Core Viewpoint - Nasdaq reported strong first-quarter 2025 results with adjusted earnings per share of 79 cents, exceeding estimates and showing a year-over-year improvement of 25.4% driven by higher revenues and organic growth [1] Financial Performance - Nasdaq's net revenues reached $1.2 billion, marking a 12.5% increase year over year and slightly surpassing estimates by 0.1% [2] - Annualized Recurring Revenue (ARR) grew by 8% year over year to $2.8 billion, with organic growth at 9% [2] - Annualized SaaS revenues increased by 14%, accounting for 37% of ARR [2] - Capital Access Platforms' revenues were $479 million, up 11%, driven by growth across all business lines [2] - Financial Technology revenues were $395 million, reflecting a 10% increase [3] - Solutions business revenues rose 11% year over year to $947 million, supported by strong growth in Index and Financial Technology [3] - Market Services net revenues increased by 19% year over year to $281 million, exceeding estimates [3] Operating Expenses and Income - Adjusted operating expenses were $555 million, up 5.9% year over year, reflecting higher investments in technology and personnel [4] - Adjusted operating income increased by 15% year over year to $682 million, with an operating margin of 55%, expanding by 200 basis points [4] Market Activity - Nasdaq welcomed 170 new company listings in the quarter, including 63 initial public offerings, bringing the total number of listed companies to 4,139 [5] Financial Position - As of March 31, 2025, Nasdaq had cash and cash equivalents of $708 million, a 17% increase from the end of 2024 [6] - Long-term debt decreased by 1.7% to $8.9 billion [6] - Cash flow from operations for the quarter was $663 million [6] Capital Deployment - Nasdaq returned $138 million to shareholders through dividends and $115 million through stock repurchases in the first quarter [7] - The board approved a dividend of 27 cents per share, a 13% increase, to be paid on June 27, 2025 [7] - $1.6 billion remains under the board-authorized share repurchase program as of March 31, 2025 [8] Guidance - Nasdaq expects 2025 non-GAAP operating expenses to be between $2,265 million and $2,325 million, slightly adjusted from previous guidance [9] - The forecasted non-GAAP tax rate for 2025 is projected to be between 22.5% and 24.5% [9]

Financial Highlights - Nasdaq's net revenue reached $1.237 billion, an increase of 11% year-over-year[18] - Solutions revenue grew to $947 million, representing a 9% increase year-over-year[18] - Operating income increased by 15% year-over-year to $682 million[18] - Diluted EPS increased by 24% year-over-year to $0.79[18] - Annualized Recurring Revenue (ARR) increased by 8% year-over-year to $2.831 billion[18] - Annualized SaaS revenue increased by 14% year-over-year to $1.061 billion[18] Segment Performance - Capital Access Platforms revenue increased by 11% adjusted year-over-year, with Index revenue up by 26% and Data & Listing revenue up by 4%[40] - Financial Technology revenue increased by 10% adjusted year-over-year, driven by a 21% increase in Financial Crime Management Technology revenue[40] - Market Services revenue increased by 19% adjusted year-over-year, driven by record volumes in U.S cash equities and derivatives[40] Operational Highlights - Index average ETP AUM increased year-over-year to $662 billion[24] - Nasdaq listed 45 operating companies, raising nearly $5 billion in proceeds[13]

Core Points - Nasdaq, Inc. has declared a quarterly dividend of $0.27 per share, representing a 13% increase from the previous quarter [1] - The dividend is scheduled to be paid on June 27, 2025, to shareholders of record as of June 13, 2025 [1] - Future dividend declarations and payment dates are subject to the approval of the Board of Directors [1] Company Overview - Nasdaq is a leading global technology company that serves corporate clients, investment managers, banks, brokers, and exchange operators [2] - The company aims to enhance liquidity, transparency, and integrity in the global economy through its diverse offerings, including data, analytics, software, and exchange capabilities [2] - Nasdaq provides client-centric services that enable clients to optimize and execute their business vision with confidence [2]

Core Insights - Nasdaq, Inc. reported strong financial results for Q1 2025, highlighting resilience and growth across all divisions despite a rapidly changing environment [2][3][5] Financial Performance - Net revenue for Q1 2025 was $1,237 million, an increase of 11% year-over-year, with adjusted net revenue growth of 12.5% [5][6] - Solutions revenue reached $947 million, up 9% year-over-year, and 11% on an adjusted basis, driven by strong growth in Index and Financial Technology [5][6] - Market Services net revenue was $281 million, reflecting a 19% increase compared to the previous year [10] - Non-GAAP operating income was $682 million, a 15% increase year-over-year, with a non-GAAP operating margin of 55% [40] - GAAP diluted earnings per share (EPS) grew 69% to $0.68, while non-GAAP diluted EPS increased 24% to $0.79 [5][29] Annualized Recurring Revenue (ARR) - ARR for Q1 2025 was $2,831 million, an 8% increase year-over-year, with organic growth of 9% [5][6] - Financial Technology ARR grew 12% on an organic basis, indicating strong client engagement and product adoption [11] Strategic Initiatives - Nasdaq is focused on capital allocation strategies, including investing in organic growth, reducing debt, and share repurchases, returning $138 million to shareholders through dividends and $115 million through stock repurchases in Q1 2025 [3][10] - The company aims to enhance its market access with plans for 24/5 trading by 2026, pending regulatory approval [14] - Nasdaq's partnership with Amazon Web Services aims to provide new cloud-based solutions, enhancing its Financial Technology and Market Services divisions [14] Market Position and Client Engagement - Nasdaq maintained its leadership in listings, welcoming 45 operating company listings that raised nearly $5 billion in proceeds during the quarter [14] - The company achieved record cash equities and derivatives volumes in the U.S., with significant market share growth [14] - Nasdaq Verafin's Co-Pilot tool usage grew by 20% sequentially, demonstrating the value of its innovative solutions [14]

