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Mar 31, 2025
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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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