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Nasdaq (NDAQ) Q2 2025 Earnings Call July 24, 2025 08:00 AM ET Company ParticipantsAto Garrett - Senior Vice President, Investor RelationsAdena Friedman - Chair & CEOSarah Youngwood - EVP & CFOMichael Cyprys - Managing DirectorAlexander Blostein - Managing DirectorPatrick Moley - Director & Senior Research AanalystSimon Clinch - MD - Financials ResearchKyle Voigt - Managing DirectorBen Budish - DirectorBrian Bedell - DirectorOwen Lau - Executive DirectorChristopher Allen - MD - Exchanges, Brokers, & Asset Ma ...

Financial Performance - Nasdaq reported net revenue of $1,300,000,000, a year-over-year increase of 12% [5][27] - Solutions revenues reached $991,000,000, representing a 10% year-over-year growth [5][27] - Annualized recurring revenue (ARR) grew by 9% to $2,900,000,000 [6][28] - Operating income was $721,000,000, with a 24% growth in earnings per share (EPS) [6][27] - Operating expenses increased just under 8% year-over-year, primarily due to the timing of the annual compensation cycle [6][27] Business Line Performance - Capital Access Platforms generated 9% revenue growth and 6% ARR growth [8][29] - Financial Technology delivered 10% revenue growth and 11% ARR growth, with notable segments including 19% growth in Financial Crime Management Technology [8][29] - Market Services achieved a remarkable 21% net revenue growth [9][29] Market Dynamics - The U.S. economy shows solid fundamentals, with resilient labor markets and consumer spending [7] - European GDP growth remains muted, but expectations for recovery in consumer demand are improving [7] - Investment in technology transformation is driving momentum across sectors, particularly in banking and capital markets [7] Company Strategy and Industry Competition - Nasdaq is focused on expanding its product offerings and enhancing client relationships, particularly in the data and listings business [12][90] - The company is committed to innovation, with 33 new products launched during the quarter, over half of which were international [13][75] - Nasdaq's strategic partnership with Invesco remains strong, ensuring continued collaboration on index products [13][14] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in Nasdaq's ability to navigate macroeconomic uncertainties and deliver growth through cycles [25][41] - The company anticipates continued momentum in the second half of 2025, supported by a robust sales pipeline [25][41] - Nasdaq is well-positioned to support clients in managing risks and capturing strategic opportunities [25][41] Other Important Information - Nasdaq's gross leverage ratio improved to 3.2x, exceeding milestones set during the Adzenza acquisition [40] - The company generated free cash flow of $467,000,000 in the second quarter, supporting dividends and share repurchases [39][40] - Nasdaq's efficiency program is on track, with approximately $130,000,000 actioned out of a $140,000,000 target [22][38] Q&A Session Summary Question: Opportunity set for Adjentic AI - Management elaborated on the integration of AI across product development and business operations, highlighting efficiency gains and automation potential [44][46][48] Question: Sales momentum in FinTech - Management noted a healthy pipeline in FinTech, with significant growth expected from Tier one and Tier two clients in the upcoming quarters [50][54] Question: Trends in customer conversations in FinTech - Conversations normalized in May and June after initial delays due to regulatory uncertainties, leading to improved sales momentum [56][60] Question: Digital assets and market structure - Management discussed the potential for digital assets to enhance capital market efficiency and the importance of regulatory engagement [65][67][71] Question: Dynamics in the Index business - Management emphasized the focus on alpha generation and the successful launch of new products to drive investor interest [73][75] Question: Strength in FinTech and capital markets - Management attributed strong ARR growth to increased demand for connectivity services and successful upselling to existing clients [79][84] Question: Data and Listings business growth - Management highlighted strong demand for data products and an improving outlook for listings, driven by new issuances [86][90]

Financial Data and Key Metrics Changes - Quarterly net revenues reached $3.4 billion, reflecting a 5% increase year-over-year [8] - Pretax income decreased by 13% to $563 million, impacted by a $58 million legal reserve increase [8][9] - For the first nine months of fiscal 2025, record net revenues of $10.3 billion and record pretax income of $1.98 billion, up 105% compared to the same period last year [9][10] - Adjusted earnings per diluted share were $2.18, with an adjusted pretax margin of 17.1% [17] Business Line Data and Key Metrics Changes - Private Client Group generated pretax income of $411 million on net revenues of $2.49 billion, with a record $1.57 trillion in client assets under administration, up 11% year-over-year [10][18] - Capital Markets segment reported net revenues of $381 million but a pretax loss of $54 million, with a 15% year-over-year revenue growth driven by investment banking and brokerage revenues [18][19] - Asset Management segment achieved record pretax income of $125 million on net revenues of $291 million, with strong net inflows of approximately $2.1 billion into managed programs [19] - Bank segment net revenues were $458 million, with a pretax income of $123 million, and loans ended at a record $49.8 billion [14][20] Market Data and Key Metrics Changes - Domestic net new assets totaled $11.7 billion, representing a 3.4% annualized growth rate [11] - Client domestic cash sweep and enhanced savings program balances decreased by 4% to $55.2 billion [21] - The average yield on JVDP balances with third-party banks decreased by four basis points to 2.96% [23] Company Strategy and Development Direction - The company aims to enhance its platforms and offerings to attract and retain financial advisors, focusing on education and technology investments [12][13] - The investment banking pipeline remains strong, with optimism about macroeconomic conditions despite uncertainties [13] - The company is committed to pursuing strategic acquisitions that align with its cultural and strategic fit criteria [15][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recruiting pipeline and anticipated growth momentum in the coming quarters [11][31] - The investment banking environment is uncertain, but the company expects better performance in the next two quarters based on current activity levels [31][32] - The company maintains a strong balance sheet and plans to continue share repurchases and capital investments [15][30] Other Important Information - The company returned over $1 billion to shareholders through dividends and share repurchases year-to-date [15] - The effective tax rate for the quarter was 22.6%, with an estimated annual rate of approximately 24% [29] Q&A Session Summary Question: Can you elaborate on the recruiting pipeline and engagement across different channels? - Management noted a significant acceleration in recruiting activity, with a strong pipeline and increased engagement across all affiliation options [35][36] Question: What is the trajectory of balance sheet growth across key segments? - Management indicated strong year-over-year growth in securities-based lending and mortgages, with a robust deposit base supporting future growth [40][42] Question: What are the current dynamics affecting organic growth and net new assets? - Management acknowledged pressure on existing advisor bases but expressed optimism about the recruiting pipeline and the potential for future growth [45][50] Question: How does the competitive environment for recruiting look currently? - Management described the environment as competitive but noted a shift in tone among some private equity-backed firms, suggesting a potential easing in aggressive recruiting tactics [70][72] Question: What is the outlook for investment banking and the current pipeline? - Management expects the investment banking environment to improve in the next two quarters, citing a recovery from earlier market shocks [106]

