Nasdaq Inc. (NDAQ) reported second-quarter net revenue of $1.5 billion, representing 15% adjusted year-over-year growth, as the exchange operator achieved multiple record milestones, including the largest IPO in history when SpaceX went public. The company delivered double-digit revenue growth across all three divisions while expanding its role as a critical infrastructure provider in the evolving financial technology landscape.
- Adjusted Net Revenue: $1.5 billion, up 15% year-over-year
- Solutions Revenue Growth: 17% on an adjusted basis
- Non-GAAP Diluted EPS: $1.07, exceeding $1 for the first time in company history
- Index ETP Assets Under Management: Surpassed $1 trillion for the first time
- Q2 IPO Proceeds: 26 operating company IPOs raising $106 billion total, including $86 billion from SpaceX
Nasdaq‘s Capital Access Platforms division achieved an 18% adjusted revenue increase and 74% win rate for new operating company listings. The division welcomed seven of the top 10 largest operating company IPOs in the quarter, including Cerebras (largest semiconductor IPO), Quantinuum (largest quantum IPO), and Parabilis Medicines (largest biotech IPO). The company’s Index business achieved record quarterly net inflows as assets under management surpassed the $1 trillion threshold, while the Data business delivered double-digit revenue growth through expanded bookings and higher retention rates.
Nasdaq‘s FinTech division posted 15% organic revenue growth for the second consecutive quarter, with each subdivision delivering double-digit gains. Nasdaq Verafin, the company’s financial crime management platform, expanded its Agentic AI Workforce for anti-money laundering and fraud workflows, now spanning $13 trillion in combined assets across 2,800 financial institutions. Market Services posted record net revenue of $340 million, up 11% year-over-year, driven by record volumes in Index Options trading.
The company returned $530 million to shareholders during the quarter through $174 million in dividends and $356 million in share repurchases. Nasdaq operates the largest exchange by market capitalization and maintains critical market infrastructure, processing record volumes during major trading events, including the June Triple Witch expiration and Russell reconstitution.
