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Dec 31, 2025
Nasdaq Q4 2025 Earnings Report
Nasdaq reported strong Q4 results with double-digit revenue and earnings growth.
Key Takeaways
Nasdaq delivered robust financial performance in Q4 2025, achieving 13% revenue growth and a 27% increase in non-GAAP EPS, fueled by strength in Solutions and Market Services.
Net revenue reached $1.392 billion, up 13% YoY
Non-GAAP EPS rose to $0.96, a 27% YoY increase
Market Services revenue grew 16% YoY, driven by U.S. equity derivatives
Record $35 billion in quarterly net inflows for Index segment
Revenue by Segment
Forward Guidance
Nasdaq expects steady growth into 2026 with disciplined expense management and expanding client value through the One Nasdaq platform.
Positive Outlook
- 2026 non-GAAP operating expense guided between $2.455B–$2.535B
- Strong recurring revenue base (ARR of $3.05B)
- Expanding FinTech client base with 129 new Q4 clients
- Robust Index AUM momentum, hitting $882B
- Strong capital return with $439M returned to shareholders in Q4
Challenges Ahead
- GAAP expenses rose 7% YoY in Q4 due to investments
- Non-GAAP operating expenses increased 10% YoY
- Reduction in 'Other Revenues' year-over-year
- Some segments still absorbing costs from Adenza integration
- Index revenue benefited from strong inflows, which may normalize
Historical Earnings Impact
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Avg. Return Before/After Earnings
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