Nasdaq, Inc has released its financial results for the third quarter of 2024, showcasing a robust performance with significant growth across its business segments.
For the three months ending September 2024, net revenue reached $1.1 billion, marking a 22% increase compared to the same period in 2023. On a non-GAAP basis, net revenue was even higher at $1.2 billion, with a $146 million boost from Nasdaq’s acquisition of Adenza.
On a pro forma basis, revenue growth stood at 10%.
Solutions revenue saw a notable rise, coming in at $872 million for the third quarter, reflecting a 26% year-over-year increase, or 10% growth on a pro forma basis. This performance was driven by strong gains in Index and Financial Technology segments.
Annual Recurring Revenue (ARR) also experienced substantial growth, up 31% year-over-year in Q3 2024, or 8% on a pro forma basis. Notably, Financial Technology showed a 14% pro forma ARR growth, while Capital Access Platforms saw a 2% growth.
Nasdaq’s Market Services division generated $266 million in net revenue for the quarter, reflecting a 13% increase versus Q3 2023. This was largely driven by a $15 million rise in U.S. equity derivatives and an $11 million boost in U.S. cash equities.
The company’s cash flow from operations for Q3 2024 was $244 million, allowing Nasdaq to continue its deleveraging efforts.
During the quarter, Nasdaq returned a combined $226 million to shareholders—$138 million through dividends and $88 million via share repurchases. Additionally, the company repaid $50 million in commercial paper debt.
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