The earnings call highlighted Nasdaq's strong financial performance and growth across various segments, particularly in Market Services and IPOs. However, expense increases and regulatory uncertainties presented challenges. Overall, the positives significantly outweigh the negatives, indicating a robust and promising outlook.

Company Guidance

During Nasdaq's Second Quarter 2025 Earnings Call, the company provided robust guidance and highlighted key financial metrics. Net revenue reached $1.3 billion, marking a year-over-year increase of 12%, with solutions revenues growing by 10% to $991 million. The overall annualized recurring revenue (ARR) saw a 9% rise, totaling $2.9 billion. Operating income increased by 16% to $721 million, contributing to an EPS growth of 24%. Expenses rose by just under 8%, primarily due to the timing of the annual compensation cycle. The Capital Access Platforms division reported 9% revenue growth and 6% ARR growth, while Financial Technology delivered 10% revenue growth and 11% ARR growth. Market Services experienced a significant 21% net revenue growth. Despite ongoing macroeconomic uncertainty, Nasdaq remains optimistic about the IPO outlook for the remainder of the year and into 2026, supported by strong performance in recent listings and an improving business environment.

Strong Financial Performance

Nasdaq delivered $1.3 billion in net revenue, a year-over-year increase of 12%. Operating income grew 16%, and EPS increased by 24%.

Record Growth in Market Services

Market Services delivered record net revenues, reflecting broad-based strength across U.S. and European markets with a 21% growth.

IPO Success and Listings Leadership

Nasdaq welcomed 38 new operating companies with a 79% win rate and extended its listings leadership to 46 consecutive quarters.

Agentic AI Launch

Nasdaq Verafin announced the launch of Agentic AI workforce, showing potential to reduce alert review workload by over 80%.

Nasdaq (NDAQ) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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NDAQ Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 15, 2025	2025 (Q3)	0.83 / -	0.74	―	―	―
Jul 24, 2025	2025 (Q2)	0.81 / 0.85	0.69	23.19% (+0.16)
Apr 24, 2025	2025 (Q1)	0.77 / 0.79	0.63	25.40% (+0.16)
Jan 29, 2025	2024 (Q4)	0.75 / 0.76	0.72	5.56% (+0.04)
Oct 24, 2024	2024 (Q3)	0.69 / 0.74	0.71	4.23% (+0.03)
Jul 25, 2024	2024 (Q2)	0.64 / 0.69	0.71	-2.82% (-0.02)
Apr 25, 2024	2024 (Q1)	0.65 / 0.63	0.69	-8.70% (-0.06)
Jan 31, 2024	2023 (Q4)	0.70 / 0.72	0.64	12.50% (+0.08)
Oct 18, 2023	2023 (Q3)	0.69 / 0.71	0.68	4.41% (+0.03)
Jul 19, 2023	2023 (Q2)	0.66 / 0.71	0.69	2.90% (+0.02)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

NDAQ Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 24, 2025	$88.03	$93.24	+5.92%
Apr 24, 2025	$73.06	$74.30	+1.70%
Jan 29, 2025	$80.44	$80.98	+0.67%
Oct 24, 2024	$73.01	$74.33	+1.81%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.