Nasdaq(US:NDAQ)2025-10-23 14:34Financial Performance - Total revenues for Q3 2025 reached $1,958 million, a 2.9% increase from $1,902 million in Q3 2024[23] - Operating income for Q3 2025 was $586 million, up 30.8% from $448 million in Q3 2024[23] - Net income attributable to Nasdaq for Q3 2025 was $423 million, compared to $306 million in Q3 2024, reflecting a 38.3% increase[23] - Basic earnings per share for Q3 2025 were $0.74, an increase from $0.53 in Q3 2024[23] - For the nine months ended September 30, 2025, Nasdaq reported a net income of $1,269 million, a 67% increase compared to $760 million for the same period in 2024[30] - For the three months ended September 30, 2025, total revenues were $1,315 million, an increase of 14.8% compared to $1,146 million for the same period in 2024[53] - For the nine months ended September 30, 2025, total revenues reached $3,857 million, up 12.7% from $3,422 million in 2024[53] - The company reported a comprehensive income of $445 million for Q3 2025, compared to $364 million in Q3 2024[25] Assets and Liabilities - Total assets as of September 30, 2025, were $30,654 million, slightly up from $30,395 million at the end of 2024[21] - Total liabilities decreased to $18,624 million as of September 30, 2025, down from $19,195 million at the end of 2024[21] - Cash and cash equivalents decreased to $470 million from $592 million at the end of 2024[21] - Nasdaq's retained earnings increased to $9,223 million as of September 30, 2025, up from $8,401 million at the end of 2024[21] - Total stockholders' equity as of September 30, 2025, was $12,030 million, up from $11,081 million in 2024, reflecting a year-over-year increase of 8.6%[28] - Total debt obligations decreased to $9,098 million as of September 30, 2025, down from $9,480 million at the end of 2024, reflecting repayments and repurchases of various notes[78] Cash Flow and Investments - The company reported net cash provided by operating activities of $1,630 million for the nine months ended September 30, 2025, compared to $1,234 million in 2024, marking a 32% increase[30] - Nasdaq's cash and cash equivalents at the end of the period were $4,441 million, down from $5,795 million at the end of September 2024, representing a decrease of 23.4%[30] - Financial investments decreased to $53 million as of September 30, 2025, down from $184 million at the end of 2024[68] - The company has $204 million in available liquidity from various European credit facilities, none of which was utilized as of September 30, 2025[91] Revenue Segments - Total revenues for the Capital Access Platforms segment for the three months ended September 30, 2025, were $546 million, compared to $501 million in 2024, reflecting an increase of 9.0%[180] - Total revenues for the Financial Technology segment for the three months ended September 30, 2025, were $457 million, up from $405 million in 2024, representing a growth of 12.9%[180] - Total revenues for the Market Services segment for the three months ended September 30, 2025, were $946 million, down from $1,022 million in 2024, indicating a decline of 7.4%[180] - Financial Crime Management Technology revenues for the three months ended September 30, 2025, were $84 million, up 22.0% from $69 million in 2024[219] - U.S. Equity Derivative Trading revenues for Q3 2025 were $416 million, up 11.4% from $374 million in Q3 2024[223] Shareholder Returns - The board declared cash dividends totaling $448 million during the first nine months of 2025, with a quarterly dividend of $0.27 per share approved for December 2025, estimated at $154 million[119][120] - Cash dividends declared per common share increased to $0.27 for the three months ended September 30, 2025, up 12.5% from $0.24 in 2024[200] - A total of 4,007,607 shares of common stock were repurchased for a total purchase price of $330 million at an average price of $82.34 per share for the nine months ended September 30, 2025[115] Market Activity - The total industry average daily volume for U.S. equity options in Q3 2025 was 55.8 million, compared to 44.5 million in Q3 2024, reflecting increased trading activity[224] - Nasdaq's total matched market share executed on its exchanges decreased to 28.5% in Q3 2025 from 30.2% in Q3 2024[224] - Transaction rebates in Q3 2025 increased by 24.1% to $637 million from $513 million in Q3 2024[222] Other Financial Metrics - The effective tax rate for the three months ended September 30, 2025, was 20.0%, up from 14.3% in the prior year, primarily due to a tax benefit related to payments made to former employees[164] - The restructuring program initiated post-Adenza acquisition is expected to yield over $150 million in net expense synergies by September 30, 2025[189] - The company expects to wind down commodities clearing and trading services by the end of the second quarter of 2026[183]