Nasdaq, Inc. (NDAQ): A Bull Case Theory

Core Thesis - Nasdaq, Inc. is experiencing strong growth driven by its Capital Access Platforms and is positioned for continued value creation through disciplined cost control and strategic initiatives [1][4]. Financial Performance - Nasdaq reported total net revenue of $1,315 million for Q3 2025, reflecting a 1% sequential increase and an 11% year-over-year growth, primarily from Capital Access Platforms which grew 4% Q/Q and 9% Y/Y to $546 million [2]. - Adjusted operating expenses remained stable at $583 million, resulting in strong margins of 55.7%, while adjusted EPS increased by 4% Q/Q and 19% Y/Y to $0.88, exceeding consensus estimates by 4% [2]. Strategic Initiatives - The company achieved $150 million in expense savings from the Adenza acquisition and is on track to realize $100 million in revenue synergies by 2027 through cross-selling initiatives [3]. - Nasdaq has reduced its leverage to 3.1x, with a target of 3.0x by the end of 2025, supported by $69 million in debt repayment and an S&P credit upgrade to BBB+ [3]. Market Position and Future Outlook - Capital Access Platforms are highlighted as a key growth area, supported by strong trends in Index, Data, and Listings, while Financial Technology growth was slightly below expectations [4]. - The company completed the sale of Solovis to focus on higher-value platforms and maintains confidence in its IPO pipeline, reg-tech partnerships, and tokenization initiatives for long-term growth [4]. - Overall, Nasdaq's performance indicates resilient growth and a solid execution strategy, positioning the company well for future opportunities [4].