Total Revenue

Increased by approximately 25% (from $1,674 million to $2,090 million)

Total Revenue increased driven by overall strong operating performance across segments, with higher trading volumes and robust fee-driven revenue, particularly from the U.S. market. This builds on previous period trends of increased industry activity that continued into Q1 2025. " "

Net Income

Increased by approximately 70% (from $233 million to $395 million)

The Net Income surge was due to a combination of substantially higher revenue and improved expense management, including lower effective tax rates and reduced interest expense. This marks an improvement over Q1 2024, where performance was solid but not as amplified. " "

Operating Income

Increased by approximately 33% (from $410 million to $547 million)

Operating Income grew as a result of higher revenues coupled with better operating margins—improving from a 56% margin in Q1 2024 to 62% in Q1 2025—indicating effective cost control and operational synergies relative to the previous period. " "

Market Services Segment Revenue

Increased by approximately 43% (from $794 million to $1,134 million)

The Market Services segment saw substantial growth driven by higher transaction-based revenues across key product lines such as U.S. equity derivative trading and cash equity trading, with increases around 24% and 25% respectively. This continued strong performance compared to the prior period where sectoral improvements were already in motion. " " " "

Index Revenue

Increased by about 15% (from $168 million to $193 million)

Index Revenue benefited from higher average assets under management in Nasdaq-linked exchange-traded products and increased trading volumes on futures contracts, reflecting sustained growth trends from earlier fiscal periods. " "

Geographic Mix (United States)

In Q1 2025, the U.S. contributed $1,700 million (81% of total revenue) compared to lower prior ratios

The rising United States contribution is attributable to stronger domestic trading activity and higher transaction volumes in U.S. markets, which built upon previous improvements from Q1 2024, reinforcing the dominant role of the U.S. in Nasdaq’s revenue mix. "

Non-GAAP Expense Guidance

FY 2025

$2.245 billion to $2.325 billion "

$2.265 billion to $2.325 billion " " " "

raised

Non-GAAP Tax Rate Guidance

FY 2025

22.5% to 24.5% "

22.5% to 24.5% " " " "

no change

Gross Leverage Ratio Guidance

FY 2025

no prior guidance

3.3x (expected in Q2/Q3 2025) " " " "

no prior guidance

Capital Access Platforms Revenue Growth

FY 2025

5% to 8% "

5% to 8% " " " "

no change

Financial Technology Division Revenue Growth

FY 2025

10% to 14% with detailed subdivision guidance "

Within its medium-term outlook with subdivisions at the low end or well within range " " " "

no change

Efficiency Program Benefit

FY 2025

2 percentage point reduction to expense growth "

2 percentage point benefit to expense growth " " " "

no change

Dividend

FY 2025

no prior guidance

$0.27 per share (a 13% increase) " " " "

no prior guidance

Cross-Sell Revenue

FY 2025

no prior guidance

Exceed $100 million in run-rate revenue by end of 2027 " " " "

no prior guidance

Index Business Growth and Diversification

Q2–Q4 2024: Consistently reported robust revenue growth, strong net inflows, and significant product innovation (e.g. record ETP AUM, new product launches, international and institutional diversification) " " " " "

Q1 2025: Continued strong revenue growth (26% growth), record average ETP AUM, and a marked diversification with 50% of inflows coming from non‐Nasdaq 100 products. " " "

Positive & Consistent: Driven by ongoing product innovation and diversification, sentiment remains upbeat.

Fintech and Financial Crime Management Technology Expansion

Q2–Q4 2024: Demonstrated solid revenue and ARR growth across Verafin, AxiomSL, and Calypso with emphasis on AI features, client wins, and early signs of global expansion " " "

Q1 2025: Reported steady fintech division growth with notable advances in AI-powered tools (e.g., Gen AI entity research copilot), new SMB client wins, and improved client signings along with global expansion preparations. " " "

Positive: Growth in client adoption and the integration of AI capabilities bolster long‑term prospects.

