Nasdaq(NDAQ) - 2025 Q1 - Quarterly Report

Financial Performance - Total revenues for Q1 2025 reached $2,090 million, a 25$1,674 million in Q1 2024[23] - Operating income for Q1 2025 was $547 million, up from$410 million in Q1 2024, reflecting a 33% growth[23] - Net income attributable to Nasdaq for Q1 2025 was $395 million, compared to$234 million in Q1 2024, representing a 69% increase[23] - Basic earnings per share increased to $0.69 in Q1 2025 from$0.41 in Q1 2024, a rise of 68%[23] - The company reported a comprehensive income of $598 million for Q1 2025, significantly higher than$113 million in Q1 2024[25] - Net income for the three months ended March 31, 2025, was $395 million, a 69.9$233 million in the same period of 2024[30] - Total revenues for the three months ended March 31, 2025, were $2,090 million, an increase of 24.9$1,674 million in the same period of 2024[164] - Operating income for the consolidated entity was $547 million for the three months ended March 31, 2025, up from$410 million in 2024, reflecting a growth of 33.4%[164] - Net income attributable to common shareholders for the three months ended March 31, 2025, was $395 million, compared to$234 million for the same period in 2024[110] Revenue Segments - Total revenues for the Capital Access Platforms segment increased to $515 million in Q1 2025 from$479 million in Q1 2024, representing a growth of 7.5%[53] - Market Services revenues rose to $281 million in Q1 2025, up 18.6$237 million in Q1 2024[53] - The Financial Technology segment generated $432 million in revenue for Q1 2025, up from$394 million in Q1 2024, reflecting a growth of 9.6%[53] - The Capital Access Platforms segment generated revenues of $515 million, a 7.4$479 million in 2024[190] - The Financial Technology segment reported a 10.3% revenue growth, reaching $432 million, up from$392 million in 2024[198] - Market Services achieved record revenues of $1,134 million, a 42.8$794 million in the previous year[186] - Total revenues from the United States for the three months ended March 31, 2025, were $1,700 million, compared to$1,304 million in 2024, representing a growth of 30.3%[166] Assets and Liabilities - Total assets as of March 31, 2025, were $30,647 million, up from$30,395 million at the end of 2024[21] - Total liabilities decreased slightly to $19,092 million as of March 31, 2025, from$19,195 million at the end of 2024[21] - Retained earnings increased to $8,658 million as of March 31, 2025, compared to$8,401 million at the end of 2024[21] - Total debt obligations decreased from $9,480 million at December 31, 2024, to$9,326 million at March 31, 2025, after accounting for payments and foreign currency translation[71] Cash Flow and Dividends - Cash flows from operating activities increased to $663 million in Q1 2025, compared to$530 million in Q1 2024, marking a 25.1% increase[30] - Cash dividends declared per common share rose to $0.24 in Q1 2025 from$0.22 in Q1 2024[23] - The company paid $138 million in dividends during Q1 2025, an increase from$127 million in Q1 2024[30] - The board declared a cash dividend of $0.24 per share, totaling$138 million, during the first quarter of 2025, with a subsequent increase to $0.27 per share approved for April 2025[107][108] Expenses and Cost Management - Total operating expenses decreased by 2.5$690 million in Q1 2025 from $707 million in Q1 2024, primarily due to a reduction in compensation and benefits expenses[215] - The company expects to incur approximately$140 million in pre-tax charges related to the "Adenza Restructuring" program, with over $100 million in net expense synergies actioned through March 31, 2025[168] - Total restructuring charges for the three months ended March 31, 2025, were$5 million, down from $26 million in 2024[172] - Annual cost savings of$140 million are expected by the end of 2025, including $80 million from AxiomSL and Calypso acquisition synergies[223] Employee and Stock Information - Headcount increased to 9,377 employees as of March 31, 2025, up from 8,568 employees a year earlier, reflecting growth in the Financial Technology segment[216] - The company has approximately$191 million in available liquidity from other credit facilities as of March 31, 2025, none of which was utilized[82] - The company has a $1.25 billion revolving credit facility, with no amounts outstanding as of March 31, 2025[78] - The total number of shares of common stock repurchased in the three months ended March 31, 2025, was 1,557,529 at an average price of$73.57, totaling $115 million[104] Strategic Focus and Initiatives - Nasdaq's strategic focus includes ongoing initiatives in technology and capital return, with an emphasis on integrating acquired businesses[18] - The Adenza restructuring program is expected to incur approximately$140 million in pre-tax charges, with completion anticipated by the end of 2025[223] - Over $100 million in net expense synergies have been actioned through March 31, 2025[223]