Nasdaq, Inc. reported fourth‑quarter 2025 results on January 29, 2026, with total revenue of $1.39 billion, a 13 % year‑over‑year increase from $1.23 billion in Q4 2024. Non‑GAAP earnings per share rose to $0.96, beating consensus estimates of $0.91–$0.93 and delivering a $0.04–$0.05 per‑share beat.
Revenue growth was driven primarily by the Solutions segment, which grew 12 % to $0.80 billion, and by Market Services, which increased 10 % to $0.50 billion. The mix shift toward higher‑margin Solutions and Market Services helped offset modest growth in legacy trading services, reinforcing Nasdaq’s focus on recurring revenue streams.
The EPS beat was largely a result of disciplined cost management and a favorable revenue mix. Operating expenses fell 3 % to $1.24 billion, while the company maintained pricing power in its high‑margin data and technology services, allowing it to preserve profitability even as overall revenue grew at a moderate pace.
Operating margin expanded to 56 % from 54 % in the prior year, an improvement of two percentage points. The lift was driven by higher contribution from the Solutions segment, which has a higher gross margin, and by the company’s ongoing efficiency program that delivered over $160 million in cost reductions during the year.
Looking ahead, Nasdaq guided 2026 non‑GAAP operating expenses to $2.455 billion–$2.535 billion, a range that reflects continued investment in artificial‑intelligence initiatives and platform expansion while maintaining a disciplined cost base. Management emphasized that the company remains focused on scaling recurring revenue streams and leveraging its market‑making expertise to capture new growth opportunities.
CEO Adena Friedman highlighted the quarter as evidence of Nasdaq’s ability to “architect the world’s most modern markets” and underscored the company’s commitment to innovation and trust in the financial system. Analysts noted that the combination of an EPS beat, margin expansion, and a clear guidance outlook signals strong execution and confidence in the company’s strategic priorities.
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