Nasdaq, Inc. (NDAQ) Stock: Q4 Earnings Beat Lifts Shares as Revenue Tops $5.2B

TLDR

• Shares rise 1.35% as Nasdaq delivers $5.2B revenue and solid Q4 growth.
• ARR climbs to $3.1B, with SaaS now driving 38% of recurring revenue.
• Index and FinTech units post double-digit gains, lifting overall momentum.
• Cash flow hits $2.3B, funding dividends, buybacks, and debt reduction.
• Nasdaq enters 2026 with strong tech demand and clear growth visibility.

Nasdaq (NDAQ) traded higher after the company posted strong fourth-quarter results and delivered its first year above $5 billion in net revenue. The stock moved to $100.04, up 1.35%, as the firm reported broad gains across its key business units. NDAQ highlighted steady growth in recurring revenue and continued strength across its technology-driven segments.

Nasdaq, Inc., NDAQ

NDAQ Reports Strong Full-Year Growth

NDAQ ended 2025 with $5.2 billion in net revenue, and the result marked 13% annual growth. The company advanced its Solutions segment, which reached $4.0 billion for the year and showed broad momentum. NDAQ recorded $1.4 billion in fourth-quarter net revenue, reflecting firm demand across core operations.

The firm lifted its Annualized Recurring Revenue to $3.1 billion and maintained 10% year-over-year gains. The company expanded its SaaS share to 38% of ARR, supporting long-term stability.NDAQ achieved higher revenue contributions from Index and Financial Technology.

NDAQ strengthened its Index division with a 23% revenue increase in the quarter. The segment reported $99 billion in trailing twelve-month inflows, with meaningful additions during the final quarter. The company advanced its Financial Technology revenue by 14% as adoption broadened.

Expense Management Supports NDAQ Margin Expansion

NDAQ posted GAAP operating expenses of $2.9 billion for the full year, showing a modest 2% increase. The rise reflected technology investments and workforce expansion, which supported various long-term programs. However, reduced restructuring and regulatory expenses helped balance the overall cost structure.

Non-GAAP operating expenses reached $2.3 billion, and the total represented an 8% annual increase. The company noted steady organic growth across business lines, which directly impacted cost levels. Even so, NDAQ took steps to offset operational pressures and protect its expanding margin profile.

NDAQ generated $2.3 billion in operating cash flow during 2025. The company returned $601 million through dividends and $616 million through repurchases, reflecting an active capital program. Additionally, the company repaid $826 million of debt during the year to reinforce its balance sheet.

Technology and Market Platforms Drive NDAQ Expansion

NDAQ advanced its Financial Technology platform with strong client additions and expanded product adoption. The firm recorded 129 new clients in the fourth quarter, and it completed 143 upsells and 12 cross-sells. Moreover, the company increased annual totals and deepened engagement across its unified product suite.

Regulatory Technology maintained steady momentum and added 10 new clients in the fourth quarter. The unit strengthened its position with multiple upsells and secured new relationships across global reporting platforms. NDAQ expanded its surveillance capabilities to meet broader market needs.

Capital Markets Technology continued to scale as clients pursued modernization. The subdivision added new relationships and enhanced deployments for central banks and major infrastructure providers. As a result, NDAQ reinforced its strategic plan and entered 2026 with clear growth visibility.

NDAQ expects 2026 non-GAAP operating expenses between $2.455 billion and $2.535 billion. The company issued a tax rate outlook of 22.5% to 24.5% as it prepares for another expansion cycle. Overall, NDAQ positioned itself for stable growth and continued strength across integrated technology platforms.

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