AI
← Earnings Calls
01
02
03
04 05 06
Tone
AI
A1
NDAQ
FY2025 Q3
Improving
Nasdaq, Inc. earnings call
Buzzberg read
AI is a core growth driver and differentiator across products.
Nasdaq reported strong Q3 2025 with 11% revenue growth to $1.3B, solutions revenue crossing $1B for the first time, and ARR reaching $3B. The fintech division continued double-digit growth, though management guided that financial crime revenue would end the year just below its medium-term range due to enterprise implementation lags. The only notable cross-company mention was signing Goldman Sachs as a Verifin client, reinforcing cross-sell momentum. Management also filed to allow tokenized share trading on its exchanges, a long-term strategic move. Net revenue $1.3B (+11% YoY); EPS $0.88 (+19%); operating margin 56%.
Buzzberg read AI is a core growth driver and differentiator across products. Nasdaq reported strong Q3 2025 with 11% revenue growth to $1.3B, solutions revenue crossing $1B for the first time, and ARR reaching $3B. The fintech division continued double-digit growth, though management guided that financial crime revenue would end the year just below its medium-term range due to enterprise implementation lags. The only notable cross-company mention was signing Goldman Sachs as a Verifin client, reinforcing cross-sell momentum. Management also filed to allow tokenized share trading on its exchanges, a long-term strategic move. Net revenue $1.3B (+11% YoY); EPS $0.88 (+19%); operating margin 56%. Read full analysisCollapse analysis
Nasdaq reported strong Q3 2025 with 11% revenue growth to $1.3B, solutions revenue crossing $1B for the first time, and ARR reaching $3B. The fintech division continued double-digit growth, though management guided that financial crime revenue would end the year just below its medium-term range due to enterprise implementation lags. The only notable cross-company mention was signing Goldman Sachs as a Verifin client, reinforcing cross-sell momentum. Management also filed to allow tokenized share trading on its exchanges, a long-term strategic move. Net revenue $1.3B (+11% YoY); EPS $0.88 (+19%); operating margin 56%.
- Solutions revenue exceeded $1B for first time; ARR hit $3B (+9% YoY).
- Financial crime management revenue grew 22% but full-year forecast pulled to slightly below medium-term range due to enterprise deal timing.
- Goldman Sachs signed as new Verifin client; CFTC deployed Nasdaq surveillance technology.
Revenue$1.958BReported
EPS$0.88Reported
Gross margin44.43%Reported
Operating margin29.93%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Guidance
FinTech revenue expected just below medium-term range for 2025.
Demand
Verafin enterprise signings more than triple year-over-year.
Show 3 more callouts
Cross-sell
Cross-sell pipeline remains robust at 15% of FinTech sales.
Innovation
Tokenized equity trading proposal filed with SEC.
Balance Sheet
Company expects to reach 3.0x gross leverage by year-end.
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $1.958B | Reported |
| EPS | $0.88 | Reported |
| Gross margin | 44.43% | Reported |
| Operating margin | 29.93% | Reported |
| Free cash flow | $0.152B | Reported |
| Capex | $0.069B | Reported |
AI, capex & demand read
Management read
Confident
Management expressed confidence in the company's strategic direction, highlighting strong results, record milestones (e.g., solutions revenue over $1 billion, ARR over $3 billion), and reiterated medium-term outlooks while noting a few near-term soft spots (e.g., FinTech revenue slightly below range
Management AI read
Management emphasized AI as a major growth driver and differentiator, embedding AI into product roadmaps across verification, surveillance, and corporate solutions, and driving client engagement with GenAI tools like the agentic AI workforce and the GenAI Entity Research Copilot. They see AI as a catalyst for cross-sells and upsells and are focused on using AI internally to drive efficiency in pro
all 1 named companies below
Companiesreturns since call
Customers
Customers
Adina Friedman
Goldman Sachs adoption of Verifin's fraud solution validates cross-sell strategy and deepens Nasdaq's enterprise fintech footprint.
Evidence
“we signed Goldman Sachs as a new NASDAQ Barifin client. This cross-sell for our consortium-based payments fraud solution expands NASDAQ's relationship with the bank”
External signals
Supply-chain alpha · 1returns since call
Nasdaq's Verifin fincrime business signed two major enterprise clients (Goldman Sachs and CFTC) in Q3, indicating successful upmarket push with longer sales cycles that should start contributing to ARR in Q4.
Evidence
“we signed Goldman Sachs as a new NASDAQ Barifin client... and we are pleased to partner with the Commodity Futures Trading Commission”
Methodology & coverage
Management-only analysis. All 1 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.