NEW: 🇺🇸 Bo Hines claims the "President’s Working Group on Digital Assets has completed the 180-day report" and they will release the on July 30th. https://t.co/Se7REuhAXI ...

🇺🇸 JUST IN: Bo Hines says the President’s Working Group on Digital Assets will release its 180-day report on July 30, positioning the U.S. as a leader in digital asset policy. https://t.co/Tieiw9wv1Q ...

On July 30th we likely find out how the US is going to build its Bitcoin Strategic ReserveThat's one week from today...Bo Hines (@BoHines47):The President’s Working Group on Digital Assets has completed the 180-day report. It will be released publicly on July 30th.America is now leading the way on digital asset policy 🇺🇸 ...

Core Insights - GameStop Corp. (GME) has seen a significant decline in its stock price, dropping 10.4% over the past three months, underperforming the Zacks industry rally of 28.9% and the sector's growth of 16.8% [1][4][11] - The company's first-quarter fiscal 2025 results revealed a total net sales decline of 16.9% year over year to $732.4 million, primarily due to sharp drops in hardware and software sales [16][20] - GameStop is undergoing a strategic transformation to evolve from a traditional video game retailer to a technology-driven company, focusing on digital assets and collectibles [21][27] Financial Performance - Hardware and accessories sales fell 31.7% year over year to $345.3 million, while software sales decreased 26.7% to $175.6 million, indicating a shift in consumer preferences towards digital gaming [16][20] - U.S. revenues declined 12.9% to $537.5 million, with significant contractions in European markets, which plunged 47.4% to $74.8 million [17][20] - Despite cost-cutting measures, GameStop reported an operating loss of $10.8 million for the fiscal first quarter, highlighting ongoing profitability challenges [19][20] Strategic Initiatives - GameStop's collectibles business saw a remarkable growth of 54.6% year over year to $211.5 million, now representing 28.9% of total sales [22] - The company reduced adjusted selling, general and administrative (SG&A) expenses by nearly 25%, resulting in a gross profit increase of 3.4% to $252.8 million [23][24] - GameStop's cash position improved significantly, holding over $6.4 billion in cash and marketable securities, supported by a strong free cash flow of $189.6 million [26][27] Market Position - GameStop's stock trades at a forward 12-month price-to-sales (P/S) ratio of 3.31, lower than the industry's average of 3.75, indicating a discounted status relative to its peers [13][14] - The company has made a bold move into digital assets by acquiring 4,710 Bitcoin, signaling its commitment to embracing emerging technologies [27] - The Zacks Consensus Estimate for the current fiscal year has been raised to 75 cents a share, while the estimate for the next fiscal year has decreased to 36 cents [28][29]

One company is offering a glimpse into how digital assets are being integrated into professionally managed investment accounts https://t.co/1zg4C7AdLr ...

Core Insights - Grayscale Investments announced that its Grayscale® Bitcoin Mini Trust ETF (BTC) has achieved over $5 billion in assets under management (AUM) since its launch on July 31, 2024, highlighting strong investor demand and institutional interest in digital assets [1][3]. Company Overview - Grayscale Investments is the largest digital asset-focused investment platform, founded in 2013, with a decade-long track record in the industry [8]. - The company provides a range of investment products that allow investors to access the digital economy, including single asset, diversified, and thematic exposure [8]. Product Details - The Grayscale Bitcoin Mini Trust ETF (BTC) is an exchange-traded product that is not registered under the Investment Company Act of 1940, meaning it is not subject to the same regulations as traditional ETFs [2]. - BTC has a low annual fee of 0.15% (15 basis points), which has contributed to its appeal among asset allocators [3]. - As of July 14, 2025, BTC surpassed $5 billion in AUM within its first year, a milestone achieved by only nine ETF products [3]. Market Trends - The growing momentum behind BTC reflects an increasing role of cryptocurrencies in diversified investment portfolios, with a notable shift towards Bitcoin exposure among institutional investors [3][4]. - BTC is now available for advisor solicitation on major national broker-dealer platforms, facilitating easier incorporation into client portfolios [4]. Strategic Focus - Grayscale aims to provide investment vehicles through familiar structures, enabling allocators to access digital assets with confidence as they become integral to modern portfolios [5].