Nasdaq, Inc. (NDAQ) Q3 2025 10-Q Quarterly Report
Filed: Oct 23, 2025Period ending Sep 30, 2025
Financials
Security & Commodity Brokers, Dealers, Exchanges & ServicesSEC EDGAR Nasdaq, Inc. (NDAQ) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 23, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Nasdaq, Inc. Q3 2025 10-Q Analysis
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
Nasdaq, Inc. Q3 2025 Quarterly FinancialsXBRL
Revenue
$2.0B
▲ +3.0% YoY▼ -6.3% QoQ
Net Income
$423M
▲ +38.2% YoY▼ -6.4% QoQ
Net Margin
21.6%
▲ +551bp YoY▼ -2bp QoQ
Source: XBRL data from Nasdaq, Inc. Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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