NDAQ at a glance
Nasdaq, Inc. (NDAQ, SEC CIK 1120193) filed its latest 10-K annual report on February 12, 2026, a 10-Q quarterly report on July 23, 2026, an 8-K current report on July 23, 2026 and Form 4 insider filings as recently as October 5, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Nasdaq, Inc. (NDAQ) reported revenue of $8.3 billion (up 11.6% from FY2024) and net income of $1.8 billion. Diluted EPS was $3.09.
- As of June 30, 2026, 41 institutional investment managers tracked by SignalX reported holding Nasdaq, Inc. (NDAQ) shares worth $15.0 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by SKULE JEREMY on September 22, 2026 of 1,125 shares at $95.00 per share.
- In the last 90 days, NDAQ insiders reported 0 open-market purchases ($0) and 10 open-market sales ($5.4M) on Form 4, a net sale of $5.4M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $8.3B
- +11.6% vs prior year
- Insiders · 90 days
- 0 buys · 10 sells
- Net −$5.4M
- 13F holders
- 41 funds
- $15.0B · +2 vs prior quarter
- Latest 8-K
- Jul 23, 2026
- Item 7.01 · Item 8.01 · Item 2.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Risk Factors
- Risk of increased regulatory compliance costs and litigation from cybersecurity and data privacy laws with growing complexity and enforcement globally
- Exposure to geopolitical cyberattacks and operational disruptions due to global footprint in adversary nation-states and unreliable law enforcement regions
- Dependence on third-party cloud infrastructure and technology upgrades risks system failures impacting Nasdaq’s exchanges and trading volumes
- Intense competition from other exchanges and technology firms pursuing tokenized securities trading, extended trading hours, and AI-enabled platforms
- Clearinghouse counterparty risk from defaults on cleared contracts despite margin requirements, with potential significant financial and reputational impact
Business Overview
- Core business model: Technology platform providing market infrastructure, data, analytics, and trading services across capital access, financial technology, and market services segments
- New emphasis on sustainability: Added carbon removal marketplace Puro.earth, enhancing sustainability-focused technologies and workflow solutions
- Strategic shift: Sold Solovis portfolio monitoring platform in October 2025, consolidating focus on core investment analytics and compliance services
- Quantitative highlight: 5,599 total companies listed globally as of Dec 31, 2025, with 784 new U.S. listings including 155 operating company IPOs and $1,241B equity market cap switched to Nasdaq
- Noteworthy 2025 event: Began wind down of Nordic power futures and commodities trading services, with migration completed in June 2025 and exit expected in H2 2026
Management Discussion & Analysis
- Revenue $8,262M in 2025, up 11.6% YoY from $7,400M in 2024, driven by growth in all geographies (US $5,947M, other countries $2,315M)
- Restructuring charges $42M in 2025 vs $116M in 2024; $160M net expense synergies achieved through 2025 from Adenza restructuring
- Best performing segment not explicitly stated; Financial Technology had $32M prior-year revenue reduction excluded from segment results
- Property and equipment investments increased to $728M in 2025 from $593M in 2024; no specific buybacks or dividends disclosed
- Management plans to wind down commodities clearing and trading services in H2 2026; expects additional consideration and regulatory capital release
AI summary of the NDAQ 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Quarterly revenue less transaction-based expenses $1.500B, up 14.9% from $1.306B YoY
- Operating margin 47.5% vs 43.5% YoY, based on operating income of $712M and revenue of $1.500B
- Financial Technology best performer, revenue growth 16% and ARR growth 16%
- Market Services record quarterly net revenues, driven partly by record U.S. equity options volumes
- IPO activity strongest near-term catalyst, with 26 listings raising over $105B; weaker economic conditions a potential headwind
Risk Factors
- No material changes to 10-K risk factors disclosed
- Carried-forward risks could materially adversely affect business, financial condition, and results
- Additional unknown or currently immaterial risks could adversely affect operations
AI summary of the NDAQ 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 7.01: Regulation FD Disclosure
- Nasdaq posted Q2 2026 earnings presentation slides on July 23, 2026
- Slides provide supplemental investor information ahead of or alongside quarterly results
Item 8.01: Other Events
- Nasdaq declared a quarterly cash dividend, directly affecting shareholder income
- Dividend amount, record date, and payment date are detailed in Exhibit 99.2
Item 2.02: Results of Operations and Financial Condition
- Filing references Exhibit 99.1 for Nasdaq’s fiscal-year 2026 results
- Earnings release and exhibit excluded from “filed” status unless specifically incorporated by reference
Item EX-99.1: Item EX-99.1
- Q2 2026 net revenue $1.5B, up 15%, with Solutions revenue $1.16B rising 17%
- Non-GAAP EPS $1.07, up 25%, while GAAP EPS reached $0.89, up 14%
Item 1.01: Entry into a Material Definitive Agreement
- New $1.5B senior unsecured revolving facility extends liquidity through June 30, 2031
- Pricing tied to debt ratings, with margins of 87.5–150.0 basis points for SOFR-based loans
Item 5.07: Submission of Matters to a Vote of Security Holders
- All 12 director nominees elected through the 2027 annual meeting, preserving board continuity
- Executive compensation approved advisory basis, with 357,897,727 votes for and 13,506,434 against
AI summaries of NDAQ 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for NDAQ
Don't miss the next NDAQ filing
- Alerts as it files. A push when NDAQ files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut NDAQ, by share count.
