Nasdaq operates as a financial technology and market infrastructure company with two core businesses: running financial exchanges and selling technology and data solutions to financial institutions worldwide. On the exchange side, Nasdaq operates the Nasdaq Stock Market — the largest U.S. equities venue — along with six U.S. options exchanges and exchanges across the Nordics and Baltics. Nasdaq also runs one of the world's most prominent stock listing venues, particularly for tech-oriented companies. On the technology side, Nasdaq sells software and data products to banks, brokers, asset managers, exchanges, and regulators, covering financial crime detection, regulatory reporting, trading and risk management, and corporate governance. Nasdaq also licenses its indices — most notably the Nasdaq-100 — to asset managers who build ETFs and derivatives products on top of them. Nasdaq reports three segments: Capital Access Platforms (~40% of net revenue), which includes data, listings, index licensing, and workflow tools; Financial Technology (~36%), which includes Verafin (anti-financial crime), AxiomSL (regulatory reporting), and Calypso (trading and risk management); and Market Services (~23%), its exchange trading business. Revenue comes from transaction fees, AUM-based index licensing fees, and recurring software subscriptions. The FinTech business follows a land-and-expand model, signing clients on a beachhead product and upselling additional modules over time. ARR ended FY25 at $3.1B.