Nasdaq, Inc (NASDAQ:NDAQ) stock gained on Thursday after it reported fourth-quarter results.
The quarterly revenue rose 13% year-over-year to $1.39 billion, beating the analyst consensus estimate of $1.37 billion.
The financial services company reported adjusted EPS of 96 cents, which beat the analyst consensus estimate of 91 cents.
Nasdaq's Annualized Recurring Revenue (ARR) increased 10% year-over-year to $3.1 billion.
Segmental Performance
- Solutions revenues were $1.1 billion, up by 13% Y/Y, reflecting strong growth from Index and Financial Technology.
- Market Services' net revenues were $311 million, up 16% Y/Y.
- Financial Technology revenues grew by 14% Y/Y to $498 million.
- Index revenues climbed 23% Y/Y to $232 million.
Nasdaq generated $625 million in operating cash flow for the quarter and held $604 million in cash and equivalents as of Dec. 31, 2025.
In the fourth-quarter of 2025, the company returned $153 million to shareholders through dividends, repurchased $286 million of common stock, and repurchased $100 million of senior unsecured notes.
Chair and CEO Adena Friedman noted that Nasdaq surpassed $5 billion in annual net revenue and $4 billion in Solutions revenue for the first time.
Looking ahead, she said Nasdaq is positioned to extend its momentum in 2026 by deepening client relationships and creating more value through its unified One Nasdaq platform.
2026 Outlook
Nasdaq initiated 2026 adjusted operating expense guidance of $2.455 billion-$2.535 billion.
The company also initiated 2026 adjusted tax rate guidance of 22.5%-24.5%.
NDAQ Price Action: Nasdaq shares were up 0.98% at $99.68 at the time of publication on Thursday, according to Benzinga Pro data.
Photo by JHVEPhoto via Shuttesstock
