Core Points - Nasdaq will host its 2026 Investor Day at its Global Headquarters in Times Square, New York, on February 25, 2026, from 8:00 AM to 12:30 PM ET, with in-person attendance by invitation only [1] - A webcast registration link and additional resources such as the agenda and slide presentation will be available on Nasdaq's Investor Relations website on the day of the event [1] Company Overview - Nasdaq is a leading technology platform that powers global economies, architecting modern markets and fostering the innovation economy while building trust in the financial system [2] - The company focuses on empowering economic opportunities through technology, data, and advanced analytics, enabling clients to capture opportunities, navigate risks, and strengthen resilience [2]

Core Insights - SoFi Technologies, Inc. (SOFI) reported strong fourth-quarter 2025 results, with earnings and revenue exceeding expectations, yet the stock declined approximately 9% post-release, indicating a complex market reaction [1][2] Financial Performance - Adjusted earnings per share reached 13 cents, surpassing the Zacks Consensus Estimate by 8.3% and showing a 160% year-over-year improvement, marking the fourth consecutive quarter of exceeding earnings estimates [3] - Quarterly revenues exceeded $1 billion for the first time, beating the Zacks Consensus Estimate by 3.2%, with adjusted net revenues growing at a high double-digit rate year-over-year, reflecting broad-based demand across various business lines [4] - Adjusted EBITDA was $317.6 million, with margins exceeding 30%, indicating efficient scaling of the cost structure [5][7] - Adjusted net income rose to $173.5 million, a 184% increase from the previous year, supported by improved margins and disciplined expense growth [8] Member Growth and Engagement - Total members increased by 35% to 13.7 million, with product growth outpacing member additions at 37%, indicating rising engagement [9] - A significant portion of new products was adopted by existing members, enhancing customer lifetime value and monetization without proportional increases in acquisition costs [10] Revenue Diversification - Fee-based revenues grew by 53%, outpacing overall revenue growth and diversifying income streams, reducing reliance on net interest income [12] - The Loan Platform Business contributed to high-margin revenues, growing 15% year-over-year, while other revenue streams like interchange and brokerage showed healthy momentum [13] Lending Performance - Total loan originations reached a record $10.5 billion, with personal loans being the primary contributor [14] - Credit performance remained stable, with personal-loan charge-offs down 57 basis points year-over-year, reflecting improved overall charge-off trends [15] Technology Platform - The Technology Platform segment achieved steady revenue growth of 19% year-over-year, despite a decline in total enabled accounts, with improved contribution margins indicating a shift towards more profitable relationships [17] Future Outlook - Management's guidance for 2026 indicates continued growth in revenues, earnings, and margins, with adjusted net revenues projected at approximately $4.66 billion, reflecting around 30% year-over-year growth [19] - Adjusted EBITDA is expected to reach roughly $1.6 billion, with an EBITDA margin of about 34%, and adjusted net income projected at approximately $825 million [20] - For Q1 2026, management anticipates adjusted net revenues of about $1.04 billion and adjusted EBITDA of around $300 million, suggesting steady performance following a strong finish to 2025 [21] Investment Position - Despite strong fundamentals and operational momentum, the post-earnings stock pullback suggests that much of the progress was anticipated, positioning SoFi as a hold at current levels [22]

