分组1 - Nasdaq reported quarterly earnings of $0.85 per share, exceeding the Zacks Consensus Estimate of $0.80 per share, and up from $0.69 per share a year ago, representing an earnings surprise of +6.25% [1] - The company posted revenues of $1.31 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.41%, compared to $1.16 billion in the same quarter last year [2] - Nasdaq has outperformed the S&P 500, with shares increasing about 14.2% since the beginning of the year, compared to the S&P 500's gain of 8.1% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.80 on revenues of $1.26 billion, and for the current fiscal year, it is $3.24 on revenues of $5.1 billion [7] - The Zacks Industry Rank places Securities and Exchanges in the top 9% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - Nasdaq has a Zacks Rank of 2 (Buy), suggesting that the shares are expected to outperform the market in the near future [6]

Financial Data and Key Metrics Changes - Nasdaq reported net revenue of $1.3 billion, a year-over-year increase of 12% [8] - Solutions revenues reached $991 million, representing a 10% year-over-year growth [8] - Annualized recurring revenue (ARR) grew 9% to $2.9 billion [9] - Operating income was $721 million, with a 24% growth in EPS [9][30] - Operating expenses increased just under 8% year-over-year, primarily due to the timing of the annual compensation cycle [9] Business Line Data and Key Metrics Changes - Capital Access Platforms generated 9% revenue growth and 6% ARR growth [11] - Financial Technology delivered 10% revenue growth and 11% ARR growth, with notable growth in Financial Crime Management Technology (19%) and Regulatory Technology (10%) [11] - Market Services achieved 21% net revenue growth [11] Market Data and Key Metrics Changes - Nasdaq welcomed 38 new operating companies in Q2, achieving a 79% win rate and raising $3.6 billion [13] - The European listings business saw six new listings, with a total of €2 billion raised, representing a fivefold increase compared to the first half of 2024 [14] - Strong inflows of $20 billion in the quarter contributed to a record ETP AUM of $745 billion [15] Company Strategy and Development Direction - Nasdaq is focused on technology transformation, particularly in AI, to enhance operational efficiency and client services [10][25] - The company is committed to expanding its product offerings and enhancing its competitive position through strategic partnerships and innovations [17][27] - Nasdaq aims to leverage digital assets and stablecoin developments to improve capital market efficiencies [71][75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the U.S. economy, despite macroeconomic uncertainties [10] - The sales pipeline remains robust, particularly in financial technology solutions, with expectations for continued growth into 2026 [28] - Nasdaq is well-positioned to navigate economic challenges and capitalize on strategic opportunities [28][44] Other Important Information - Nasdaq's efficiency program is on track, with approximately $130 million actioned out of a $140 million target by the end of Q2 [25] - The company generated free cash flow of $467 million in Q2, supporting dividends and share repurchases [42] - Nasdaq repurchased 1.2 million shares for approximately $100 million during the quarter [43] Q&A Session Summary Question: Opportunity set for Adjentic AI - Management highlighted distinct programs for AI in product development and business efficiency, focusing on enhancing automation and client support [48][52] Question: Sales momentum and pipeline dynamics - Management noted a healthy pipeline across FinTech, with significant growth in enterprise client signings expected to contribute to revenue in Q4 and 2026 [56][58] Question: Impact of tariff-driven volatility on customer conversations - Conversations normalized in May and June after initial elongation due to market uncertainties, with improved clarity around regulatory obligations aiding pipeline stability [62][64] Question: Digital ecosystem leverage and opportunities - Management discussed the potential for stablecoin and tokenization to enhance capital market efficiencies, emphasizing the importance of regulatory engagement [71][75] Question: Dynamics in the Index business - Management emphasized a strong focus on alpha generation through new product creation and partnerships, resulting in significant inflows and product adoption [78][80] Question: Strength in FinTech and capital markets - Management attributed strong ARR growth to broad-based demand across various segments, including significant upsells and new client signings [88]

