Overview
- Net revenue rose 15% to $1.315 billion as GAAP EPS increased 38% to $0.73 and adjusted EPS reached $0.88, topping consensus estimates.
- Solutions revenue exceeded $1 billion for the first time and Annualized Recurring Revenue grew 10% to $3.007 billion, with SaaS ARR up 12%.
- Financial Technology revenue climbed 23% to $457 million, including 13% organic growth, while Index revenue advanced 13% to $206 million on record ETP inflows and new launches.
- GAAP operating income increased 31% to $586 million and operating cash flow was $221 million, as Nasdaq returned $155 million in dividends and repurchased $115 million of stock; 2025 adjusted expense guidance was set at $2.305–$2.335 billion with a lower tax rate of 22.5%–23.5%.
- Nasdaq advanced strategic initiatives with an SEC filing to enable tokenized securities trading, deployed AI tools in Verafin and BoardVantage, and received an S&P upgrade of unsecured debt to BBB+.