Nasdaq, Inc. (NASDAQ:NDAQ) today announced financial results for the third quarter of 2025.
Third quarter 2025 net income was $1.3 billion, an increase of 15% compared to the prior year period. Net organic revenue growth was 11%.
Solutions revenue was $1.0 billion in the third quarter of 2025, up 15% compared to the prior-year period, or 10% on an organic basis, reflecting strong growth from FinTech and Index.
ARR was $3.0 billion in the third quarter of 2025, reflecting an increase of 10% compared to the prior year period, or 9% on an organic basis. Financial Technology ARR growth was 12% on both a reported and 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% compared to 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, $1.4 billion remains under the board-approved share repurchase program.
Adena Friedman, President and CEO, said:
“Nasdaq achieved significant milestones in the third quarter, with Solutions quarterly revenue exceeding $1 billion and annual recurring revenue 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 by delivering advanced solutions that help customers innovate, modernize their systems and support confidence in the global economy.”
Sarah Youngwood, Executive Vice President and CFO, said:
“Nasdaq delivered an outstanding third quarter performance with revenue growth in all three segments, driving strong earnings growth and generating more than $2 billion in operating cash flow over the previous four quarters.
“We hit our gross leverage milestone early, are repurchasing shares and remain focused on organic investments that will drive long-term revenue growth and shareholder value.”