Financial Data and Key Metrics Changes - Tradeweb achieved record revenues of $521 million in Q4 2025, reflecting a 12.5% year-over-year increase on a reported basis and a 9.9% increase on a constant currency basis [24] - Annual revenue for 2025 reached over $2 billion for the first time, marking a 19% growth compared to the previous year [9][5] - Adjusted EBITDA margin for 2025 was 54%, an increase of 64 basis points compared to 2024 [26] Business Line Data and Key Metrics Changes - Rates business produced record revenue in Q4, driven by organic growth in swaps, global government bonds, and mortgages [8] - Credit growth was led by strong performance in European credit, municipal bonds, and emerging market credit, while U.S. credit revenues fell due to a decline in retail corporate credit [16] - Other revenues surged by over 90% year-over-year, primarily from emerging digital asset initiatives [9] Market Data and Key Metrics Changes - International clients contributed approximately 42% of Q4 revenues, with Asian client revenues growing over 35% and European client revenues increasing over 25% [11][24] - U.S. Treasury revenues increased modestly by 1% year-over-year despite a 27% decline in intraday volatility [12] Company Strategy and Development Direction - The company aims to continue investing in technology and innovation, particularly in digital assets and expanding its market presence [10][33] - Tradeweb is focused on enhancing its electronic trading capabilities and deepening client connectivity across global markets [38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing strong issuance activity across various sectors and the potential for increased trading due to AI-driven infrastructure investments [38][39] - The company anticipates continued growth in its international business and a favorable market environment for rates trading [46][49] Other Important Information - The board declared a quarterly dividend of $0.14 per share, a 17% increase year-over-year, and announced a new share repurchase program for up to $500 million [32][33] - Tradeweb's investments in technology over the past five years exceeded $600 million, with a focus on shaping the future of electronic markets [12] Q&A Session Summary Question: Outlook for the market in 2026 and revenue growth in January - Management highlighted a conducive market environment with strong primary activity and AI-driven infrastructure investments leading to a 17% year-over-year revenue growth in January [42][46] Question: Utilization of AI across the Tradeweb platform - Management discussed the integration of AI in enhancing efficiency and effectiveness, focusing on predictive AI models to unlock electronification in less liquid markets [58][61] Question: Outlook for the mortgage trading business - Management indicated a strong outlook for the mortgage business, driven by increasing primary issuance and potential lower rates, with revenues up 15% in January [72][76]

Financial Data and Key Metrics Changes - Tradeweb achieved record revenues of $521 million in Q4 2025, reflecting a 12.5% year-over-year increase on a reported basis and a 9.9% increase on a constant currency basis [21] - Annual revenue for 2025 reached over $2 billion for the first time, marking a 19% growth compared to the previous year [8][4] - Adjusted EBITDA margin for 2025 was 54%, an increase of 64 basis points compared to 2024 [23] Business Line Data and Key Metrics Changes - Rates business produced record revenue in Q4 2025, driven by organic growth in swaps, global government bonds, and mortgages [6] - Credit growth was led by strong performance in European credit, municipal bonds, and emerging market credit, while U.S. credit revenues fell due to a decline in retail corporate credit [14] - Equities saw nearly 10% year-over-year growth, primarily from global ETFs and equity derivatives [6] - Other revenues surged over 90% year-over-year, driven by emerging digital asset initiatives [7] Market Data and Key Metrics Changes - International clients contributed approximately 42% of Q4 revenues, with Asian client revenues growing over 35% and European client revenues increasing over 25% [21][10] - U.S. Treasury revenues increased modestly by 1% year-over-year despite lower intraday volatility [11] - Global swaps delivered record quarterly revenues, up over 25% year-over-year, with total market share increasing from 20.8% to 23.3% [18] Company Strategy and Development Direction - The company aims to continue investing in technology and innovation, particularly in digital assets and expanding its market presence [9][30] - Tradeweb is focused on enhancing its electronic trading capabilities and deepening client connectivity across global markets [34] - The company plans to maintain a balanced approach between margin expansion and growth investments, particularly in credit, rates, and international markets [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a constructive market environment in 2026, driven by strong issuance activity and AI-driven infrastructure investments [34] - The company anticipates continued growth in its international business and expects to capitalize on the long-term growth potential in swaps and credit markets [19][34] - Management highlighted the importance of risk orientation returning to the market, which could positively impact trading volumes [47] Other Important Information - The board declared a quarterly dividend of $0.14 per share, a 17% increase year-over-year [29] - The company repurchased approximately 990,000 shares for $106 million during the quarter and has authorized a new share repurchase program for up to $500 million [29] Q&A Session Summary Question: Outlook for the market in 2026 and themes of focus - Management discussed the favorable market setup, including strong debt market activity and the impact of AI on trading [40][41] Question: Utilization of AI across the Tradeweb platform - Management emphasized the importance of AI in enhancing efficiency and effectiveness in trading, with a focus on predictive AI models [52][54] Question: Annual expense growth trajectory and margins - Management explained the balance between fixed and variable expenses, allowing for flexibility in managing operating leverage [60][62] Question: Outlook for the mortgage business in 2026 - Management expressed optimism for the mortgage market, citing increased primary issuance and potential for more participants in the market [70][71]