Core Insights - CME Group reported first-quarter 2025 operating income of $2.80 per share, exceeding the Zacks Consensus Estimate by 0.4% and showing a 12% year-over-year improvement [1] - The quarterly results were driven by increased revenues from higher clearing and transaction fees, as well as market data and information services fees, with increased volatility contributing to higher volumes [1] Performance in Detail - CME Group's revenues reached $1.6 billion, marking a 10.4% year-over-year increase, primarily due to higher clearing and transaction fees (up 10.6%), market data and information services (up 10.9%), and other revenues (up 6.7%) [2] - However, the top line fell short of the Zacks Consensus Estimate by 0.5% [2] Expense and Income Analysis - Total expenses rose by 1.1% year over year to $534.3 million, driven by higher compensation and benefits, technology costs, and licensing fees, exceeding the estimate of $492.4 million [3] - Operating income increased by 15.5% from the prior-year quarter to $1.1 billion, surpassing the estimate of $1 billion [3] Volume and Market Activity - Average daily volume (ADV) reached a record 29.8 million contracts, with commodities growing by 19% and financials increasing by 12% [4] - ADV outside the U.S. also hit a new high of 8.8 million contracts, up 19% year over year, with the total average rate per contract at 68.6 cents [4] Financial Update - As of March 31, 2025, CME Group had $1.5 billion in cash and marketable securities, a decrease of 49.5% from the end of 2024 [5] - Long-term debt stood at $3.4 billion, an increase of 27.7% from the end of 2024 [5] - Shareholders' equity was valued at $26.5 billion, reflecting a 2% increase from the end of 2024 [5] Capital Deployment - CME Group declared dividends totaling $2.6 billion in the first quarter of 2025, having returned over $28.6 billion to shareholders since the implementation of its variable dividend policy in early 2012 [6] Zacks Rank - CME currently holds a Zacks Rank 1 (Strong Buy) [7]

CME Group Inc. Q1 2025 Earnings Conference Call April 23, 2025 8:30 AM ET Company Participants Adam Minick - Investor Relations Terry Duffy - Chairman & Chief Executive Officer Suzanne Sprague - Chief Operating Officer & Head, Risk and Clearing Sunil Cutinho - Chief Information Officer Lynne Fitzpatrick - Chief Financial Officer Derek Sammann - Global Head, Commodities Julie Winkler - Chief Commercial Officer Mike Dennis - Global Head, Fixed Income Conference Call Participants Kyle Voigt - KBW Dan Fannon - ...

Core Insights - CME Group reported $1.64 billion in revenue for Q1 2025, a year-over-year increase of 10.4% [1] - The EPS for the same period was $2.80, compared to $2.50 a year ago, indicating a positive growth trend [1] - Revenue slightly missed the Zacks Consensus Estimate of $1.65 billion, resulting in a surprise of -0.46% [1] - The company delivered an EPS surprise of +0.36%, with the consensus EPS estimate being $2.79 [1] Performance Metrics - CME's average daily volume was 29.77 million, exceeding the five-analyst average estimate of 29.27 million [4] - Average daily volume for interest rates was 15.03 million, surpassing the estimate of 14.93 million [4] - Average daily volume for equity indexes was 8 million, compared to the estimate of 7.77 million [4] - Average daily volume for foreign exchange was 1.15 million, above the estimate of 1.13 million [4] - Average daily volume for energy was 2.9 million, compared to the estimate of 2.83 million [4] - Average daily volume for agricultural commodities was 1.96 million, exceeding the estimate of 1.91 million [4] Revenue Breakdown - Revenues from clearing and transaction fees were $1.34 billion, slightly below the average estimate of $1.35 billion, but represented a year-over-year change of +10.6% [4] - Revenues from other sources were $110.50 million, compared to the estimate of $112.11 million, reflecting a +6.7% change year-over-year [4] - Revenues from market data and information services were $194.50 million, exceeding the estimate of $186.41 million, with a +10.9% change year-over-year [4] Stock Performance - CME shares returned +1.3% over the past month, while the Zacks S&P 500 composite declined by -6.6% [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]