- Ask anything. An AI agent that reads every NDAQ filing and answers with sources.
NDAQ alerts on your phone. Follow it in the SignalX Android app.
Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| SKULE JEREMY | F | Oct 1, 2026 | 1,262 | $92.01 |
| SKULE JEREMY | Sell | Sep 22, 2026 | 1,125 | $95.00 |
| SKULE JEREMY | Sell | Sep 10, 2026 | 1,125 | $94.22 |
| Griggs PC Nelson | Sell | Aug 10, 2026 | 3,226 | $96.16 |
| SKULE JEREMY | Sell | Aug 10, 2026 | 2,250 | $94.75 |
| Peterson Bradley J | Sell | Aug 7, 2026 | 6,000 | $95.55 |
| Smith Bryan Everard | Sell | Aug 3, 2026 | 1,556 | $95.07 |
| Griggs PC Nelson | Sell | Jul 29, 2026 | 11,010 | $96.35 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $7.4B | $8.3B |
| Gross Profit | - | $4.6B | $5.2B |
| Operating Income | - | $1.8B | $2.3B |
| Net Income | - | $1.1B | $1.8B |
| Gross Margin | - | 62.8% | 63.5% |
| Op. Margin | - | 24.3% | 28.2% |
| Net Margin | - | 15.1% | 21.6% |
| Balance Sheet | |||
| Total Assets | $32.3B | $30.4B | $31.1B |
| Equity | $10.8B | $11.2B | $12.2B |
| ROE | - | 10.0% | 14.6% |
| Per Share | |||
| EPS | - | $1.93 | $3.09 |
| Cash Flow | |||
| Operating CF | - | $1.9B | $2.3B |
| CapEx | - | $207.0M | $266.0M |
Source: XBRL data in Nasdaq, Inc. (NDAQ)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate NDAQ share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 41 | $14.97B |
| Q1 2026 | 39 | $15.78B |
| Q4 2025 | 38 | $17.57B |
| Q3 2025 | 40 | $16.96B |
| Q2 2025 | 35 | $16.01B |
| Q1 2025 | 32 | $10.19B |
| Q4 2024 | 28 | $8.62B |
| Q3 2024 | 27 | $3.90B |
- JPMorgan Chase & Co+2.04M (+127%)
- Morgan Stanley+1.10M (+11%)
- D.E. Shaw & Co+915.9K (+52%)
- Two Sigma Investments+704.6K (+30%)
- Citadel Advisors LLC+534.4K (+56%)
- Invesco Ltd−1.20M (-27%)
- BlackRock−975.7K (-3%)
- Principal Financial Group−788.3K (-37%)
- Bank of America Corp−185.3K (-2%)
- Northern Trust−126.8K (-3%)
Source: 13F-HR filings on SEC EDGAR (aggregated from 280 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
NDAQ filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
8-K current reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Sep 24, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Aug 12, 2026 | - | - | - |
| 4 | Aug 12, 2026 | - | - | - |
| 4 | Aug 11, 2026 | - | - | - |
| 4 | Aug 5, 2026 | - | - | - |
| 4 | Jul 31, 2026 | - | - | - |
| 4 | Jul 28, 2026 | - | - | - |
| 4 | Jul 28, 2026 | - | - | - |
| 8-K | Jul 23, 2026 | - | Analysis | - |
| 10-Q | Jul 23, 2026 | Jun 30, 2026 | Analysis | |
| 4 | Jul 2, 2026 | - | - | - |
| 8-K | Jul 1, 2026 | - | Analysis | - |
| 8-K | Jun 16, 2026 | - | Analysis | - |
| 4 | Jun 15, 2026 | - | - | - |
| 4 | Jun 15, 2026 | - | - | - |
| 4 | Jun 12, 2026 | - | - | - |
| 4 | Jun 12, 2026 | - | - | - |
| 4 | Jun 12, 2026 | - | - | - |
| 4 | Jun 12, 2026 | - | - | - |
| 4 | Jun 12, 2026 | - | - | - |
| 4 | Jun 12, 2026 | - | - | - |
