Core Insights - NASDAQ reported a 19% increase in earnings to 88 cents per share, exceeding estimates, with revenue reaching $1.3 billion, slightly above expectations [1] - The company experienced robust trading volumes due to market volatility driven by macroeconomic and trade policy uncertainties [1] Financial Performance - NASDAQ achieved 11% revenue growth for the quarter and reached $3 billion in annualized recurring revenue, marking a consistent 9% growth over three consecutive quarters [3] - The trading business, index business, and fintech division each saw a 13% growth, indicating broad-based growth across various sectors [4] Market Activity - The options market experienced six of the top ten trading days ever in Q3, with an average of 20 billion shares traded daily in October [6][7] - Retail investment in equities has increased significantly over the past five years, contributing to a sustainable trend in market activity [7] Technological Impact - The introduction of AI technology has positively influenced the NASDAQ 100, with earnings growing by 32% and index values increasing by 47% since the beginning of 2024 [8] Options Market Dynamics - The options market has seen a mix of retail and institutional interest, with a notable increase in retail participation over the last five years [11] - The macroeconomic environment has led to mixed data, prompting investors to utilize options as a way to express their views on market changes [12] Regulatory Considerations - The company emphasizes the importance of operating within regulated markets to ensure investor protection and proper market functioning [17][18] - There is potential for the company to explore opportunities in prediction markets, particularly those related to financial assets, while maintaining a focus on regulation [15][21]

Financial Highlights - Nasdaq's net revenue reached $1315 million, a 15% year-over-year increase, or 11% on an adjusted basis[17] - Solutions revenue surpassed $1 billion, marking a 15% year-over-year increase, or 10% on an adjusted basis, reaching $1003 million[16, 17] - Non-GAAP operating income increased by 15% year-over-year to $732 million, with a non-GAAP operating margin of 56%, up 2 percentage points[17] - Non-GAAP diluted EPS grew by 19% year-over-year to $088[17] - Annual Recurring Revenue (ARR) increased by 10% year-over-year to $3007 million, with annualized SaaS revenues growing by 12% to $1132 million[17] Segment Performance - Capital Access Platforms revenue totaled $546 million, reflecting an 8% adjusted year-over-year increase, driven by Data and Listing Services ($204 million, +6%), Index ($206 million, +13%), and Workflow and Insights ($136 million, +5%)[58] - Financial Technology revenue reached $457 million, a 13% adjusted year-over-year increase, with Financial Crime Management Technology growing by 22% to $84 million, Regulatory Technology by 9% to $109 million, and Capital Markets Technology by 12% to $264 million[67] - Market Services net revenue increased by 13% year-over-year to $303 million, driven by U S equity derivatives ($124 million, +16%) and U S cash equities ($99 million, +21%)[75] Key Metrics and Achievements - Index Exchange Traded Products (ETP) Assets Under Management (AUM) increased by $229 billion year-over-year to $829 billion[21] - Net inflows into Index ETP AUM reached a record $91 billion over the trailing twelve months, including $17 billion in 3Q25[13] - Nasdaq maintained the number one market share in multi-listed U S options at 28%[28]

[Third Quarter 2025 Financial and Operational Review](index=1&type=section&id=Third%20Quarter%202025%20Financial%20and%20Operational%20Review) [Summary of Key Financial Metrics](index=1&type=section&id=Summary%20of%20Key%20Financial%20Metrics) Nasdaq reported strong financial results for Q3 2025, with Solutions quarterly revenue exceeding **$1 billion** and Annual Recurring Revenue (ARR) reaching **$3 billion** for the first time. Net revenue increased **15%** year-over-year, driven by growth across all segments | (US$ millions, except per share) | 3Q25 | YoY change % | Adjusted2 YoY change % | Organic2 YoY change % | | :------------------------------ | :--- | :----------- | :--------------------- | :-------------------- | | Solutions revenue | $1,003 | 15% | 10% | 10% | | Market Services net revenue | $303 | 14% | 13% | 13% | | Net revenue | $1,315 | 15% | 11% | 11% | | GAAP operating income | $586 | 31% | | | | Non-GAAP operating income | $732 | 15% | 16% | 16% | | ARR | $3,007 | 10% | 9% | 9% | | GAAP diluted EPS | $0.73 | 