Filing Flows › Nasdaq (NDAQ) › Q1 2025
Nasdaq (NDAQ) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 28, 2025
Nasdaq (NDAQ) reported revenue of $2.1B for the first quarter 2025 (Q1 2025), +25% from a year earlier and +3% from the quarter before. Operating margin was 26.1%, net earnings $395M (18.8% of revenue).
Nasdaq, Q1 2025: revenue $2.1B (+25% year over year), operating margin 26.1%, net earnings $395M, operating cash flow $663M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.1B | +3% | +25% |
| Gross profit | $1.2B | +0.8% | +11% |
| Operating profit | $547M | +6% | +33% |
| Net earnings | $395M | +11% | +70% |
| Operating cash flow | $663M | -6% | +25% |
| Free cash flow | $614M | -5% | +25% |
What changed
Revenue was $2.1B in Q1 2025, up 25% year over year and up 3% from the previous quarter.
Gross margin was 59.0%, down 7.7 points from a year earlier. Operating profit was $0.55B, a 26.1% margin (up 1.6 points year over year). Of the extra revenue versus a year earlier, 32% reached operating profit, above the 24% margin then. Operating expenses fell 2% while revenue rose 25%. The fastest-growing cost line was Sales & marketing (+27%). Net earnings were $0.40B, up 69% year over year. The effective tax rate was 19.1%.
Operating cash flow was $0.66B (up 25% year over year), 168% of net earnings. Non-cash charges added back $0.16B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.08B. Capital expenditures of $0.05B left free cash flow of $0.61B.
Questions
What was Nasdaq's revenue in the first quarter 2025?
Nasdaq (NDAQ) reported revenue of $2.1B for the first quarter 2025 (Q1 2025), +25% from a year earlier and +3% from the quarter before.
Was Nasdaq profitable in the first quarter 2025?
Operating profit was $547M (26.1% of revenue) and net earnings $395M.
Source: Nasdaq 10-Q on SEC EDGAR.