Core Insights - Nasdaq, Inc. reported fourth-quarter 2025 adjusted earnings per share of 96 cents, exceeding the Zacks Consensus Estimate by 5.5% and reflecting a year-over-year improvement of 26.3% [1][9] - The company's net revenues for the quarter reached $1.4 billion, marking a 13% increase year over year and surpassing the Zacks Consensus Estimate by 1.7% [2][9] - Annualized Recurring Revenue (ARR) grew by 10% year over year, with annualized SaaS revenues rising 11%, accounting for 38% of ARR [2] Performance in Detail - Market Services net revenues were $311 million, up 16% year over year, driven by record industry volumes in U.S. cash equities and equity derivatives, along with a significant increase in index options revenues [3] - The Solutions business saw revenues increase by 13% year over year to $1.1 billion, supported by strong growth in Index and Financial Technology [4] - Adjusted operating expenses rose to $762 million, a 7% increase from the previous year, primarily due to investments in technology and personnel [4] Financial Highlights - The operating margin expanded to 56%, an increase of 100 basis points year over year [5][6] - For the full year 2025, adjusted earnings per share were reported at $3.48, a 23.4% increase year over year, with net revenues of $5.2 billion, also up 13% year over year [6] - Nasdaq welcomed 215 new company listings in Q4 2025, including 63 initial public offerings, bringing the total number of listed companies to 4,480 by the end of the quarter [5][7] Cash Flow and Capital Deployment - Nasdaq generated $625 million in cash flow from operations during the reported quarter [10] - The company returned $153 million to shareholders through dividends and $286 million through share repurchases in Q4 2025 [11] - As of December 31, 2025, Nasdaq had $604 million in cash and cash equivalents, with long-term debt at $8.5 billion, reflecting a 5.6% decrease from the end of 2024 [8] 2026 Guidance - Nasdaq anticipates non-GAAP operating expenses for 2026 to be between $2.455 billion and $2.535 billion, with a non-GAAP tax rate forecasted in the range of 22.5-24.5% [13]

Core Insights - Nasdaq reported third-quarter 2025 adjusted earnings per share of 88 cents, exceeding the Zacks Consensus Estimate by 4.8% and showing an 18.9% year-over-year improvement driven by higher revenues across three divisions and organic growth [1][8] Financial Performance - Nasdaq's net revenues reached $1.3 billion, marking a 15% increase year over year, with organic net revenue growth at 11%, surpassing the Zacks Consensus Estimate by 1.7% [2] - Annualized Recurring Revenue (ARR) grew 10% year over year to $3 billion, with organic growth at 9% [2] - Annualized SaaS revenues increased by 12%, accounting for 38% of ARR [2] Segment Performance - Capital Access Platforms' adjusted revenues were $546 million, up 9% year over year, driven by higher revenues across all business lines [3] - Financial Technology revenues adjusted to $457 million, reflecting a 23.2% increase, also supported by higher revenues from all business lines [3] - Solutions business revenues rose 15% year over year to $1 billion, fueled by strong growth in Index and Financial Technology [3] Operating Expenses and Income - Market Services' net revenues increased 7.4% year over year to $303 million, exceeding estimates [4] - Adjusted operating expenses were $583 million, up 7.4% from the previous year, reflecting increased investments in technology and personnel [4] - Adjusted operating income rose 14.9% year over year to $732 million, with an operating margin of 56%, expanding 200 basis points [5] Cash Flow and Capital Deployment - Nasdaq had cash and cash equivalents of $697 million as of September 30, 2025, an 11.9% increase from the end of 2024 [6] - Long-term debt decreased by 4.6% to $8.7 billion [6] - The company returned $155 million to shareholders through dividends and repurchased $115 million of common stock in the third quarter [7] Guidance and Outlook - Nasdaq raised its 2025 expense outlook to a range of $2.305 billion to $2.335 billion, reflecting ongoing investments in technology and talent [8][10] - The board approved a dividend of 27 cents per share, payable on December 19, 2025 [9]