- Nasdaq Inc.’s third quarter capital access platforms revenue met expectations at $546 million, marking a 9% year-over-year increase.
- The adjusted earnings per share (EPS) was reported at 88 cents.
- Net revenue for the quarter was $1.32 billion, showing a 15% increase compared to the previous year.
- Market Services net revenue reached $303 million, a 14% rise from last year, slightly surpassing the estimate of $300.3 million.
- Financial Technology revenue came in at $457 million, up 23% year-over-year, exceeding the estimated $451.6 million.
- Adjusted operating margin improved to 56% from 54% in the prior year.
- Adjusted operating expenses were $583 million, increasing by 7.4% year-over-year and just below the estimated $584 million.
- The US cash equities total industry average daily share volume was 17.6 billion, a significant 53% increase year-over-year, meeting the estimate of 17.58 billion.
- US cash equities matched share volume grew by 35% year-over-year to 158.6 billion, beating the estimate of 156.91 billion.
- Cash and cash equivalents decreased to $470 million, representing a 77% year-over-year increase but below the estimated $787.7 million.
- The company updated its 2025 non-GAAP operating expense guidance to a range of $2,305 million to $2,335 million from the previous $2,295 million to $2,335 million range.
- Nasdaq also adjusted its 2025 non-GAAP tax rate forecast, lowering it to 22.5% to 23.5% due to certain favorable tax items in the third quarter.
- Analyst recommendations include 17 buys, 5 holds, and 1 sell regarding Nasdaq Inc.’s stock.
Nasdaq Inc on Smartkarma
Analyst coverage of Nasdaq Inc on Smartkarma, a platform for independent investment research, has highlighted key insights on the company. In a recent report titled “Primer: Nasdaq Inc (NDAQ US) – Sep 2025″ by αSK, the analyst emphasizes Nasdaq’s strategic shift towards a technology-driven, recurring revenue model. This transition is seen as pivotal, moving Nasdaq from a transaction-reliant exchange operator to a more stable and high-growth financial technology company. The company’s increasing focus on Capital Access Platforms and Financial Technology segments, including SaaS offerings, is enhancing revenue stability and visibility.
The report also praises Nasdaq’s strong competitive position and brand equity, noting its global recognition and competitive moat in technology and growth-oriented company listings. Furthermore, Nasdaq’s robust financial performance, consistent revenue growth, margin expansion, and capital return strategies, such as dividends and share repurchases, are highlighted as key strengths. Investors seeking insights on Nasdaq Inc can find detailed analysis on Smartkarma by independent analysts like αSK.
A look at Nasdaq Inc Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 3 | |
| Dividend | 2 | |
| Growth | 3 | |
| Resilience | 3 | |
| Momentum | 3 | |
| OVERALL SMART SCORE | 2.8 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Based on the Smartkarma Smart Scores, Nasdaq Inc‘s outlook appears to be steady and balanced in the long term. With a Value score of 3, the company is considered to be appropriately priced in the market. Additionally, Nasdaq Inc‘s Growth and Resilience scores of 3 indicate moderate potential for future expansion and a stable business model. The Momentum score of 3 suggests a consistent performance trend.
Nasdaq Inc, a global stock exchange operator, is positioned with a decent outlook overall. While the company may not be exceptional in any specific factor according to the Smart Scores, its well-rounded scores across different aspects bode well for its long-term prospects. Investors looking for a stable and reliable investment may find Nasdaq Inc to be a suitable option based on its consistent performance across various metrics.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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