Every material Form 8-K Nasdaq filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Nasdaq reported third-quarter 2025 results on October 21, 2025, with net revenue of $1.3 billion, up 15% from a year earlier (11% on an organic basis), and GAAP diluted earnings per share of $0.73, up from $0.53. The company also updated its 2025 non-GAAP expense and tax rate guidance and declared a quarterly cash dividend, which matters to shareholders because revenue and earnings both grew while the guidance changes were modest.
Third-quarter net revenue was $1.3 billion, up 15%; organic growth was 11%.
GAAP diluted EPS was $0.73 versus $0.53 a year earlier; non-GAAP diluted EPS was $0.88, up 19%.
2025 non-GAAP operating expense guidance is now $2,305 million to $2,335 million, up from $2,295 million to $2,335 million; non-GAAP tax rate guidance was lowered to 22.5% to 23.5%.
Nasdaq returned $155 million to shareholders through dividends and repurchased $115 million of common stock in the quarter.
Nasdaq reported second-quarter 2025 net revenue of $1.3 billion, up 13% from a year earlier, and GAAP diluted earnings per share of $0.78, versus $0.38 in the prior-year quarter. The company also updated its 2025 non-GAAP operating expense guidance, citing foreign exchange rates, and announced a quarterly cash dividend in a separate press release. For shareholders, revenue and earnings both rose, and the company returned $255 million through dividends and buybacks while repaying $400 million of senior notes.
Net revenue of $1,306 million, up 13% year over year and 12% on an organic basis
GAAP diluted EPS of $0.78 versus $0.38 a year earlier; non-GAAP diluted EPS of $0.85, up 24%
Returned $155 million to shareholders through dividends and $100 million through share repurchases in the quarter
2025 non-GAAP operating expense guidance updated to $2,295 million to $2,335 million, driven by foreign exchange rates; non-GAAP tax rate guidance maintained at 22.5% to 24.5%
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.
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
Nasdaq, Inc. disclosed new employment agreements with Chair and CEO Adena T. Friedman, President Tal Cohen and CIO/CTO Bradley J. Peterson, covering continued service in their roles. The agreements set base salaries, target bonuses and minimum equity grant values, and define severance terms, including enhanced payments if a termination follows a change in control. The filing contains no financial results, so the terms are primarily a governance and compensation disclosure for shareholders.
Friedman agreement runs through January 1, 2030, with a $1,400,000 base salary, a 300% target bonus and a 2025 equity award target of at least $15,000,000
Cohen agreement runs through January 1, 2030, with a $750,000 base salary, a 200% target bonus and a one-time equity award with a $7,000,000 target value
Peterson agreement runs through January 1, 2028, with a $650,000 base salary, a 175% target bonus and a 2025 equity award target of $3,200,000
Friedman may give notice of retirement no earlier than December 31, 2027, with 12 months' advance notice required
Nasdaq reported fourth-quarter 2024 net revenue of $1.2 billion, up 10% from a year earlier, and GAAP diluted earnings per share of $0.61, up 72%. For full-year 2024, net revenue rose 19% to $4.6 billion, but GAAP diluted earnings per share fell 7% to $1.93. The company also gave initial 2025 non-GAAP operating expense guidance of $2,245 million to $2,325 million and declared a quarterly cash dividend.
Q4 2024 non-GAAP diluted EPS was $0.76, up 5%; full-year non-GAAP diluted EPS was $2.82, flat versus 2023
Solutions revenue in Q4 2024 was $949 million, up 10%; Index revenue was $188 million, up 29%
2025 non-GAAP operating expense guidance is $2,245 million to $2,325 million; non-GAAP tax rate guidance is 22.5% to 24.5%
Nasdaq returned $138 million to shareholders through dividends in Q4 2024 and repurchased $181 million of senior unsecured notes
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Nasdaq filing is on SEC EDGAR ↗. 8-K briefs of other companies →