Nasdaq, Inc. · Q4 2025
ReportedJan 29, 2026
Period endedDec 31, 2025
Rule of 40+52
The quarter in short
Revenue $1.39B, up 13.4% year over year and 5.9% on the quarter. EPS $0.90, up 47.5% year over year and 23.3% on the quarter. Free cash flow $536M, down 16.9% year over year and up 252.6% on the quarter. Rule of 40 score +52.
Reported this quarter
Revenue
$1.39B
QoQ +5.9%
YoY +13.4%
EPS
$0.90
QoQ +23.3%
YoY +47.5%
Free Cash Flow
$536M
QoQ +252.6%
YoY −16.9%
Gross Margin
65.5%
QoQ −1.6 pp
YoY +5.1 pp
FCF Margin
38.5%
QoQ +26.9 pp
YoY −14.1 pp
P/E Ratio
31.2
QoQ −0.2%
YoY −21.0%
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Sources & downloads
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SEC filings
Filed with the SEC under CIK 1120193.
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8-K results announcement
Filed Jan 29, 2026
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Press release (EX-99.1)
Exhibit 99.1 to the 8-K
414 KB
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Exhibit EX-99.2
Exhibit 99.2 to the 8-K
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Period ended Dec 31, 2025, filed Feb 12, 2026
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This quarter (JSON)
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