Nasdaq Sets 9%–14% Growth Targets, Approves $3B Buyback and $100M AI Program
Nasdaq grew revenue from $2.9 billion in 2020 to $5.2 billion in 2025, achieved a 56% operating margin and approved a $3 billion buyback plus a dividend hike to $0.31. It raised growth targets to 9%–12% solutions, 6%–10% capital access and 10%–14% FinTech and launched a GenAI program for $100 million savings by 2027.
1. Five-Year Financial Performance
Nasdaq’s revenue climbed from $2.9 billion in 2020 to $5.2 billion in 2025, reflecting a 13% compounded annual growth rate. The firm delivered a 56% operating margin and generated $2.2 billion in cash flow with a 109% cash flow conversion rate.
2. Capital Returns and Dividends
The board authorized a $3 billion share repurchase and raised the quarterly dividend to $0.31 per share. These actions underscore management’s commitment to returning capital as the firm balances growth investments.
3. Technology Initiatives
Nasdaq is fully scaled in the cloud, has integrated blockchain tokenization into its market technology and is preparing to offer tokenized equities and 23/5 trading. The firm plans to deploy hundreds of AI agents this year, scaling to thousands by 2027, and is migrating most options markets onto its Fusion platform.
4. Medium-Term Growth Outlook and Productivity
Nasdaq raised medium-term organic growth targets to 9%–12% in solutions, 6%–10% in capital access platforms and 10%–14% in FinTech. A new GenAI productivity program aims to deliver $100 million in annual run-rate efficiencies by the end of 2027.