Axiom's Q1 2025 Earnings Call: Unraveling Contradictions in M&A Strategy, Texas Expansion, and Regulatory Impact

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Strong Financial Performance:
- Nasdaq reported net revenue of $1.2 billion, up 12.5% year-over-year.
- The growth was driven by double-digit revenue increases across all three divisions and a 24% increase in EPS.

Index Business Growth:
- The Index business achieved 26% revenue growth and a record average ETP AUM for the quarter.
- This was supported by strong net inflows and increased derivatives volumes, despite an 8% decline in market values.

Financial Technology Expansion:
- Financial Technology revenue increased by 10% with ARR growth of 12%, driven by 40 new clients and 92 upsells.
- Growth was attributed to increased demand for financial crime management, regulatory technology, and capital markets technology solutions.

Market Services Performance:
- Market Services reported record net revenue of $281 million, reflecting a 19% increase.
- This growth was driven by increased market-wide volumes, higher capture in US cash equities, and higher US state plan revenue.