Q4 2025 Nasdaq Inc Earnings Call Transcript
Key Points
- Nasdaq Inc (NDAQ) achieved a significant milestone by surpassing $5 billion in annual net revenue for the first time in its history.
- The company delivered strong organic growth with a 12% increase in net revenues and an 11% growth in Solutions revenue.
- Nasdaq Inc (NDAQ) achieved record revenues in Market Services, particularly in US equities and options, and saw a record $1.2 trillion in listing transfers.
- The Financial Technology division experienced robust growth, with Financial Crime Management Technology growing 22% over the year.
- Nasdaq Inc (NDAQ) successfully embedded AI across its business, launching new AI-enabled products with positive client reception.
- Operating expenses increased by 8% year over year in the fourth quarter, driven by strong revenue performance and investments in growth.
- The company faces a $9 million year-over-year headwind in each quarter of 2026 due to delistings and changes to listing standards.
- Nasdaq Inc (NDAQ) anticipates increased quarterly variability in revenue growth impact from Enterprise deals in Financial Technology.
- The company experienced lower capture in US options due to the Options Regulatory fee and a mix shift towards lower revenue quarters.
- Nasdaq Inc (NDAQ) is navigating a complex operating environment with volatile trading dynamics and sustained geopolitical tensions.
Good day, and thank you for standing by. Welcome to the Nasdaq fourth-quarter 2025 results call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker, Ato Garrett, Senior Vice President and Investor Relations Officer. Please go ahead.
Good morning, everyone, and thank you for joining us today to discuss Nasdaq's fourth-quarter and full-year 2025 financial results. On the line are Adena Friedman, our Chair and Chief Executive Officer; Sarah Youngwood, our Chief Financial Officer; and other members of the management team.
After prepared remarks, we will open the line for Q&A. The press release and earnings presentation accompanying this call can be found on our Investor Relations website.
I would like to remind you that we'll be making forward-looking statements on this call that involve risks. A summary of these risks is contained in our press release and a more complete description on
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