Nasdaq, Inc. (NASDAQ:NDAQ) today reported its financial results for the second quarter of 2025.

Second quarter 2025 net revenue was $1.3 billion, an increase of 13% over the second quarter of 2024, or up 12% on an organic basis. This included Solutions revenue growing 10%.

Annualized Recurring Revenue (ARR) of $2.9 billion increased 10% over the second quarter of 2024, or up 9% on an organic basis. Annualized SaaS revenue increased 13%, or 12% on an organic basis, and represented 37% of ARR.

Financial Technology revenue of $464 million increased 10% over the second quarter of 2024.

Index revenue of $196 million grew 17% from the year-ago period, with $88 billion of net inflows over the trailing twelve months and $20 billion in the second quarter of 2025.

GAAP diluted earnings per share grew over 100% in the second quarter of 2025. Non-GAAP diluted earnings per share grew 24% in the second quarter of 2025.

In the second quarter of 2025, the company returned $155 million to shareholders through dividends and $100 million through repurchases of common stock. The company also repaid $400 million of senior unsecured notes in the quarter.

Adena Friedman, Chair and CEO said:

“Nasdaq delivered an excellent second quarter performance amid a dynamic market environment. Our ability to deliver broad-based growth through cycles is testament to our role as a partner to our clients, helping them capture strategic opportunities, manage risk, and solidify their operational resilience.

Looking ahead, we remain well-positioned to enhance value for our clients and shareholders by driving innovation and deepening our client relationships through our One Nasdaq approach.”

Sarah Youngwood, Executive Vice President and CFO said:

“Nasdaq’s financial results highlight the resilience of our business model and its ability to achieve exceptional revenue and earnings growth with strong free cash flow generation.

We are executing well on our capital allocation priorities, including repaying debt, and have surpassed our gross leverage milestone 16 months ahead of plan. We will optimize for long-term investor returns as we make organic growth investments and balance further deleveraging with opportunistic share repurchases.”