Nasdaq (NDAQ) Q4 2025 earnings summary

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.