Nasdaq said it welcomed 38 U.S. operating company IPOs that raised more than $3.5 billion in proceeds in Q2 and extended its listing leadership to 46 consecutive quarters. The company said market value brought in from exchange switches to Nasdaq in Q2 was nearly $50 billion.

10-QQuarterly reportFiled Jul 25, 2025Period of report Jun 30, 2025Summary published (UTC) Oct 11, 2026

Key points

AI summary

Nasdaq said it welcomed 38 U.S. operating company IPOs that raised more than $3.5 billion in proceeds in Q2 and extended its listing leadership to 46 consecutive quarters. The company said market value brought in from exchange switches to Nasdaq in Q2 was nearly $50 billion.
Nasdaq said Index had $20 billion in net inflows in Q2 and ETP AUM reached $745 billion at quarter-end, an all-time high. The company launched 33 new Index products in the same quarter.
Nasdaq said it expects approximately $140 million in pre-tax charges in connection with its Adenza restructuring program and anticipates annual cost savings of $140 million by the end of 2025. The company said it has actioned approximately $130 million in net expense synergies through June 30, 2025.
Nasdaq said operating cash flow increased $419 million for the 6 months ended June 30, 2025 compared with the same period in the prior year. The company said financing activities during the same period included dividends of $293 million, share repurchases of $215 million, and repayment of 2025 Notes of $400 million.

Key figures

Quarter ended June 30, 2025

Revenue: $2.1B
Operating income: $568M
Net income: $452M
EPS: $0.78
Gross profit: $1.3B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q2 2025 Listing and IPO Performance

Nasdaq said it welcomed 38 U.S. operating company IPOs that raised more than $3.5 billion in proceeds in Q2 and extended its listing leadership to 46 consecutive quarters. The company said market value brought in from exchange switches to Nasdaq in Q2 was nearly $50 billion.

Source · Based on the MD&A text of the filing

Index Net Inflows and ETP AUM

Nasdaq said Index had $20 billion in net inflows in Q2 and ETP AUM reached $745 billion at quarter-end, an all-time high. The company launched 33 new Index products in the same quarter.

Source · Based on the MD&A text of the filing

Adenza Restructuring Program Plans

Nasdaq said it expects approximately $140 million in pre-tax charges in connection with its Adenza restructuring program and anticipates annual cost savings of $140 million by the end of 2025. The company said it has actioned approximately $130 million in net expense synergies through June 30, 2025.

Source · Based on the MD&A text of the filing

6-Month Cash Flow and Shareholder Returns

Nasdaq said operating cash flow increased $419 million for the 6 months ended June 30, 2025 compared with the same period in the prior year. The company said financing activities during the same period included dividends of $293 million, share repurchases of $215 million, and repayment of 2025 Notes of $400 million.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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