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Inferra AI / Company / NDAQ

Nasdaq, Inc.

NDAQ · Financials

Last earnings Oct 22, 2026

Key results

Solutions Quarterly revenuequarter

$1 Billion

htm EX-99.1 EX-99.1 Exhibit 99.1 Nasdaq Reports Third Quarter 2025 Results; Surpassing $1 Billion in Solutions Quarterly Revenue and $3 Billion in ARR NEW YORK, October 21, 2025 Nasdaq, Inc.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

Revenuequarter

$1.3 billion

Third quarter 2025 net revenue 1 was $1.3 billion , an increase of 15% over the third quarter of 2024, or up 11% on an organic 2 basis.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

Growthquarter

up 11%

Third quarter 2025 net revenue 1 was $1.3 billion , an increase of 15% over the third quarter of 2024, or up 11% on an organic 2 basis.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

This included Solutions 3 revenue growing 15% , or up 10% on an organic basis.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

Annualized Recurring revenuequarter

$3.0 billion

Annualized Recurring Revenue (ARR) 4 of $3.0 billion increased 10% over the third quarter of 2024, or up 9% on an organic basis.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

Annualized SaaS revenuequarter

12%

Annualized SaaS revenue increased 12% , and represented 38% of ARR.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

Financial Technology revenuequarter

$457 million

Financial Technology revenue of $457 million increased 23% over the third quarter of 2024, or 13% on an organic basis.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

Index revenuequarter

$206 million

Index revenue of $206 million grew 13% , with $91 billion of net inflows over the trailing twelve months and $17 billion in the third quarter of 2025.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

GAAP EPSquarter

38%

GAAP diluted earnings per share grew 38% in the third quarter of 2025.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

Operating expensesquarter

$729 million

Total operating expenses 729 698 2,155 2,141

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

Operating incomequarter

$586 million

Operating income 586 448 1,702 1,281

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

Net incomequarter

$423 million

Net income attributable to Nasdaq $ 423 $ 306 $ 1,270 $ 762

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

EPSquarter

579.0

Diluted 579.0 579.0 579.3 579.0

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

Non-GAAP Operating expensesquarter

$30,

Operating Expenses (in millions) (unaudited) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

Non-GAAP Operating incomequarter

$95

Operating Income $ 732 $ 637 $ 95 15 % $ (3 ) (1 )% $ 98 16 %

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

Non-GAAP EPSquarter

(2)

Diluted Earnings Per Share (in millions, except per share amounts) (unaudited) Three Months Ended Total Variance Other Impacts (1) Adjusted/Organic Impact (2) September 30, 2025 September 30, 2024 $ % $ % $ % Non-GAAP (3)

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

AI analysis

Q3 2025 · reported Oct 21, 2025

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Revenue · Q3 2025
$1.3B
EX-99 · Oct 21, 2025
EPS · Q3 2025
579.0
EX-99 · Oct 21, 2025
Net income · Q3 2025
$423M
EX-99 · Oct 21, 2025
Operating income · Q3 2025
$586M
EX-99 · Oct 21, 2025

The quarter in charts

Segment mix

Business-unit revenue, as stated

01.332.674$3.0BAnnualized Recurring$1BSolutions Quarterly$457MFinancial Technology$206MIndex

Segment revenue figures as stated in the event record.

Headline figures

MetricQ3 2025Prior qtrYear ago
Solutions Quarterly revenue$1 Billion——
Revenue$1.3 billion——
Growthup 11%——
Annualized Recurring revenue$3.0 billion——
Annualized SaaS revenue12%——
Financial Technology revenue$457 million——
Index revenue$206 million——
GAAP EPS38%——

EX-99 · Oct 21, 2025

Guidance · company-stated

No guidance located in the held release

Outlook statement

“The company is maintaining its 2026 non-GAAP tax rate guidance in the range of 22.”

