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- **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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NDAQ

NDAQ fundamentals

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