Nasdaq, Inc. (NASDAQ:NDAQ) today reported financial results for the fourth quarter and full year of 2025.

Net revenue in 2025 was $5.2 billion, marking 13% growth versus the prior year period. Adjusted net revenue growth was 12%. Fourth quarter 2025 net revenue was $1.4 billion, up 13% from the prior year period.

Solutions revenue in 2025 was $4.0 billion, an increase of 12% versus the prior year period, or 11% on an adjusted basis. Fourth quarter 2025 Solutions revenue was $1.1 billion, up 13% versus the prior year period, or 12% on an organic basis, reflecting strong growth from Index and Financial Technology.

ARR was $3.1 billion as of the fourth quarter of 2025, growing 10% year-over-year on both a reported and organic basis. Financial Technology ARR growth was 14%, or 12% on an organic basis, and Capital Access Platforms ARR growth was 8%, or 7% on an organic basis.

Market Services net revenue was $311 million in the fourth quarter of 2025, up 16% versus the prior year period, or 14% on an organic basis.

GAAP operating expenses in 2025 were $2.9 billion, an increase of 2% versus the prior year period, and fourth quarter GAAP operating expenses were $762 million, an increase of 7% versus the prior year quarter. These increases primarily reflect organic growth due to increased investments in technology and people to drive innovation and long-term growth.

For the full-year 2025, merger and strategic initiative expense also increased, and was partially offset by a decrease in restructuring costs and general, administrative and other expenses. The fourth quarter expense increases were partially offset by a decrease in regulatory and merger and strategic initiatives expenses.

Cash flow from operations was $2.3 billion in 2025 and $625 million for the fourth quarter, enabling the return of capital through Nasdaq’s efficient capital allocation framework. In 2025, the company returned $601 million to shareholders through dividends and $616M through repurchases of common stock. In the fourth quarter of 2025, the company returned $153 million to shareholders through dividends and $286 million through repurchases of common stock.

As of December 31, 2025, there was $1.1 billion remaining under the board authorized share repurchase program.

The company repaid $826 million of debt in 2025, including $100 million of senior unsecured notes in the fourth quarter of 2025.

Nasdaq surpassed its expanded efficiency program net expense target, with over $160 million in expense efficiencies actioned as of year-end 2025.

Adena Friedman, Chair and CEO, said:

“It was an excellent year of execution for Nasdaq, as we achieved strong organic growth, accelerated innovation, and successfully delivered across our three strategic priorities: Integrate, Innovate, and Accelerate. For the first time, Nasdaq exceeded $5 billion in annual net revenue and $4 billion in annual Solutions revenue, reflecting the power, resilience and adaptability of our platform.

Looking ahead, we are well-positioned to build on our momentum in 2026 and deliver durable growth by deepening client relationships and unlocking greater value through our unified One Nasdaq platform.”

Sarah Youngwood, Executive Vice President and CFO said:

“In 2025, Nasdaq delivered outstanding financial results, underscoring the durability and differentiation of our business model. We delivered strong growth across our platform, expanded operating leverage, and generated robust cash flow.

As we move into the new year, we remain focused on serving as a strategic partner to our clients and translating that performance into long-term value for our shareholders.”