Nasdaq, Inc. (NASDAQ:NDAQ) on Tuesday, reported third-quarter revenue growth of 15% year over year to $1.315 billion, beating the analyst consensus estimate of $1.297 billion.
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The financial services company reported adjusted EPS of 88 cents, which beat the analyst consensus estimate of 85 cents.
Nasdaq’s Annualized Recurring Revenue (ARR) increased 10% year-over-year to $3.00 billion.
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Solutions revenues were $1.00 billion, up by 15% Y/Y, reflecting strong growth from Index and Financial Technology.
Market Services’ net revenues were $303 million, up 14% Y/Y. Financial Technology revenues grew by 23% Y/Y to $457 million. Index revenues climbed 13% Y/Y to $206 million.
Nasdaq generated $221 million in operating cash flow for the quarter and held $697 million in cash and equivalents as of September 30, 2025.
In the third quarter of 2025, the company returned $155 million to shareholders through dividends, repurchased $115 million of common stock, and repurchased $69 million of senior unsecured notes.
Chair and CEO Adena Friedman highlighted that Nasdaq crossed major performance milestones in the third quarter, with Solutions revenue exceeding $1 billion and annual recurring revenue reaching $3 billion for the first time.
CFO Sarah Youngwood said Nasdaq generated over $2 billion in operating cash flow over the past year.
2025 Outlook
Nasdaq updated its 2025 adjusted operating expense guidance to $2.305 billion—$2.335 billion (up from the previous range of $2.295 billion—$2.335 billion). The company also updated its 2025 adjusted tax rate guidance by lowering the range to 22.5%- 23.5% (versus the prior range of 22.5%- 24.5%).
Price Action: Nasdaq shares were up 1.43% at $90.13 at the time of publication on Tuesday, according to Benzinga Pro data.
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