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Nasdaq, Inc. NDAQ Q4 2025 Annual earnings

Reported January 29, 2026 · Before market open

Revenue$1.4BBeat by $25.5MDiluted EPS$0.96Beat by $0.04
Revenue estimate$1.4B
EPS estimate$0.92

Next report

Jul 23, 2026 (In 1 week)
Revenue estimate$1.4B
EPS estimate$0.96

Financials

Q4 2025

Income statement

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Revenue$2.1B+4.6%
Gross profit$1.4B+13.4%
Operating income$629.0M+21.7%
Net income$518.0M+45.9%
EPS (diluted)$0.90+47.5%

Balance sheet

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Cash & equivalents$3.9B-21.4%
Total debt$10.0B-8.0%
Total equity$12.2B+9.3%
Total assets$31.1B+2.2%

Cash flow

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Operating cash flow$625.0M-11.3%
CapEx$89.0M+48.3%
Free cash flow$536.0M-16.9%

Valuation & ratios

Valuation

as of 12/31/25
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Market cap$55.46B+24.8%
Enterprise value$61.48B+22.4%
P/E31×-8.8×
P/S6.7×+0.7×

Profitability

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Gross margin63.5%+0.7pp
Operating margin28.2%+3.9pp
Net margin21.6%+6.5pp
FCF margin24.1%+0.6pp

Returns & leverage

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Return on equity15.3%+5.1pp
Debt / equity0.8×-0.2×
Current ratio1×0.0×

Segments

By segment

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Market Services$1.0B-2.6%
Capital Access Platforms$549.0M+13.2%
Financial Technology$498.0M+13.7%

Versus estimates

Revenue

Q1 2026$1.4BBeat by $36.3M
Q4 2025$1.4BBeat by $25.5M
Q2 2025$2.1BBeat by $812.6MQ1 2025$2.1BBeat by $859.5MQ4 2024$2.0BBeat by $803.4MQ3 2024$1.9BBeat by $731.8M

Diluted EPS

Q1 2026$0.96Beat by $0.03
Q4 2025$0.96Beat by $0.04
Q2 2025$0.85Beat by $0.04Q1 2025$0.79Beat by $0.02Q4 2024$0.76Beat by $0.02Q3 2024$0.74Beat by $0.05

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Questions, answered.

When did Nasdaq, Inc. report Q4 2025 earnings?
Nasdaq, Inc. (NDAQ) reported Q4 2025 earnings on January 29, 2026 before market open.
What were Nasdaq, Inc.'s Q4 2025 revenue and EPS?
Nasdaq, Inc. reported revenue of $1.4B and diluted EPS of $0.96 for Q4 2025.
Did Nasdaq, Inc. beat estimates in Q4 2025?
Revenue beat the consensus estimate of $1.4B by $25.5M. EPS beat the consensus estimate of $0.92 by $0.04.
How did Nasdaq, Inc.'s Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 31.4% from $2.0B a year earlier and diluted EPS grew 26.3% from $0.76.
Where can I find Nasdaq, Inc.'s Q4 2025 SEC filings?
You can read the 8-K earnings release (0001193125-26-028185) and the 10-K periodic report (0001628280-26-007703) directly on SEC EDGAR. The filing index links above go to sec.gov.