Nasdaq Reports 15% Q3 Revenue Rise Driven by Trading, Fintech Growth

Nasdaq reported strong third-quarter 2025 financial results, surpassing Wall Street expectations with adjusted earnings of 88 cents per share and revenue growth of approximately 15%. The company's total revenue reached about $1.96 billion, driven by a 14% increase in market services and a 23% rise in its financial technology division, underlining Nasdaq's strategic shift toward technology and software solutions that provide more predictable, recurring revenue. Annual recurring revenue hit $3 billion for the first time, reflecting consistent growth in software-as-a-service offerings and regulatory solutions. The quarter also saw a rebound in U.S. IPO activity after a slowdown earlier in the year due to trade policy uncertainties. CEO Adena Friedman highlighted Nasdaq's transformation into a leading technology platform with significant milestones achieved across its diversified business segments. Overall, Nasdaq's performance indicates strong demand for its services amidst market volatility and evolving economic conditions.