Short answer
Nasdaq, Inc. (NDAQ) filed its Q3 2025 10-Q quarterly report on Oct 23, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $2.0B (up 3.0% year over year) with net income of $423M.
Q3 2025 key financials · XBRL
- Revenue
- $2.0B
- +3.0% YoY · −6.3% QoQ
- Net income
- $423M
- +38.2% YoY · −6.4% QoQ
- Operating margin
- 30.0%
- Gross margin
- 67.1%
- EPS (diluted)
- $0.73
- +37.7% YoY · −6.4% QoQ
Source: XBRL data from the Nasdaq, Inc. (NDAQ) Q3 2025 10-Q on SEC EDGAR. USD.
Nasdaq, Inc. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue less transaction-based expenses $1,315M, up 14.8% YoY from $1,146M in Q3 2024
- Operating income margin 31.0% vs prior year not explicitly stated; net income attributable to Nasdaq up 38.4% YoY; diluted EPS $0.73 vs $0.53 YoY
- Best performing segment Financial Technology revenue up 23.3% YoY; Market Services revenue decreased 7.4% YoY, worst performing segment this quarter
- Cash and cash equivalents $470M as of Sept 30, 2025, net cash from operating activities $1,630M for nine months ended Sept 30, 2025, up $396M YoY
- Management highlights strong U.S. listing services and record equity derivatives volumes; identifies macroeconomic uncertainty and IPO delays but remains positive on capital access platforms and growth initiatives
Risk Factors
- No material changes to risk factors from the most recent 10-K
- Carried-forward regulatory risk involving compliance with complex global financial regulations
- Competitive risk from evolving market demands impacting Nasdaq’s technology and data services growth
- Operational risk related to cybersecurity threats affecting trading platform reliability and client confidence
- Financial risk tied to market volatility influencing transaction-based revenue streams
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
Other Nasdaq, Inc. quarterly reports
Ask about this quarter
Compare quarters, check guidance or see what insiders and funds did around the report.