---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-244271"
form_type: "8-K"
ticker: "NDAQ"
cik: "0001120193"
company_name: "NASDAQ, INC."
filed_at: "2025-10-21T23:59:59+00:00"
generated_at: "2026-05-17T02:57:37.646730+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Nasdaq Q3 net revenue $1.3B (+15% YoY); ARR reaches $3B milestone

## Summary
- Net revenue $1.3B (+15% YoY); Solutions revenue surpassed $1B for first time; ARR $3.0B (+10%).
- GAAP diluted EPS $0.73 (+38%); Non-GAAP diluted EPS $0.88 (+19%).
- Financial Technology revenue $457M (+23%); Index revenue $206M (+13%, $91B net inflows TTM).
- 2025 non-GAAP op expense guidance raised to $2.305-2.335B; non-GAAP tax rate lowered to 22.5-23.5%.
- Quarterly dividend $0.27/share declared, payable Dec 19 to holders of record Dec 5.

## SEC filing metadata
- accession: 0001193125-25-244271
- form_type: 8-K
- ticker: NDAQ
- cik: 0001120193
- company_name: NASDAQ, INC.
- filed_at: 2025-10-21T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1120193/000119312525244271/0001193125-25-244271-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1120193/000119312525244271/d46597d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-244271
- JSON: https://secwatch.observer/filing/0001193125-25-244271.json
- Plain text: https://secwatch.observer/filing/0001193125-25-244271.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.