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Jun 30, 2025
Nasdaq Q2 2025 Earnings Report
Reported strong double-digit revenue growth and higher EPS in Q2 2025
Key Takeaways
Nasdaq delivered strong Q2 2025 results with double-digit revenue growth across all divisions, significant increases in GAAP and non-GAAP EPS, and solid net income. The company returned capital to shareholders and continued to execute on strategic initiatives.
Net revenue grew to $1.3 billion, up from $1.159 billion last year
GAAP EPS surged to $0.78 and non-GAAP EPS reached $0.85
Net income more than doubled to $452 million
Returned $155 million to shareholders via dividends and $100 million via share repurchases
Revenue by Segment
Forward Guidance
Nasdaq updated its 2025 non-GAAP operating expense guidance and maintained its tax rate outlook, emphasizing innovation, debt reduction, and shareholder returns.
Positive Outlook
- Maintained non-GAAP tax rate guidance at 22.5% to 24.5%
- Updated 2025 non-GAAP operating expense guidance to $2.295B-$2.335B
- Surpassed gross leverage milestone 16 months ahead of plan
- Continued strong client demand in Financial Technology and Index businesses
- On track to surpass $100 million in cross-sell run-rate revenue by 2027
Challenges Ahead
- Higher compensation and benefits costs impacting expenses
- Merger and strategic initiative costs continued to pressure margins
- Foreign exchange rates impacted guidance updates
- Market share in U.S. equities slightly lower year-over-year
Historical Earnings Impact
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Avg. Return Before/After Earnings
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