NDAQ Nasdaq, Inc.
FY2025 10-K
Nasdaq, Inc. (NDAQ) filed its fiscal year 2025 10-K annual report with the SEC on Feb 12, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
Business Overview
- • Core business model: Technology platform providing market infrastructure, data, analytics, and trading services across capital access, financial technology, and market services segments
- • New emphasis on sustainability: Added carbon removal marketplace Puro.earth, enhancing sustainability-focused technologies and workflow solutions
Management Discussion & Analysis
- • Revenue $8,262M in 2025, up 11.6% YoY from $7,400M in 2024, driven by growth in all geographies (US $5,947M, other countries $2,315M)
- • Restructuring charges $42M in 2025 vs $116M in 2024; $160M net expense synergies achieved through 2025 from Adenza restructuring
Risk Factors
- • Risk of increased regulatory compliance costs and litigation from cybersecurity and data privacy laws with growing complexity and enforcement globally
- • Exposure to geopolitical cyberattacks and operational disruptions due to global footprint in adversary nation-states and unreliable law enforcement regions
Financial SummaryXBRL
Revenue
$8.3B
Net Income
$1.8B
Gross Margin
63.5%
Operating Margin
28.2%
Net Margin
21.6%
ROE
14.6%
Total Assets
$31.1B
EPS (Diluted)
$3.09
Operating Cash Flow
$2.3B
Source: XBRL data from Nasdaq, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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