Core Viewpoint - Nasdaq, Inc. is expected to report first-quarter 2025 earnings on April 24, with a consensus estimate of 77 cents per share, reflecting a 22.2% year-over-year increase, driven by various factors including organic revenue growth and acquisitions [1][7]. Factors to Consider - Continued organic revenue growth, new sales, and increased revenues from Financial Crime Management Technology and the Adenza acquisition are anticipated to positively impact Nasdaq's fourth-quarter performance [2]. - Non-trading revenues are expected to benefit from improved results in Capital Access Platforms, Financial Technology, and Market Services businesses [2]. Financial Crime Management Technology - Higher value contracts, new sales, price increases for existing clients, and new customer acquisitions, especially from small and medium-sized businesses, are likely to support the Financial Crime Management Technology business [3]. Capital Markets Technology - The inclusion of revenues from Calypso due to the Adenza acquisition, along with higher trade management services revenues and market technology license and support revenues, is expected to boost the Capital Markets Technology business, with revenues projected to increase by 9% to $259.4 million [4]. Capital Access Platforms - Factors such as increased data usage, price hikes on regulated data, higher initial listing fees, new data sales, and growth in trading volume on futures contracts linked to the Nasdaq-100 Index are expected to enhance performance in the Capital Access Platforms division. The revenue estimate for this division is $1.23 billion, indicating a 10.2% increase year-over-year [5]. Expenses - Total expenses for the upcoming quarter are expected to rise due to increased compensation and benefits, professional services, technology infrastructure, and other operational costs, with non-GAAP operating expenses projected to increase by 9.2% year-over-year [6]. Volumes - Nasdaq reported a 21% year-over-year increase in U.S. equity options volume to 935 million contracts, while European options and futures volume rose by 4.6% to 15.9 million contracts. U.S. matched equity volume reached 137.5 billion shares, up 17.8% from the previous year [8][9]. Revenue Estimates - Data and listing services revenues are expected to increase by 5.8% to $196.8 million in the upcoming quarter [10]. Earnings Prediction - Nasdaq has a positive Earnings ESP of +1.32%, indicating a potential earnings beat, supported by a Zacks Rank of 3 [11][12].

NEW YORK, April 09, 2025 (GLOBE NEWSWIRE) -- At the end of the settlement date of March 31, 2025, short interest in 3,140 Nasdaq Global MarketSM securities totaled 13,072,444,217 shares compared with 13,066,514,117 shares in 3,124 Global Market issues reported for the prior settlement date of March 14, 2025. The mid-March short interest represents 2.64 days compared with 2.14 days for the prior reporting period. Short interest in 1,625 securities on The Nasdaq Capital MarketSM totaled 2,682,510,166 shares a ...

Core Viewpoint - Nasdaq (NDAQ) is currently experiencing a short-term bearish trend, trading below its 50-day simple moving average, with a share price of $68.25, down 18.9% from its 52-week high of $84.15 [1] Company Overview - Nasdaq has a market capitalization of $39.2 billion and is a leading provider of trading, clearing, marketplace technology, regulatory, securities listing, and public and private company services [2] - The company has maintained a free cash flow conversion of over 100% in recent quarters, indicating solid earnings [2] Financial Performance - Year-to-date, Nasdaq has lost 11.7%, underperforming its industry and sector but outperforming the Zacks S&P 500 composite [6] - Nasdaq shares are trading at a price-to-earnings ratio of 20.62X, which is lower than the industry average of 22.53X, suggesting that shares are relatively cheap [9] - The Zacks average price target for Nasdaq is $90.67 per share, indicating a potential upside of 22.8% from the last closing price [11] Earnings Projections - The Zacks Consensus Estimate for 2025 earnings is $3.20 per share, reflecting a 13.5% year-over-year increase, with revenues expected to rise by 8.3% to $5 billion [12] - For 2026, the earnings per share estimate is $3.62, indicating a 13.3% year-over-year increase on revenues of $5.4 billion, with a long-term earnings growth rate projected at 12.5% [12] Growth Strategy - Nasdaq's growth strategy focuses on increasing revenues from high-growth Market Technology and Investment Intelligence segments, along with R&D spending on higher-growth products [17] - The company anticipates strong growth in its index and analytics businesses, with medium-term revenue growth estimates of 5-8% for Capital Access Platforms and 10-14% for Financial Technology [18] Inorganic Growth and Market Position - Nasdaq has made strategic acquisitions to enhance its technology offerings and market surveillance capabilities, particularly in the anti-financial crime space, which has a total addressable market of $12.5 billion [21] - The company aims to achieve 40-50% of its revenues from SaaS by this year [21] Expense Management - Nasdaq expects non-GAAP operating expense growth of 5-8% over the medium term, with estimated pretax charges of $115-$145 million, of which 40% will be non-cash [22] - The company anticipates annual run rate operating efficiencies and revenue synergies of at least $30 million by 2025 [22] Dividend Policy - Nasdaq has a strong dividend history, with plans to maintain steady increases and achieve a dividend payout ratio of 35-38% by 2027 [23]