Nasdaq 4Q25 Quarterly Update January 29, 2026 Disclaimers Cautionary Note Regarding Forward - Looking Statements Information set forth in this communication contains forward - looking statements that involve a number of risks and uncertainties . Nasdaq cautions readers that any forward - looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward - lookin g information. When used in this communication, words such as "expect ...

Exhibit 99.1 Nasdaq Reports Fourth Quarter and Full Year 2025 Results; Annual Results Exceed $5.2B in Net Revenue and $4.0B in Solutions Revenue NEW YORK, January 29, 2026 - Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the fourth quarter and full year of 2025. Fourth Quarter and Full Year 2025 Highlights | | | | Adjusted2 | Organic | | | Adjusted2 | Organic | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | YoY | YoY | YoY | | YoY | YoY | YoY | | (US$ millions, except per sh ...

Core Insights - Nasdaq, Inc. reported strong financial results for the fourth quarter and full year of 2025, achieving over $5 billion in annual net revenue for the first time and $4 billion in annual Solutions revenue, indicating robust growth and resilience of its platform [5][6]. Financial Performance - In 2025, net revenue reached $5.2 billion, a 13% increase from 2024, with adjusted net revenue growth of 12% [6][11]. - Fourth quarter 2025 net revenue was $1.4 billion, reflecting a 13% growth compared to the same quarter in 2024 [6][11]. - Solutions revenue for 2025 was $4.0 billion, up 12% year-over-year, with fourth quarter Solutions revenue at $1.1 billion, also up 13% [6][11]. - Annualized Recurring Revenue (ARR) stood at $3.1 billion, a 10% increase year-over-year [6][11]. - GAAP diluted earnings per share increased by 60% in 2025, with fourth quarter EPS growing by 47% [6][11]. Shareholder Returns - In 2025, the company returned $601 million to shareholders through dividends and $616 million through stock repurchases [6][11]. - In the fourth quarter alone, $153 million was returned through dividends and $286 million through stock buybacks [6][11]. Strategic Initiatives - Nasdaq's strategic priorities include integrating, innovating, and accelerating growth, which contributed to its strong performance in 2025 [5][7]. - The company signed 129 new clients and achieved significant upsell and cross-sell success in its Financial Technology segment [12]. - Nasdaq launched 122 new products in its Index business in 2025, marking an all-time high [12]. Market Services and Technology - Market Services net revenue reached $311 million in the fourth quarter, up 16% year-over-year, driven by record industry volumes [12][13]. - Financial Technology revenue was $498 million in the fourth quarter, a 14% increase compared to the same period in 2024 [6][11]. Future Outlook - Nasdaq is well-positioned for continued growth in 2026, focusing on deepening client relationships and enhancing value through its unified One Nasdaq platform [7][8].

Company Overview - PicPay is one of the largest digital banks in Brazil by number of customers, offering a range of financial products and services including digital wallets, credit cards, loans, "Buy Now Pay Later" (BNPL), investments, and insurance [6] - As of the third quarter of 2025, PicPay serves over 66 million customers, with 42 million active users [6] - The company reported an annualized return on equity (ROE) of 17.4% in the third quarter of 2025 [6] - For the first nine months of 2025, PicPay recorded total revenue and financial income of R$7.3 billion (approximately US$1.37 billion) and a net profit of R$313.8 million (approximately US$59 million) [6] - As of September 30, 2025, consumer deposits held by PicPay amounted to R$27 billion (approximately US$5 billion) [6] Initial Public Offering (IPO) Details - PicPay announced the pricing of its initial public offering, consisting of 22,857,143 Class A common shares at a public offering price of US$19.00 per share [1] - The Class A common shares are expected to begin trading on the Nasdaq Global Select Market under the symbol "PICS" on January 29, 2026 [1] - Prior to the closing of the offering, PicPay plans to change its name from Picpay Holdings Netherlands B.V. to PicS N.V., effective on Nasdaq on January 30, 2026 [1] - The underwriters have been granted a 30-day option to purchase up to an additional 3,428,572 Class A common shares at the initial public offering price [2]

Core Insights - Moomoo has launched new weekly options on Nasdaq, providing its 28 million investors with enhanced trading flexibility and access to more strategic opportunities [1][10] Group 1: Product Launch and Features - The introduction of Monday and Wednesday weekly options allows users to align their options strategies more closely with market events [2][3] - Nasdaq's expansion of options expirations has been approved by the US Securities & Exchange Commission, including high-profile stocks such as Tesla, Nvidia, Apple, and others [3] - Moomoo Australia and New Zealand experienced a significant increase in options trading in 2025, indicating strong local interest in the new weekly options [4][5] Group 2: User Engagement and Community - Moomoo's community actively utilizes options for various strategies, including locking in entry costs and enhancing profit potential [6] - The platform aims to educate users on options trading through comprehensive online courses, catering to both beginners and advanced traders [8] Group 3: Tools and Resources - Moomoo provides a suite of real-time tools to help traders navigate the complexities of options trading, including an Options Chain and an Options Price Calculator [9] - The new weekly options increase the frequency of trading opportunities, potentially amplifying premium collection for income-focused strategies [8]

