Nasdaq (NDAQ) Q4 FY2025 earnings: revenue $2.1 billion, up 4.5% on the year

Nasdaq, Inc. (NDAQ) reported revenue of $2.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 4.5% on the same quarter a year earlier. Net income was $518 million, up 45.9% on the year, and diluted earnings per share $0.90. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue

$2.1 billion

+4.5% on the year · +7.3% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

29.7%

25.4% a year earlier

Q1 FY2024Q4 FY2025

Net income

$518 million

+45.9% on the year · +22.5% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.90

+47.5% on the year · +23.3% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 new.

Net revenue rose 13% to $5.2 billion: Full-year 2025 net revenue was $5.249 billion, up 13%, or 12% on an adjusted basis. Fourth-quarter net revenue was $1.392 billion, up 13% on reported and organic bases.
Market Services net revenue up 16%: Market Services net revenue was $311 million in the fourth quarter, up 16%, and $1.201 billion for 2025, up 18%. Management cited industry volumes in U.S. cash equities and U.S. equity derivatives at new highs.
Index net inflows hit $35 billion: Index net inflows were $35 billion in the fourth quarter and $99 billion over the trailing twelve months, both at the highest levels reported.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	2,124	1,979	2,032	+7.3%	+4.5%
Cost of revenue	733	664	805	+10.4%	-8.9%
Gross profit	1,391	1,315	1,227	+5.8%	+13.4%
Gross margin	65.5%	66.4%	60.4%
Operating income	630	586	517	+7.5%	+21.9%
Operating margin	29.7%	29.6%	25.4%
Interest expense	89.0	87.0	102	+2.3%	-12.7%
Pre-tax income	580	529	440	+9.6%	+31.8%
Income tax	63.0	106	85.0	-40.6%	-25.9%
Effective tax rate	10.9%	20.0%	19.3%
Net income	518	423	355	+22.5%	+45.9%
Net margin	24.4%	21.4%	17.5%
Diluted EPS	$0.90	$0.73	$0.61	+23.3%	+47.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	625	221	705	+182.8%	-11.3%
Capital expenditure	89.0	69.0	60.0	+29.0%	+48.3%
Free cash flow	536	152	645	+252.6%	-16.9%
Free cash flow margin	25.2%	7.7%	31.7%
Cash from investing	-638	-145	-1,008
Cash from financing	-567	159	-24.0
Depreciation and amortisation	160	158	152	+1.3%	+5.3%
Share-based compensation	43.0	41.0	35.0	+4.9%	+22.9%
Buybacks	286	115	0.0	+148.7%
Dividends paid	153	155	138	-1.3%	+10.9%
Dividend per share	$0.27	$0.27	$0.24	0.0%	+12.5%
Diluted shares, weighted	576m	579m	580m	-0.4%	-0.6%
Shares outstanding at period end	570m	573m	575m	-0.5%	-0.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	12,227	12,023	11,191	+1.7%	+9.3%
Non-controlling interest	5.0	7.0	9.0	-28.6%	-44.4%
Debt	9,004	9,098	9,480	-1.0%	-5.0%
Operating lease liabilities	462	454	388	+1.8%	+19.1%
Other liabilities	9,355	9,072	9,327	+3.1%	+0.3%
Total liabilities and equity	31,053	30,654	30,395	+1.3%	+2.2%
Fixed assets	728	689	593	+5.7%	+22.8%
Goodwill	14,371	14,336	13,957	+0.2%	+3.0%
Intangible assets	6,511	6,620	6,905	-1.6%	-5.7%
Investments	28.0	n/a	n/a
Cash and equivalents	604	470	592	+28.5%	+2.0%
Receivables	943	865	1,022	+9.0%	-7.7%
Other assets	7,868	7,674	7,326	+2.5%	+7.4%
Total assets	31,053	30,654	30,395	+1.3%	+2.2%

Questions

What was Nasdaq's revenue in Q4 FY2025?

Nasdaq (NDAQ) reported revenue of $2.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 4.5% on the same quarter a year earlier.

How much did Nasdaq earn in Q4 FY2025?

Net income for Q4 FY2025 was $518 million, up 45.9% on the year, and diluted earnings per share $0.90.

When did Nasdaq report Q4 FY2025 results?

Nasdaq filed its 10-K for the year that ended with the quarter on 12 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 * †	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,465	1,535	1,552	1,557	1,582	1,533	1,433	1,451	1,647	1,674	1,792	1,902	2,032	2,096	2,101	1,979	2,124	2,137	2,532	2,393
Cost of revenue	580	643	659	667	675	619	508	511	531	557	633	756	805	859	795	664	733	730	1,032	912
Gross profit	885	892	893	890	907	914	925	940	1,116	1,117	1,159	1,146	1,227	1,237	1,306	1,315	1,391	1,407	1,500	1,481
Gross margin	60%	58%	58%	57%	57%	60%	65%	65%	68%	67%	65%	60%	60%	59%	62%	66%	65%	66%	59%	62%
Operating income	344	405	412	398	349	412	382	431	353	410	423	448	517	547	568	586	630	657	712	732
Operating margin	23%	26%	27%	26%	22%	27%	27%	30%	21%	24%	24%	24%	25%	26%	27%	30%	30%	31%	28%	31%
Interest expense	30.0	32.0	32.0	32.0	33.0	36.0	36.0	101	111	108	102	102	102	96.0	95.0	87.0	89.0	87.0	86.0	86.0
Pre-tax income	314	374	397	382	322	396	337	391	277	312	341	356	440	488	548	529	580	677	653	701
Tax rate	17%	24%	23%	23%	26%	24%	21%	25%	30%	25%	35%	14%	19%	19%	18%	20%	11%	23%	22%	23%
Net income	260	284	307	294	240	302	267	294	196	234	222	306	355	395	452	423	518	519	507	540
Net margin	18%	19%	20%	19%	15%	20%	19%	20%	12%	14%	12%	16%	17%	19%	22%	21%	24%	24%	20%	23%
Diluted EPS	$0.51	$0.57	$0.62	$0.59	$0.48	$0.61	$0.54	$0.60	$0.36	$0.40	$0.38	$0.53	$0.61	$0.68	$0.78	$0.73	$0.90	$0.91	$0.89	$0.96
Operating cash flow	384	605	375	232	494	565	414	300	417	530	460	244	705	663	746	221	625	689	711	521
Capital expenditure	50.0	35.0	42.0	41.0	34.0	40.0	39.0	37.0	42.0	39.0	52.0	56.0	60.0	49.0	59.0	69.0	89.0	60.0	77.0	62.0
Free cash flow	334	570	333	191	460	525	375	263	375	491	408	188	645	614	687	152	536	629	634	459
Buybacks	n/a	n/a	n/a	n/a	n/a	159	0.0	0.0	110	0.0	58.0	87.0	0.0	115	100	115	286	548	355	323
Dividends paid	90.0	89.0	97.0	99.0	98.0	98.0	108	108	127	127	138	138	138	138	155	155	153	153	174	173
Shares outstanding	500m	493m	491m	491m	492m	490m	491m	491m	575m	576m	576m	575m	575m	574m	574m	573m	570m	565m	562m	558m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 12 February 2026: the filing.