Financial Performance - Nasdaq reported net revenue of $1,300,000,000, a year-over-year increase of 12% [5][27] - Solutions revenues reached $991,000,000, representing a 10% year-over-year growth [5][27] - Annualized recurring revenue (ARR) grew by 9% to $2,900,000,000 [6][28] - Operating income was $721,000,000, with a 24% growth in earnings per share (EPS) [6][27] - Operating expenses increased just under 8% year-over-year, primarily due to the timing of the annual compensation cycle [6][27] Business Line Performance - Capital Access Platforms generated 9% revenue growth and 6% ARR growth [8][29] - Financial Technology delivered 10% revenue growth and 11% ARR growth, with notable segments including 19% growth in Financial Crime Management Technology [8][29] - Market Services achieved a remarkable 21% net revenue growth [9][29] Market Dynamics - The U.S. economy shows solid fundamentals, with resilient labor markets and consumer spending [7] - European GDP growth remains muted, but expectations for recovery in consumer demand are improving [7] - Investment in technology transformation is driving momentum across sectors, particularly in banking and capital markets [7] Company Strategy and Industry Competition - Nasdaq is focused on expanding its product offerings and enhancing client relationships, particularly in the data and listings business [12][90] - The company is committed to innovation, with 33 new products launched during the quarter, over half of which were international [13][75] - Nasdaq's strategic partnership with Invesco remains strong, ensuring continued collaboration on index products [13][14] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in Nasdaq's ability to navigate macroeconomic uncertainties and deliver growth through cycles [25][41] - The company anticipates continued momentum in the second half of 2025, supported by a robust sales pipeline [25][41] - Nasdaq is well-positioned to support clients in managing risks and capturing strategic opportunities [25][41] Other Important Information - Nasdaq's gross leverage ratio improved to 3.2x, exceeding milestones set during the Adzenza acquisition [40] - The company generated free cash flow of $467,000,000 in the second quarter, supporting dividends and share repurchases [39][40] - Nasdaq's efficiency program is on track, with approximately $130,000,000 actioned out of a $140,000,000 target [22][38] Q&A Session Summary Question: Opportunity set for Adjentic AI - Management elaborated on the integration of AI across product development and business operations, highlighting efficiency gains and automation potential [44][46][48] Question: Sales momentum in FinTech - Management noted a healthy pipeline in FinTech, with significant growth expected from Tier one and Tier two clients in the upcoming quarters [50][54] Question: Trends in customer conversations in FinTech - Conversations normalized in May and June after initial delays due to regulatory uncertainties, leading to improved sales momentum [56][60] Question: Digital assets and market structure - Management discussed the potential for digital assets to enhance capital market efficiency and the importance of regulatory engagement [65][67][71] Question: Dynamics in the Index business - Management emphasized the focus on alpha generation and the successful launch of new products to drive investor interest [73][75] Question: Strength in FinTech and capital markets - Management attributed strong ARR growth to increased demand for connectivity services and successful upselling to existing clients [79][84] Question: Data and Listings business growth - Management highlighted strong demand for data products and an improving outlook for listings, driven by new issuances [86][90]

Financial Performance - Nasdaq's net revenue for 2Q25 was $1306 million, a 13% increase year-over-year[17] - Solutions revenue reached $991 million, up 10% year-over-year[17] - Non-GAAP operating income was $721 million, a 16% increase year-over-year[17] - Non-GAAP diluted EPS increased by 24% year-over-year to $085[17] - Annualized SaaS revenues grew by 13% year-over-year to $1098 million[17] - Annualized Recurring Revenue (ARR) increased by 10% year-over-year to $2931 million[17] Segment Highlights - Index ETP AUM reached a record level of $745 billion at quarter-end, bolstered by $88 billion in net inflows over the trailing twelve months[13] - Capital Access Platforms revenue grew organically by 9% year-over-year[38] - Financial Technology revenue grew organically by 10% year-over-year[38] - Market Services net revenue increased by 21% year-over-year to $306 million[70]

Exhibit 99.1 Adena Friedman, Chair and CEO said, "Nasdaq delivered an excellent second quarter performance amid a dynamic market environment. Our ability to deliver broad-based growth through cycles is testament to our role as a partner to our clients, helping them capture strategic opportunities, manage risk, and solidify their operational resilience. Looking ahead, we remain well-positioned to enhance value for our clients and shareholders by driving innovation and deepening our client relationships throu ...

纳斯达克公司( Nasdaq Inc.)上调全年调整后运营支出预期，预计全年调整后运营支出为23亿至23.4亿美 元。 ...

