Nasdaq, Inc. (NDAQ) FY2025 10-K Annual Report
Nasdaq, Inc. (NDAQ) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Nasdaq, Inc. FY2025 10-K Analysis
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
- • Strategic shift: Sold Solovis portfolio monitoring platform in October 2025, consolidating focus on core investment analytics and compliance services
- • Quantitative highlight: 5,599 total companies listed globally as of Dec 31, 2025, with 784 new U.S. listings including 155 operating company IPOs and $1,241B equity market cap switched to Nasdaq
- • Noteworthy 2025 event: Began wind down of Nordic power futures and commodities trading services, with migration completed in June 2025 and exit expected in H2 2026
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
- • Best performing segment not explicitly stated; Financial Technology had $32M prior-year revenue reduction excluded from segment results
- • Property and equipment investments increased to $728M in 2025 from $593M in 2024; no specific buybacks or dividends disclosed
- • Management plans to wind down commodities clearing and trading services in H2 2026; expects additional consideration and regulatory capital release
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
- • Dependence on third-party cloud infrastructure and technology upgrades risks system failures impacting Nasdaq’s exchanges and trading volumes
- • Intense competition from other exchanges and technology firms pursuing tokenized securities trading, extended trading hours, and AI-enabled platforms
- • Clearinghouse counterparty risk from defaults on cleared contracts despite margin requirements, with potential significant financial and reputational impact
Nasdaq, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$8.3B
▲ +11.6% YoY
Net Income
$1.8B
▲ +60.1% YoY
Gross Margin
63.5%
▲ +71bp YoY
Operating Margin
28.2%
▲ +392bp YoY
Net Margin
21.6%
▲ +655bp YoY
ROE
14.6%
▲ +464bp YoY
Total Assets
$31.1B
▲ +2.2% YoY
EPS (Diluted)
$3.09
▲ +60.1% YoY
Operating Cash Flow
$2.3B
▲ +16.3% YoY
Source: XBRL data from Nasdaq, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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