4Q25 EARNINGS CONFERENCE CALL FEBRUARY 5, 2026 © 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 Disclaimers The information in this presentation is current only as of its date and may have changed. We undertake no obligation to update this information in light of new information, future events or otherwise. Basis of Presentation Tradeweb Markets Inc. (unless the context other ...

Core Insights - Figure Technology Solutions reported a decrease in Consumer Loan Marketplace Volume by 6% month-over-month (M/M) to $816 million in January 2026, but a significant increase of 115% year-over-year (Y/Y) compared to January 2025, which had a volume of $380 million [2] - The company has seen a 15% increase in $YLDS in Circulation, rising to $376 million from $328 million in December 2025 [2] - Matched Offers Balance increased by 23% M/M to $253 million, while Borrower Demand and Available Lender Supply also rose by 17% and 23% respectively, indicating a growing marketplace [2] Financial Performance Metrics - Consumer Loan Marketplace Volume is defined as the total U.S. dollar equivalent value of originations of HELOCs, DSCR, and personal loans, as well as third-party loans traded on Figure Connect, reflecting the company's scale and revenue potential [4] - $YLDS in Circulation represents the total U.S. dollar equivalent value of unsecured face-amount certificates backed by Figure Certificate Company, reported as an end-of-period outstanding balance [5] - Matched Offers and Borrower Demand are defined as the U.S. dollar equivalent value of offers matched between borrowers and lenders, and the value borrowers seek to borrow, respectively, both reported as end-of-period outstanding balances [6][7] Company Overview - Figure Technology Solutions is a blockchain-native capital marketplace that connects origination, funding, and secondary market activities, with over 200 partners and a total of more than $22 billion in home equity originated to date [11] - The company is recognized as a market leader in real-world asset tokenization, with its recent securitization receiving AAA ratings from S&P and Moody's, marking a significant achievement in blockchain finance [12]

Group 1 - Nasdaq reported monthly trading volumes for January 2026 on its Investor Relations website [1] - The data sheet containing this information is accessible online [1] Group 2 - Nasdaq is a leading technology platform that supports global economies [2] - The company focuses on modern market architecture, innovation economy, and financial system trust [2] - Nasdaq provides technology, data, and advanced analytics to help clients seize opportunities and manage risks [2]

Core Thesis - Nasdaq, Inc. is positioned for growth through its partnership with Amazon Web Services (AWS), transforming into a high-margin financial technology company while leveraging cloud infrastructure to reduce operational costs [2][5]. Financial Performance - As of January 28th, Nasdaq's share price was $98.71, with trailing and forward P/E ratios of 35.18 and 26.18 respectively [1]. - Revenue mix includes Capital Access Platforms (42%), Financial Technology services (35%), Market Services (22%), and other sources (1%) [4]. Technological Advancements - The integration of the Eqlipse platform onto AWS allows Nasdaq to avoid the costs of maintaining its own data centers, paying only for the computing power consumed [2]. - AWS's high-performance GPU scaling enhances Nasdaq's analytics capabilities, particularly for institutional investors focusing on ESG data [3]. Growth Initiatives - Nasdaq plans to extend trading hours to 23/5, with potential expansion to 24/7, which is expected to increase demand for its services [4]. - The partnership with AWS and technological advancements position Nasdaq to capture high-margin fintech growth while mitigating infrastructure costs [5]. Market Position - Nasdaq's profitable operations and strong balance sheet provide resilience against potential risks associated with AWS outages or challenges in financial services [3]. - The company's strategic focus on new revenue streams and technology integration supports a compelling long-term investment case [5]. Historical Context - Previous bullish coverage highlighted Nasdaq's recurring revenue growth and global footprint, with stock appreciation of approximately 21.17% since January 2025 due to data-driven solutions [6].

