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- **Revenue Milestones**: Surpassed $5 billion annual net revenue, with 12% growth and $4.0 billion in solutions revenue.
- **Strategic Growth**: 11% fintech ARR growth, 24% Q4 financial crime tech revenue, and $1.2 billion Market Services revenue.
- **Market Leadership**: Record index options volumes, 72% listings win rate, and 23/5 trading launch in H2 2026.
- **Innovation Focus**: AI-driven Agentic workers, tokenized equities proposal, and 23/5 trading to expand liquidity and client engagement.
- **Financial Strength**: 24% EPS growth, $2.2 billion free cash flow, and 2.9x gross leverage.

**【CEO Summary Section】**
- **Record Revenue Milestones**: Achieved $5.2 billion in annual net revenue, surpassing $5 billion for the first time, with 12% year-over-year growth. Solutions revenue reached $4.0 billion, up 11%, driven by cross-sell wins and AI integration.
- **Strategic Priorities**: Focused on 'integrate, innovate, accelerate,' with $160 million in cost reductions and 25% growth in financial crime management technology. Launched Agentic AI workers for enhanced due diligence and sanctions compliance.
- **Market Leadership**: U.S. equities and options revenue grew 17%, with record index options volumes. Cross-sell pipeline exceeded 15% of fintech sales, targeting $100 million in 2027 run-rate revenue.
- **Future Outlook**: 2026 outlook includes expanded options expirations, 23/5 trading launch, and tokenized equity proposals to enhance liquidity and capital efficiency.

**【CFO Financial Commentary】**
- **Financial Performance**: Q4 net revenue of $1.4 billion (13% YoY), operating income of $783 million (16% YoY), and diluted EPS of $0.96 (27% YoY). Full-year free cash flow of $2.2 billion (109% conversion).
- **Division Growth**: Capital Access Platforms revenue up 10%, driven by IPOs and index inflows. Fintech ARR grew 12%, with 24% Q4 growth in financial crime management. Market Services revenue hit $1.2 billion annually, up 17%.
- **Expense Management**: 2026 non-GAAP operating expense guidance of $2.455-$2.535 billion, reflecting 7% organic growth and AI investments. Gross leverage improved to 2.9x, below target of 3.0x.

**【Q&A Key Highlights】**
- **Options Expansion**: SEC-approved expanded expirations for 7 mega-cap stocks, driving 23/5 trading readiness. Q4 index options revenue doubled YoY, with potential for 0DTE trading to benefit index franchise.
- **Data & Listings Momentum**: 2026 pipeline supports low-single-digit medium-term growth, with $1.2 trillion in 2025 switch program transfers and 72% listings win rate.
- **Tokenization Strategy**: Proposed tokenized equities framework focuses on issuer choice, investor protection, and capital efficiency, with regulatory filings underway.
- **M&A & Capital Allocation**: Emphasizes organic growth with bolt-on opportunities, $616 million in 2025 buybacks, and 2026 dividend payout ratio of ~30%.
- **AI & Innovation**: AI-enabled products like Agentic workers and 23/5 trading to enhance client workflows and market participation.

Nasdaq, Inc. (NDAQ) Q4 2025 Earnings Call Transcript

- **Revenue Growth Momentum**: Q3 net revenue of $1.3B (+11% YoY), driven by cross-sells and AI-driven solutions.
- **Tokenization Expansion**: Proposal to trade tokenized equities, enhancing post-trade efficiency and investor flexibility.
- **Anti-Financial Crime Innovation**: Verafin's Agentic AI and BioCatch partnership reduce fraud detection time by 80%.
- **Financial Efficiency**: Operating margin 56%, free cash flow $516M, and gross leverage ratio 3.1x, supporting shareholder returns.

**【Management Opening Remarks】**
- Nasdaq reported Q3 2025 net revenue of $1.3 billion, up 11% year-over-year, driven by strong performance across Capital Markets Technology and Financial Technology subdivisions.
- ARR reached $3 billion for the first time, with 9% growth in the quarter, reflecting expansion in solutions revenue and cross-sell opportunities.

**【CEO Commentary】**
- Adena Friedman emphasized the company's strategic focus on AI-driven solutions, including tokenized equities and digital asset integration, with 30 cross-sells since the Adenza acquisition.
- Verafin's Agentic AI workforce and BioCatch partnership are enhancing anti-financial crime capabilities, with 65 new clients and 97 upsells in the quarter.

**【CFO Commentary】**
- Sarah Youngwood highlighted operating margin improvements (56% vs. 54% prior year) and free cash flow of $516 million, supporting share repurchases and deleveraging.
- The company exceeded net expense efficiency targets, with $150 million in cost actions, and a gross leverage ratio of 3.1x.

