Nasdaq's earnings call highlighted strong financial performance with record revenues and growth across various segments, particularly in Market Services and Financial Technology. While there were challenges related to expense growth and regulatory uncertainty, the overall momentum and successful execution in key areas overshadowed these issues.

Company Guidance -

Q3 2025

During Nasdaq's Second Quarter 2025 Earnings Call, the company reported a robust financial performance, with net revenue reaching $1.3 billion, marking a 12% year-over-year increase. Solutions revenues were $991 million, growing by 10% compared to the previous year, while annualized recurring revenue (ARR) saw a 9% rise to $2.9 billion. Operating income increased by 16% to $721 million, and earnings per share (EPS) grew by 24%. The Capital Access Platforms division experienced a 9% revenue growth, with Financial Technology and Market Services delivering revenue growths of 10% and 21%, respectively. The company also highlighted strong momentum across its Financial Technology solutions, with Financial Crime Management Technology growing by 19% and Regulatory Technology by 10%. Additionally, the company achieved record net inflows of $88 billion in its index franchise over the past 12 months, contributing to a new record ETP AUM of $745 billion. Nasdaq's expense efficiency program was on track, with approximately $130 million actioned by the end of the quarter, and it achieved a gross leverage ratio of 3.2x, surpassing its milestone set after the Adenza acquisition.

Strong Revenue and Growth

Nasdaq delivered $1.3 billion in net revenue, a year-over-year increase of 12%. Solutions revenues were $991 million, representing 10% year-over-year growth. Overall annualized recurring revenue grew 9% to $2.9 billion.

Market Services Record Performance

Market Services delivered record net revenues, reflecting broad-based strength across U.S. and European markets. The division achieved a record notional value of $102 billion during the Russell rebalance.

Successful IPO and Listings Performance

Nasdaq welcomed 38 new operating companies in Q2 with a 79% win rate, raising $3.6 billion. Year-to-date, Nasdaq saw the highest level of new issuances since the first half of 2021.

Financial Technology Division Growth

The Financial Technology division reported 10% revenue growth and 11% ARR growth, with 19% growth in Financial Crime Management Technology and 11% growth in Regulatory Technology.

Continued Expansion in Index Business

Nasdaq's index business achieved a new record for net inflows of $88 billion over the last 12 months and exited the quarter with a new record ETP AUM at $745 billion.

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	$88.28	$93.50	+5.91%
Apr 24, 2025	$73.27	$74.51	+1.69%
Jan 29, 2025	$80.67	$81.20	+0.66%
Oct 24, 2024	$73.22	$74.54	+1.80%

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.