NDAQ Q4 2025 Earnings — Nasdaq, Inc. Revenue & Financial Results | Market Cap Arena

NDAQNasdaq, Inc.

$50B

Q4 2025 Earnings

Financial Services Financial - Data & Stock Exchanges

Income Statement

Revenue

$2.1B+2.5% YoY

Gross Profit

$1.4B66.9% margin

Operating Income

$630M30.3% margin

Net Income

$519M25.0% margin

EPS (Diluted)

$0.90

QoQ Revenue Growth

+6.2%

Cash Flow

Operating Cash Flow

$625M

Free Cash Flow

$536M

Stock-Based Comp.

$43M

Balance Sheet

Total Assets

$31.1B

Total Liabilities

$18.8B

Stockholders' Equity

$12.2B

Cash & Equivalents

$814M

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$2.1B	$2.0B	+2.5%
Gross Profit	$1.4B	$811M	+71.6%
Operating Income	$630M	$517M	+21.9%
Net Income	$519M	$355M	+46.2%

Revenue Segments

Market Services

$1.0B50%

Capital Access Platforms

$549M26%

Market Technology

$497M24%

Geographic Segments

Non-US

$1.1B53%

UNITED STATES

$997M47%