Nasdaq, Inc.
As of Fiscal Year 2025 (ended December 31, 2025)
Key KPIs at a Glance
| Metric | Value |
|---|---|
| Total net revenue (FY2025) | $5,249 million, up 13% year-over-year (+12% on an adjusted/organic basis) |
| Solutions revenue (FY2025) | $4,011 million, up 12% year-over-year; exceeded $4.0B for the first time |
| Net income attributable to Nasdaq (FY2025) | $1,788 million, up ~60% year-over-year (GAAP) |
| Diluted EPS (FY2025) | $3.09 GAAP (up 60% YoY); $3.48 non-GAAP (up 24% YoY) |
| Operating margin (FY2025) | 44.4% GAAP ($2,331M operating income / $5,249M net revenue); 55.6% non-GAAP ($2,918M / $5,249M) |
| Annualized Recurring Revenue (ARR), Q4 2025 exit rate | $3,051 million, up 10% year-over-year |
| Segment operating income | Not separately disclosed by segment in Nasdaq's financial reports; only consolidated operating income is reported, so no segment operating-income pie is shown |
| IPO / listings activity (FY2025) | Operating-company IPOs on Nasdaq raised over $24 billion in proceeds; across all new listing types (IPOs, SPACs, uplistings) Nasdaq raised $46.65 billion year-to-date through mid-December 2025, its highest since 2021 -- exact full-year listing count not separately disclosed by the company |
| Dividend (FY2025) | Quarterly dividend raised to $0.27/share (from $0.24 in 2024); $1.05/share declared for the full year; ~$601 million in dividends paid |
| Employees | 9,525 full- and part-time employees as of December 31, 2025 (per FY2025 Form 10-K), up from 9,162 a year earlier |
| Debt / Adenza acquisition financing | Total debt of $9,004 million ($431M current + $8,573M long-term) as of Dec 31, 2025; the $10.5 billion Adenza acquisition (closed Nov 1, 2023) was funded with roughly $5.9 billion of new debt plus cash and ~85.6 million shares issued to Thoma Bravo; Nasdaq repaid $826 million of debt during FY2025 |
| Capital returned to shareholders (FY2025) | $616 million in share repurchases plus $601 million in dividends paid; operating cash flow of $2.3 billion |
Sources: All figures are company-disclosed, drawn from Nasdaq, Inc.'s Q4/FY2025 earnings release (GlobeNewswire, Jan 29, 2026) and its FY2025 Form 10-K (period ended Dec 31, 2025), unless marked as a third-party estimate. Nasdaq presents 'net revenue' (total revenue less transaction-based expenses) as its primary top-line metric, and that convention is used throughout. Segment figures reflect Nasdaq's three reportable segments post-Adenza reorganization -- Capital Access Platforms, Financial Technology, and Market Services -- plus a small unallocated 'Other Revenues' line; Nasdaq does not disclose operating income by segment, so a second (operating-income) pie is omitted and that gap is noted in the table instead. Historical 2021-2022 EPS figures are stated on a split-adjusted basis reflecting Nasdaq's July 2022 3-for-1 stock split.