Nasdaq reported a strong Q2 2025 financial performance with net revenue hitting $1.3 billion, marking a 12% increase. Non-GAAP EPS was $0.85, up 24% from last year. Annualized recurring revenue reached $2.9 billion, with SaaS revenue up 12% to represent 37% of total ARR, emphasizing a shift to subscription-based revenue streams.

Financial Technology revenue grew 10% to $464 million, securing 57 new clients. Index revenue surged 17% to $196 million, with all-time high ETP assets under management of $745 billion. Market Services achieved record net revenue of $306 million, driven by U.S. cash equities and derivatives revenue.

Nasdaq extended its listing leadership streak to 46 quarters, welcoming 38 U.S. operating company IPOs that raised over $3.5 billion. The company attracted nearly $50 billion in market value through switches from other exchanges. Nasdaq generated $746 million in cash flow from operations and returned $155 million to shareholders.

Nasdaq continues to execute on its 2025 strategic priorities, with approximately $130 million of a $140 million net expense efficiency program actioned. The company launched innovative solutions, including digital workers from Nasdaq Verafin and real-time private market data distribution through Nasdaq Private Market’s Tape D API. Cross-sells now represent over 15% of Financial Technology’s sales pipeline.

With strong momentum and a clear strategic roadmap, Nasdaq aims to champion inclusive growth and prosperity across the global economy. The company remains focused on driving innovation and deepening client relationships through its One Nasdaq approach, positioning itself for future success and value creation.

Read more at Nasdaq: Nasdaq Reports Strong Q2 with Double-Digit Revenue Growth Across the Business