**【Q&A Highlights】**
- Tokenized equities proposal aims to provide investors with choice in security settlement, leveraging blockchain for streamlined post-trade processing.
- BioCatch partnership integrates pre-transaction fraud detection into Verafin workflows, enhancing SMB bank compliance.
- Cross-sell pipeline remains robust, with 15% of Financial Technology revenue derived from enterprise clients.

Nasdaq, Inc. (NDAQ) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: $1.3B net revenue (+12% YoY), driven by 10% Solutions growth and record $306M Market Services.
- **AI Breakthrough**: Agentic AI reduces compliance workload by 80%, with 900 clients using anti-money laundering tools.
- **Fintech Expansion**: 57 new clients, 130 upsells, 15% pipeline cross-sell contribution. FCMT enterprise signings double YoY.
- **Financial Strength**: 24% EPS growth, 55% operating margin, $467M free cash flow for buybacks and debt reduction.
- **Market Leadership**: $745B ETP AUM, 83 YTD IPOs, 81% win rate, and 38 Q2 listings.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 net revenue of $1.3 billion, up 12% YoY, driven by Solutions revenue ($991M, +10%) and Market Services ($306M, +21%). ARR grew 9% to $2.9 billion.
- **Divisional Highlights**: 
  - **Capital Access Platforms**: 9% revenue growth, including 17% index revenue from $20B Q2 inflows and $745B ETP AUM.
  - **Financial Technology**: 10% revenue growth, with 57 new clients and 130 upsells. FCMT signed 46 SMB clients and 3 Tier 1 banks.
  - **Market Services**: Record U.S. options and European derivatives volumes, +15% derivatives contracts.
- **Strategic Initiatives**: 
  - **AI Innovation**: Launch of Agentic AI workforce reducing compliance workload by 80%.
  - **Cross-Sell Momentum**: 26 cross-sells since Adenza acquisition, 15% of FT pipeline.
  - **Efficiency Program**: $130M of $140M expense savings achieved, gross leverage 3.2x (16 months ahead of target).

**【CFO Financial Commentary】**
- **Profitability**: Operating income $721M (+16%), EPS $0.85 (+24%). Operating margin 55%, EBITDA margin 58%.
- **Expense Management**: OpEx $585M (+8%), with 55% margin driven by SaaS growth (37% of ARR).
- **Cash Flow**: Free cash flow $467M, used for $100M share buybacks and $400M debt repayment.
- **Guidance**: Maintaining 2025 outlook with $2.295B-$2.335B non-GAAP expenses.

**【Q&A Highlights】**
- **AI Impact**: Agentic AI reducing 80% of compliance workload, with 900 clients using anti-money laundering analytics.
- **Fintech Momentum**: 57 new clients, 130 upsells, 15% pipeline cross-sell contribution. FCMT enterprise signings doubled YoY.
- **Regulatory Environment**: Positive impact of SLR clarity on AxiomSL pipeline, delayed professional services growth.
- **Tokenization**: Neutral on tokenization, focusing on liquidity, transparency, and integrity across asset classes.
- **IPO Outlook**: 38 Q2 IPOs ($3.6B), 81% YTD win rate, optimism for 2026 large-cap listings.


Nasdaq, Inc. (NDAQ)Q2 2025 Earnings Call Transcript

- **Record Growth**: 12.5% revenue growth ($1.2B) with all divisions exceeding 10%, driven by Index innovation, cloud migration, and listing wins.
- **Resilient Index Business**: 26% growth despite 8% market decline, 50% inflows from non-Nasdaq 100 products, and $662B ETP AUM.
- **AWS Partnership**: Strategic cloud infrastructure deal to modernize global markets, starting with Johannesburg and Mexico.
- **Free Cash Flow**: $674M supports $257M debt buyback, reducing leverage to 3.4x and targeting 3.3x by Q3.
- **Cross-Sell Momentum**: 19 cross-sells since Adenza, with 2 in Q1, on track for $100M+ 2027 target.


**【CEO Summary Section】**
- **Revenue Growth**: Q1 2025 net revenue of $1.2 billion, up 12.5% YoY, with double-digit growth across all three divisions (Capital Access Platforms +11%, Financial Technology +10%, Market Services +19%).
- **ARR Expansion**: Adjusted ARR rose to $2.8 billion (+9% YoY), driven by FinTech (+12%) and SaaS revenue growth (+14%).
- **Division Highlights**: 
  - **Capital Access Platforms**: 45 IPOs ($5B proceeds), 82% win rate, and $3T+ market value from listing transfers. Index business grew 26% with record ETP AUM ($662B) and 27B net inflows.
  - **Financial Technology**: 40 new clients, 92 upsells, and 2 cross-sells. Verafin saw 25% YoY growth in SMB signings, while AxiomSL expanded with a Tier 1 US bank.
  - **Market Services**: Record US cash equities and derivatives revenue, handling 550B+ messages on peak day, with 19% net revenue growth.
- **Strategic Initiatives**: $100M+ efficiency program progress, AWS partnership for cloud-based market infrastructure, and $100M+ cross-sell target by 2027.

