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]

Financial Data and Key Metrics Changes - Nasdaq achieved annual net revenues of $5.2 billion, a 12% increase year-over-year, and solutions revenue grew 11% to $4 billion, marking a significant milestone as it surpassed $5 billion in annual net revenue for the first time [4][6][21] - Operating income for the year was $2.9 billion, up 16%, with diluted EPS growth of 24% [6][22] - In Q4, net revenue was $1.4 billion, up 13% year-over-year, with solutions revenue of $1.1 billion, also up 12% [6][22] Business Line Data and Key Metrics Changes - Capital access platforms delivered quarterly revenue of $572 million, up 12%, and annual revenue of $2.1 billion, up 10% [21][24] - Financial technology revenue in Q4 was $498 million, up 12%, with annual revenue of $1.85 billion, also up 11% [28][30] - Market services achieved record annual net revenue of $1.2 billion, up 17%, driven by elevated volumes in U.S. equities and options [17][31] Market Data and Key Metrics Changes - Nasdaq's index franchise saw record net inflows of $99 billion over the last 12 months, including a record $35 billion in Q4 [12][25] - The average ETP AUM reached a record $860 billion in Q4, reflecting a 36% increase [25] - The listings business had the strongest IPO year since 2021, with eligible operating companies raising over $24 billion [10][24] Company Strategy and Development Direction - Nasdaq's strategic priorities focus on integrating, innovating, and accelerating, with a strong emphasis on AI and cross-selling initiatives [7][9] - The company aims to enhance its digital asset initiatives and is preparing to launch 23x5 trading in the Nasdaq Stock Market in 2026, pending regulatory approval [8][9] - Nasdaq is positioned to capitalize on key growth areas, particularly in AI and digital infrastructure, to drive future growth [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver durable growth, citing a healthy pipeline of late-stage private companies and signs of accelerating capital markets activity [11][12][18] - The company anticipates an active new issuance year in 2026, supported by recent Fed cuts and strong investor interest in public markets [11][12] - Management highlighted the importance of managing risk and advancing market structure as key industry priorities [18][19] Other Important Information - Nasdaq's gross leverage ratio improved to 2.9x, outperforming expectations, and both Moody's and S&P upgraded the company's senior unsecured debt ratings [7][22] - The company generated free cash flow of approximately $2.2 billion in 2025, with a conversion ratio of 109% [34][35] - Nasdaq paid dividends totaling $601 million in 2025 and repurchased 7.2 million shares for $616 million [34][35] Q&A Session Summary Question: Expectations for expanded options expirations and market volumes - Management expressed optimism about the new options expirations providing clients with more choices to manage risk, which is expected to drive market volumes and participation [36][37] Question: Growth in equity options volumes and structural shifts - Management noted a broadening investor base in both retail and institutional markets, contributing to strong growth in equity options volumes [38][39] Question: Pipeline and pace expectations for the data and listings segment - Management indicated momentum for new issuances and active dialogue with late-stage private companies looking to enter public markets, despite some delays due to external factors [40][41] Question: Financial crime management outlook and growth expectations - Management highlighted strong sales execution and a healthy pipeline for financial crime management technology, with expectations for continued growth [42][44] Question: Nasdaq's interest in off-exchange trading and potential M&A - Management expressed interest in having more flexibility in offering solutions to clients and the potential for M&A in the off-exchange space, depending on regulatory changes [46][48] Question: Capital allocation strategy and potential for opportunistic deals - Management emphasized a focus on organic growth, dividends, share repurchases, and evaluating bolt-on acquisitions as part of their capital allocation strategy [49][50] Question: Financial technology growth targets and momentum - Management acknowledged strong momentum in the financial technology business and expressed optimism about continued growth, although they noted potential variability in revenue due to implementation timing [51][52] Question: Proxy modernization and Nasdaq's role - Management discussed their focus on policy reform and modernization of proxy infrastructure to streamline processes for public companies [54][56] Question: Tokenization of equity securities and integration with existing infrastructure - Management outlined their approach to tokenization, emphasizing the importance of integrating with existing market infrastructure while ensuring investor protection [58][60]

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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]