Nasdaq (NDAQ) Q4 2025 earnings summary

Executive summary

• Achieved record annual net revenue of $5.2 billion in 2025, up 13% year-over-year, and Solutions revenue of $4.0 billion, up 12%, surpassing $5 billion in annual net revenue for the first time.

• Delivered strong organic growth, innovation, and execution on strategic priorities across all business segments, with significant milestones in index franchise, market services, and financial technology.

• Maintained leadership in U.S. listings, with over $24 billion in proceeds raised, a 74% win rate for eligible operating company listings, and record listing transfers totaling $1.2 trillion in market cap.

• Embedded AI across business lines, launched new AI-enabled products, and expanded partnerships to enhance client solutions.

• Record performance in Market Services, with robust volumes in U.S. cash equities and equity derivatives.

Financial highlights

• Net revenue for Q4 2025 was $1.4 billion, up 13% year-over-year; Solutions revenue was $1.1 billion, up 13%.

• Non-GAAP operating income for 2025 was $2.918 billion, up 16%, with a 56% operating margin; non-GAAP diluted EPS rose 24% to $3.48.

• Annualized recurring revenue (ARR) reached $3.1 billion, up 10% year-over-year; annualized SaaS revenue was $1.16 billion, representing 38% of ARR.

• Free cash flow for 2025 was $2.2 billion, with a 109% conversion ratio.

• Market Services net revenue was $1.2 billion for 2025, up 18% year-over-year; Q4 net revenue $311 million, up 16%.

Outlook and guidance

• 2026 non-GAAP operating expense guidance set at $2.455–$2.535 billion, reflecting 7% organic growth at midpoint; non-GAAP tax rate expected at 22.5%-24.5%.

• Expect continued growth in financial technology, with ARR and SaaS revenue momentum, and ongoing investments in AI and innovation.

• Medium-term (3–5 years) growth outlook: Data & Listings low single digits, Index high single/low double digits, Financial Technology high single/low double digits, Market Services 5–8%.

• Anticipate $9 million quarterly headwind in capital access platforms from prior year delistings and listing standard changes.

• Positioned for durable growth in 2026, focusing on client relationships and platform innovation.