Group 1 - Nasdaq's Board of Directors has declared a regular quarterly dividend of $0.27 per share on outstanding common stock [1] - The dividend is payable on September 26, 2025, to shareholders of record at the close of business on September 12, 2025 [1] - Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to Board approval [1] Group 2 - Nasdaq is a leading global technology company serving various financial market participants [2] - The company aims to deliver platforms that enhance liquidity, transparency, and integrity in the global economy [2] - Nasdaq offers a diverse range of data, analytics, software, and client-centric services to help clients execute their business vision [2]

Core Insights - Nasdaq, Inc. reported strong financial results for the second quarter of 2025, with net revenue reaching $1,306 million, reflecting a 13% increase year-over-year [7][8]. - The company demonstrated resilience and broad-based growth across its business segments, particularly in Market Services and Financial Technology [5][6]. Financial Performance - Solutions revenue was $991 million, up 10% year-over-year [11]. - Market Services net revenue increased by 22% to $306 million [11]. - Annualized Recurring Revenue (ARR) reached $2,931 million, a 10% increase compared to the same quarter last year [8]. - GAAP diluted earnings per share (EPS) grew by 103% to $0.78, while non-GAAP diluted EPS increased by 24% to $0.85 [8][11]. Strategic Initiatives - The company is focused on enhancing value for clients and shareholders through innovation and deepening client relationships via its One Nasdaq approach [6]. - Nasdaq executed well on its capital allocation priorities, repaying $400 million of senior unsecured notes and returning $155 million to shareholders through dividends and $100 million through stock repurchases [7][8]. Market Trends and Client Demand - Financial Technology segment achieved solid revenue growth, driven by robust client demand, with 57 new clients and 130 upsells in the second quarter [12]. - Index revenue grew by 17%, with $20 billion in net inflows during the quarter, bringing total assets under management to a record $745 billion [15]. Operational Efficiency - The company maintained its operating expenses at $738 million, reflecting a strategic focus on efficiency despite increased investments in technology and personnel [11]. - Nasdaq is on track to achieve its $140 million expanded net expense efficiency program by year-end, having actioned approximately $130 million as of the end of the second quarter [15].

Group 1 - The core point of the article is that the Chicago Mercantile Exchange (CME) Group and Nasdaq have extended the license for Nasdaq-100 futures until 2039 [1]

Core Viewpoint - Nasdaq, Inc. (NDAQ) is anticipated to show improvements in both revenue and earnings for the second quarter of 2025, with revenues expected to reach $1.28 billion, reflecting a 10% year-over-year growth [1]. Revenue and Earnings Estimates - The consensus estimate for earnings is set at 80 cents per share, indicating a 15.9% increase year-over-year, although this estimate has decreased by 1.3% in the past 30 days [2]. - Nasdaq has an Earnings ESP of +0.47%, with the Most Accurate Estimate at 81 cents, suggesting a potential earnings beat [4]. Factors Influencing Performance - Continued organic revenue growth, new sales, and increased revenues from Financial Crime Management Technology are expected to positively impact Nasdaq's second-quarter performance [5]. - Non-trading revenues are likely to benefit from improved results in Capital Access Platforms, Financial Technology, and Market Services businesses [5]. Segment Performance - Capital Markets Technology revenues are projected to rise by 13.7% to $293.2 million, driven by higher subscription revenues and new client acquisitions [6]. - The Capital Access Platforms division is expected to see growth due to increased trading volumes and higher average AUM in exchange-traded products linked to Nasdaq indices [7]. Expense Outlook - Total expenses are anticipated to rise, with non-GAAP operating expenses expected to increase by 7.5% year-over-year due to higher professional and contract services expenses, among other factors [8]. Trading Volumes - Nasdaq reported a 23.3% year-over-year increase in U.S. equity options volume, totaling 957 million contracts, and a 3.3% increase in European options and futures volume [11]. - U.S. matched equity volume reached 158.2 billion shares, up 32.6% from the previous year, while European equity volume increased by 18% to $243 billion [12]. Listing Services - The total number of listings increased by 3.5% year-over-year to 5,386, although the number of listed companies decreased slightly from the previous year [12]. - Data and listing services revenues are expected to rise by 1.5% to $189.7 million in the upcoming quarter [12].