← 실적 발표
NDAQ FY2025 Q3 개선

Nasdaq, Inc. 실적 발표

Oct 21, 2025 · 04:00 ET Adina FriedmanAtul GarrettSarah Youngwood earningscall_biz
Buzzberg 분석

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 분석 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%. 전체 분석 보기분석 접기

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.
매출$1.958B보고값
주당순이익(EPS)$0.88보고값
매출총이익률44.43%보고값
영업이익률29.93%보고값
근거 있는 핵심 내용 6개

지금 중요한 점

이번 발표에서 가장 의미 있는 변화를 정리했습니다.

01
AI

AI is a core growth driver and differentiator across products.

02
Guidance

FinTech revenue expected just below medium-term range for 2025.

03
Demand

Verafin enterprise signings more than triple year-over-year.

핵심 내용 3개 더 보기
04
Cross-sell

Cross-sell pipeline remains robust at 15% of FinTech sales.

05
Innovation

Tokenized equity trading proposal filed with SEC.

06
Balance Sheet

Company expects to reach 3.0x gross leverage by year-end.

보고 기간

보고 실적

지표보고값변화
매출$1.958B보고값
주당순이익(EPS)$0.88보고값
매출총이익률44.43%보고값
영업이익률29.93%보고값
잉여현금흐름$0.152B보고값
자본지출$0.069B보고값
AI, 자본지출 및 수요 분석

경영진 분석

톤

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

AI

경영진의 AI 분석

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

아래에 언급된 기업 1개 모두 표시

기업발표 이후 수익률

고객

GS +40.4%
고객

Goldman Sachs adoption of Verifin's fraud solution validates cross-sell strategy and deepens Nasdaq's enterprise fintech footprint.

근거
“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”
Adina Friedman
외부 신호

공급망 알파 · 1발표 이후 수익률

A1

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.

Adina Friedman
GS+40.4%
근거
“we signed Goldman Sachs as a new NASDAQ Barifin client... and we are pleased to partner with the Commodity Futures Trading Commission”
방법론 및 범위

경영진 발언만 분석합니다. 검증된 기업 언급 1개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.