In the third quarter of 2025, Nasdaq reported adjusted earnings per share of 88 cents, beating estimates by 4.8%, with a 18.9% year-over-year increase in bottom line. Revenues increased 15% year over year to $1.3 billion, with growth in all business lines. Operating margin expanded to 56%.

Nasdaq’s annualized recurring revenue reached $3 billion, up 10% year over year, with organic growth at 9%. The company returned $155 million to shareholders through dividends, repurchased $115 million of common stock, and repurchased $69 million of senior unsecured notes in the third quarter of 2025.

Looking ahead, Nasdaq expects non-GAAP operating expenses to be in the range of $2,305-$2,335 million for 2025 and forecasts a non-GAAP tax rate of 22.5-23.5%. The company’s stock price gained 0.9% in pre-market trading on the positive earnings report.

CME Group is set to report third-quarter 2025 results on Oct. 22, with a consensus estimate of $2.63 per share. Intercontinental Exchange will report on Oct. 30 with an expected EPS of $1.62, and Cboe Global Markets on Oct. 31 with an anticipated EPS of $2.42.

Zacks Rank currently holds Nasdaq at #3 (Hold), with upcoming reports from CME Group, Intercontinental Exchange, and Cboe Global Markets. Investors can explore potential stock opportunities for the future based on these upcoming earnings releases.

Read more at Nasdaq: NDAQ Q3 Earnings & Revenues Top Estimates, Expense View Tweaked