Nasdaq, Inc. (NDAQ) Stock Price & How to Invest
Last updated July 2026
Short answer
You can invest in Nasdaq (NDAQ) by buying shares or fractional shares at any major US broker, through a financials or fintech ETF that holds it, or as one holding in a thematic basket. Nasdaq is no longer just a stock exchange: it runs three businesses, the exchange and trading platform (Market Services), a Capital Access Platforms division (listings, index products, and analytics), and a fast-growing Financial Technology division that sells software for anti-financial-crime, regulatory reporting, and capital-markets infrastructure. The core thesis is a shift from volume-driven trading fees toward recurring, subscription-style software and data revenue that is meant to be steadier and higher-margin over time.
NDAQ stock price
As of 2026-07-14, Nasdaq, Inc. (NDAQ) last closed at $88.29, down 1.5% over the past year. Over the past 52 weeks it has traded between $76.85 and $100.98.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Nasdaq, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Nasdaq, Inc. (NDAQ) do?
Nasdaq, Inc. is a global markets-infrastructure and financial-technology company. Most people know it for the Nasdaq Stock Market, home to many large technology listings, but the exchange is now only one part of the company. Nasdaq reports across three divisions: Market Services (the trading and exchange business, tied to volumes), Capital Access Platforms (company listings, the fast-growing index and index-linked product business, and investor-relations and ESG analytics), and Financial Technology (software for anti-money-laundering and fraud detection, regulatory technology, and capital-markets trading and risk systems).
The strategic story of the last few years is the 2023 acquisition of Adenza (combining the Calypso and AxiomSL software franchises), which turbo-charged the Financial Technology division and pushed Nasdaq further toward recurring, subscription-style revenue. In Q1 2026 Nasdaq reported net revenue of roughly $1.4 billion, up about 14% year over year, with the Financial Technology division growing at a record pace (up around 18%) on strong demand for anti-financial-crime and regulatory technology. Management highlighted strong bookings growth and dozens of new fintech clients, alongside continued index-business momentum. The company returned over $700 million to shareholders in the quarter through dividends and buybacks. The bull case is that recurring software, data, and index revenue now anchor the model; the caution is that the stock trades at a premium and part of the business still moves with trading volumes and market sentiment.
What's driving Nasdaq, Inc. (NDAQ)?
1. Financial Technology and recurring revenue
The Financial Technology division, powered heavily by the Adenza acquisition (Calypso and AxiomSL), sells mission-critical software for anti-money-laundering, fraud detection, regulatory reporting, and capital-markets risk and trading. In Q1 2026 it grew at a record pace on strong demand and bookings, adding dozens of new clients. Because much of this revenue is subscription-based and sticky, it is the centerpiece of Nasdaq's shift toward steadier, higher-quality earnings.
2. Index business and Capital Access Platforms
Nasdaq's index franchise (including well-known benchmarks and the products that track them) earns fees that scale with assets linked to those indexes, giving it a growth engine tied to the broad move into passive and index-linked investing. Combined with listings, analytics, and investor-relations tools inside Capital Access Platforms, this division adds recurring, data-driven revenue that is less dependent on day-to-day trading activity.
3. Cross-sell, integration, and AI
Management's One Nasdaq strategy is about selling more products across a large existing client base of banks, brokers, and corporates, and integrating acquired software into a single platform. Nasdaq has also emphasized applying AI across its trading, surveillance, and anti-financial-crime tools. Successful cross-selling and integration are what turn acquisitions like Adenza into durable, compounding revenue rather than one-time additions.
4. Capital returns and deleveraging
Nasdaq generates substantial cash and returns a large share to owners through a growing dividend and share repurchases (over $700 million combined in Q1 2026). After taking on debt for the Adenza deal, paying that debt down has been a priority, and progress on the balance sheet supports both financial flexibility and continued capital returns. Steady buybacks and dividend growth are part of the total-return case.
What are the risks to Nasdaq, Inc. (NDAQ)?
Nasdaq's Market Services division still depends on trading volumes and volatility, so quieter markets can pressure that revenue line. The stock also tends to trade at a premium multiple relative to some exchange peers, which leaves less room for error if growth slows. Integration and execution risk around large software acquisitions like Adenza is real: cross-sell targets and synergy assumptions may not fully materialize, and the balance sheet still carries acquisition-related debt. Competition is intense across every division, from ICE, CME, and Cboe in trading to S&P and others in indexes and data, and specialized software vendors in fintech. New competitive threats also emerge, such as analyst concern in 2026 about crypto-derivatives venues and event-contract platforms potentially chipping at parts of the exchange landscape. Regulation of market structure, listings, and financial software is another persistent variable outside the company's control.
How is Nasdaq, Inc. (NDAQ) valued? (approximate, Jul 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Nasdaq, Inc.'s investor relations page or your broker.
- Q1 2026 net revenue: ~$1.4 billion, up roughly 14% year over year
- Q1 2026 EPS: Reported in the low-$0.90s per share (approximate; verify live)
- Financial Technology growth: Record pace, up roughly 18% year over year in Q1 2026
- Revenue mix: Majority now from recurring solutions (index, data, and fintech software) rather than trading volumes
- Capital returns (Q1 2026): Over $700 million returned via dividends (~$150M) and buybacks (~$550M)
- Valuation profile: Tends to trade at a premium earnings multiple versus some exchange peers, reflecting the software/data mix
Figures are approximate and tied to the asOf date; verify live numbers before acting. Nasdaq is increasingly valued like a data-and-software company rather than a pure exchange, which supports a higher multiple but also raises the bar for growth. Because part of the model still swings with trading activity, quarter-to-quarter results can be lumpy even as recurring revenue grows. Where the stock trades relative to peers like ICE and CME is as much a judgment about the durability of its software and index growth as about any single quarter.
