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Nasdaq (NDAQ) FY2025 results: revenue $8.3 billion, up 11.6% on the year

Nasdaq, Inc. (NDAQ) reported revenue of $8.3 billion for fiscal 2025, the year ended 31 December 2025, up 11.6% on the year before. Net income was $1.8 billion, up 60.1%, and diluted earnings per share $3.09. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$8.3 billion
+11.6% on the year
FY2018FY2025
Operating margin
28.2%
24.3% a year earlier
FY2018FY2025
Net income
$1.8 billion
+60.1% on the year
FY2018FY2025
Diluted EPS
$3.09
+60.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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.
  • Listings raised over $24 billion in IPOs: Operating-company IPOs raised over $24 billion in 2025. Medline was the largest IPO of the year, and Verisure was the largest European IPO. Nasdaq was the top U.S. exchange by proceeds raised for a seventh consecutive year.
  • 2026 operating expense guidance initiated: Non-GAAP operating expenses for 2026 are guided to $2.455 billion to $2.535 billion, and the non-GAAP tax rate to 22.5% to 24.5%.
Read the Q4 FY2025 earnings call summary

From this 10-K

Nasdaq runs exchanges, sells market data and indices, and supplies software to financial institutions. It manages, operates and provides its products and services in three business segments: Capital Access Platforms, Financial Technology and Market Services. Nasdaq was founded in 1971 as a wholly-owned subsidiary of FINRA, which fully divested its ownership in 2006. Nasdaq and OMX AB combined their businesses in February 2008, and the software side came largely from the 2021 acquisition of Verafin and the 2023 acquisition of Adenza with its AxiomSL and Calypso solutions.

Nasdaq, Inc., the 10-K for 2025

Nasdaq runs exchanges, sells market data and indices, and supplies software to financial institutions. It manages, operates and provides its products and services in three business segments: Capital Access Platforms, Financial Technology and Market Services. Nasdaq was founded in 1971 as a wholly-owned subsidiary of FINRA, which fully divested its ownership in 2006. Nasdaq and OMX AB combined their businesses in February 2008, and the software side came largely from the 2021 acquisition of Verafin and the 2023 acquisition of Adenza with its AxiomSL and Calypso solutions.

Capital Access Platforms

This segment holds Data & Listing Services, Index, and Workflow & Insights. The data business distributes historical and real-time market data from the exchanges to sell-side customers, the institutional investing community, retail online brokers, proprietary trading firms and data distributors, earning fees as a distributor of its own and selected third-party content.

On listings, 5,599 companies listed securities on the U.S., Nasdaq Nordic, Nasdaq Baltic and Nasdaq First North exchanges as of 31 December 2025, of which 4,480 were on The Nasdaq Stock Market, split 1,316 on The Nasdaq Global Select Market, 1,750 on The Nasdaq Global Market and 1,414 on The Nasdaq Capital Market. New listings in 2025 totalled 784: 155 operating company IPOs, 126 SPAC IPOs, 20 switches from the New York Stock Exchange and NYSE American, 31 upgrades from OTC and 452 exchange-traded products and other listings.

The Index business develops and licenses Nasdaq-branded indices and financial products, with licence fees varying by product. As of 31 December 2025, 451 exchange-traded products listed on 27 exchanges in over 20 countries tracked a Nasdaq index and accounted for $882 billion in assets under management, which is client money rather than Nasdaq's own. The Nasdaq-100 Index holds the top 100 non-financial companies listed on The Nasdaq Stock Market, and more than 100 exchange-traded products worldwide track Nasdaq-100 core indices, with $640 billion of assets tracking them at that date.

Workflow & Insights covers analytics and corporate solutions. The eVestment platform gives institutional investors and consultants cloud-based tools for pre-investment due diligence and post-investment portfolio monitoring, with over 80,000 private funds covered. Corporate solutions sells Investor Relations Intelligence, including the Nasdaq IR Insight platform; Governance Solutions, including the Nasdaq Boardvantage board meeting management platform; and Sustainability Solutions, including the Nasdaq Metrio reporting platform.

