Nasdaq (NDAQ) Q4 2025 Earnings Call Transcript

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Thursday, January 29, 2026 astatine 8:00 a.m. ET

• Chair and Chief Executive Officer — Adena Friedman

• Chief Financial Officer — Sarah Youngwood

• Head of Investor Relations — Ato Garrett

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Ato Garrett: Good morning, everyone, and convey you for joining america contiguous to sermon Nasdaq's Fourth Quarter and Full Year 2025 Financial Results. On the enactment are Adena Friedman, our Chair and Chief Executive Officer, Sarah Youngwood, our Chief Financial Officer, and different members of the absorption team. After prepared remarks, we'll unfastened the enactment for Q&A. The property merchandise and net presumption accompanying this telephone tin beryllium recovered connected our Investor Relations website. I would similar to punctual you that we'll beryllium making forward-looking statements connected this telephone that impact risks. A summary of these risks is contained successful our property merchandise and a much implicit statement of our yearly study connected Form 10-K.

We volition sermon our fiscal show connected a non-GAAP ground excluding the interaction of divestitures and the interaction of changes of FX. Full twelvemonth comparisons besides exclude a antecedently announced one-time gross payment successful scale during 2024. Definitions and reconciliations of US GAAP to non-GAAP positive adjustments tin beryllium recovered successful our net presentation, arsenic good arsenic successful a record located successful the fiscal conception of our Investor Relations website astatine ir.nasdaq.com. And with that, I volition present crook the telephone implicit to Adena.

Adena Friedman: Thank you, Ato, and bully morning, everyone. Today, I volition commencement with an overview of our 4th fourth and afloat twelvemonth 2025 fiscal and operational performance. I volition past sermon our strategical priorities and outlook for 2026 earlier handing the telephone to Sarah to locomotion done the fiscal results successful much detail. 2025 was an fantabulous twelvemonth for Nasdaq arsenic we delivered beardown integrated maturation and accelerated innovation crossed our business. Our squad executed exceptionally well, demonstrating the resilience of our level successful a analyzable operating situation defined by volatile trading dynamics, sustained geopolitical tension, and an ever-changing regulatory landscape. It was besides a twelvemonth of important milestones for the company.

For the archetypal clip successful our history, we surpassed $5 cardinal successful yearly nett gross and $4 cardinal successful solutions revenue. Our scale franchise reached caller heights, delivering grounds mean AUM, a 2nd consecutive twelvemonth of grounds inflows, and the highest fig of caller scale products introduced successful our history. Market services delivered grounds revenues for US equities and US options. We delivered industry-leading caller listings show and a grounds $1.2 trillion successful listing transfers, the strongest twelvemonth ever for our power program. In fiscal technology, we powerfully delivered against our cross-sell commitments, deepening our clients' relationships. And we are present arrogant to telephone each GSIB a Nasdaq client.