Nasdaq, Inc.
Close on Nov 2, 2026Market cap $60.72BP/E 31.7Yield 0.97%
Nasdaq Market Services Net Revenues by Year
Market Services Net Revenues (Less Rebates & Brokerage/Section 31 Fees) ($M)
Nasdaq Market Services Net Revenues: $1,201M in FY2025, up 17.7% from a year earlier.
Where the FY2025 figure comes from
Source: Form 8-K Earnings Release Ex-99.1 (filed 2026-01-29) ↗
Breakdown of gross → liquidity provider rebates & SEC Section 31 fees → net for each trading segment (Q4 derived from full-year 10-K minus 9-month 10-Q).
Annual history
Hover a value to see the sentence it was read from; calculated values show their formula
| Period | Ended | Market Services Net Revenues (Less Rebates & Brokerage/Section 31 Fees) ($M) | Year on year | Source |
|---|---|---|---|---|
| FY2025 | Dec 31, 2025 | 1,201 | +17.7% | Form 8-K Earnings Release Ex-99.1 (filed 2026-01-29) ↗ |
| FY2024 | Dec 31, 2024 | 1,020 | +3.3% | Form 8-K Earnings Release Ex-99.1 (filed 2026-01-29) ↗ |
| FY2023 | Dec 31, 2023 | 987 | -0.1% | Form 8-K Earnings Release Ex-99.1 (filed 2025-01-29) ↗ |
| FY2022 | Dec 31, 2022 | 988 | – | Form 8-K Earnings Release Ex-99.1 (filed 2024-01-31) ↗ |
Breakdown
What makes up market Services Net Revenues
- Total Market Services Gross Revenues4,170 · FY2025
- Transaction Rebates-2,528 · FY2025
- Brokerage, Clearance & Section 31-441 · FY2025
- Cash Equity Trading Net515 · FY2025
- U.S. Equity Derivative Trading Net463 · FY2025
- U.S. Tape Plans139 · FY2025
- European Derivatives, Fixed Income & Other Exchange Services Net Revenue84 · FY2025
Cite this data
StockData. (2026). Nasdaq Market Services Net Revenues ($M), annual FY2022–FY2025 [Data set]. Compiled from Nasdaq SEC filings and investor materials. https://stockdatahq.com/stocks/ndaq/kpis/rev-mkt-services-net-q
See every metric in the Nasdaq KPI table. Data updated Nov 2, 2026.