**【CFO Financial Commentary】**
- **Financial Results**: GAAP net income $456M (+24% YoY), EPS $0.79 (+24%), and free cash flow $674M, supporting $257M debt repurchase (3.4x gross leverage).
- **Expense Management**: Operating expenses $555M (+7%), with 2ppt margin expansion to 55%. Narrowed 2025 expense guidance to $2.265B-$2.325B.
- **Alpha/Beta Split**: 9.5ppt Alpha (new clients, innovation) vs. 3ppt Beta (market volatility). Index business resilience shown with 26% growth despite 8% Nasdaq 100 decline.
- **Capital Allocation**: $115M share buybacks, 13% dividend hike, and $279M debt repurchases, targeting 3.3x leverage by Q3.

**【Q&A Key Highlights】**
- **Index Resilience**: 26% Q1 growth vs. 8% market decline, with 50% inflows from non-Nasdaq 100 products. 2022 comparison shows 6% growth despite 33% market drop.
- **Dallas Expansion**: Regional HQ to serve 700+ Texas clients, reflecting FinTech and listings growth, not competitive response.
- **M&A Outlook**: Focused on organic growth; no active deals despite deleveraging progress.
- **Sales Cycle Delays**: Q2 FinTech growth may lag due to macro uncertainty, but 2025 medium-term guidance maintained.
- **Verafin Growth**: SMB signings +25% YoY, Co-Pilot adoption up 20%, targeting European expansion with long sales cycles.
- **AWS Partnership**: Long-term hybrid cloud solution for market operators, starting with Johannesburg and BMV in Mexico.
- **IPO Environment**: 45 Q1 IPOs vs. 22 in Q1 2024, but large deals delayed amid volatility. Nordic markets also strong.


Nasdaq (NDAQ)-24 Apr 25-2025 Q1 Earnings call transcript

- **Record Growth**: 2024 net revenue $4.7B (+9% YoY), Solutions revenue up 10%, ARR $2.8B (+7.5%). Q4 net revenue $1.2B (+10%).
- **Strategic Wins**: 263 new FinTech clients, 11 cross-sells, Index AUM +$200B YoY. Market Services derivatives revenue record high.
- **Efficiency Drive**: $80M net expense synergies achieved, expanding to $140M by 2025. Free cash flow $1.6B, debt reduced to 3.6x leverage.
- **AI & Innovation**: GenAI Copilot in Anti-Financial Crime, AI-driven regulatory reporting. Proprietary index options revenue doubles YoY.

**【CEO Summary Section】**
- **2024 Financial Highlights**: Net revenues of $4.7 billion (+9% YoY), Solutions revenue up 10%, ARR at $2.8 billion (+7.5% YoY). Q4 net revenue $1.2 billion (+10% YoY), Solutions revenue +9%.
- **Divisional Growth**: Capital Access Platforms ARR +3%, Market Services revenue record high due to U.S. derivatives and European cash equities. Financial Technology ARR +12%, driven by 263 new clients, 424 upsells, 11 cross-sells.
- **Strategic Priorities**: Integration of AxiomSL and Calypso, AI adoption across products (e.g., GenAI Copilot in Anti-Financial Crime), cross-sell pipeline at 15% of FinTech revenue.
- **2025 Outlook**: Target 10-14% FinTech growth, with Financial Crime Management at low end of mid-20s range, Regulatory Technology at high end of high single to low double digits.

**【CFO Financial Commentary】**
- **Annual Results**: Operating margin 54% (up 1.5pts), EBITDA margin 56% (up 1.2pts). Free cash flow $1.6 billion, debt repayment $815 million, ending gross leverage 3.6x.
- **Divisional Performance**: Capital Access Platforms Index revenue +31% YoY, FinTech ARR +12%. Market Services revenue +12% Q4, driven by U.S. derivatives and European equities.
- **Expense Management**: $80 million net expense synergies achieved ahead of schedule, expanding to $140 million by 2025. 2025 non-GAAP expenses $2.245-2.325 billion (+6% midpoint), tax rate 22.5-24.5%.

**【Q&A Key Takeaways】**
- **Workflow & Insights**: Corporate Solutions growth lagging due to slow issuance, but Analytics (+4% YoY) and Index-driven growth expected to offset. IPO pipeline improving, but conversion to software sales lags.
- **Regulatory Environment**: 69% of AxiomSL/Calypso revenue from non-U.S. banks, reducing regulatory risk. U.S. policy shifts may unlock capital for banks, benefiting market liquidity and FinTech solutions.
- **AI Adoption**: GenAI integrated into products (e.g., risk reporting, surveillance), driving retention and cross-sell opportunities. Internal AI use cases to improve efficiency across functions.
- **Proprietary Index Options**: Revenue doubled YoY, focus on expanding retail and institutional adoption, including integration with major platforms like Robinhood.

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