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
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
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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