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]

Core Viewpoint - Walmart Inc. reported strong quarterly earnings, exceeding profit expectations and raising its outlook for the upcoming year, yet its stock price fell [1][2]. Financial Performance - Walmart's third-quarter adjusted earnings were 62 cents per share, surpassing the Street's estimate of 60 cents [2]. - The company raised its adjusted EPS forecast for 2026 to a range of $2.58–$2.63, up from the previous range of $2.52–$2.62 [2]. Analyst Ratings and Forecasts - Analysts maintain a positive outlook on Walmart, citing strong momentum in value, convenience, and higher-margin services like advertising [3]. - Bank of America Securities analyst Robert F. Ohmes maintained a Buy rating with a price target of $125, emphasizing Walmart's value proposition and digital convenience [4]. - Goldman Sachs analyst Kate McShane reiterated a Buy rating and increased her forecast from $114 to $121, highlighting Walmart's potential for solid earnings growth [5]. - JPMorgan analyst Christopher Horvers raised his forecast from $128 to $129, noting that results alleviated concerns about consumer health [6]. - DA Davidson's Michael Baker raised his forecast from $117 to $130, while increasing EPS estimates for 2025 and 2026 [7]. - BTIG analyst Robert Drbul lifted his forecast from $120 to $125, expecting operating income to rise faster than sales [8]. - Guggenheim's John Heinbockel raised his forecast from $115 to $120, noting Walmart's strong performance compared to the S&P 500 [9]. - KeyBanc Capital Markets analyst Bradley B. Thomas increased his forecast from $110 to $120, citing growth initiatives and supply chain automation [10]. - RBC Capital Markets analyst Steven Shemesh maintained an Outperform rating with a $116 forecast, highlighting the benefits of Walmart's third-party marketplace [11]. - Telsey Advisory Group's Joseph Feldman raised his forecast from $118 to $130, encouraged by Walmart's expansion beyond core retail [12].