Filing Flows › Nasdaq (NDAQ) › Q4 2025
Nasdaq (NDAQ) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
Nasdaq (NDAQ) reported revenue of $2.1B for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +5% from the quarter before. Operating margin was 30.1%, net earnings $518M (24.8% of revenue).
Nasdaq, Q4 2025: revenue $2.1B (+3% year over year), operating margin 30.1%, net earnings $518M, operating cash flow $625M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.1B | +5% | +3% |
| Gross profit | $1.4B | +6% | +13% |
| Operating profit | $629M | +7% | +22% |
| Net earnings | $518M | +22% | +46% |
| Operating cash flow | $625M | +183% | -11% |
| Free cash flow | $536M | +253% | -17% |
What changed
Revenue was $2.1B in Q4 2025, up 3% year over year and up 5% from the previous quarter.
Gross margin was 66.7%, up 6.3 points from a year earlier. Operating profit was $0.63B, a 30.1% margin (up 4.7 points year over year). Of the extra revenue versus a year earlier, 196% reached operating profit, above the 25% margin then. Operating expenses grew 7% against revenue growth of 3%. The fastest-growing cost line was Sales & marketing (+20%). Net earnings were $0.52B, up 46% year over year. The effective tax rate was 10.7%.
Operating cash flow was $0.62B (down 11% year over year), 121% 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 $0.10B. Capital expenditures of $0.09B left free cash flow of $0.54B.
Questions
What was Nasdaq's revenue in the fourth quarter 2025?
Nasdaq (NDAQ) reported revenue of $2.1B for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +5% from the quarter before.
Was Nasdaq profitable in the fourth quarter 2025?
Operating profit was $629M (30.1% of revenue) and net earnings $518M.
Source: Nasdaq 10-K on SEC EDGAR.