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 second-quarter 2025 adjusted earnings per share of 85 cents, exceeding the Zacks Consensus Estimate by 6.3% and reflecting a 24% year-over-year improvement [1][8] - The company's shares rose 1% in pre-market trading due to this outperformance [1] - Revenue growth was driven by higher revenues across three divisions and organic growth, although this was partially offset by increased expenses [1] Financial Performance - Nasdaq's net revenues reached $1.3 billion, marking a 13% year-over-year increase, with organic net revenue growth at 12% [2][8] - Annualized Recurring Revenue (ARR) grew 10% year over year to $2.9 billion, with organic growth at 9% [2] - Annualized SaaS revenues increased by 13%, accounting for 37% of ARR [2] Segment Performance - Capital Access Platforms' adjusted revenues were $527 million, up 9% year over year, driven by higher revenues across all business lines [3] - Financial Technology adjusted revenues were $464 million, reflecting a 10% increase, also supported by higher revenues from all business lines [3] - Solutions business revenues rose 10% year over year to $991 million, driven by strong growth in Index and Financial Technology [3] Market Services and Expenses - Market Services' net revenues increased by 21% year over year to $306 million, surpassing estimates [4] - Adjusted operating expenses were $585 million, an 8% increase from the previous year, reflecting investments in technology and personnel [4] - Adjusted operating income was $721 million, up 16% year over year, with an operating margin of 55%, expanding by 200 basis points [5] Financial Position - As of June 30, 2025, Nasdaq had cash and cash equivalents of $927 million, a 49% increase from the end of 2024 [6] - Long-term debt decreased by 4.4% to $8.7 billion [6] - The company generated $746 million in cash flow from operations during the reported quarter [6] Capital Deployment - Nasdaq returned $155 million to shareholders through dividends and $100 million through stock repurchases in Q2 2025 [9] - The board approved a dividend of 27 cents per share, payable on September 26, 2025 [9] - As of June 30, 2025, $1.5 billion remained under the board-authorized share repurchase program [9] Guidance - Nasdaq raised its 2025 non-GAAP expense guidance to a range of $2.295-$2.335 billion from the previous range of $2.265-$2.325 billion [8][10] - The company forecasts a non-GAAP tax rate for 2025 to be between 22.5% and 24.5% [10]