38% | | | | Non-GAAP diluted EPS | $0.88 | 19% | | 19% | - Solutions revenue surpassed **$1 billion** and Annual Recurring Revenues (ARR) reached **$3 billion** for the first time, reflecting a successful transformation into a leading technology platform[3](index=3&type=chunk) - Annualized SaaS revenue increased **12%** and represented **38%** of total ARR[3](index=3&type=chunk) - The company returned **$155 million** to shareholders through dividends and repurchased **$115 million** of common stock in Q3 2025[3](index=3&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Adena Friedman highlighted the achievement of significant milestones in Solutions revenue and ARR, attributing it to Nasdaq's successful transformation into a technology platform. CFO Sarah Youngwood emphasized excellent Q3 performance with revenue growth across all three divisions, driving robust earnings and strong operating cash flow - CEO Adena Friedman stated that surpassing **$1 billion** in Solutions quarterly revenue and **$3 billion** in ARR reflects Nasdaq's successful transformation into a leading technology platform[3](index=3&type=chunk) - CFO Sarah Youngwood noted that revenue growth across all three divisions drove robust earnings growth and generated over **$2 billion** in operating cash flow over the previous four quarters[4](index=4&type=chunk) - Nasdaq achieved its gross leverage milestone ahead of schedule and remains focused on organic investments for long-term revenue growth and shareholder value[5](index=5&type=chunk) [2025 Guidance Update](index=2&type=section&id=2025%20Expense%20and%20Tax%20Guidance%20Update) Nasdaq updated its non-GAAP operating expense and tax rate guidance for 2025, narrowing the expense range and lowering the tax rate due to discrete items - Updated 2025 non-GAAP operating expense guidance to a range of **$2,305 million** to **$2,335 million** (previously **$2,295 million** to **$2,335 million**)[6](index=6&type=chunk) - Updated 2025 non-GAAP tax rate guidance to **22.5%** to **23.5%** (lowered due to certain discrete items in Q3)[6](index=6&type=chunk) [Strategic and Business Updates](index=3&type=section&id=Strategic%20and%20Business%20Updates) [Segment Performance Highlights](index=3&type=section&id=Segment%20Performance%20Highlights) Nasdaq's segments demonstrated strong performance, with Financial Technology showing robust organic growth and client engagement, Index reaching record AUM and inflows, Listings extending market leadership, and Market Services achieving record derivatives revenue [Financial Technology](index=3&type=section&id=Financial%20Technology) Financial Technology delivered strong organic revenue and ARR growth, driven by high client demand and successful cross-selling. Nasdaq Verafin significantly expanded its client base, including a Tier 1 bank, and Regulatory Technology continued its momentum with new market signings - Delivered **13%** organic revenue and **12%** organic ARR growth, with **65** new clients, **97** upsells, and **4** cross-sells[8](index=8&type=chunk) - Nasdaq Verafin added **55** new small-and-medium bank clients and signed an enterprise Tier 1 bank, achieving **6** new enterprise client signings in the first three quarters of 2025, triple the number in full-year 2024[8](index=8&type=chunk) - Regulatory Technology secured multiple new Surveillance signings, including the CFTC for digital assets, and an enterprise cloud deployment with a global Tier 1 bank for AxiomSL[8](index=8&type=chunk) - Capital Markets Technology achieved **12%** revenue growth, driven by Trade Management Services and Calypso upfront revenue, with **4** new Calypso clients and **39** upsells[8](index=8&type=chunk) [Index](index=3&type=section&id=Index) The Index segment saw record ETP assets under management (AUM) and net inflows, with significant growth in new product launches - Index ETP AUM reached a record **$829 billion** at quarter-end, with **$17 billion** in net inflows in Q3 and a record **$91 billion** over the last twelve months[8](index=8&type=chunk) - Nasdaq launched **30** new Index products in Q3, including **18** international products and **13** in the institutional insurance annuity space[8](index=8&type=chunk) [Listings](index=3&type=section&id=Listings) Nasdaq maintained its listing leadership, welcoming the largest European IPO since 2022 and facilitating significant capital raises in the U.S. market - Nasdaq extended its listing leadership, welcoming the Verisure IPO to the Stockholm market in October, the largest European IPO since 2022[8](index=8&type=chunk) - The