Nasdaq layoffs, on the record
Every job cut, severance charge and restructuring Nasdaq reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from 8,525 to 9,525.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | 8,525 | December 31, 2023 |
| 10-K for 2024 | 9,162 | December 31, 2024 |
| 10-K for 2025 | 9,525 | December 31, 2025 |
Job cuts, severance and restructuring
Our summaryLaunched the 2023 Adenza restructuring program after closing the Adenza acquisition, to optimize efficiencies as a combined organization.
Word for word“In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, "Adenza Restructuring" to optimize our efficiencies as a combined organization.” 10-K for 2023
Our summaryInitiated a divisional alignment program following the September 2022 announcement to realign segments and leadership, expected to yield operating efficiencies and revenue synergies.
Word for word“In October 2022, following our September 2022 announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure.” 10-K for 2023
Our summaryExpects to achieve benefits from the 2022 divisional alignment program through combined annual run-rate operating efficiencies and revenue synergies.
Word for word“By 2025, we expect to achieve benefits of the 2022 divisional alignment program through combined annual run-rate operating efficiencies and revenue synergies of approximately $30 million annually.” 10-K for 2023
Our summaryRecorded lease asset impairments and property and equipment asset impairment charges tied to restructuring plans, and began a review of real estate and facility capacity needs.
Word for word“We recorded pre-tax, non-cash property and equipment asset impairment charges of $12 million in 2023, $14 million in 2022 and $4 million in 2021.” 10-K for 2023
Our summaryCompleted the 2019 restructuring plan, which involved transitioning certain technology platforms and realigning certain business areas.
Word for word“The 2019 restructuring plan was completed in June 2021.” 10-K for 2023
Our summaryNasdaq ran an Adenza restructuring program to optimize efficiencies as a combined organization, and expanded it in the fourth quarter of 2024.
Word for word“We further expanded our Adenza restructuring program in the fourth quarter of 2024 to accelerate our momentum.” 10-K for 2024
Our summaryNasdaq completed its divisional alignment restructuring program, which it had started in October 2022.
Word for word“We completed this program in September 2024.” 10-K for 2024
Our summaryNasdaq recorded restructuring charges, which rose from 2023 because of the Adenza and divisional alignment programs.
Word for word“Restructuring charges increased in 2024 compared with the same period in 2023 as a result of charges from our Adenza restructuring program, which we implemented to optimize our efficiencies as a combined organization, and our divisional alignment program, which was completed in September 2024.” 10-K for 2024
Our summaryNasdaq recorded non-cash property and equipment impairment charges primarily tied to its restructuring programs.
Word for word“We recorded pre-tax, non-cash property and equipment asset impairment charges, primarily in relation to our restructuring programs of $37 million in 2024, $12 million in 2023 and $8 million in 2022.” 10-K for 2024
Our summaryNasdaq started a restructuring program after closing the Adenza acquisition to improve efficiency as a combined company.
Word for word“In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, to optimize our efficiencies as a combined organization.” 10-K for 2025
Our summaryNasdaq expanded the Adenza restructuring program after meeting its initial targets and expects about $140 million in pre-tax charges for it.
Word for word“We further expanded our Adenza restructuring program in the fourth quarter of 2024 following the achievement of our initial targets.” 10-K for 2025
Our summaryNasdaq expects to incur about $140 million in pre-tax charges under the Adenza restructuring program.
Word for word“In connection with this program, we expect to incur approximately $140 million in pre-tax charges.” 10-K for 2025
Our summaryNasdaq completed its divisional realignment program, which is why restructuring charges fell in 2025.
Word for word“Restructuring charges decreased for the year ended December 31, 2025 compared with the same period in 2024 primarily due to the completion of our divisional realignment program in September 2024.” 10-K for 2025
| Fiscal year ended | Restructuring charges |
|---|---|
| 2016-12-31 | $41 million |
| 2017-12-31 | $0 |
| 2018-12-31 | $0 |
| 2019-12-31 | $39 million |
| 2020-12-31 | $48 million |
| 2021-12-31 | $31 million |
| 2022-12-31 | $15 million |
| 2023-12-31 | $80 million |
| 2024-12-31 | $116 million |
| 2025-12-31 | $42 million |
Nasdaq has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Nasdaq’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-12. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.