10-QPeriod: Q3 FY2025

NASDAQ, INC. Quarterly Report for Q3 Ended Sep 30, 2025

Filed October 23, 2025For Securities:NDAQ

Summary

Nasdaq, Inc. (NDAQ) reported solid financial results for the third quarter and first nine months of fiscal year 2025, showcasing revenue growth across key segments and improved profitability. Total revenues increased by 3.0% to $1.96 billion for the quarter and 14.3% to $6.14 billion for the nine-month period, demonstrating resilience and growth in its diverse business lines. The company saw strong performance in its Capital Access Platforms and Financial Technology segments, with revenues up 9.1% and 23.3% respectively for the quarter. This growth was driven by robust activity in Data & Listing Services, Index products with record inflows, and accelerated ARR growth in Financial Technology. Market Services, while facing some headwinds in specific areas, delivered record U.S. equity derivatives revenue and volumes, reflecting the company's diversified revenue streams. Profitability also improved significantly, with net income attributable to Nasdaq soaring by 38.4% to $423 million for the quarter and 66.6% to $1.27 billion for the nine-month period, leading to a substantial increase in diluted earnings per share. The company also maintained a strong balance sheet and continued to return value to shareholders through dividends and share repurchases.

Financial Highlights

54 data points
Beta

Revenue

$1.96B

67.2% Gross Margin

Net Income

$423.00M

21.6% Net Margin

EPS (Diluted)

$0.73

Total Assets

$30.65B

Cash & Equivalents

$470.00M

Free Cash Flow

$152.00M

Financial Statements
Beta
Revenue$1.96B
Cost of Revenue$643.00M
Gross Profit$1.31B
Operating Expenses$729.00M
Operating Income$586.00M
Net Income$423.00M
EPS (Basic)$0.74
EPS (Diluted)$0.73
Shares Outstanding (Basic)573.29M
Shares Outstanding (Diluted)578.98M

Key Highlights

  • 1Total revenues increased by 3.0% to $1.96 billion for Q3 2025 and by 14.3% to $6.14 billion for the first nine months of 2025.
  • 2Capital Access Platforms segment revenue grew 9.1% to $546 million in Q3 2025, driven by Data & Listing Services and Index products, which saw record net inflows.
  • 3Financial Technology segment revenue increased by 23.3% to $457 million in Q3 2025, supported by strong ARR growth and new client acquisition.
  • 4Market Services delivered record U.S. equity derivatives revenue and volumes, despite a 7.4% decrease in segment revenue.
  • 5Net income attributable to Nasdaq surged by 38.4% to $423 million for Q3 2025 and by 66.6% to $1.27 billion for the nine-month period.
  • 6Diluted earnings per share increased significantly, rising 38.4% to $0.73 in Q3 2025 and 66.6% to $2.19 for the nine-month period.
  • 7The company declared and paid cash dividends totaling $0.78 per share for the first nine months of 2025, a 11.4% increase year-over-year.

Frequently Asked Questions

Revenue growth in the third quarter of 2025 was primarily driven by strong performance in the Capital Access Platforms segment, particularly in Data & Listing Services and Index products, which experienced record net inflows. The Financial Technology segment also contributed significantly with its accelerated Annual Recurring Revenue (ARR) growth and new client acquisitions. Additionally, Market Services achieved record U.S. equity derivatives revenue and volumes.

Nasdaq demonstrated substantial improvement in profitability. For the third quarter of 2025, net income attributable to Nasdaq rose by 38.4% to $423 million, and diluted earnings per share increased by 38.4% to $0.73. Over the first nine months of 2025, net income attributable to Nasdaq grew by 66.6% to $1.27 billion, with diluted earnings per share seeing a corresponding 66.6% increase to $2.19.

Nasdaq continued to return capital to shareholders. For the first nine months of 2025, cash dividends declared and paid per common share totaled $0.78, an 11.4% increase year-over-year. The company also had an active share repurchase program, with $1.4 billion remaining authorized as of September 30, 2025.

Yes, Nasdaq is in the process of divesting its Nordic power futures business, with the transaction expected to be completed by the end of the second quarter of 2026. The company is also executing on its 'Adenza Restructuring' program, which aims to optimize efficiencies and achieve expense synergies, with initiatives expected to be actioned by the end of 2025. These activities are reflected in the financial results.