Nasdaq (NDAQ) Revenue — Quarter Ended Sep 30, 2025
Revenue for the quarter declined compared to the immediately preceding quarter. However, revenue increased relative to the same quarter one year earlier.
Key takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue for the quarter declined compared to the immediately preceding quarter. However, revenue increased relative to the same quarter one year earlier.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$2B
Revenue reported for this quarter.
Quarter-over-quarter
-6.3%
Change from the immediately preceding quarter.
Year-over-year
+2.9%
Change from the comparable year-ago quarter.
Trailing four quarters
$8.2B
Sum of the latest four reported quarters.
Quarterly revenue trend
The latest four reported quarters with year-over-year comparisons.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2024 | $2B | +23.3% |
| Mar 31, 2025 | $2.1B | +25.2% |
| Jun 30, 2025 | $2.1B | +16.6% |
| Sep 30, 2025 | $2B | +2.9% |
Revenue performance
The reported revenue moved downward from the prior quarter, reversing the sequential growth seen in recent periods.
Quarterly comparison
Compared with the immediately preceding quarter, revenue was lower. In contrast, revenue was higher than the same quarter one year ago.
What to watch
Monitor whether the sequential decline persists or stabilizes in upcoming quarters.