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Nasdaq (NDAQ) investor relations material
Nasdaq Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary24 Jul, 2025
Executive summary
Net revenue for Q2 2025 reached $1.3B, up 13% year-over-year, with double-digit growth across all divisions and record Market Services results.
EPS grew 24% year-over-year (non-GAAP), with GAAP diluted EPS more than doubling; net income exceeded $450M.
Achieved 46 consecutive quarters of listing leadership, with 38 U.S. IPOs and $3.5B raised in Q2 2025.
Strong sales pipelines, robust client demand, and innovation in AI and digital assets supported growth despite market volatility.
Significant gains from divestitures and ongoing expense synergies from restructuring and acquisitions.
Financial highlights
Solutions revenue grew 10% to $991M; Market Services net revenue up 22% to $306M year-over-year.
Non-GAAP operating income was $721M (up 16%); GAAP operating income was $568M (up 34%).
Free cash flow was $467M in Q2; cash flow from operations reached $746M.
Dividend payout ratio at 34% annualized; quarterly dividend increased to $0.27 per share.
Annualized Recurring Revenue (ARR) increased 10% to $2.93B; SaaS ARR up 13% to $1.1B.
Outlook and guidance
2025 non-GAAP operating expense guidance set at $2.295B–$2.335B, with FX impact offset in net revenue.
2025 non-GAAP tax rate guidance maintained at 22.5%–24.5%.
Continued focus on organic growth investments, deleveraging, and opportunistic share repurchases.
Medium-term growth outlook: Capital Access Platforms 5–8%, Financial Technology 8–11%, ARR mid-teens.
Management expects $140M in annual cost savings from expense synergies by year-end.
What drove the update to 2025 non-GAAP expense guidance?
How many cross-sell wins since Adenza acquisition?
What is Nasdaq's plan for expense efficiency?
How will Agentic AI scale in '26?
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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.
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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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