Filing Flows › Nasdaq (NDAQ) › Q2 2025
Nasdaq (NDAQ) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 25, 2025
Nasdaq (NDAQ) reported revenue of $2.1B for the second quarter 2025 (Q2 2025), +17% from a year earlier and +0.2% from the quarter before. Operating margin was 27.0%, net earnings $452M (21.5% of revenue).
Nasdaq, Q2 2025: revenue $2.1B (+17% year over year), operating margin 27.0%, net earnings $452M, operating cash flow $746M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.1B | +0.2% | +17% |
| Gross profit | $1.3B | +6% | +13% |
| Operating profit | $568M | +4% | +34% |
| Net earnings | $452M | +14% | +104% |
| Operating cash flow | $746M | +13% | +62% |
| Free cash flow | $687M | +12% | +68% |
What changed
Revenue was $2.1B in Q2 2025, up 17% year over year and roughly flat from the previous quarter.
Gross margin was 62.2%, down 2.5 points from a year earlier. Operating profit was $0.57B, a 27.0% margin (up 3.4 points year over year). Of the extra revenue versus a year earlier, 47% reached operating profit, above the 24% margin then. Operating expenses grew 0% against revenue growth of 17%. The fastest-growing cost line was Sales & marketing (+17%). Net earnings were $0.45B, up 104% year over year. The effective tax rate was 17.5%.
Operating cash flow was $0.75B (up 62% year over year), 165% of net earnings. Non-cash charges added back $0.16B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items added $0.09B. Capital expenditures of $0.06B left free cash flow of $0.69B.
Questions
What was Nasdaq's revenue in the second quarter 2025?
Nasdaq (NDAQ) reported revenue of $2.1B for the second quarter 2025 (Q2 2025), +17% from a year earlier and +0.2% from the quarter before.
Was Nasdaq profitable in the second quarter 2025?
Operating profit was $568M (27.0% of revenue) and net earnings $452M.
Source: Nasdaq 10-Q on SEC EDGAR.