Nasdaq, Inc. (NASDAQ:NDAQ) today reported financial results for the third quarter of 2025.
Third quarter 2025 net revenue amounted to $1.3 billion, staging a 15% growth versus the prior year period. Organic net revenue growth was 11%.
Solutions revenue was $1.0 billion in the third quarter of 2025, up 15% versus the prior year period, or 10% on an organic basis, reflecting strong growth from Financial Technology and Index.
ARR was $3.0 billion in the third quarter of 2025, reflecting 10% growth versus the prior year period, or 9% on an organic basis. Financial Technology ARR growth was 12% both on a reported and on an organic basis, and Capital Access Platforms ARR growth was 7%, or 6% on an organic basis.
Market Services net revenue reached $303 million in the third quarter of 2025, up 14% versus the prior year period, or 13% on an organic basis.
Cash flow from operations was $221 million for the third quarter. In the third quarter of 2025, Nasdaq returned $155 million to shareholders through dividends, repurchased $115 million of common stock, and repurchased $69 million of senior unsecured notes. As of September 30, 2025, there was $1.4 billion remaining under the board authorized share repurchase program.
Adena Friedman, Chair and CEO, said:
“Nasdaq achieved significant milestones in the third quarter, with Solutions quarterly revenue surpassing $1 billion and annual recurring revenues reaching $3 billion for the first time. This achievement reflects our successful transformation into a leading technology platform.
“Across our diversified platform, we continue to deepen our competitive advantage, delivering advanced solutions that help clients innovate, modernize their systems, and underpin trust in the global economy.”
Sarah Youngwood, Executive Vice President and CFO, said:
“Nasdaq delivered an excellent third quarter performance with revenue growth across all three divisions driving robust earnings growth and generating more than $2 billion in operating cash flow over the previous four quarters.
“We achieved our gross leverage milestone ahead of schedule, are executing share repurchases, and we remain focused on organic investments that will drive long-term revenue growth and shareholder value.”