| 4 | Jun 12, 2026 | - | - | - |
| 4 | Jun 12, 2026 | - | - | - |
Related Financials companies
- BGC · BGC Group, Inc.Security & Commodity Brokers, Dealers, Exchanges & Services
- CBOE · Cboe Global MarketsSecurity & Commodity Brokers, Dealers, Exchanges & Services
- CME · CME GroupSecurity & Commodity Brokers, Dealers, Exchanges & Services
- ICE · Intercontinental ExchangeSecurity & Commodity Brokers, Dealers, Exchanges & Services
- MRX · Marex Group plcSecurity & Commodity Brokers, Dealers, Exchanges & Services
- SNEX · StoneX Group Inc.Security & Commodity Brokers, Dealers, Exchanges & Services
- TW · Tradeweb Markets IncSecurity & Commodity Brokers, Dealers, Exchanges & Services
- SRCE · 1ST SOURCE CORPState Commercial Banks
NDAQ SEC filings: frequently asked questions
Are NDAQ insiders buying or selling?
In the last 90 days, Nasdaq, Inc. (NDAQ) officers, directors and 10% owners reported no open-market purchases and 10 open-market sales worth $5.4 million by 4 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold NDAQ stock?
As of June 30, 2026, the largest Nasdaq, Inc. (NDAQ) holders among the 13F filers tracked by SignalX were BlackRock ($2.9 billion), Vanguard Capital Management LLC ($2.5 billion), Vanguard Portfolio Management LLC ($2.1 billion), State Street Corp ($1.6 billion), Morgan Stanley ($895.1 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was NDAQ's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Nasdaq, Inc. (NDAQ) reported revenue of $8.3 billion (up 11.6% from FY2024) and net income of $1.8 billion. Diluted EPS was $3.09. The figures come from the XBRL data in the 10-K.
What are the main risks in NDAQ's latest 10-K?
In the 10-K filed February 12, 2026, Nasdaq, Inc. (NDAQ) flagged: Risk of increased regulatory compliance costs and litigation from cybersecurity and data privacy laws with growing complexity and enforcement globally. Exposure to geopolitical cyberattacks and operational disruptions due to global footprint in adversary nation-states and unreliable law enforcement regions. (AI summary of the Risk Factors section.)
What did NDAQ report in its latest 8-K?
Nasdaq, Inc. (NDAQ) filed an 8-K on July 23, 2026 reporting Item 7.01 (Regulation FD Disclosure), Item 8.01 (Other Events) and Item 2.02 (Results of Operations and Financial Condition). Nasdaq posted Q2 2026 earnings presentation slides on July 23, 2026.
What are the latest NDAQ SEC filings?
Nasdaq, Inc. (NDAQ) filed its latest 10-K annual report on February 12, 2026, a 10-Q quarterly report on July 23, 2026, an 8-K current report on July 23, 2026 and a Form 4 insider filing on October 5, 2026.
What is NDAQ's SEC CIK number?
Nasdaq, Inc. (NDAQ)'s SEC Central Index Key (CIK) is 1120193. EDGAR lists every NDAQ filing under that number.
Ask anything about NDAQ
The research agent reads NDAQ's filings, financials, insider trades and 13F holders, then answers with sources.