Group 1 - Nasdaq, Inc. (NDAQ) has achieved a total return of almost 500% over the past 10 years, outperforming many other companies in the market [1] - The focus is on identifying companies with exceptional quality that can reinvest capital effectively for impressive returns, aiming for a long-term capital compounding capability [1] - A conservative investment strategy is primarily adopted, with occasional pursuit of opportunities that present a favorable risk-reward ratio, ensuring overall portfolio stability [1]

Group 1 - Nasdaq, Inc. (NDAQ) has achieved a total return of almost 500% over the past 10 years, outperforming many other companies in the market [1] - The focus is on identifying companies with exceptional quality that can reinvest capital for impressive returns, aiming for a long-term capital compounding capability [1] - A conservative investment strategy is primarily adopted, with occasional pursuit of opportunities that present a favorable risk-reward ratio [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Market Overview - Major indexes closed off session lows, with the Dow up +55 points (+0.11%) and the S&P 500 down -0.13%. The Nasdaq fell -172 points (-0.72%) before recovering somewhat [1] Microsoft (MSFT) - Microsoft experienced a significant sell-off due to higher-than-anticipated AI spending and OpenAI exposure, resulting in a market cap loss of -$430 billion in one day. Despite beating earnings expectations for fiscal Q2, the outlook on AI spending appears riskier [2][8] Meta Platforms (META) - In contrast to Microsoft, Meta Platforms saw a +10.4% increase in stock price, benefiting from its AI investments in advertising and marketing, which are yielding gains in the social media space [3] Apple (AAPL) - Apple outperformed expectations in its fiscal Q3 report, with earnings of $2.84 per share surpassing the $2.65 consensus. Revenues reached $143.76 billion, exceeding expectations and showing a +16% year-over-year increase. iPhone sales rose +23% year-over-year to $85.27 billion, driven by a +38% surge in China sales [4][5] Visa (V) - Visa reported earnings of $3.17 per share, beating estimates by three cents, with revenues of $10.9 billion, a +15% increase from the previous year. However, concerns about future growth arise from proposed caps on credit card rates [6] SanDisk (SNDK) - SanDisk posted a remarkable earnings beat of $6.20 per share compared to the anticipated $3.54, with revenues of $3.03 billion. The company provided optimistic next-quarter earnings guidance of $12-14 per share, significantly higher than the Zacks consensus of $5.36. SanDisk's Data Center business saw a +64% growth quarter over quarter [7]

Core Insights - Nasdaq, Inc. reported fourth-quarter 2025 adjusted earnings per share of 96 cents, exceeding the Zacks Consensus Estimate by 5.5% and reflecting a year-over-year improvement of 26.3% [1][9] - The company's net revenues for the quarter reached $1.4 billion, marking a 13% increase year over year and surpassing the Zacks Consensus Estimate by 1.7% [2][9] - Annualized Recurring Revenue (ARR) grew by 10% year over year, with annualized SaaS revenues rising 11%, accounting for 38% of ARR [2] Performance in Detail - Market Services net revenues were $311 million, up 16% year over year, driven by record industry volumes in U.S. cash equities and equity derivatives, along with a significant increase in index options revenues [3] - The Solutions business saw revenues increase by 13% year over year to $1.1 billion, supported by strong growth in Index and Financial Technology [4] - Adjusted operating expenses rose to $762 million, a 7% increase from the previous year, primarily due to investments in technology and personnel [4] Financial Highlights - The operating margin expanded to 56%, an increase of 100 basis points year over year [5][6] - For the full year 2025, adjusted earnings per share were reported at $3.48, a 23.4% increase year over year, with net revenues of $5.2 billion, also up 13% year over year [6] - Nasdaq welcomed 215 new company listings in Q4 2025, including 63 initial public offerings, bringing the total number of listed companies to 4,480 by the end of the quarter [5][7] Cash Flow and Capital Deployment - Nasdaq generated $625 million in cash flow from operations during the reported quarter [10] - The company returned $153 million to shareholders through dividends and $286 million through share repurchases in Q4 2025 [11] - As of December 31, 2025, Nasdaq had $604 million in cash and cash equivalents, with long-term debt at $8.5 billion, reflecting a 5.6% decrease from the end of 2024 [8] 2026 Guidance - Nasdaq anticipates non-GAAP operating expenses for 2026 to be between $2.455 billion and $2.535 billion, with a non-GAAP tax rate forecasted in the range of 22.5-24.5% [13]

Core Insights - NASDAQ reported fourth quarter earnings of $0.96 per share, exceeding estimates by $0.05, with revenue of $1.39 billion, also ahead of expectations [1][2] - The company experienced a revenue growth of 12% for the year and 13% for the quarter, with solutions businesses growing 12% for the quarter and 11% for the year [3][4] - NASDAQ achieved $99 billion in inflows into its index business for the year and recorded the largest closing cross in notional value at $233 billion traded in December [4][5] Financial Performance - The overall revenue growth of NASDAQ was 12% for the year and 13% for the fourth quarter [3] - Solutions businesses, excluding markets, grew 12% for the quarter and 11% for the year [3] - The company switched $1.2 trillion of market capitalization to NASDAQ, achieving a 72% win rate for IPOs [5] Market Outlook - NASDAQ has a healthy pipeline of companies ready to enter the market, with an active IPO outlook for the upcoming year [6][7] - The company is optimistic about the momentum across its business as it heads into 2026 [5][6] Technological Advancements - NASDAQ is focusing on integrating AI into its operations to enhance efficiency and effectiveness, allowing for better service delivery [10][18] - The company aims to attract younger talent with AI skills to support its growth and transformation [11][12] Business Transformation - The acquisition of Odessa has significantly transformed NASDAQ, broadening its scope beyond just listings [13][15] - The company is committed to organic growth and adapting its services to meet client needs across various financial market risks [17][18] - NASDAQ emphasizes the importance of its listings business as a catalyst for broader business operations [20]

