Nasdaq Reports Strong Q4 and Full-Year 2025 Results

Nasdaq ( (NDAQ) ) just unveiled an update.

On January 29, 2026, Nasdaq reported strong financial results for the fourth quarter and full year 2025, with net revenue reaching $5.25 billion, up 13% year over year, and Solutions revenue surpassing $4.0 billion, up 12%. Fourth-quarter net revenue rose 13% to $1.39 billion, driven by 13% growth in Solutions revenue, 16% growth in Market Services net revenue, and particularly robust performance in Financial Technology, where revenue climbed 14%, and Index revenue, which jumped 23% on the back of $99 billion in net inflows over the past twelve months. Annualized recurring revenue reached $3.05 billion, up 10%, with SaaS revenue representing 38% of ARR, underscoring the company’s shift toward recurring, technology-led income streams. Profitability improved markedly, with GAAP diluted EPS up 60% for the year and 47% in the quarter, and non-GAAP diluted EPS rising 24% for 2025 and 27% in the fourth quarter, while operating leverage benefited from only modest increases in operating expenses despite higher investment in technology and talent. Nasdaq also continued to return capital to shareholders in the fourth quarter of 2025, distributing $153 million in dividends and executing $286 million in share repurchases while repaying $100 million of senior unsecured notes, reinforcing management’s confidence in the durability of the business model and the strength of its cash generation.

The most recent analyst rating on (NDAQ) stock is a Buy with a $113.00 price target. To see the full list of analyst forecasts on Nasdaq stock, see the NDAQ Stock Forecast page.

Spark’s Take on NDAQ Stock

According to Spark, TipRanks’ AI Analyst, NDAQ is a Outperform.

The score is driven primarily by strong financial performance (high margins and growth, with moderate leverage) and a favorable technical setup (price above key moving averages with positive momentum). The main constraint is valuation (high P/E with a modest dividend), while the latest earnings call supports the outlook with record solutions revenue and rising ARR, tempered by slower IPO timing and some product-line execution risks.

To see Spark’s full report on NDAQ stock, click here.

More about Nasdaq

Nasdaq, Inc. is a global financial services and technology company best known for operating the Nasdaq stock exchange and providing market services, index licensing, and a broad suite of technology and data-driven solutions for capital markets and financial institutions. Its business is increasingly focused on high-growth “Solutions” offerings, including financial technology platforms, index products, and software-as-a-service tools that generate recurring revenue from institutional and corporate clients worldwide.

Average Trading Volume: 3,173,827

Technical Sentiment Signal: Buy

Current Market Cap: $56.24B

See more insights into NDAQ stock on TipRanks’ Stock Analysis page.