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Sep 30
Nasdaq Q3 2025 Earnings Report
Nasdaq surpassed $1B in Solutions revenue and $3B in ARR for the first time.
Key Takeaways
Nasdaq delivered a strong Q3 2025, with significant growth in all business segments. The company reached record levels in recurring revenue and returned capital to shareholders through dividends and buybacks.
Solutions revenue exceeded $1 billion for the first time.
Annualized Recurring Revenue (ARR) reached $3 billion.
GAAP net income grew to $423 million with diluted EPS of $0.73.
Nasdaq returned $155 million to shareholders via dividends.
Nasdaq
Nasdaq
Nasdaq Revenue by Segment
Revenue by Segment
Capital Access Platforms Revenue
CapyFin.comFinancial Technology Revenue
CapyFin.comMarket Services Revenue
CapyFin.com Forward Guidance
Nasdaq updated its full-year 2025 non-GAAP operating expense and tax rate guidance. The company continues to focus on organic investments, cost efficiencies, and deleveraging.
Positive Outlook
- Raised ARR to $3B, reflecting healthy growth.
- Reached Solutions revenue milestone of $1B.
- Improved GAAP and Non-GAAP EPS.
- Maintained strong client growth in FinTech and Index.
- S&P upgraded senior debt rating to BBB+.
Challenges Ahead
- Nordic/Baltic listings decreased YoY.
- Increased GAAP operating expenses due to higher compensation.
- Revenue from Market Services still below 2024 levels.
- Continued restructuring and strategic initiative costs.
- Cash balance decreased to $470M from prior period.