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NDAQ
FY2025 Q4
개선
Nasdaq, Inc. 실적 발표
Buzzberg 분석
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 분석 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%). 전체 분석 보기분석 접기
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.
매출$2.08B+6% 전분기 대비
주당순이익(EPS)$0.96+9% 전분기 대비
매출총이익률66.92%보고값
영업이익률30.29%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Guidance
2026 operating expense guidance implies ~7% organic growth
Index
Record $99B index net inflows in 2025
핵심 내용 3개 더 보기
Listings
Expects active IPO market in 2026
FinTech
FinTech enterprise deals quadrupled in 2025
Capital Allocation
Leverage target beaten ahead of schedule
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $2.08B | +6% 전분기 대비 |
| 주당순이익(EPS) | $0.96 | +9% 전분기 대비 |
| 매출총이익률 | 66.92% | 보고값 |
| 영업이익률 | 30.29% | 보고값 |
| 잉여현금흐름 | $0.536B | 보고값 |
| 자본지출 | $0.089B | 보고값 |
AI, 자본지출 및 수요 분석
경영진 분석
Upbeat
Management expressed strong confidence in growth, highlighting record revenues, strong pipeline, and strategic momentum across all divisions.
경영진의 AI 분석
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.
아래에 언급된 기업 7개 모두 표시
기업발표 이후 수익률
고객
고객
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.
근거
“Walmart's historic transfer to NASDAQ, the largest exchange switch ever completed.”
고객
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.
근거
“including Shopify, Kimberly-Clark, and Thomson Reuters.”
파트너
파트너
Adina Friedman
The partnership with LSEG extends Nasdaq's data distribution reach into institutional workflows, a positive for LSEG's content ecosystem as well.
근거
“including with Juniper Square and LSEG, reinforcing our strategy to embed NASDAQ's investment data in investment workflows”
파트너
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.
근거
“Calypso's fully managed service offering on AWS, which drove additional upsells and a major cross-sell”
공급망
공급망
Adina Friedman
Nasdaq's CEO acknowledges Broadridge's proxy voting app as a positive development, indicating no competitive friction in that space.
근거
“the new app that they've delivered, that Broadbridge has delivered for proxy voting is actually quite good and easy to use.”
외부 신호
공급망 알파 · 2발표 이후 수익률
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.
근거
“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.
근거
“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.”
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 7개를 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.