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Nasdaq Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved record annual net revenue of $5.2 billion in 2025, up 12–13% year-over-year, and Solutions revenue of $4.0 billion, up 11–12% year-over-year, surpassing $5 billion in annual net revenue for the first time.
Delivered strong organic growth, innovation, and execution on strategic priorities, with significant milestones in index franchise, market services, and financial technology.
Maintained leadership in U.S. listings, with over $24 billion in proceeds raised and a 74% win rate for eligible operating company listings.
Record performance in Market Services, with robust volumes in U.S. cash equities and equity derivatives.
Returned $601 million in dividends and $616 million in share repurchases to shareholders in 2025; repaid $826 million in debt.
Financial highlights
Full-year net revenue: $5.2 billion (+12–13% YoY); Solutions revenue: $4.0 billion (+11–12% YoY); Q4 net revenue: $1.4 billion (+13% YoY).
Operating income: $2.9 billion (+16% YoY); net income: $2.0 billion; diluted EPS: $3.48 (+24% YoY); Q4 diluted EPS: $0.96 (+27% YoY).
Annualized recurring revenue (ARR) reached $3.1 billion (+10% YoY); annualized SaaS revenue $1.16 billion (+11% YoY), representing 38% of ARR.
Operating margin: 56% for 2025 and Q4; EBITDA margin: 58% for 2025, 59% for Q4.
Free cash flow: $2.2 billion (109% conversion); cash flow from operations: $2.3 billion.
Outlook and guidance
2026 non-GAAP operating expense guidance: $2.455–$2.535 billion; non-GAAP tax rate expected at 22.5%–24.5%.
Medium-term (3–5 years) growth outlook: Data & Listings low single digits, Index high single/low double digits, Financial Technology high single/low double digits, Market Services 5–8%.
Anticipates continued growth in financial technology and market services, with a healthy pipeline for new listings and capital markets activity.
Expects $9 million quarterly headwind in 2026 from prior year delistings and listing standards changes.
Adenza cross-sell revenue contribution?
Impact of new products on Index AUM growth?
Update on tokenized securities trading filing?
Tokenized equities: integration hurdles?
FCMT revenue variability drivers for 1H26?
23/5 trading & new options: market participation?
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Next Nasdaq earnings date
Investor Day 202625 Feb, 2026
Nasdaq
Next Nasdaq earnings date
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Frequently asked questions
The Second Largest Stock Exchange
Founded in 1971, Nasdaq stands as an important pillar of global financial markets, primarily known for its electronic stock exchange and the associated index. Nasdaq's innovative approach transformed the trading world, introducing electronic trading that replaced the traditional floor system. Beyond its stock exchange, Nasdaq offers a plethora of services, including market technology, investment management, corporate services, and more.
The First Electronic Stock Exchange
Founded in 1971, Nasdaq, short for the National Association of Securities Dealers Automated Quotations, represented a significant departure from traditional stock exchanges by introducing the world to an electronic trading platform. Contrasting the physical floor trading of its counterparts, Nasdaq's technology-driven approach revolutionized how securities were traded. Initially, it served as a quotation system and did not have trade-executing capabilities. However, by 1982, it evolved into a full-fledged stock exchange. Today, Nasdaq stands as the second-largest stock exchange by market capitalization, second only to the NYSE, which is operated by ICE.
The Index
Besides just the stock exchange, Nasdaq also provides several indices. Established alongside the exchange in 1971, the Nasdaq Composite is heavily weighted towards the technology sector. Due to its tech-centric composition, the index is often viewed as a barometer for the technology industry's strength. As technology companies have grown in significance in the 21st century, the Nasdaq Composite has become a pivotal reference point for investors looking to gauge the tech sector's performance and the broader market's direction. The Nasdaq Composite is one of the most heavily referenced together with indices provided by MSCI and S&P Global.
Outside of The USA
Nasdaq's operations extend beyond US borders. Globally, it's recognized for its strategic ownership and collaborations with various stock exchanges. For instance, Nasdaq owns and operates several European exchanges, including those in Stockholm, Helsinki, Copenhagen, and several others in the region. Additionally, it provides technology solutions, trading, and services to a global network of exchanges and its technology powers numerous marketplaces in Asia, Europe, the Middle East, and the Americas.
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