U.S. listings franchise welcomed operating companies that raised **$6 billion** in proceeds in Q3, with over **$14 billion** raised year-to-date[8](index=8&type=chunk) [Market Services](index=3&type=section&id=Market%20Services) Market Services delivered record U.S. derivatives revenue and strong performance in U.S. cash equities, with record volumes in options and Nasdaq Index options - Market Services generated record revenues and volumes in U.S. derivatives, with industry-wide options contract volumes seeing **6** of the **10** highest days in history during Q3[8](index=8&type=chunk) - Nasdaq Index options volumes also hit record levels in Q3, and Nasdaq's Closing Cross set a new daily notional value record in September[8](index=8&type=chunk) [Execution of Strategic Priorities](index=3&type=section&id=Execution%20of%20Strategic%20Priorities) Nasdaq continues to advance its 2025 strategic priorities—Integrate, Innovate, Accelerate—by exceeding efficiency targets, introducing advanced AI solutions, and driving cross-sell wins through its 'One Nasdaq' strategy [Integrate](index=4&type=section&id=Integrate) Nasdaq surpassed its expanded efficiency program net expense target, achieving over $150 million in cost reductions, and received a debt rating upgrade from S&P - Surpassed expanded efficiency program net expense target with over **$150 million** in cost reductions actioned[10](index=10&type=chunk) - S&P upgraded Nasdaq's senior unsecured debt rating from **BBB** to **BBB+** on August 12, returning to pre-Adenza acquisition levels[10](index=10&type=chunk) [Innovate](index=4&type=section&id=Innovate) Nasdaq is innovating by facilitating tokenized securities trading, launching AI-powered tools like the Digital Sanctions Analyst, and forming strategic partnerships to enhance its anti-financial crime platform - Submitted a filing to the SEC to facilitate trading of tokenized securities on its markets[10](index=10&type=chunk) - Nasdaq Verafin launched its first Agentic AI Workforce digital worker, the Digital Sanctions Analyst, to address compliance workflow pain points[10](index=10&type=chunk) - Formed a strategic partnership with BioCatch to integrate behavioral and device intelligence alerts into Nasdaq Verafin's anti-financial crime platform[10](index=10&type=chunk) - Over **800** clients have opted-in to use AI tools within Nasdaq BoardVantage, demonstrating product innovation value[10](index=10&type=chunk) [Accelerate](index=4&type=section&id=Accelerate) Nasdaq's 'One Nasdaq' strategy continues to drive cross-sell wins, contributing significantly to the Financial Technology sales pipeline and remaining on track to exceed $100 million in run-rate revenue from cross-sells by the end of 2027 - Delivered **4** cross-sell wins across Financial Technology in Q3, totaling **30** cross-sells since the Adenza acquisition[10](index=10&type=chunk) - Cross-sells continue to account for over **15%** of Financial Technology's sales pipeline[10](index=10&type=chunk) - On track to surpass **$100 million** in run-rate revenue from cross-sells by the end of 2027[10](index=10&type=chunk) [Corporate Information and Disclosures](index=6&type=section&id=Corporate%20Information%20and%20Disclosures) [About Nasdaq](index=6&type=section&id=About%20Nasdaq) Nasdaq is a global technology company providing platforms and services to capital markets participants, aiming to enhance liquidity, transparency, and integrity in the global economy - Nasdaq is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators[13](index=13&type=chunk) - The company aims to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy[13](index=13&type=chunk) - Offerings include data, analytics, software, exchange capabilities, and client-centric services[13](index=13&type=chunk) [Non-GAAP Financial Measures](index=6&type=section&id=Non-GAAP%20Information) Nasdaq uses non-GAAP financial measures to provide greater transparency into its financial condition and operating results, believing they offer a clearer view of ongoing performance by excluding certain charges and gains. The report also details adjustments for foreign exchange impacts and restructuring programs - Non-GAAP measures are used internally and for investor transparency to evaluate performance and make financial/operational decisions, as they highlight trends not apparent in U.S. GAAP alone[14](index=14&type=chunk)[16](index=16&type=chunk) - Non-GAAP measures are not a substitute for U.S. GAAP and may not be comparable to similarly titled measures from other companies[15](index=15&type=chunk) - Operating