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Mar 31
Nasdaq Q1 2025 Earnings Report
Nasdaq posted strong top- and bottom-line growth driven by broad-based performance across all business segments.
Key Takeaways
Nasdaq reported strong Q1 2025 results with double-digit revenue and earnings growth. Key contributors included Market Services and Financial Technology. The company also made progress on debt reduction and returned capital to shareholders.
Net revenue grew to $1.237 billion, up 11% year-over-year.
Non-GAAP EPS rose 24% to $0.79, reflecting strong operating leverage.
Net income increased to $395 million, up from $234 million a year ago.
Financial Crime Management Technology revenue rose 21%, demonstrating demand for regulatory tech.
Nasdaq
Nasdaq
Nasdaq Revenue by Segment
Revenue by Segment
Market Services Revenue
CapyFin.comFinancial Technology Revenue
CapyFin.comCapital Access Platforms Revenue
CapyFin.com Forward Guidance
Nasdaq reaffirmed its commitment to strategic investment, innovation, and debt reduction while updating its non-GAAP expense outlook for 2025.
Positive Outlook
- Updated non-GAAP operating expense guidance to $2.265B–$2.325B for FY25.
- Maintained non-GAAP tax rate guidance of 22.5%–24.5%.
- Strong recurring revenue trajectory with $2.8B in ARR.
- Continued investment in AI-powered solutions like Verafin’s Co-Pilot.
- Expected to surpass $100M in run-rate cross-sell revenue by 2027.
Challenges Ahead
- Increased merger and strategic initiative expenses in Q1.
- Ongoing restructuring charges related to Adenza integration.
- Market volatility affecting volumes and operational certainty.
- Slight decline in Nasdaq Nordic/Baltic equity trade market share.
- Potential regulatory delays for 24/5 trading expansion in 2026.