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AI brief of an SEC Form 8-K · Nasdaq (NDAQ)

Nasdaq Q1 2025 net revenue rises 11% to $1.2 billion; GAAP EPS up 69% to $0.68

Positive Impact 3 of 5 earnings Written later

Nasdaq reported first quarter 2025 net revenue of $1.2 billion, up 11% year over year, with GAAP diluted earnings per share of $0.68 versus $0.40 a year earlier. The company also updated its 2025 non-GAAP operating expense guidance to a range of $2,265 million to $2,325 million and declared a quarterly cash dividend, which the filing says was $0.24 per share in the quarter.

Key points

  • Net revenue of $1,237 million rose 11%; GAAP diluted EPS was $0.68, up from $0.40, and non-GAAP diluted EPS was $0.79, up 24%
  • Annualized Recurring Revenue reached $2.8 billion, up 8% (9% organic)
  • 2025 non-GAAP operating expense guidance updated to $2,265 million to $2,325 million; non-GAAP tax rate guidance maintained at 22.5% to 24.5%
  • In the quarter, Nasdaq returned $138 million through dividends and $115 million through share repurchases, and repurchased $279 million of senior unsecured notes

The filing

CompanyNasdaq (NDAQ)
Form8-K, current report
Filed with the SECApr 24, 2025, 7:13 AM ET
Accession number0001193125-25-092227

Items reported: 2.02 Results of Operations7.01 Regulation FD Disclosure8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 24, 2025.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.