results excluding foreign currency fluctuations are calculated by translating current period results using prior period exchange rates to improve comparability[17](index=17&type=chunk) - Restructuring programs, including the efficiency program and divisional realignment, aim to optimize efficiencies and are excluded from non-GAAP measures as they are not reflective of ongoing operating performance[19](index=19&type=chunk) [Forward-Looking Statements and Website Disclosure](index=7&type=section&id=Forward-Looking%20Statements%20and%20Website%20Disclosure) The report includes cautionary notes regarding forward-looking statements, highlighting inherent risks and uncertainties that could cause actual results to differ materially. Nasdaq also discloses its intent to use its investor relations website for material non-public information - Forward-looking statements involve risks and uncertainties, and actual results could differ materially from projections[20](index=20&type=chunk) - Nasdaq intends to use its investor relations website (https://ir.nasdaq.com/) for disclosing material non-public information and complying with SEC Regulation FD[21](index=21&type=chunk) [Consolidated Financial Statements](index=9&type=section&id=Consolidated%20Financial%20Statements) [Condensed Consolidated Statements of Income](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) This section presents Nasdaq's unaudited condensed consolidated statements of income for the three and nine months ended September 30, 2025, and 2024, detailing revenues, operating expenses, and net income | (in millions, except per share amounts) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :------------------------------------ | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | **Revenues:** | | | | | | Capital Access Platforms | $546 | $501 | $1,588 | $1,460 | | Financial Technology | 457 | 371 | 1,352 | 1,183 | | Market Services | 946 | 1,022 | 3,171 | 2,700 | | Other Revenues | 9 | 8 | 27 | 27 | | **Total revenues** | **1,958** | **1,902** | **6,138** | **5,370** | | Revenues less transaction-based expenses | 1,315 | 1,146 | 3,857 | 3,422 | | **Operating income** | **586** | **448** | **1,702** | **1,281** | | **Net income attributable to Nasdaq** | **$423** | **$306** | **$1,270** | **$762** | | Diluted earnings per share | $0.73 | $0.53 | $2.19 | $1.32 | | Cash dividends declared per common share | $0.27 | $0.24 | $0.78 | $0.70 | [Revenue Detail by Segment](index=10&type=section&id=Revenue%20Detail) This section provides a detailed breakdown of Nasdaq's revenues by segment and sub-segment for the three and nine months ended September 30, 2025, and 2024 | (in millions) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :-------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | **CAPITAL ACCESS PLATFORMS** | | | | | | Data and Listing Services revenues | $204 | $190 | $594 | $562 | | Index revenues | 206 | 182 | 595 | 517 | | Workflow and Insights revenues | 136 | 129 | 399 | 381 | | **Total Capital Access Platforms revenues** | **546** | **501** | **1,588** | **1,460** | | **FINANCIAL TECHNOLOGY** | | | | | | Financial Crime Management Technology revenues | 84 | 69 | 241 | 200 | | Regulatory Technology revenues | 109 | 68 | 315 | 253 | | Capital Markets Technology revenues | 264 | 234 | 796 | 730 | | **Total Financial Technology revenues** | **457** | **371** | **1,352** | **1,183** | | **MARKET SERVICES** | | | | | | Market Services revenues | 946 | 1,022 | 3,171 | 2,700 | | Total Market Services revenues, net | 303 | 266 | 890 | 752 | | **OTHER REVENUES** | **9** | **8** | **27** | **27** | | **REVENUES LESS TRANSACTION-BASED EXPENSES** | **$1,315** | **$1,146** | **$3,857** | **$3,422** | [Condensed Consolidated Balance Sheets](index=11&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents Nasdaq's unaudited condensed consolidated balance sheets as of September 30, 2025, and December 31, 2024, detailing assets, liabilities, and equity | (in millions) | September 30, 2025 (unaudited) | December 31, 2024 | | :-------------------------------- | :----------------------------- | :---------------- | | **Assets** | | | | Cash and cash equivalents | $470 | $592 | | Total current assets | 7,597 | 7,786 | | Goodwill | 14,336 | 13,957 | | Total assets | **$30,654** | **$30,395** | | **Liabilities** | | | | Total current liabilities | 7,705 | 7,902 | | Long-term debt | 8,667 | 9,081 | | Total liabilities | **18,624** | **19,195** | | **Equity** | | | | Total Nasdaq stockholders' equity | 12,023 | 11,191 | | Total equity | **12,030** | **11,200** | | **Total liabilities and equity** | **$30,654** | **$30,395** | [Non-GAAP Reconciliations](index=12&type=section&id=Non-GAAP%20Reconciliations) [Net Income and Diluted EPS Reconciliation](index=12&type=section&id=Reconciliation%20of%20U.S.