Nasdaq recorded an 8.2% year-over-year increase in market technology and data subscription revenue during its fourth quarter, driven by strong uptake of its Market Intelligence platform. Subscription fees from index licensing rose 6.5%, while real-time data feed revenues climbed 9.1%. The company attributed this growth to new long-term contracts with several global asset managers, collectively worth over $45 million in annualized revenue.

During the quarter, Nasdaq added 28 new listings on its U.S. exchange, representing a 14% increase from the same period last year. These listings included seven special purpose acquisition companies (SPACs) and seven direct listings, underscoring continued demand for alternative listing vehicles. Initial public offering (IPO) proceeds raised totaled $3.1 billion, up from $2.4 billion in Q4 2024, reflecting heightened activity in the small- and mid-cap segments.

Nasdaq’s trade management services division delivered a 12.4% revenue uplift, driven by increased adoption of its Best Execution solutions and pre-trade compliance tools. Trading volume on Nasdaq’s electronic book grew 5.8% to 6.2 billion shares, while average daily trading value rose to $53.7 billion. The firm highlighted a 20% jump in market participants using its Smart Order Router module, signaling broader client migration to algorithmic execution platforms.

In Q4, Nasdaq secured three multi-year agreements with major custodial banks and asset servicers, collectively valued at $62 million in contracted annual fees. These deals expand Nasdaq’s footprint in post-trade processing and collateral management services, leveraging its cloud-based risk monitoring tools. Additionally, the company extended its relationship with a leading global bank for its blockchain-powered digital asset custody solution, marking Nasdaq’s first renewal in this segment.