Filing Flows › Nasdaq (NDAQ) › Q3 2025
Nasdaq (NDAQ) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 23, 2025
Nasdaq (NDAQ) reported revenue of $2.0B for the third quarter 2025 (Q3 2025), +4% from a year earlier and -6% from the quarter before. Operating margin was 29.6%, net earnings $423M (21.4% of revenue).
Nasdaq, Q3 2025: revenue $2.0B (+4% year over year), operating margin 29.6%, net earnings $423M, operating cash flow $221M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.0B | -6% | +4% |
| Gross profit | $1.3B | +0.7% | +15% |
| Operating profit | $586M | +3% | +31% |
| Net earnings | $423M | -6% | +39% |
| Operating cash flow | $221M | -70% | -9% |
| Free cash flow | $152M | -78% | -19% |
What changed
Revenue was $2.0B in Q3 2025, up 4% year over year and down 6% from the previous quarter.
Gross margin was 66.4%, up 6.2 points from a year earlier. Operating profit was $0.59B, a 29.6% margin (up 6.1 points year over year). Of the extra revenue versus a year earlier, 179% reached operating profit, above the 24% margin then. Operating expenses grew 4% against revenue growth of 4%. The fastest-growing cost line was Sales & marketing (+18%). Net earnings were $0.42B, up 38% year over year. The effective tax rate was 20.0%.
Operating cash flow was $0.22B (down 9% year over year), 52% 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 used $0.40B. Capital expenditures of $0.07B left free cash flow of $0.15B.
Questions
What was Nasdaq's revenue in the third quarter 2025?
Nasdaq (NDAQ) reported revenue of $2.0B for the third quarter 2025 (Q3 2025), +4% from a year earlier and -6% from the quarter before.
Was Nasdaq profitable in the third quarter 2025?
Operating profit was $586M (29.6% of revenue) and net earnings $423M.
Source: Nasdaq 10-Q on SEC EDGAR.