Short answer
Nasdaq, Inc. (NDAQ) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $8.3B (+11.6% year over year) and net income of $1.8B.
- Top risk flagged: Risk of increased regulatory compliance costs and litigation from cybersecurity and data privacy laws with growing complexity and enforcement globally
FY2025 key financial metrics · XBRL
- Revenue
- $8.3B
- +11.6% YoY
- Net income
- $1.8B
- +60.1% YoY
- Operating margin
- 28.2%
- +3.9 pp YoY
- Gross margin
- 63.5%
- +0.7 pp YoY
- EPS (diluted)
- $3.09
- +60.1% YoY
- ROE
- 14.6%
- +4.6 pp YoY
- Operating cash flow
- $2.3B
- +16.3% YoY
Source: XBRL data from the Nasdaq, Inc. (NDAQ) FY2025 10-K on SEC EDGAR. USD.
Nasdaq, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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