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

Core Insights - Nasdaq, Inc. reported strong financial results for the fourth quarter and full year of 2025, achieving over $5 billion in annual net revenue for the first time and $4 billion in annual Solutions revenue, indicating robust growth and resilience of its platform [5][6]. Financial Performance - In 2025, net revenue reached $5.2 billion, a 13% increase from 2024, with adjusted net revenue growth of 12% [6][11]. - Fourth quarter 2025 net revenue was $1.4 billion, reflecting a 13% growth compared to the same quarter in 2024 [6][11]. - Solutions revenue for 2025 was $4.0 billion, up 12% year-over-year, with fourth quarter Solutions revenue at $1.1 billion, also up 13% [6][11]. - Annualized Recurring Revenue (ARR) stood at $3.1 billion, a 10% increase year-over-year [6][11]. - GAAP diluted earnings per share increased by 60% in 2025, with fourth quarter EPS growing by 47% [6][11]. Shareholder Returns - In 2025, the company returned $601 million to shareholders through dividends and $616 million through stock repurchases [6][11]. - In the fourth quarter alone, $153 million was returned through dividends and $286 million through stock buybacks [6][11]. Strategic Initiatives - Nasdaq's strategic priorities include integrating, innovating, and accelerating growth, which contributed to its strong performance in 2025 [5][7]. - The company signed 129 new clients and achieved significant upsell and cross-sell success in its Financial Technology segment [12]. - Nasdaq launched 122 new products in its Index business in 2025, marking an all-time high [12]. Market Services and Technology - Market Services net revenue reached $311 million in the fourth quarter, up 16% year-over-year, driven by record industry volumes [12][13]. - Financial Technology revenue was $498 million in the fourth quarter, a 14% increase compared to the same period in 2024 [6][11]. Future Outlook - Nasdaq is well-positioned for continued growth in 2026, focusing on deepening client relationships and enhancing value through its unified One Nasdaq platform [7][8].