NASDAQ, INC. Quarterly Report for Q1 Ended Mar 31, 2025

Summary

Nasdaq, Inc. (NDAQ) reported strong financial results for the first quarter of 2025, demonstrating robust revenue growth and improved profitability. Total revenues increased significantly, driven by strong performance across all key segments, particularly Market Services which saw a substantial year-over-year increase. The company also highlighted its continued focus on innovation and client engagement, reflected in an 11% ARR growth for its Financial Technology segment and record performance in its Index business. Nasdaq's operational efficiency is also evident in the reduction of operating expenses, contributing to a significant increase in operating income and net income attributable to Nasdaq.

Key Highlights

• 1Total revenues increased by 24.8% to $2.09 billion in Q1 2025 compared to $1.67 billion in Q1 2024, driven by strong performance across all segments.
• 2Market Services segment revenue grew by 42.8% to $1.13 billion, fueled by increased trading volumes and SEC fee rates.
• 3Financial Technology segment delivered 11% ARR growth and saw revenue increase by 10.3% to $432 million.
• 4Capital Access Platforms segment revenue increased by 7.4% to $515 million, with the Index business achieving its sixth consecutive record quarter.
• 5Operating expenses decreased by 2.5% to $690 million, leading to a substantial 33.5% increase in operating income to $547 million.
• 6Net income attributable to Nasdaq surged by 68.9% to $395 million, resulting in diluted earnings per share of $0.68, up from $0.40 in the prior year.
• 7The company declared a cash dividend of $0.24 per share, a 9.1% increase year-over-year, and repurchased $115 million of common stock during the quarter.

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