Who competes with Nasdaq, Inc. (NDAQ)?
Large exchange and derivatives operators
Intercontinental Exchange (owner of the NYSE and major derivatives markets), CME Group, Cboe Global Markets, and Deutsche Boerse compete with Nasdaq across trading, listings, and derivatives. Several trade as diversified data-and-markets businesses too, and both CME and ICE reported record trading volumes in early 2026, underscoring how competitive the core exchange landscape remains.
Index, data, and analytics providers
In its index and data business, Nasdaq competes with S&P Global, MSCI, FTSE Russell (part of LSEG), and other benchmark and analytics providers. These firms earn recurring fees tied to assets that track their indexes and to data subscriptions, and they are the peer set for the higher-multiple, recurring-revenue part of Nasdaq's story.
Financial-technology and regtech software vendors
Nasdaq's Financial Technology division, built around Adenza (Calypso and AxiomSL), competes with capital-markets software and regulatory-technology vendors, including firms like FIS, Broadridge, and various specialized anti-financial-crime and trading-software providers. This is a fragmented, competitive market where switching costs and product breadth matter.
How to invest in Nasdaq, Inc. (NDAQ)
There are three common ways to get NDAQ exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so NDAQ sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where NDAQ fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on Nasdaq, Inc. (NDAQ)
Nasdaq has repositioned from a pure exchange into a data and financial-technology company, with recurring software and index revenue now driving growth. It rewards investors who want a diversified markets-infrastructure business, but valuation is rich and results still depend partly on trading volumes and market conditions.
Build a basket around NDAQ with Walnut
Use Nasdaq, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
Is NDAQ a good stock to buy right now?
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That depends on your goals, time horizon, and risk tolerance, and this is not investment advice. The bull case is Nasdaq's shift toward recurring software, data, and index revenue, led by a fast-growing Financial Technology division and steady capital returns. The bear case is a premium valuation, continued dependence of part of the business on trading volumes, and intense competition across exchanges, index providers, and fintech. Weigh both against your portfolio.
What does Nasdaq actually do?
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Nasdaq is a markets-infrastructure and financial-technology company. It runs the Nasdaq Stock Market and trading platforms (Market Services), a Capital Access Platforms division covering company listings, indexes, and analytics, and a Financial Technology division that sells anti-financial-crime, regulatory, and capital-markets software. It earns money from trading fees, listing and data subscriptions, index-linked product fees, and software licenses.
Is Nasdaq the same as the Nasdaq stock index?
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No. Nasdaq, Inc. (ticker NDAQ) is the company that operates the exchange and sells data and software. The Nasdaq Composite and Nasdaq-100 are stock-market indexes that the company also administers, but buying NDAQ shares means owning the operating business, not the index. To track the index itself, investors typically use index funds or ETFs that follow it.
How does Nasdaq make most of its money now?
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Increasingly from recurring, subscription-style revenue rather than trading fees. Its Capital Access Platforms and Financial Technology divisions, covering listings, indexes, data, and software for regulation and anti-financial-crime, now make up the majority of net revenue. Market Services (the trading business) still matters and moves with volumes, but the strategic emphasis is on steadier recurring revenue.
What was the Adenza acquisition?
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Adenza, which combined the Calypso and AxiomSL software franchises, was a large acquisition Nasdaq completed in 2023. It significantly expanded the Financial Technology division with software for capital-markets trading and risk plus regulatory reporting. It has been a major driver of Nasdaq's recurring-revenue growth, though it also added debt that the company has been working to pay down.
Does Nasdaq pay a dividend?
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Yes. Nasdaq pays a quarterly dividend and has generally raised it over time, and it also buys back shares. In Q1 2026 the company returned over $700 million to shareholders through dividends and repurchases combined. The dividend yield tends to be modest, so total return depends on both the payout and share-price growth. Always check the latest declared dividend before assuming any payout.
How can I get exposure to Nasdaq through an ETF?
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NDAQ appears in many broad financials, capital-markets, and fintech ETFs, where it sits among exchanges and data providers. Note this is different from index funds that track the Nasdaq-100 or Nasdaq Composite, which hold many companies and not primarily NDAQ. Always check a fund's holdings and weighting before assuming meaningful exposure to Nasdaq, Inc. specifically.
What are the main risks of investing in NDAQ?
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Part of the business still depends on trading volumes, so quiet markets can pressure Market Services revenue. The stock often trades at a premium multiple, leaving little margin for a growth slowdown. Integration and execution risk around software acquisitions, acquisition-related debt, intense competition from ICE, CME, Cboe, S&P, and fintech vendors, and market-structure regulation are all factors to weigh.
How is Nasdaq different from ICE and CME?
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All three are diversified markets-infrastructure firms, but their mixes differ. CME is weighted toward futures and derivatives, ICE spans exchanges, fixed income, and mortgage technology, and Nasdaq leans into equities listings plus a large index and financial-technology software business. Nasdaq's growing regtech and anti-financial-crime software is a distinguishing part of its story relative to the others.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Nasdaq, Inc.'s investor relations page or your broker before making investment decisions.