Nasdaq's total revenues for the fiscal year 2024 reached $7,400 million, representing a significant increase of 22.1% compared to $6,064 million in 2023. This growth was driven by strong performance across its business segments, particularly in Financial Technology and Capital Access Platforms.

‍Revenues less transaction-based expenses grew by 19.4% year-over-year, reaching $4,649 million in 2024 compared to $3,895 million in 2023. This metric highlights the company's ability to generate higher net revenues after accounting for transaction-related costs.

The Financial Technology segment experienced remarkable growth of 47.5%, with revenues increasing to $1,621 million in 2024 from $1,099 million in 2023. This growth was primarily driven by the Adenza acquisition and strong performance in Regulatory Technology, which grew by 66.3%, and Capital Markets Technology, which grew by 50.0%.

The Capital Access Platforms segment grew by 11.4%, with revenues reaching $1,972 million in 2024 compared to $1,770 million in 2023. Key contributors included a 33.7% increase in Index revenues and a 3.8% increase in Workflow & Insights revenues.

The Market Services segment reported a modest growth of 3.4%, with revenues increasing to $1,020 million in 2024 from $987 million in 2023. This growth was supported by an 8.3% increase in Cash Equity Trading and a 5.7% increase in U.S. Equity Derivative Trading.

Nasdaq's operating expenses increased by 23.0% year-over-year, reaching $2,851 million in 2024 compared to $2,317 million in 2023. This increase was driven by higher compensation and benefits, amortization expenses related to acquisitions, and restructuring charges. Net income attributable to Nasdaq rose by 5.5%, reaching $1,117 million in 2024 compared to $1,059 million in 2023. However, diluted earnings per share decreased by 7.4% to $1.93 in 2024 from $2.08 in 2023, reflecting the impact of increased share count due to the Adenza acquisition. Nasdaq declared cash dividends of $0.94 per share in 2024, representing a 9.3% increase from $0.86 per share in 2023. This reflects the company's commitment to returning value to shareholders.

The company reported net cash provided by operating activities of $1,939 million in 2024, an increase of $243 million compared to 2023. This was driven by higher net income and increased amortization expenses, partially offset by changes in working capital.Nasdaq's total assets decreased to $30,395 million as of December 31, 2024, compared to $32,294 million in 2023. This decline was primarily due to reductions in default funds and margin deposits. The company's total liabilities decreased to $19,195 million in 2024, down from $21,467 million in 2023. This reduction was driven by lower default funds and margin deposits, as well as a decrease in long-term debt. Nasdaq's stockholders' equity increased to $11,191 million in 2024, up from $10,816 million in 2023. This growth was supported by retained earnings and share-based compensation.

The company incurred restructuring charges of $116 million in 2024, primarily related to the Adenza Restructuring program aimed at optimizing efficiencies and achieving expense synergies. This program is expected to be completed by the end of 2025.

Nasdaq's geographic revenue distribution in 2024 showed that 78.6% of total revenues were generated in the United States, amounting to $5,817 million, while revenues from all other countries totaled $1,583 million.

The company highlighted key risks to liquidity, including potential revenue deterioration, regulatory changes, and market volatility. However, it emphasized its strong cash position, borrowing capacity, and access to financing to meet ongoing obligations and strategic initiatives.