Financial technology startup Clara, a corporate spending management firm based in Sao Paulo, named former Point72 vice president Travis Foxhall as its chief financial officer. https://t.co/Z80QkMgJy4 ...

Financial Data and Key Metrics Changes - The company reported record second quarter results with non-GAAP revenue of $611 million, an increase of 6.7% compared to the same quarter last year [5][22] - Non-GAAP operating margin was 25.1%, reflecting a margin expansion of 355 basis points year-over-year [6][26] - GAAP revenue increased by 8% for the quarter, while non-GAAP revenue increased by 7% for the quarter and 8% year-to-date [22][26] - Fully diluted GAAP earnings per share reached $0.72, up 29%, with a year-to-date GAAP earnings per share of $3.70, an increase of 24% [26][33] Business Line Data and Key Metrics Changes - Core segment non-GAAP revenue increased by 7% for the quarter, with operating margin increasing by five basis points [26] - Payment segment non-GAAP revenue increased by 6%, with significant growth in card-related services and faster payments [26] - Complementary segment saw a 9% increase in non-GAAP revenue, with a healthy 58 basis points of margin expansion [26] Market Data and Key Metrics Changes - The number of financial institutions using Zelle grew by 22%, RTP network by 26%, and FedNow by 32% over the past year [17] - Payment transaction volume through these channels increased by 49% year-over-year [17] - The company has relationships with over 80% of financial institutions in the U.S., enhancing its competitive position during market consolidation [9] Company Strategy and Development Direction - The company is focused on technology innovation, service excellence, and a people-first culture, which are key differentiators in the market [5] - Strategic initiatives include the rollout of cloud-native solutions like Tap2Local and Rapid Transfers, aimed at enhancing client offerings and capturing market share [10][12] - The integration of Victor Technologies is progressing well, enhancing embedded payments and banking-as-a-service capabilities [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong demand environment and robust sales pipeline, indicating confidence in continued growth [19][33] - The company anticipates that industry consolidation will remain neutral to slightly positive for its business, with ongoing opportunities arising from mergers and acquisitions [23][48] - Management highlighted the importance of AI in enhancing operational efficiency and product development, positioning the company favorably in the competitive landscape [42][66] Other Important Information - The company celebrated its 40th anniversary of being public and is preparing for its 50th anniversary of founding [19] - The company has increased its full-year guidance for GAAP revenue growth to a range of 5.6%-6.3% and non-GAAP revenue growth to 6.4%-7.1% [30][31] - Operating cash flow for Q2 was $153 million, a $63 million increase over the prior year [28] Q&A Session Summary Question: Expectations for Q3 sales results and impact from core consolidation news - Management noted that Q3 is starting off well, but it is too early to predict if it will exceed Q2 results, with a growing pipeline of opportunities [36][37] Question: Changes in pricing for core systems and ancillary services - Management indicated that pricing has remained consistent over the last couple of years, with no significant changes due to competitive announcements [38] Question: AI's impact on the business model - Management emphasized that AI is being integrated into product development and operational efficiency, which is expected to enhance the company's competitive position [42][66] Question: Outlook on bank M&A and its impact - Management remains optimistic that bank M&A will be net neutral to positive, with opportunities arising from conversion merge activities [48] Question: Performance of revenue segments and expectations for the second half - Management reported strong performance across all segments, with expectations for some challenges in the payments segment in the second half [53][54] Question: Clarification on margin performance and medical insurance claims - Management acknowledged that lower medical insurance claims contributed to margin performance but does not expect this to continue in the second half [58][59] Question: Competitive dynamics in payments and card processing - Management noted that while new entrants are emerging, they have not disrupted the market significantly, and the company continues to see success in its solution offerings [74]