International Expansion Across Key Segments

Q2–Q4 2024: Emphasized broad global initiatives—from Verafin’s European launch and regulatory technology wins in France, India, and the Philippines to expanded Capital Markets and index product launches outside the U.S. " " "

Q1 2025: Focus shifted more to expanding the index business internationally via diversification beyond the Nasdaq 100, evidenced by 50% of inflows coming from non‑Nasdaq 100 products. "

Mixed but Upward: While previous periods highlighted a broad international push, Q1 2025 shows a concentrated focus on index product diversification with sustained global ambitions.

Regulatory and Market Environment Challenges

Q2–Q4 2024: Issues included a muted IPO environment, delisting challenges, evolving regulatory requirements (ESG, SEC tick rule, Basel III/V changes), and adjustments in public markets " " " "

Q1 2025: Addressed market volatility affecting IPO timing and ongoing regulatory headwinds (e.g. delays and adjustments in delisting and regulatory implementations). " " "

Steady/Mixed: Persistent challenges remain though some optimism about later-year improvement; overall sentiment is cautiously balanced.

AWS Partnership and Technology Modernization

Q2–Q4 2024: No specific commentary on AWS or tech modernization in available excerpts.

Q1 2025: Emphasis on a long‐term, hybrid cloud partnership with AWS designed to modernize market infrastructure, increase scalability, and bolster connectivity, with concrete examples of rollout in key markets. " "

Emergent & Strategic: Newly introduced in Q1 2025, this topic is positioned as a key enabler for long‑term competitiveness and innovation.

Integration and Cross-Selling Strategies for Acquired Platforms

Q2–Q4 2024: Repeated emphasis on integrating AxiomSL and Calypso (and the Adenza acquisition), achieving significant net expense synergies and generating early cross-sell wins (e.g., 7–11 cross-sells, with advanced campaigns) " " " "

Q1 2025: Continued integration progress with reported cross-sells (e.g., 19 cross-sells since acquisition, 2 in Q1) and expanded efficiency programs to target higher synergy levels, reaffirming the long-term $100M cross-sell goal. " " "

Progressing Well: Integration and cross-selling remain a consistent strength, with sentiment positive as synergies deepen and targets remain on track.

Domestic Expansion and Enhanced Client Engagement

Q2–Q4 2024: Q3 noted domestic upgrades such as migration to Fusion for U.S. markets and enhanced client engagement through cross-sell campaigns, though explicit “domestic expansion” details were limited in Q4 " "

Q1 2025: While “domestic expansion” was not explicitly highlighted, enhanced client engagement was evident via improved sales cycles, strong new client signings, and AI tool adoption across fintech solutions. "

Neutral to Positive: Domestic client engagement remains a consistent focus, albeit without new emphasis on geographic expansion, maintaining overall positive interaction with clients.

Capital Management and Revenue Growth Normalization

Q2–Q4 2024: Consistent focus on deleveraging (reduction in leverage ratios), pricing improvements, dividend increases, and opportunistic share repurchases, with clear metrics across segments " " "

Q1 2025: Continued emphasis with further deleveraging, dividend hikes (13% increase), share repurchases, and steady double-digit revenue growth with normalized revenue drivers across divisions. " " "

Stably Positive: Ongoing disciplined capital management strategies support stable revenue growth and long-term shareholder returns.

Traditional Corporate Solutions and Data/Listings Segment Challenges

Q2–Q4 2024: Faced headwinds from a slow IPO/delisting environment, lower conversion rates, and amortization of listing fees, with mixed performance between modest growth and significant revenue headwinds due to delistings " " " "

Q1 2025: Continued to battle challenges as delistings and lower amortization impacts persist even as new listings and pricing improvements help offset some headwinds; overall growth remains modest. " "

Negative/Persistent: These segments continue to face structural challenges and headwinds, suggesting potential areas for future strategic attention.