The company said revenues less transaction-based expenses for Q1 2025 were $1,237 million, up 11% from a year earlier. Solutions revenue was $947 million, up 9%, and Market Services net revenue was $281 million, up 19%.

1. 01

   The company said revenues less transaction-based expenses for Q1 2025 were $1,237 million, up 11% from a year earlier. Solutions revenue was $947 million, up 9%, and Market Services net revenue was $281 million, up 19%.

2. 02

   Nasdaq said GAAP diluted earnings per share for Q1 2025 were $0.68, up 69%, and non-GAAP diluted earnings per share were $0.79, up 24%. GAAP operating income was $547 million, and non-GAAP operating income was $682 million.

3. 03

   The company said operating cash flow for Q1 2025 was $663 million. It returned $138 million to shareholders through dividends and $115 million through common stock repurchases. It also repurchased $279 million of senior unsecured notes at a net purchase price of $257 million.

4. 04

   Nasdaq said Annualized Recurring Revenue (ARR) rose 8% year over year to $2.8 billion. It said Index net inflows were $27 billion for Q1. The company also updated its non-GAAP operating expense guidance for 2025 to a range of $2,265 million to $2,325 million.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the opening part of the filing body and confirmed exhibits, within a length limit. This is not a review of other exhibits, investor presentations or the full earnings call.

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

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