%20GAAP%20to%20Non-GAAP%20Net%20Income%20Attributable%20to%20Nasdaq%20and%20Diluted%20Earnings%20Per%20Share) This section provides a reconciliation of U.S. GAAP net income and diluted earnings per share to their non-GAAP counterparts, detailing the adjustments made for various items such as amortization, merger expenses, and restructuring charges | (in millions, except per share amounts) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :------------------------------------ | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | U.S. GAAP net income attributable to Nasdaq | $423 | $306 | $1,270 | $762 | | Total non-GAAP adjustments, net of tax | 88 | 123 | 190 | 432 | | Non-GAAP net income attributable to Nasdaq | $511 | $429 | $1,460 | $1,194 | | U.S. GAAP diluted earnings per share | $0.73 | $0.53 | $2.19 | $1.32 | | Total adjustments from non-GAAP net income above | 0.15 | 0.21 | 0.33 | 0.74 | | Non-GAAP diluted earnings per share | $0.88 | $0.74 | $2.52 | $2.06 | [Revenues Less Transaction-Based Expenses Reconciliation](index=13&type=section&id=Reconciliation%20of%20U.S.%20GAAP%20to%20Non-GAAP%20Revenues%20Less%20Transaction-Based%20Expenses) This section reconciles U.S. GAAP revenues less transaction-based expenses to non-GAAP figures, primarily adjusting for the Adenza purchase accounting change related to AxiomSL on-premises contracts | (in millions) | Three Months Ended Sep 30, 2024 (U.S. GAAP) | Non-GAAP Revenues Less Transaction Based Expenses | Nine Months Ended Sep 30, 2024 (U.S. GAAP) | Non-GAAP Revenues Less Transaction Based Expenses | | :------------------------------------------ | :------------------------------------------ | :------------------------------------------------ | :----------------------------------------- | :------------------------------------------------ | | CAPITAL ACCESS PLATFORMS | $501 | $501 | $1,460 | $1,460 | | FINANCIAL TECHNOLOGY | | | | | | Financial Crime Management Technology revenues | 69 | 69 | 200 | 200 | | Regulatory Technology revenues | 68 | 102 | 253 | 287 | | Capital Markets Technology revenues | 234 | 234 | 730 | 730 | | Total Financial Technology revenues | 371 | 405 | 1,183 | 1,217 | | SOLUTIONS REVENUES | 872 | 906 | 2,643 | 2,677 | | MARKET SERVICES REVENUES, NET | 266 | 266 | 752 | 752 | | OTHER REVENUES | 8 | 8 | 27 | 27 | | REVENUES LESS TRANSACTION-BASED EXPENSES | **$1,146** | **$1,180** | **$3,422** | **$3,456** | [Operating Income and Operating Margin Reconciliation](index=14&type=section&id=Reconciliation%20of%20U.S.%20GAAP%20to%20Non-GAAP%20Operating%20Income%20and%20Operating%20Margin) This section reconciles U.S. GAAP operating income and operating margin to their non-GAAP equivalents, adjusting for items such as amortization, merger expenses, and restructuring charges to provide a clearer view of operational performance | (in millions) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :-------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | U.S. GAAP operating income | $586 | $448 | $1,702 | $1,281 | | Total non-GAAP adjustments | 146 | 189 | 433 | 569 | | Non-GAAP operating income | $732 | $637 | $2,135 | $1,850 | | Revenues less transaction-based expenses | $1,315 | $1,146 | $3,857 | $3,422 | | U.S. GAAP operating margin | 45% | 39% | 44% | 37% | | Non-GAAP operating margin | 56% | 54% | 55% | 54% | [Operating Expenses Reconciliation](index=15&type=section&id=Reconciliation%20of%20U.S.%20GAAP%20to%20Non-GAAP%20Operating%20Expenses) This section reconciles U.S. GAAP operating expenses to non-GAAP operating expenses, adjusting for items like amortization of acquired intangibles, merger and strategic initiatives, and restructuring charges | (in millions) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :-------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | U.S. GAAP operating expenses | $729 | $698 | $2,155 | $2,141 | | Total non-GAAP adjustments | (146) | (155) | (433) | (535) | | Non-GAAP operating expenses | $583 | $543 | $1,722 | $1,606 | [Organic Impacts Reconciliation](index=16&type=section&id=Reconciliation%20of%20Organic%20Impacts%20for%20Non-GAAP%20Revenues%20less%20transaction-based%20expenses%2C%20Non-GAAP%20Operating%20Expenses%2C%20Non-GAAP%20Operating%20Income%2C%20and%20Non-GAAP%20Diluted%20Earnings%20Per%20Share) This section provides a reconciliation