Nasdaq (NDAQ) Q4 2025 earnings summary

Executive summary

• Achieved record annual net revenue of $5.2 billion in 2025, up 13% year-over-year, with Solutions revenue surpassing $4.0 billion, up 12%, driven by strong organic growth and innovation across all business segments.

• Delivered 24% non-GAAP diluted EPS growth for the year and 27% in the fourth quarter, reflecting robust profitability.

• Maintained leadership in U.S. listings, with over $24 billion in proceeds raised and a 74% win rate for eligible operating company listings.

• Achieved significant milestones in index franchise, market services, and financial technology, including record AUM, inflows, and new product launches.

• Strengthened balance sheet with gross leverage reduced to 2.9x and received credit rating upgrades from Moody's and S&P.

Financial highlights

• 2025 non-GAAP net revenue grew 12% year-over-year to $5,249 million; Solutions revenue up 11% to $4,011 million.

• Operating income for the year was $2.9 billion, up 16%; fourth quarter operating income was $783 million, up 16%.

• Non-GAAP diluted EPS rose 24% to $3.48; net income attributable to Nasdaq up 23% to $2,014 million.

• Free cash flow for 2025 was $2.2 billion, with a conversion ratio of 109%.

• Paid down $826 million in debt and returned $1.2 billion to shareholders via dividends and share repurchases.

Outlook and guidance

• 2026 non-GAAP operating expense guidance set at $2.455–$2.535 billion, with tax rate guidance 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 strong pipeline in capital access and fintech.

• Expects approximately $9 million quarterly headwind in 2026 from prior year delistings and changes to listing standards.