)
Nasdaq (NDAQ) investor relations material
Nasdaq Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net revenue reached $1.3 billion, up 15% year-over-year, with Solutions revenue surpassing $1 billion and ARR exceeding $3 billion for the first time.
All divisions posted double-digit growth, with Financial Technology revenue up 23% and Market Services achieving record U.S. equity derivatives revenue and volumes.
Operating income rose to $732 million (non-GAAP, +15% YoY), with operating margin at 56% and EBITDA margin at 58%, both up 2 percentage points.
Achieved gross leverage milestone ahead of schedule, continued share repurchases, and focused on organic investments for long-term growth.
Robust cash flow supported dividends, deleveraging, and share repurchases, with over $2 billion in operating cash flow over the last four quarters.
Financial highlights
Net revenue for Q3 2025 was $1,315 million, up 15% year-over-year; Solutions revenue reached $1,003 million, up 15%.
Non-GAAP operating income grew 15% to $732 million, with a 56% operating margin (+2 ppt YoY); GAAP operating income was $586 million, up 31% YoY.
Non-GAAP diluted EPS was $0.88, up 19% year-over-year; GAAP diluted EPS was $0.73, up 38% year-over-year.
ARR reached $3,007 million (+10% YoY), and annualized SaaS revenues were $1,132 million (+12% YoY).
Free cash flow for the last twelve months was $2,095 million, with a 110% free cash flow conversion ratio.
Outlook and guidance
2025 non-GAAP operating expense guidance updated to $2.305–$2.335 billion.
2025 non-GAAP tax rate guidance lowered to 22.5%–23.5%.
Medium-term growth outlook: Capital Access Platforms 5–8%, Financial Technology 10–14%, Market Services 5–8%.
Expect to reach a gross leverage ratio of 3.0x by year-end, excluding FX effects.
Continued benefits from expense synergies, with over $150 million net expense synergies actioned through Q3 2025.
Next Nasdaq earnings date
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
I can't remember the last time an app had such a positive impact on my investment process.
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
I can't remember the last time an app had such a positive impact on my investment process.
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
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.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage
)
)