of organic impacts on non-GAAP revenues less transaction-based expenses, operating expenses, operating income, and diluted EPS, isolating the effects of foreign currency, divestitures, and accounting changes | (in millions, except per share amounts) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 (Non-GAAP) | Total Variance $ | Total Variance % | Other Impacts(1) $ | Other Impacts(1) % | Adjusted/Organic Impact $ | Adjusted/Organic Impact % | | :------------------------------------ | :------------------------------ | :----------------------------------------- | :--------------- | :--------------- | :----------------- | :----------------- | :------------------------ | :------------------------ | | Solutions revenues | $1,003 | $906 | $97 | 11% | $2 | 0% | $95 | 10% | | Market Services, net revenues | 303 | 266 | 37 | 14% | 4 | 1% | 33 | 13% | | Revenues less transaction-based expenses | $1,315 | $1,180 | $135 | 11% | $7 | 1% | $128 | 11% | | Non-GAAP Operating Expenses | $583 | $543 | $40 | 7% | $10 | 2% | $30 | 5% | | Non-GAAP Operating Income | $732 | $637 | $95 | 15% | $(3) | (1)% | $98 | 16% | | Non-GAAP diluted earnings per share | $0.88 | $0.74 | $0.14 | 19% | $0 | 0% | $0.14 | 19% | [Key Business Drivers Detail](index=17&type=section&id=Key%20Business%20Drivers%20Detail) [Capital Access Platforms Key Drivers](index=17&type=section&id=Capital%20Access%20Platforms%20Key%20Drivers) This section details key performance indicators for the Capital Access Platforms segment, including Annualized Recurring Revenues (ARR), IPOs, new listings, number of listed companies, and Index ETP metrics | (in millions, except as noted) | Sep 30, 2025 | Sep 30, 2024 | | :----------------------------- | :----------- | :----------- | | Annualized recurring revenues | $1,345 | $1,254 | | Initial public offerings (Nasdaq Stock Market) | 76 | 48 | | Total new listings (Nasdaq Stock Market) | 205 | 138 | | Number of listed companies (Nasdaq Stock Market) | 4,359 | 4,039 | | Period end ETP AUM tracking Nasdaq indexes (in billions) | $829 | $600 | | TTM net inflows ETP AUM tracking Nasdaq indexes (in billions) | $91 | $62 | [Financial Technology Key Drivers](index=17&type=section&id=Financial%20Technology%20Key%20Drivers) This section provides a breakdown of Annualized Recurring Revenues (ARR) for the Financial Technology segment by its sub-segments: Financial Crime Management Technology, Regulatory Technology, and Capital Markets Technology | (in millions) | Sep 30, 2025 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | | **Annualized recurring revenues** | | | | Financial Crime Management Technology | $316 | $268 | | Regulatory Technology | 389 | 350 | | Capital Markets Technology | 957 | 864 | | **Total Financial Technology** | **$1,662** | **$1,482** | [Market Services Key Drivers](index=18&type=section&id=Market%20Services%20Key%20Drivers) This section details key drivers for the Market Services segment, including U.S. equity options and cash equity trading volumes and market shares, as well as Nasdaq Nordic and Baltic options, futures, and securities trading data | (in millions, except as noted) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | | :----------------------------- | :------------------------------ | :------------------------------ | | **Equity Derivative Trading and Clearing** | | | | U.S. equity options industry average daily volume | 55.8 | 44.5 | | Total matched market share executed on Nasdaq's exchanges | 28.5% | 30.2% | | Nasdaq Nordic and Nasdaq Baltic options and futures total average daily volume | 184,267 | 213,911 | | **Cash Equity Trading** | | | | Total U.S.-listed securities industry average daily share volume (in billions) | 17.6 | 11.5 | | Total matched market share executed on Nasdaq's exchanges | 14.1% | 16.1% | | Market share reported to the FINRA/Nasdaq Trade Reporting Facility | 47.6% | 44.7% | | Total market share | 61.7% | 60.8% | | Nasdaq Nordic and Nasdaq Baltic securities total average daily value of shares traded (in billions) | $4.5 | $4.1 |

Core Points - The article emphasizes the importance of enabling Javascript and cookies in browsers to prevent access issues [1] - It highlights that users with ad-blockers may face restrictions when trying to access content [1] Summary by Categories Technical Requirements - Users are advised to enable Javascript and cookies in their browsers to ensure proper functionality [1] - The presence of ad-blockers can lead to blocked access, necessitating their disabling for content access [1]

