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Sep 30, 2025
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.
Revenue by Segment
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.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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