Here are the 10-K annual reports from Nasdaq, Inc. (NDAQ) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow NDAQ and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NDAQ filings page.
Nasdaq, Inc. describes how it has evolved into a global technology platform powering markets, data and regulatory infrastructure worldwide. The company now organizes its business into three segments: Capital Access Platforms, Financial Technology and Market Services, serving about 3,800 clients and more than 135 marketplaces in over 55 countries.
As of December 31, 2025, Nasdaq hosted 5,599 listed companies across its U.S., Nordic, Baltic and First North exchanges, including 4,480 on The Nasdaq Stock Market and 1,119 on Nordic and Baltic venues. In 2025, there were 784 new U.S. listings, with 155 operating-company IPOs, 126 SPAC IPOs, 20 exchange switches and 452 ETP and other listings.
Nasdaq’s index franchise remains significant, with 451 ETPs on 27 exchanges tracking its indices and $882 billion in assets tied to them as of December 31, 2025; more than $640 billion tracked Nasdaq-100 core indices. The firm also details a substantial note program, including dollar and euro senior unsecured notes maturing between 2026 and 2063.
The filing highlights strategic emphasis on AI, cloud migration with AWS, and the Adenza (AxiomSL and Calypso) acquisition to deepen regulatory technology and trading solutions. Nasdaq outlines plans for 23-hour Global Trading Hours on The Nasdaq Stock Market in the second half of 2026, subject to regulatory approval, and a wind-down of its Nordic power futures and related commodities clearing by 2026.
Nasdaq also underscores sustainability and human-capital priorities. As of December 31, 2025, it employed 9,525 people, reported an 81% favorable employee engagement score and a 5.6% voluntary attrition rate, and describes progress toward science-based climate targets and expanded ESG data and reporting tools for clients.