Nasdaq, Inc. reported significant financial performance improvements in its latest 10-Q filing for the second quarter of 2025, with total revenues reaching $2.09 billion, a 16.5% increase from $1.79 billion in the same period last year. The company's operating income also rose by 34.2% to $568 million, compared to $423 million in the prior year. Net income attributable to Nasdaq surged 103% to $452 million, resulting in diluted earnings per share of $0.78, up from $0.38 a year earlier. For the first half of 2025, total revenues were $4.18 billion, an increase of 20.5% from $3.47 billion in the first half of 2024.
The filing highlighted several strategic developments, including Nasdaq's continued leadership in IPOs, with 38 U.S. operating company IPOs raising over $3.5 billion in proceeds during the second quarter. The company also launched 33 new index products, contributing to a record $745 billion in assets under management (AUM) for exchange-traded products (ETPs). Additionally, Nasdaq's Financial Technology segment reported a 12% growth in annual recurring revenue (ARR), driven by new client acquisitions and upselling existing clients.
Operationally, Nasdaq's total listed companies increased to 5,386 as of June 30, 2025, with 4,238 listings on The Nasdaq Stock Market, including 914 ETPs. The company reported a headcount of 9,492 employees, up from 8,658 a year earlier, reflecting its growth strategy. The Market Services segment achieved record cash equities and derivatives revenue, with U.S. cash equities volumes hitting an all-time high during the Russell reconstitution.
The filing also noted changes in financial metrics, including a decrease in total operating expenses to $738 million from $736 million year-over-year, despite increases in compensation and technology infrastructure costs. Nasdaq's cash and cash equivalents rose to $732 million, up from $592 million at the end of 2024. The company repaid its 2025 Notes in full, amounting to $400 million, and continued to maintain a strong liquidity position with no outstanding borrowings under its revolving credit facility as of June 30, 2025. Looking ahead, Nasdaq anticipates continued growth driven by favorable market conditions and strategic initiatives, although it remains cautious of potential economic fluctuations that could impact its performance.
About NASDAQ, INC.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
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