Core Points - Nasdaq, Inc. has declared a quarterly dividend of $0.27 per share on its outstanding common stock, payable on December 19, 2025, to shareholders of record as of December 5, 2025 [1] Company Overview - Nasdaq is a leading global technology company that serves corporate clients, investment managers, banks, brokers, and exchange operators, facilitating their interaction with global capital markets [2] - The company aims to deliver world-leading platforms that enhance liquidity, transparency, and integrity within the global economy [2] - Nasdaq offers a diverse range of data, analytics, software, exchange capabilities, and client-centric services to help clients optimize and execute their business strategies [2]

Core Insights - Nasdaq, Inc. reported strong financial results for Q3 2025, with net revenue reaching $1.3 billion, a 15% increase year-over-year, and 11% organic growth [2][8][11] - Solutions revenue surpassed $1 billion for the first time, contributing to an annual recurring revenue (ARR) of $3 billion, reflecting a 10% increase year-over-year [5][8] - The company achieved significant milestones in operational efficiency and shareholder returns, including $155 million returned through dividends and $115 million in stock repurchases [6][8] Financial Performance - Total net revenue for Q3 2025 was $1,315 million, up 15% from Q3 2024, with organic growth of 11% [2][11] - Solutions revenue was $1,003 million, a 15% increase year-over-year, with organic growth of 10% [2][11] - Market Services net revenue reached $303 million, reflecting a 14% increase year-over-year, or 13% on an organic basis [2][11] - GAAP diluted EPS grew by 38% to $0.73, while non-GAAP diluted EPS increased by 19% to $0.88 [2][11] Strategic Developments - Nasdaq extended its leadership in listings, welcoming the largest European IPO since 2022, and raised over $14 billion year-to-date in the U.S. listings franchise [15] - The company launched 30 new Index products in Q3, including 18 international products, contributing to record levels of assets under management (AUM) exceeding $800 billion [13][15] - Nasdaq's strategic priorities focus on integrating, innovating, and accelerating growth, with over $150 million in cost reductions achieved [15] Business Segments - Financial Technology revenue increased by 23% to $457 million, with a 12% increase in annualized SaaS revenue, representing 38% of ARR [8][12] - Capital Access Platforms revenue was $546 million, up 9% year-over-year, driven by strong demand in data and listing services [11][29] - Market Services revenues were $946 million, with transaction-based expenses impacting net revenue [29] Expense Management - GAAP operating expenses for Q3 2025 were $729 million, a 4% increase year-over-year, primarily due to higher compensation and technology investments [11][12] - Non-GAAP operating expenses were $583 million, reflecting a 5% organic increase driven by investments in technology and personnel [11][12] - The company updated its 2025 non-GAAP operating expense guidance to a range of $2,305 million to $2,335 million [9]

Core Insights - SRK Fund I, LP achieved a return of 46.94% in the first half of 2025, significantly outperforming the S&P 500 and Russell 2000, which returned 6.20% and -1.78% respectively [2][3] - Since its inception on May 1, 2018, the fund has appreciated 1200.66%, compared to 162.30% for the S&P 500 and 55.46% for the Russell 2000 [2][3] - The fund manager emphasizes the importance of long-term performance evaluation rather than short-term results [4] Portfolio Updates - **Innovative Solutions & Support (ISSC)**: Contributed significantly to the fund's performance with a 104% revenue increase and Ebitda margins reaching 35%. The company is expanding through strategic acquisitions and has increased its manufacturing capacity [6][7] - **ImmuCell Corporation (ICCC)**: Reported record first-quarter results with gross margins expanding to 42%. The company is targeting further growth and has received investigational use authorization for its product Re-Tain, which is pending FDA approval [8][9][10] - **Soléance (SLSN)**: Experienced a 53% revenue growth in the first half of the year despite lower margins due to onboarding costs. The company resolved litigation issues and uplisted to Nasdaq, which positively impacted its stock price [11] - **Sanuwave Health, Inc. (SNWV)**: Achieved 51% revenue growth without a national sales presence. The company has now established a national sales force and is pursuing debt refinancing options [12][13] Closing Thoughts - The strong returns in the first half of the year are viewed as a recovery from the previous year's poor performance. The fund has increased its cash reserves to capitalize on future investment opportunities [14]

