ProxyMiner / Company

NASDAQ, INC.NDAQ

Latest proxy: 2026 · view on SEC ↗ · CIK 0001120193

CEO total pay

$25,014,550

Adena T. Friedman · 2025

Say on pay

96%

Latest disclosed shareholder vote

CEO pay ratio

Item 402(u)

246 to 1

Median employee: $101,885

Compensation committee

CD&A

Compensation Committee

Per the latest proxy

Filings indexed: 2 · 2026 · 2025

Executive pay

What did they pay them?

From the Summary Compensation Table. Pay mix and YoY are computed from these rows.

ExecutiveRoleTotalYoYPay mixSalaryStockCash incentiveOther
Adena T. Friedman2025 compensation
Chair and CEO
$25,014,550↑ 16%
94% at-risk
$1,359,616$17,491,321$6,086,509$77,104
Sarah Youngwood2025 compensation
EVP and CFO
$9,945,096↑ 279%
92% at-risk
$736,539$6,996,506$2,191,051$21,000
Tal Cohen2025 compensation
President
$17,365,455↑ 140%
96% at-risk
$736,539$14,673,516$1,921,885$33,515
P.C. Nelson Griggs2025 compensation
President
$8,360,335↑ 7%
91% at-risk
$736,539$5,247,325$2,355,471$21,000
Bradley J. Peterson2025 compensation
EVP and CIO/CTO
$6,118,574↑ 10%
89% at-risk
$650,000$3,731,418$1,701,461$35,695

Pay mix: base cash incentive equity other

CD&A excerpt

Compensation discussion & analysis

Opening passage of the loaded filing's CD&A. Use Ask below to query the full text with citations.

Our NEOs This Compensation Discussion and Analysis, or CD&A, provides a summary of our executive compensation program and underlying compensation philosophy. While this CD&A primarily covers the compensation of our 2025 NEOs identified to the right, the principles underlying our compensation philosophy extend throughout the organization, support Nasdaq’s growth strategy, and are aligned to create Adena T. FriedmanChair and CEO long-term shareholder value. Executive Summary62Business Performance Highlights62Compensation Program Highlights64Decision-Making Framework65Compensation Philosophy Guiding Principles65Say on Pay Results66How We Determine Compensation66Role of Compensation Consultant67Competitive Positioning67Tally Sheets68What We Pay and Why69Elements of Executive Compensation69Pay for Performance70Compensation Mix702025 Compensation Decisions70Base Salary70Annual Cash Incentive Compensation70Long-Term Incentive Compensation73NEO Compensation Summaries75Other Aspects of Our Executive Compensation Program87General Equity Award Grant Practices87Practices Regarding Timing of RSU and PSU Grants87Policies and Practices Regarding the Timing of Certain Option-Like Instruments87Bene…

Read the full CD&A on SEC.gov ↗

Peer comparison

Who they benchmark against

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Governance

Policy guardrails

  • hedging

    prohibited

    “Trading Controls and Hedging and Pledging Policies We prohibit directors and executive officers from engaging in securities transactions that allow them either to insulate themselves or profit from a decline in Nasdaq’s …”

  • pledging

    prohibited

    “Trading Controls and Hedging and Pledging Policies We prohibit directors and executive officers from engaging in securities transactions that allow them either to insulate themselves or profit from a decline in Nasdaq’s …”

  • clawback

    present

    “recoupment policy, and stock ownership guidelines).”

  • stock ownership guidelines

    present

    “Stock Ownership Guidelines”

  • change in control

    Payments Upon Termination or Change in Control.”

    “Payments Upon Termination or Change in Control.””

  • compensation consultant

    independent

    “independent compensation consultant, assisted management in gathering data, reviewing best practices, and making recommendations to the Management Compensation Committee about our executive compensation program”

  • compensation committee

    Compensation Committee

    “The Management Compensation Committee”

Performance markers

Metric facts

  • revenue

    $5.2 billion

    “undue risk.Retain our most talented employees in a highly dynamic, competitive talent market.Reinforce our cultural values of: Play as a Team, Fuel Client Success, Expand Your Mastery, Drive Innovation, Lead with Integri…”

  • operating income

    $294

    “section above. Mr. Cohen earned an annual incentive award payout of $1,921,885, or 130% of target, based on the final achievement of his pre-established, quantifiable performance goals, as described below. Goal TypeGoalG…”

  • say on pay

    96%

    “At our 2025 Annual Meeting, 96% of the votes cast were in favor of the advisory vote to approve executive compensation.”

  • ceo pay ratio

    246 to 1

    “same methodology used in calculating the total reflected in the 2025 Summary Compensation Table, the 2025 annual total compensation of the median employee was $101,885. •The ratio of the 2025 annual total compensation of…”

  • median employee compensation

    $101,885

    “full-time professional employee located in the U.S. Based on those factors, we determined the 2025 CEO Pay Ratio as follows: •The 2025 annual total compensation of Ms. Friedman was $25,014,550. •Based on the same methodo…”

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