分组1 - Nasdaq reported quarterly earnings of $0.96 per share, exceeding the Zacks Consensus Estimate of $0.91 per share, and up from $0.76 per share a year ago, representing an earnings surprise of +5.19% [1] - The company posted revenues of $1.39 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.69%, and an increase from $1.23 billion year-over-year [2] - Nasdaq has consistently surpassed consensus EPS estimates over the last four quarters, achieving this four times [2] 分组2 - The stock's immediate price movement will depend on management's commentary during the earnings call and future earnings expectations [3] - Nasdaq shares have increased by approximately 1.6% since the beginning of the year, compared to the S&P 500's gain of 1.9% [3] - The current consensus EPS estimate for the upcoming quarter is $0.91 on revenues of $1.37 billion, and for the current fiscal year, it is $3.85 on revenues of $5.64 billion [7] 分组3 - The Zacks Industry Rank indicates that the Securities and Exchanges industry is currently in the top 10% of over 250 Zacks industries, suggesting strong performance potential [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - The estimate revisions trend for Nasdaq was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6]

Nasdaq (NasdaqGS:NDAQ) Q4 2025 Earnings call January 29, 2026 08:00 AM ET Company ParticipantsAdena Friedman - Chair and CEOAto Garrett - SVP of Investor RelationsBenjamin Budish - DirectorBrian Bedell - DirectorOwen Lau - Managing DirectorSarah Youngwood - CFOSimon Clinch - Managing Director of Finacials ResearchConference Call ParticipantsAlexander Blostein - Managing Director and Senior Equity AnalystAlexander Kramm - Managing Director and Senior Equity Research AnalystAshish Sabadra - Managing Director ...

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved net revenues of $5.2 billion, an increase of 12% year-over-year [6][24] - Solutions revenue grew 11% to $4 billion, representing 76% of total net revenue [23] - Annual operating income was $2.9 billion, up 16%, with diluted EPS growth of 24% [6][24] - Fourth quarter net revenue was $1.4 billion, up 13% year-over-year, with solutions revenue of $1.1 billion, up 12% [7][24] - Operating expenses for the fourth quarter were $609 million, up 8% year-over-year, leading to an operating margin of 56% [7][36] Business Line Data and Key Metrics Changes - Capital access platforms delivered quarterly revenue of $572 million, up 12%, with annual revenue of $2.1 billion, up 10% [25] - Index revenue increased by 23% in the fourth quarter, with net inflows of $99 billion over the last 12 months [26] - Financial technology revenue in the quarter was $498 million, up 12%, with annual revenue of $1.85 billion, up 11% [29] - Market services achieved record annual net revenue of $1.2 billion, up 17% year-over-year [19][32] Market Data and Key Metrics Changes - The company secured three of the five top IPOs of 2025, including the largest IPO of the year, Medline [11] - The Nordic markets welcomed the largest IPO in Europe, Verisure, contributing to strong performance in the region [11] - The index franchise achieved record average AUM, with ETP AUM reaching $882 billion, an all-time high [14] Company Strategy and Development Direction - The company focuses on three strategic pillars: integrate, innovate, and accelerate, which have driven strong results [8] - Plans to launch 23x5 trading in the Nasdaq Stock Market in the second half of 2026, subject to regulatory approval [9] - The company aims to leverage AI across its business and has begun rolling out new AI-enabled products [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to build on its strong foundation and deliver durable growth in 2026 [21] - The company sees signs of accelerating capital markets activity, supported by recent Fed cuts and a healthy pipeline of late-stage private companies [12] - Management highlighted the importance of managing risk and advancing market structure as key industry priorities [20] Other Important Information - The company generated free cash flow of approximately $2.2 billion in 2025, with a conversion ratio of 109% [37] - The company paid dividends totaling $601 million in 2025 and repurchased 7.2 million shares for $616 million [38] Q&A Session Summary Question: Expectations for expanded options expirations and market volumes - Management noted that expanded options expirations provide clients with more choices for managing risk and are expected to drive market volumes [39][40] Question: Growth in equity options volumes and structural shifts - Management indicated that growth in equity options volumes is driven by a broadening investor base and increased engagement from both retail and institutional investors [42][44] Question: Pipeline and pace expectations for the data and listing segment - Management highlighted momentum in new issuances and active dialogue with late-stage private companies looking to go public, with expectations for increased activity in 2026 [45][46] Question: Outlook for financial crime management growth - Management discussed the variability in revenue due to implementation timing for enterprise deals but expressed optimism about the pipeline of opportunities in 2026 [47][49] Question: Nasdaq's ambitions in the proxy market - Management emphasized the focus on policy reform and modernization of proxy infrastructure to streamline processes for public companies [58] Question: Tokenization of equity securities - Management explained that the goal is to integrate tokenization with existing infrastructure while ensuring investor protection and issuer choice [60][62]

Nasdaq (NasdaqGS:NDAQ) Q4 2025 Earnings call January 29, 2026 08:00 AM ET Speaker2Good day, and thank you for standing by. Welcome to the Nasdaq Quarter 2025 results call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star ...