Core Insights - Nasdaq, Inc. is a leading global technology company known for operating the Nasdaq Stock Market, providing a comprehensive suite of services in capital markets [1] - The company is set to announce its third-quarter earnings on October 21, 2025, with projected EPS of $0.84 and revenue of approximately $1.3 billion, reflecting a 12.5% year-over-year revenue increase and a 13.5% growth in EPS [2][3] Financial Performance - The optimistic earnings forecast is driven by increased subscription revenues, higher trading volumes, and growth in analytics revenues, supported by Nasdaq's focus on organic growth and client acquisition [3] - Analysts have raised the consensus EPS estimate by 2.1% in the past 30 days, indicating a positive reevaluation of the company's performance [4] - Nasdaq's current financial metrics include a P/E ratio of approximately 33.73, a price-to-sales ratio of about 6.27, and an enterprise value to sales ratio of 7.36, reflecting a robust valuation landscape [4] - The enterprise value to operating cash flow ratio is around 25.33, with an earnings yield of approximately 2.97%, and a debt-to-equity ratio of roughly 0.82, indicating financial stability [4] - The current ratio stands at approximately 0.96, further highlighting the company's financial health [4]

Core Viewpoint - Warren Buffett and Berkshire Hathaway have a strong track record in identifying undervalued stocks, with Berkshire's stock generating a compound annual gain of nearly 20% from 1965 to 2024, significantly outperforming the S&P 500 index [2] Company Overview - Berkshire Hathaway has been purchasing shares of Sirius XM Holdings, increasing its stake to 37% of outstanding shares after investing $106 million in August [5] - Sirius XM Holdings has faced a decline in stock value, down approximately 63% over the past five years, raising questions about whether it represents a significant investment opportunity or a value trap [5] Market Position - Sirius XM holds a unique position as it is the only company licensed by the U.S. Federal Communications Commission to operate a satellite digital audio radio service, although competition from streaming services like Spotify has diminished the perceived value of this license [6] Subscriber Trends - Sirius XM has struggled with subscriber growth, experiencing a year-over-year decline in subscriptions for both Sirius and Pandora by the end of Q2 2024 [7] Management Strategy - The company has introduced a turnaround plan aimed at increasing revenue through advertising, enhancing focus on podcasting, and implementing new technology and pricing models, with a long-term goal of adding 10 million subscribers and increasing free cash flow by 50% to $1.8 billion [8] Analyst Sentiment - Despite the turnaround efforts, skepticism remains among Wall Street analysts, with three out of ten analysts maintaining a sell rating on the stock [9] Investment Considerations - Sirius XM offers a dividend yield of 5% and is trading at less than 8 times forward earnings, providing compensation for investors during the turnaround period [10] - The company's trailing-12-month free cash flow yield is close to 13%, indicating that the dividend is likely sustainable [11]

Core Viewpoint - Ondo Finance is advocating for the U.S. SEC to postpone a proposed Nasdaq rule change that would permit trading of tokenized securities due to concerns over transparency and fair market access [1][4]. Group 1: Nasdaq's Proposed Rule Change - Nasdaq plans to amend its rules to facilitate tokenized asset trading, with expectations that the Depository Trust Company (DTC) will manage post-trade settlement for these tokens, although specific details remain unclear [2][3]. - Ondo Finance highlights that the lack of direct evidence regarding DTC's process for settling tokenized securities undermines the SEC's ability to assess the rule change's compliance with the Securities Exchange Act of 1934 [3]. Group 2: Concerns Raised by Ondo Finance - Ondo argues that the current situation creates an information imbalance, favoring larger, established firms over smaller or newer companies that lack necessary data to adapt to market changes [3][4]. - The company expresses willingness to support Nasdaq's initiative if DTC publicly discloses its settlement process, but is currently requesting a formal SEC review that could result in disapproval of the proposed rule [4].