Next earningsNo verified date on fileNo date is estimated or imported

Capital allocation

Dividend$155M

In the third quarter of 2025, the company returned $155 million to shareholders through dividends, repurchased $115 million of common stock, and repurchased $69 million of senior unsecured notes.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Nasdaq Reports Third Quarter 2025 Results; Surpassing $1 Billion in Solutions Quarterly Revenue and $3 Billion in

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Guidance & outlook

No guidance located in the held release

Capital allocation

In the third quarter of 2025, the company returned $155 million to shareholders through dividends, repurchased $115 million of common stock, and repurchased $69 million of senior unsecured notes.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

We achieved our gross leverage milestone ahead of schedule, are executing share repurchases, and we remain focused on organic investments that will drive long-term revenue growth and shareholder value.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

In the third quarter of 2025, Nasdaq returned $155 million to shareholders through dividends, repurchased $115 million of common stock, and repurchased $69 million of senior unsecured notes.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

As of September 30, 2025, there was $1.4 billion remaining under the board authorized share repurchase program.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

In addition, S&P recognized Nasdaq s deleveraging progress with an upgrade of the company s senior unsecured debt rating from BBB to BBB+ on August 12, which results in both rating agencies having upgraded us back to our pre-Adenza acquisition levels.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

(7) For the nine months ended September 30, 2025, we recorded a gain on the extinguishment of debt.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

Strategy & priorities

We achieved our gross leverage milestone ahead of schedule, are executing share repurchases, and we remain focused on organic investments that will drive long-term revenue growth and shareholder value.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

2 STRATEGIC AND BUSINESS UPDATES Financial Technology delivered 13% organic revenue and 12% organic ARR growth with strong demand trends across each subdivision and high levels of client engagement.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

Third quarter highlights included: Financial Crime Management Technology is executing on its key growth initiatives.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

The business also signed an enterprise Tier 1 bank as a new Nasdaq Verafin client and a cross-sell, demonstrating the success of the One Nasdaq strategy.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

Nasdaq continues to execute on its 2025 strategic priorities Integrate, Innovate, Accelerate positioning the company to capitalize on opportunities for sustainable, scalable, and resilient growth.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

Risks & headwinds

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq s control.

SEC original ↗Nasdaq, Inc. — Earnings release (8-K exhibit)EX-99Oct 21, 2025

Legal Proceedings 49 Item 1A.

SEC original ↗Nasdaq, Inc. — 10-Q Quarterly report10-QOct 22, 2026

While we are not aware of any misstatements regarding industry data presented herein, our estimates involve risks and uncertainties and are subject to change based on various factors.

SEC original ↗Nasdaq, Inc. — 10-Q Quarterly report10-QOct 22, 2026

Forward-looking statements involve risks and uncertainties.

SEC original ↗Nasdaq, Inc. — 10-Q Quarterly report10-QOct 22, 2026

and international operations, and geopolitical instability; the performance and reliability of our technology and the technology of third parties on which we rely; any significant systems failures or errors in our operational processes; our ability to continue to generate cash and manage our indebtedness; and adverse changes that may occur in the litigation or regulatory areas, or in the securities markets generally, or increased regulatory oversight domestically or internationally.

SEC original ↗Nasdaq, Inc. — 10-Q Quarterly report10-QOct 22, 2026

Documents

Earnings deck slides

0 decks with slide view

Nasdaq, Inc. — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Nasdaq, Inc. — Q3 26 Earnings Presentation (Q3 2026) — Slide view unavailable — the original PDF could not be retrieved for segmentation (HTTP Error 403: Forbidden).

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Arthur J. Gallagher & Co. (AJG) FinancialsSun Life Financial (SLF) FinancialsRaymond James Financial (RJF) FinancialsAflac (AFL) FinancialsING Group (ING) FinancialsNorthern Trust (NTRS) FinancialsCincinnati Financial (CINF) FinancialsCoinbase (COIN) Financials

Filings

76 documents

Earnings releases

33 documents

Presentations

2 documents

Transcripts

0 documents

No transcripts for Nasdaq, Inc. are held in this edition of the library.

Mentioned by

704 companies

Other tracked companies whose held documents mention Nasdaq, Inc. by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.