Overview

* Nasdaq Q3 2025 revenue grows 15% yr/yr, beating analyst expectations

* Adjusted EPS for Q3 2025 beats consensus, growing 19% yr/yr

* Company repurchased $115 mln of common stock in Q3 and paid out $155 mln in dividends

Outlook

* Nasdaq updates 2025 non-GAAP operating expense guidance to $2,305 mln-$2,335 mln

* Nasdaq lowers 2025 non-GAAP tax rate guidance to 22.5%-23.5%

Result Drivers

* FINANCIAL TECHNOLOGY GROWTH - Financial Technology revenue increased 23% yr/yr, driven by strong demand and client engagement

* INDEX REVENUE INCREASE - Index revenue grew 13% yr/yr, supported by $91 bln of net inflows over the trailing twelve months

* SOLUTIONS REVENUE MILESTONE - Solutions revenue surpassed $1 bln for the first time, reflecting Nasdaq's transformation into a technology platform

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $1.32 $1.29

Revenue bln bln (15

Analysts

)

Q3 Beat $0.88 $0.84

Adjusted (17

EPS Analysts

)

Q3 EPS $0.73

Q3 ARR $3 bln

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the financial & commodity market operators & service providers peer group is "buy"

* Wall Street's median 12-month price target for Nasdaq Inc ( NDAQ ) is $105.00, about 15.4% above its October 20 closing price of $88.86

* The stock recently traded at 24 times the next 12-month earnings vs. a P/E of 26 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)