Financial Technology

This segment holds Financial Crime Management Technology, Regulatory Technology and Capital Markets Technology. Its solutions power more than 135 marketplaces, 19 of them owned and operated by Nasdaq, along with regulators, in more than 55 countries, and it serves approximately 3,800 global clients including all Global Systemically Important Banks.

Nasdaq Verafin is the cloud-based anti-financial-crime platform, covering fraud detection and management, anti-money laundering and counter-terrorist-financing compliance, high-risk customer management, sanctions screening and information sharing. Regulatory Technology holds AxiomSL, a risk data management and regulatory reporting platform covering more than 170 regulators in more than 60 countries, plus a surveillance solution serving more than 170 clients that also powers surveillance for more than 50 exchanges and 22 regulators. Capital Markets Technology holds Calypso, a cross-asset front-to-back trading, treasury, risk and collateral management platform serving more than 20 central banks alongside banks, buy-side clients and corporate clients, together with market technology solutions used by markets in North America, Europe, Asia, the Middle East, Latin America and Africa.

Market Services

This segment holds equity derivative trading and clearing, cash equity trading, and fixed income, currency and commodities trading. Nasdaq operates 19 exchanges across derivatives, commodities, cash equity, debt, structured products and exchange-traded products, providing trading services in North America and Europe.

In the U.S. it runs six options exchanges, Nasdaq PHLX, The Nasdaq Options Market, Nasdaq BX Options, Nasdaq ISE, Nasdaq GEMX and Nasdaq MRX, trading equity, ETF, index and foreign currency options, with high touch institutional trades often executed on its trading floor in Philadelphia. It also runs three cash equity exchanges, The Nasdaq Stock Market, Nasdaq BX and Nasdaq PSX, which trade both Nasdaq-listed and non-Nasdaq-listed securities, and a U.S. corporate bond exchange. Revenues from the U.S. tape plans also sit here, distributed to plan participants after costs under a formula required by Regulation NMS. In Canada it operates an exchange with three markets, Nasdaq Canada CXC, Nasdaq Canada CX2 and Nasdaq Canada CXD, and in Europe the Nasdaq Baltic and Nasdaq Nordic exchanges together with the clearing operations of Nasdaq Clearing.

From Nasdaq's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue8,2627,4006,064+11.6%
Cost of revenue3,0132,7512,169+9.5%
Gross profit5,2494,6493,895+12.9%
Gross margin63.5%62.8%64.2%
Operating income2,3311,7981,578+29.6%
Operating margin28.2%24.3%26.0%
Interest expense367414284-11.4%
Pre-tax income2,1451,4491,401+48.0%
Income tax358334344+7.2%
Effective tax rate16.7%23.1%24.6%
Net income1,7881,1171,059+60.1%
Net margin21.6%15.1%17.5%
Diluted EPS$3.09$1.93$2.08+60.1%
$ million except per share.
Read moreFree 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.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow2,2551,9391,696+16.3%
Capital expenditure266207158+28.5%
Free cash flow1,9891,7321,538+14.8%
Free cash flow margin24.1%23.4%25.4%
Cash from investing-1,100-953-5,994
Cash from financing-2,953-2,5614,220
Depreciation and amortisation145125117+16.0%
Share-based compensation165141122+17.0%
Buybacks616145269+324.8%
Dividends paid601541441+11.1%
Dividend per share$1.05$0.94$0.86+11.7%
Diluted shares, weighted579m579m508m-0.1%
Shares outstanding at period end570m575m575m-0.9%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity12,22711,19110,816+9.3%
Non-controlling interest5.09.011.0-44.4%
Debt9,0049,48010,454-5.0%
Operating lease liabilities462388417+19.1%
Other liabilities9,3559,32710,596+0.3%
Total liabilities and equity31,05330,39532,294+2.2%
Fixed assets728593576+22.8%
Goodwill14,37113,95714,112+3.0%
Intangible assets6,5116,9057,443-5.7%
Investments28.0n/an/a
Cash and equivalents604592453+2.0%
Receivables9431,022929-7.7%
Other assets7,8687,3268,781+7.4%
Total assets31,05330,39532,294+2.2%

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