Nasdaq Reports Fourth Quarter and Full Year 2025 Results; Annual Results Exceed $5.2B in Net Revenue and $4.0B in Solutions Revenue

About this update from Nasdaq, Inc.

[{"type":"text","content":"NEW YORK, Jan. 29, 2026 (GLOBE NEWSWIRE) -- Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the fourth quarter and full year of 2025. Net revenue1 in 2025 was $5.2 billion, an increase of 13% over 2024, or 12% on an adjusted2 basis. Solutions3 revenue increased 12%, or 11% on an adjusted basis.Fourth quarter 2025 net revenue was $1.4 billion, an increase of 13% on both a reported and organic basis over the fourth quarter of 2024. Solutions revenue grew 13%, or 12% on an organic basis.Annualized Recurring Revenue (ARR)3,4 of $3.1 billion increased 10% on both a reported and organic basis over the fourth quarter of 2024. Annualized SaaS revenue increased 11%, or 13% on an organic basis, and represented 38% of ARR.Financial Technology revenue was $498 million, an increase of 14% over the fourth quarter of 2024, or 12% on an organic basis.Index revenue of $232 million grew 23% in the fourth quarter, with $99 billion of net inflows over the trailing twelve months and $35 billion in the fourth quarter of 2025.GAAP diluted earnings per share increased 60% in 2025 and grew 47% in the fourth quarter of 2025. Non-GAAP5 diluted earnings per share in 2025 increased 24% over 2024. Fourth quarter 2025 Non-GAAP5 diluted earnings per share in 2025 was $0.96, an increase of 27% over the fourth quarter of 2024.In the fourth quarter of 2025, the company returned $153 million to shareholders through dividends and $286 million through repurchases of common stock. The company also repaid $100 million of senior unsecured notes in the quarter. Fourth Quarter and Full Year 2025 Highlights (US$ millions, except per share)4Q25YoYchange %Adjusted2YoYchange %OrganicYoYchange %2025YoYchange %Adjusted2YoYchange %OrganicYoYchange %Solutions revenue$1,07113%12%12%$4,01112%11%10%Market Services net revenue$31116%14%14%$1,20118%17%17%Net revenue$1,39213%13%13%$5,24913%12%12%GAAP operating income$63022% $2,33130% Non-GAAP operating income$78317%16%16%$2,91816%16%15%ARR$3,05110%10%10%$3,05110%10%10%GAAP diluted EPS$0.9047% $3.0960% Non-GAAP diluted EPS$0.9627% 27%$3.4824%24%23% Note: Adjusted and organic change for 4Q25 as compared to 4Q24 are equivalent as they include the same period over period adjustments. Refer to the footnotes to this press release for more information. Adena Friedman, Chair and CEO said, “It was an excellent year of executio...

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