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NDAQ
FY2025 Q4
Improving
Nasdaq, Inc. earnings call
Buzzberg read
AI products gaining traction with clients
Nasdaq reported strong FY2025 results with record revenue above $5B, driven by index inflows, listings switches, and FinTech growth. Management struck a confident tone for 2026, citing accelerating IPO pipeline and durable demand, while providing expense guidance and noting near-term revenue phasing in index derivatives and FinTech professional services. FY2025 net revenue $5.2B (+12%), solutions revenue $4.0B (+11%), diluted EPS $3.48 (+24%).
Buzzberg read AI products gaining traction with clients Nasdaq reported strong FY2025 results with record revenue above $5B, driven by index inflows, listings switches, and FinTech growth. Management struck a confident tone for 2026, citing accelerating IPO pipeline and durable demand, while providing expense guidance and noting near-term revenue phasing in index derivatives and FinTech professional services. FY2025 net revenue $5.2B (+12%), solutions revenue $4.0B (+11%), diluted EPS $3.48 (+24%). Read full analysisCollapse analysis
Nasdaq reported strong FY2025 results with record revenue above $5B, driven by index inflows, listings switches, and FinTech growth. Management struck a confident tone for 2026, citing accelerating IPO pipeline and durable demand, while providing expense guidance and noting near-term revenue phasing in index derivatives and FinTech professional services. FY2025 net revenue $5.2B (+12%), solutions revenue $4.0B (+11%), diluted EPS $3.48 (+24%).
- Record index ETP AUM of $882B and $99B in net inflows; 10th consecutive year of record inflows.
- FinTech ARR growth 12%, with 255 new SMB clients and 9 enterprise deals in financial crime management.
- Market services record revenues in U.S. equities and options; index options revenue doubled for second consecutive quarter.
Revenue$2.08B+6% QoQ
EPS$0.96+9% QoQ
Gross margin66.92%Reported
Operating margin30.29%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Guidance
2026 operating expense guidance implies ~7% organic growth
Index
Record $99B index net inflows in 2025
Show 3 more callouts
Listings
Expects active IPO market in 2026
FinTech
FinTech enterprise deals quadrupled in 2025
Capital Allocation
Leverage target beaten ahead of schedule
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $2.08B | +6% QoQ |
| EPS | $0.96 | +9% QoQ |
| Gross margin | 66.92% | Reported |
| Operating margin | 30.29% | Reported |
| Free cash flow | $0.536B | Reported |
| Capex | $0.089B | Reported |
AI, capex & demand read
Management read
Upbeat
Management expressed strong confidence in growth, highlighting record revenues, strong pipeline, and strategic momentum across all divisions.
Management AI read
Management discussed embedding AI across the business and launching new AI-enabled products, with strong client reception. They highlighted the agentic AI workforce, with the first agentic sanctions analyst showing strong early use and a second agentic worker launched, with more planned for 2026.
all 7 named companies below
Companiesreturns since call
Customers
Customers
Adina Friedman
Walmart's listing transfer signals confidence in Nasdaq's market and adds to the switch program's momentum, though it is a one-time event.
Evidence
“Walmart's historic transfer to NASDAQ, the largest exchange switch ever completed.”
Customers
Adina Friedman
Shopify's transfer to Nasdaq highlights the exchange's ability to attract high-growth tech listings, potentially boosting trading volumes and index inclusion.
Evidence
“including Shopify, Kimberly-Clark, and Thomson Reuters.”
Partners
Partners
Adina Friedman
The partnership with LSEG extends Nasdaq's data distribution reach into institutional workflows, a positive for LSEG's content ecosystem as well.
Evidence
“including with Juniper Square and LSEG, reinforcing our strategy to embed NASDAQ's investment data in investment workflows”
Partners
Adina Friedman
AWS is the cloud backend for Nasdaq's Calypso managed service, indicating deepening adoption of AWS among financial institutions via Nasdaq's offerings.
Evidence
“Calypso's fully managed service offering on AWS, which drove additional upsells and a major cross-sell”
Supply chain
Supply chain
Adina Friedman
Nasdaq's CEO acknowledges Broadridge's proxy voting app as a positive development, indicating no competitive friction in that space.
Evidence
“the new app that they've delivered, that Broadbridge has delivered for proxy voting is actually quite good and easy to use.”
External signals
Supply-chain alpha · 2returns since call
Nasdaq's index derivatives contracted rate resets at the start of 2026, creating a sequential revenue headwind in Q1 similar to Q1 2025, before increasing again once a revenue threshold is crossed in Q2.
Evidence
“At the start of 2026, our contracted rate associated with trading of derivatives contracts resets... we expect a sequential revenue impact in 1Q26 similar to what we saw in 1Q25.”
FinTech professional services revenue in Q4 was elevated due to implementation fees from back-half enterprise deals; management does not expect to maintain that level in H1 2026.
Evidence
“We do not expect to maintain these levels over the first half of 2026 based on the implementation timing for deals signed in the second half of 2025.”
Methodology & coverage
Management-only analysis. All 7 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.