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Visual22 Oct 2025
Epiroc's cash spent on M&A
Nasdaq (NDAQ) investor relations material
Nasdaq Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Oct, 2025
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.
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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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