Nasdaq (NDAQ) Earnings Dates, Call Summary & Reports

Compare

6,628 Followers

Earnings Data

Report Date

Apr 22, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

0.92

Last Year’s EPS

0.79

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 10 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Jan 29, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed strong operational and financial momentum across Nasdaq: record annual revenue, double-digit growth in key metrics (net revenue +12%, ARR +10%), robust index and market services performance, solid free cash flow and deleveraging, and clear product innovation (AI tools, tokenization filing, 23x5 plans). At the same time, management flagged a set of manageable but material near-term headwinds — rising operating expenses (with 2026 guidance), variability from professional services and enterprise implementations, expected quarterly revenue timing impacts (options capture and listed fee amortization), and regulatory/technical uncertainty around tokenization. Overall, the positives (broad-based revenue growth, margin expansion, cash generation, rating upgrades, strategic product launches and client wins) materially outweigh the outlined challenges, which are described and quantified and appear manageable within the company’s stated plan.

Company Guidance

Nasdaq's guidance for 2026 highlighted non‑GAAP operating expenses of $2.455–$2.535 billion (roughly a 7% organic increase at the midpoint), a non‑GAAP tax rate of 22.5%–24.5%, and an expected ~ $9 million y/y headwind per quarter from prior‑year delistings, proposed listing‑standards changes and amortization of prior initial listing fees; management also warned of a sequential revenue impact in 1Q26 from a contracted derivatives trading rate reset (with the rate expected to rise once a revenue threshold is crossed, likely early in Q2). The company noted it has already delivered over $160 million of cost reductions, finished 2025 with gross leverage of 2.9x (beating the prior 3.0x target), generated ~$2.2 billion of free cash flow with 109% conversion, paid $1.05 per share ($601 million) in dividends in 2025 (Q4 $0.27 / $153 million; ~31% payout ratio), repurchased 7.2 million shares for $616 million in 2025 (3.2 million / $286 million in Q4), paid down $826 million of debt (including $100 million in Q4), and reiterated a focus on organic growth and selective bolt‑ons while targeting >$100 million of cross‑sell run‑rate revenue by 2027.

Record Annual Revenue and Solutions Mix

Net revenue for fiscal 2025 was $5.2 billion, up 12% year-over-year; Solutions revenue reached $4.0 billion, up 11% and representing 76% of total net revenue, marking the first year Nasdaq surpassed $5B in revenue and $4B in solutions.

Strong ARR and EPS Growth

ARR ended the year at $3.1 billion, up 10% year-over-year. Full-year operating income was $2.9 billion, up 16%, and diluted EPS grew 24% year-over-year. Q4 diluted EPS grew 27% to $0.96.

Robust Q4 Performance

Q4 net revenue was $1.4 billion, up 13% year-over-year; solutions revenue in Q4 was $1.1 billion, up 12%. Q4 operating income was $783 million, up 16% year-over-year. Operating margin was 56% (Q4 and full year).

Record Index and ETP Performance

Index franchise reported $99 billion in net inflows over the last 12 months (record), including a record $35 billion in Q4. ETP AUM reached an all-time high of $882 billion and Index revenue increased 23% in the quarter.

Market Services and Options Momentum

Market Services achieved record annual net revenue of $1.2 billion, up 17% year-over-year. Index options revenue more than doubled year-over-year for the second consecutive quarter; Q4 market services net revenue was $311 million, up 14%.

Financial Technology (FinTech) Growth and Client Traction

FinTech delivered 11% revenue growth for the year with FY revenue of $1.85 billion. Financial Crime Management Technology grew ~22% for the year (24% in Q4). FinTech signed hundreds of clients in 2025 (e.g., 291 new clients and 462 upsells annually) and now counts every GSIB as a client.

Cash Flow, Capital Returns, and Deleveraging

Free cash flow was ~$2.2 billion in 2025 with a 109% conversion ratio. Nasdaq repurchased $616 million of shares (7.2M shares) and paid $601 million in dividends ($1.05 per share). Debt paydown totaled $826 million, resulting in gross leverage of 2.9x (better than prior 3.0x target).

Efficiency and Balance Sheet Improvements

Exceeded expanded efficiency program targets with over $160 million of cost reduction actions. Both Moody's and S&P upgraded Nasdaq's senior unsecured debt ratings to Baa1 and BBB+ respectively.

Product & Innovation Momentum: AI, Tokenization, 23x5 Trading

Launched Agentic AI workforce (Agentic sanctions analyst and enhanced due diligence analyst) with strong early client engagement, formed a partnership with BioCatch, filed a tokenized equities approach prioritizing issuer choice and investor protection, and announced plans to offer 23x5 trading subject to regulatory approval.

Cross-sell Progress and Pipeline

One Nasdaq strategy drove 25 FinTech cross-sell wins during 2025 (42 total since acquisition close). Cross-sells accounted for over 15% of FinTech sales pipeline and Nasdaq remains on track to surpass $100 million in run-rate cross-sell revenue by 2027.

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

Daily Earnings Calendar >

NDAQ Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 22, 2026	2026 (Q1)	0.92 / -	0.79	―	―	―
Jan 29, 2026	2025 (Q4)	0.92 / 0.96	0.76	26.32% (+0.20)
Oct 21, 2025	2025 (Q3)	0.85 / 0.88	0.74	18.92% (+0.14)
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)

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
Oct 21, 2025	$88.59	$90.06	+1.66%
Jul 24, 2025	$87.77	$92.96	+5.91%
Apr 24, 2025	$72.85	$74.08	+1.69%
Jan 29, 2025	$80.20	$80.73	+0.66%

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.