Nasdaq Q4 Earnings: In “Outstanding” 2025, Nasdaq Exceeds $5 Billion in Net Revenue for the First Time

Nasdaq (NDAQ) net revenues crossed the $5 billion mark for the first time in 2025 as both top-line and bottom-line metrics saw strong growth.

The company reported its fourth quarter and full year 2025 financial results on Thursday, January 29, with net revenues of $5.2 billion and a 13% increase over the previous year. Nasdaq’s Solutions revenue increased to more than $4 billion, and Market Services net revenue grew to $1.2 billion for the year.

“We are pleased with the results … because it came from every part of the business,” Nasdaq Chair and CEO Adena Friedman told CNBC following the earnings announcements.

The strong performance was reflected across multiple financial metrics:

• We surpassed $5 billion in annual net revenue (with $5.2 billion) and $4 billion in Solutions revenue for the first time in our history.
• Fourth quarter 2025 net revenue was $1.4 billion, a 13% increase from the year-ago period.
• Fourth quarter annualized recurring revenue increased 10% to $3.1 billion over the fourth quarter of 2024.
• Non-GAAP diluted earnings per share rose 24% year-over-year for 2025 and 27% year-over-year in the fourth quarter.
• Index revenue was $232 million in the fourth quarter, up 23% from the same period in 2024. Our Index franchise set new records, with year-end AUM of $882 billion and inflows of $99 billion.
• Market Services achieved record U.S. equities and U.S. options revenues, and in the December triple-witch event, our closing cross executed record notional value of $233 billion.
• In Listings, we maintained our position as the #1 U.S. listing exchange by proceeds raised for the seventh straight year and welcomed $1.2 trillion in listing transfers.
• Financial Technology revenue was $498 million in the fourth quarter, a 12% increase over the same period in 2024. We achieved 11% growth as we deepened client relationships, delivered on our cross‑sell commitments, and are now proud to call every G‑SIB a Nasdaq client.

“In 2025, Nasdaq delivered outstanding financial results, underscoring the durability and differentiation of our business model,” said Sarah Youngwood, Nasdaq Executive Vice President and Chief Financial Officer. “We delivered strong growth across our platform, expanded operating leverage, and generated robust cash flow. As we move into the new year, we remain focused on serving as a strategic partner to our clients and translating that performance into long-term value for our shareholders.”

Nasdaq extended its listings leadership by marking the seventh consecutive year as the top U.S. exchange by proceeds raised, with a 72% win rate for IPOs. Walmart (WMT) joined the exchange in the largest transfer on record, with $1.2 trillion in total market value moving to Nasdaq. In Europe, Verisure’s IPO with Nasdaq represented the largest on the continent in recent years.

The Financial Technology division delivered strong performance with cross-sells, reaching 42 total since acquiring Adenza. In Financial Crime Management Technology, there was continued sales momentum, with Nasdaq Verafin’s total enterprise signings quadrupling from the previous year. Nasdaq Verafin introduced its Agentic AI Workforce in the third quarter.

“When you’re trying to grow as fast as you possibly can and you want to serve your clients as well as you can, AI becomes a great superpower within the organization,” Friedman told CNBC. “It allows us to have our engineering team be more efficient and effective and deliver better code, and be able to put more into every sprint.”

“Every product roadmap at Nasdaq has AI built into its plans so that we can continue to transform the client experience. And that’s what we’re focused on,” she added.

“We’re very focused on this incredible platform that we now have to serve our clients across every element of the risk that they face in managing their lives in the financial markets,” Friedman told CNBC. “Whether it’s anti-financial crime, risk management and collateral management, dealing with trade infrastructure, regulatory reporting—which is remarkably complex and ever changing—as well as making sure that they have the technology they need to operate markets and to be that critical infrastructure.”

The Index business also reached record territory, with net inflows of $99 billion for the year and $35 billion for the fourth quarter. The division launched 122 new products during the year.

“We have a very active IPO outlook. We have already had a lot of meetings with companies that are ready to come into the markets,” Friedman said.

Market Services set new net revenue records, benefiting from record industry volumes in U.S. cash equities and U.S. equity derivatives. Nasdaq also witnessed the largest-ever Closing Cross in daily notional value, with $233 billion traded during the Triple-Witch event in December.

Looking to the future, Nasdaq submitted a filing with the SEC to facilitate trading of tokenized securities on the exchange and announced plans to initiate 23/5 trading—23 hours a day, five days a week—in the second half of 2026.

“It was an excellent year of execution for Nasdaq, as we achieved strong organic growth, accelerated innovation, and successfully delivered across our three strategic priorities: Integrate, Innovate, and Accelerate,” said Friedman in a press release. “Looking ahead, we are well-positioned to build on our momentum in 2026 and deliver durable growth by deepening client relationships and unlocking greater value through our unified One Nasdaq platform.”

Nasdaq will host its 2026 Investor Day on February 25, featuring more information on company operations and strategy as well as a question-and-answer session with Friedman and Youngwood.

For the complete fourth quarter and full year 2025 earnings press release, including reconciliations of U.S. GAAP to non-GAAP measures, please see our earnings release here.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, growth, dividend program, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.