Group 1 - The total short interest in 3,515 Nasdaq Global Market securities reached 15,349,969,813 shares as of January 15, 2026, an increase from 15,183,396,236 shares in the previous period [1] - Short interest in 1,669 securities on The Nasdaq Capital Market totaled 3,478,325,627 shares, up from 3,382,557,383 shares in the prior reporting period [2] - Overall, short interest across all 5,184 Nasdaq securities amounted to 18,828,295,440 shares, compared to 18,565,953,619 shares previously, indicating a slight increase in short selling activity [3] Group 2 - The average short interest represents 2.88 days of trading volume for Nasdaq Global Market securities, compared to 2.83 days in the previous period [1] - The average daily volume for short interest in The Nasdaq Capital Market decreased to 1.19 days from 1.27 days [2] - The overall average daily volume for all Nasdaq securities is 2.28 days, down from 2.31 days in the prior reporting period [3] Group 3 - Short sales are defined as the sale of securities that the seller does not own, or sales completed by delivering borrowed securities [4] - Nasdaq is a leading global technology company that provides services to corporate clients, investment managers, banks, brokers, and exchange operators [7]

In its upcoming report, Nasdaq (NDAQ) is predicted by Wall Street analysts to post quarterly earnings of $0.91 per share, reflecting an increase of 19.7% compared to the same period last year. Revenues are forecasted to be $1.37 billion, representing a year-over-year increase of 11.6%.Over the last 30 days, there has been an upward revision of 0.6% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial fo ...

Core Insights - Nasdaq, Inc. (NDAQ) is anticipated to show growth in both revenue and earnings for Q4 2025, with revenue expected to reach $1.37 billion, reflecting an 11.5% increase year-over-year [1] - The earnings consensus estimate is set at 91 cents per share, indicating a 19.7% year-over-year increase, with a recent upward revision of 1.1% in the past 60 days [2] Financial Performance Expectations - The Earnings ESP for Nasdaq is currently +0.45%, suggesting a potential earnings beat, supported by a positive earnings estimate and a Zacks Rank of 3 (Hold) [3][4] - Factors contributing to the expected performance include organic revenue growth, new sales, and increased revenues from Financial Crime Management Technology [5] Revenue Drivers - The Financial Crime Management Technology segment is likely to benefit from higher subscription revenues due to new sales and price increases [6] - The Capital Markets Technology business is expected to see growth from increased trade management services and new client contracts [6] - The Capital Access Platforms division is projected to gain from new listings, increased data sales, and higher average assets under management (AUM) linked to Nasdaq indices [7] Volume and Listing Growth - Nasdaq reported a significant increase in Q4 volumes, with U.S. equity options up 25.3% year-over-year to 1.1 billion contracts, and European options and futures volume up 13.3% to 16.1 million contracts [10][11] - The U.S. matched equity volume reached 171.3 billion shares, a 36.8% increase from the previous year, while total listings rose 6.7% year-over-year to 5,599 [12] Expense Considerations - Total expenses are expected to rise due to increased costs in professional services, technology infrastructure, marketing, and regulatory initiatives [8] - However, share buybacks during the quarter are anticipated to positively impact the bottom line [8]

Core Insights - The Nasdaq has reached a plateau, indicating a period of stagnation in the market, while the S&P 500 is also showing minimal movement [1] Group 1 - The article suggests that October marked the last high for the Nasdaq, implying a potential shift in market dynamics [1] - There is a focus on the implications of a flat market for investors and the strategies they might consider moving forward [1]

Group 1 - The core viewpoint of the article highlights that 2025 was one of the best years for IPO performance since 2014, with a total of 353 IPOs in the U.S., including 210 operating company IPOs, raising a total of $70 billion [1][4] - The average first-day return for IPOs in 2025 was 33%, marking the second-best performance since 2014, indicating a resurgence in investor appetite for IPOs [4][10] - The average age of companies going public in 2025 was 12 years, slightly improved from 14 years in 2024, and the second-highest average since 2009 [4][8] Group 2 - The trend shows that companies are waiting longer to go public, with the average age at IPO increasing significantly over the past 25 years, which has implications for market dynamics [5][8] - The article discusses the benefits of IPOs for companies, investors, and the economy, including a 25% reduction in credit spreads and lower borrowing costs for companies that go public [8][10] - Proposed reforms by Nasdaq aim to lower the costs of going public, such as adjusting disclosure requirements based on company size and simplifying reporting processes, which could facilitate more companies to list [9][18] Group 3 - The Nasdaq IPO Pulse index indicates a rebound in IPO activity, with expectations for continued growth into 2026, supported by a favorable market outlook [10][15] - The article notes that the U.S. and Stockholm IPO markets are both experiencing upward trends, with predictions of significant IPO activity in 2026, including companies with a total market value of $3 trillion [19][20] - The increase in private capital has allowed companies to remain private longer, impacting the number of IPOs and the overall market landscape [12][18]