Nasdaq Reports Record Cash Equities and Derivatives Revenue Amid Tech-Driven Market Growth

Nasdaq's Market Services net revenue surged 22% year-over-year to $306 million in Q2 2025, fueled by record cash equities volumes. The exchange's Closing Cross processed 2.5 billion shares in under a second during the Russell reconstitution, representing $102.5 billion in notional value.

CEO Adena Friedman highlighted a 13% increase in total quarterly revenue to $1.3 billion, attributing growth to institutional demand for infrastructure modernization. "Banks and capital markets are prioritizing tech investments for risk management and compliance," Friedman noted, while acknowledging lingering policy uncertainties.

Financial technology revenue ROSE 10% to $464 million as AI adoption accelerates cloud migration and data management enhancements across the sector. The results demonstrate how traditional finance infrastructure upgrades are creating tailwinds for exchange operators.