalysts.