Financial Data and Key Metrics Changes - Assets under management (AUM) reached a record $144.5 billion, up 5% from the third quarter and over 30% year-over-year [4] - Adjusted revenues for the quarter were $147.4 million, an increase of 17% from the third quarter and up approximately 33% year-over-year [7] - Adjusted net income for the quarter was $41.2 million, or $0.29 per share, with an adjusted operating margin expanding almost 300 basis points to finish the year at 36.5% [9] Business Line Data and Key Metrics Changes - European-listed products saw AUM increase from $30.7 billion to a record $53.3 billion, supported by over $6 billion of net inflows [5] - U.S. AUM increased to a record $88.5 billion, with $1.4 billion of net inflows for the year, driven primarily by U.S. equity offerings [6] - Digital assets platform AUM reached approximately $770 million at year-end, reflecting strong inflows into the digital money market fund [6] Market Data and Key Metrics Changes - Global AUM today stands at $160.8 billion, up $16 billion or 11% from year-end, driven by favorable market conditions and almost $2 billion of net inflows [7] - Thematic strategies, particularly in metals, saw AUM increase by 83% with more than $1 billion in net inflows [15] Company Strategy and Development Direction - The company aims to deliver differentiated products that perform and persist, focusing on thematic investments and private markets [16][19] - The acquisition of Ceres Partners is expected to add a long-duration, diversifying revenue stream, with AUM growing to about $1.9 billion since the acquisition [18] - The company is committed to maintaining tight expense discipline while investing in growth, demonstrating that margin expansion and investment can coexist [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve financial and business plans, highlighting the importance of organic growth and disciplined execution [14][20] - The company is well-positioned to capture market share in thematic investments, particularly in Europe, and is optimistic about the growth potential in digital assets and private markets [15][19] Other Important Information - The company forecasts a compensation to revenue ratio of 26%-28% for 2026, reflecting planned hires and compensation adjustments [10] - Discretionary spending guidance is forecasted to range from $80 million-$86 million, driven by increased marketing and sales expenses [11] Q&A Session Summary Question: What are the biggest opportunities for WisdomTree in 2026 and 2027? - Management highlighted the success of the European defense fund and the growth in thematic investments, particularly in rare earths and industrial metals, as key opportunities [24][25] Question: What are the major categories for the discretionary spending increase? - The increase is largely driven by marketing and sales-related expenses tied to growth initiatives [31] Question: Is WisdomTree's approach to growing its digital asset base focused on education or capturing existing clients? - The focus is on capturing clients who are already familiar with digital assets and tokenization [52] Question: Can you provide insights on the integration of Ceres and future growth opportunities? - The integration has gone smoothly, and management sees significant synergies and growth potential from the acquisition [61][62]

Q4 2025 Results January 30, 2026 WisdomTree – Q4/25 Results 1 Forward Looking Statements This presentation contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors t ...

Financial Data and Key Metrics Changes - The company ended 2025 with a record asset under management of $903 billion, an increase driven by gains in money market and equity strategies [3] - Total revenue for Q4 increased by $13.4 million, or 3%, primarily due to higher money market assets and equity assets [14] - The effective tax rate was 24.4%, with an estimated range of 25%-28% for 2026 [15] Business Line Data and Key Metrics Changes - Equity assets increased by $3.2 billion or 3% from the prior quarter, with Q4 net equity sales of $1.5 billion [3] - Fixed income assets decreased by $1.7 billion to $100 billion, with Q4 net redemptions of $2.8 billion [5][6] - Money market fund assets reached a record high of $508 billion, increasing by $16 billion or 3% in Q4 [10] Market Data and Key Metrics Changes - The company’s money market fund market share was approximately 7% at the end of 2025, down from 7.1% at the end of Q3 [10] - The company reported strong demand for its MDT U.S. Equity UCITS Fund, with over $500 million in net sales since its launch [5] Company Strategy and Development Direction - The company plans to open a Hong Kong office to capitalize on the growing wealth market in the Asia Pacific region [9] - The acquisition of FCP is expected to close in the first half of 2026, adding U.S. multifamily housing expertise to the company's capabilities [8] - The company is advancing digital asset initiatives, including partnerships for tokenized money market funds [11][12] Management's Comments on Operating Environment and Future Outlook - Management expects a positive environment for money market funds, driven by attractive yields compared to alternatives [10] - The outlook for 2026 includes expectations of one rate cut by 25 basis points, with a terminal rate above 3% [36] - Management believes there is no disruption expected from the succession planning of key portfolio managers [21] Other Important Information - The company has a robust pipeline of tokenization projects, including efforts for a Genius-compliant money market fund [13] - The company raised $780 million for its European Direct Lending Fund III, indicating strong interest in private market strategies [7] Q&A Session Summary Question: Distribution costs have increased significantly; what is the reason? - Management explained that the increase in distribution costs was due to a significant amount of assets coming into share classes with higher distribution expenses [20] Question: What is the transition plan for retiring portfolio managers? - Management stated that succession planning has been in place for many years, with replacements being experienced individuals from within the company [21] Question: What is the demand for tokenization from clients? - Management noted that demand is not as robust as expected, with clients currently satisfied with existing products [25] Question: What is the outlook for money market fund flows in the first half of the year? - Management indicated that January is typically a month of outflows, with growth expected to pick up in the second half of the year [51] Question: What is the potential for money market roll-ups? - Management stated that the potential for roll-ups depends on the owners of other money funds and the regulatory environment [91]

Financial Data and Key Metrics Changes - The company ended 2025 with record assets under management (AUM) of $903 billion, an increase driven by gains in money market and equity strategies [3] - Total revenue for Q4 increased by $13.4 million, or 3%, primarily due to higher money market assets contributing $8 million and higher equity assets adding $5.5 million [14] - The effective tax rate was reported at 24.4%, with an estimated range of 25%-28% for 2026 [15] Business Line Data and Key Metrics Changes - Equity assets increased by $3.2 billion or 3% from the prior quarter, with Q4 net equity sales of $1.5 billion, a significant improvement from net redemptions of $10.7 billion in 2004 [3] - Fixed income assets decreased by $1.7 billion to $100 billion, with Q4 net redemptions of $2.8 billion, largely due to two large public entities [5][6] - Money market assets reached a record high of $683 billion, with money market fund assets increasing by $16 billion or 3% in Q4 [10] Market Data and Key Metrics Changes - The company reported a 7% market share in money market funds at the end of 2025, down from 7.1% at the end of Q3 [10] - The company anticipates approximately $2.7 billion in net institutional mandates yet to fund into both funds and separate accounts, with expected additions across various strategies [9] Company Strategy and Development Direction - The company plans to open a Hong Kong office to capitalize on the growing wealth market in the Asia Pacific region, complementing existing offices in Singapore, Tokyo, and Sydney [9] - The company is advancing digital asset initiatives, including partnerships for tokenized money market funds, aiming to enhance liquidity and investor protections [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the succession planning for retiring portfolio managers, indicating no expected disruption in investment management techniques [21] - The outlook for 2026 includes expectations of a single rate cut by the Federal Reserve, with a terminal rate above 3%, which is anticipated to support continued growth in money market funds [36] Other Important Information - The company is progressing towards the acquisition of FCP, expected to close in the first half of 2026, which will enhance its real estate capabilities [8] - The company reported a robust pipeline of tokenization projects, indicating a strategic focus on integrating blockchain technology into its offerings [13] Q&A Session Summary Question: Distribution costs have increased significantly; what is the reason? - Management explained that the increase in distribution costs was due to a significant amount of assets coming into share classes with higher distribution expenses, impacting the overall distribution expense [20] Question: What is the transition plan for retiring portfolio managers? - Management indicated that succession planning has been in place for many years, with experienced replacements expected to maintain performance and investment management techniques [21] Question: What is the demand for tokenization from clients? - Management noted that while there is interest in tokenization, actual demand is not as robust as anticipated, with clients currently satisfied with existing products [25] Question: What is the outlook for money market fund flows in the first half of the year? - Management indicated that January typically sees outflows due to tax season, but the second half of the year generally experiences growth in money market fund AUM [51] Question: What is the potential for money market roll-ups? - Management stated that the potential for roll-ups depends on the owners of other money funds, with increased regulation leading to fewer opportunities [91]

Core Insights - Mastercard reported a 7% year-over-year increase in worldwide gross dollar volume (GDV) on a local currency basis, with 4% growth in the U.S. and 9% growth outside the U.S. [1] - The company achieved a 15% increase in net revenues for Q4 on a non-GAAP currency-neutral basis, driven by a 22% growth in value-added services and solutions [2][6] - Mastercard executives highlighted a strong performance in 2025, emphasizing double-digit revenue growth and continued momentum in value-added services [3] Financial Performance - For Q4 2025, Mastercard's net revenues rose approximately 15% on a non-GAAP, currency-neutral basis, with value-added services growth of around 22% [6] - Full-year 2025 results showed value-added services and solutions delivering net revenue growth of 21%, or 18% excluding acquisitions, on a currency-neutral basis [11] - The company expects high-end low-double-digit net revenue growth for 2026, with a one-time restructuring charge of approximately $200 million affecting about 4% of employees [4][13] Strategic Initiatives - Mastercard secured hundreds of new issuing deals globally, including an extension with Capital One and multiple regional wins in Türkiye, Latin America, and South Africa [5][9] - The company is focusing on emerging opportunities such as stablecoins and agentic commerce, with ongoing investments in digital assets and partnerships [12] - Mastercard's tokenization efforts have reached nearly 40% of all transactions, indicating a strong emphasis on security and innovation [11] Government Grants and Expense Management - Mastercard received multi-year government grants that are expected to benefit operating expenses primarily in 2025 and 2026, improving operating expense growth by around 5.5 percentage points [7][8] - Total adjusted operating expenses increased by 12% in Q4, with a 5 percentage point impact from acquisitions, while underlying expense growth was attributed to strategic initiatives [8] Capital Return and Shareholder Value - The company repurchased $3.6 billion of stock in the quarter, with an additional $715 million repurchased through January 26, 2026 [4][16] - Fourth-quarter EPS was reported at $4.76, including a $0.10 contribution from share repurchases [16]

Circle (CRCL), the stablecoin issuer behind USDC, got a second upgrade by Wall Street analysts in a week, and this time by its biggest bear. Compass Point’s Ed Engel, who had a sell rating and the lowest price target among analysts, has upgraded the stock to Neutral just a day after Mizuho's Dan Dolev revised his bearish outlook. However, Engel kept his price target the lowest among Wall Street analysts covering the stock, despite the upgrade. His new price target is $60, down from $75 due to premium va ...

A deepening dispute over tokenized stocks threatens to derail Washington’s push for comprehensive crypto regulation as industry executives split over language in the Senate Banking Committee’s portion of the landmark digital assets bill. Coinbase CEO Brian Armstrong called the contested section a “de facto ban” on tokenized equities earlier this month, while traditional finance stalwarts, including Ken Griffin’s Citadel Securities, argue firms should follow identical rules whether dealing in blockchain-ba ...

We're back on Morning Trade Live. We'll get a closer look at the consumer over the next 24 hours when we get earnings from Visa and American Express. So, here is a look at the last 12 months for some of these names.Visa, AXP, Mastercard, and Capital 1, American Express, and Capital 1 are in the green over the last year. Visa and Mastercard though are modestly lower. So, let's go inside out on some of these credit card stocks.Joining us now is Rebecca Walsa, president Wals Wealth Management. So, nice to see ...

Core Insights - Mastercard's fourth-quarter net revenue grew by 15% and value-added services increased by 22% on a currency-neutral basis, indicating strong performance despite macroeconomic uncertainties [3] - The company is focusing on agentic commerce and stablecoins as emerging payment methods, positioning itself for the next phase of digital commerce [5][7] - Contactless payment transactions reached 77%, a 5 percentage point increase from the previous year, while tokenization of transactions has advanced to nearly 40% [9][10] Financial Performance - Mastercard reported worldwide gross dollar volume growth of 7% in the quarter, with cross-border volumes rising by 14% [9] - Operating income increased by 17%, driven by demand for digital, authentication, security, consumer engagement, and business insights services [12] - The company anticipates full-year 2026 net revenue growth at the high end of a low double-digit range on a currency-neutral basis, excluding acquisitions [13] Strategic Initiatives - The AgentPay framework is being extended to enhance identity, trust, and consumer protections in AI-driven transactions, with expectations for global capability by the end of Q1 [6] - Mastercard is piloting agent-based payments in regions including Asia, the UK, and the UAE, indicating readiness for agentic commerce [7] - The company has invested over a decade in digital assets, supporting stablecoin settlement and partnerships with firms like Ripple [5] Regulatory Environment - Management expressed concerns about the potential impacts of credit card interest rate caps, warning that it could restrict access to credit for low-income consumers [14] - The Credit Card Competition Act faces industry opposition, with risks identified regarding payment choice and cybersecurity [15]

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 ...