Market Performance and Listings - In 2025, Nasdaq had a total of 784 new listings, including 155 operating company IPOs and 126 SPAC IPOs, with over $1,241 billion in global equity market capitalization switching to The Nasdaq Stock Market[36]. - As of December 31, 2025, a total of 5,599 companies listed securities on Nasdaq's exchanges, with 4,480 on The Nasdaq Stock Market[41]. - In 2025, Nasdaq achieved a record $24 billion in proceeds raised from U.S. operating company IPOs, marking its seventh consecutive year as the top U.S. exchange[367]. - The number of IPOs on the Nasdaq Stock Market rose to 281 in 2025, up from 180 in 2024[376]. Financial Performance - Total revenues for Nasdaq increased to $8.262 billion in 2025, reflecting an 11.6% growth compared to 2024[375]. - The Financial Technology segment total revenue reached $1,850 million in 2025, a 14.1% increase from 2024 and a 47.5% increase from 2023[382]. - Market Services segment revenue totaled $4,214 million in 2025, an 11.7% increase from 2024 and a 20.9% increase from 2023[385]. - Cash Equity Trading revenue grew to $515 million in 2025, reflecting a 19.9% increase from 2024[385]. Technology and Innovation - Nasdaq's acquisition of Adenza in 2023 allowed for the integration of its flagship solutions, AxiomSL and Calypso, under a singular strategy[26]. - Nasdaq's analytics products assist asset managers and institutional investors in making data-driven investment decisions[45]. - The company is focused on optimizing resources towards promising growth opportunities, including solutions for risk management and compliance[28]. - Nasdaq's market technology solutions are utilized by over 50 exchanges and 22 regulators, providing comprehensive surveillance and compliance capabilities[59]. Sustainability and Corporate Responsibility - Nasdaq was named a CDP A List company in 2025 for its environmental programs and transparency, maintaining an "AA" rating from MSCI, placing it in the "Leaders" category[123]. - Nasdaq's commitment to creating an inclusive work environment is reflected in its employee culture, focusing on employee experience, cultural alignment, and business integration[174]. - The company continues to enhance its portfolio of sustainability services and solutions for clients, focusing on regulatory and climate strategy needs[128]. - Nasdaq's environmental impact reduction efforts focus on energy use, workspace management, and business travel[124]. Employee Engagement and Workforce - As of December 31, 2025, Nasdaq had 9,525 full and part-time employees, including employees of non-wholly owned consolidated subsidiaries[166]. - The internal employee engagement score reached a record high rating of 81% favorable in 2025, with a 94% participation rate in the survey[169]. - The workforce voluntary attrition rate during 2025 was approximately 5.6%, nearly one percentage point lower than in 2024[169]. - Nasdaq expanded its leadership development offerings in 2025, with more than half of all managers attending the "Accelerating Manager Potential" program[170]. Market Services and Revenue Growth - Nasdaq's Index segment recorded net inflows of $99 billion in 2025, resulting in an all-time high ETP AUM of $882 billion[367]. - The number of licensed ETPs tracking Nasdaq indices grew to 451 in 2025, compared to 401 in 2024[377]. - Workflow & Insights revenues increased due to growth in analytics revenues, primarily from eVestment and Nasdaq Data Link sales[381]. - Financial Crime Management Technology revenues increased to $331 million in 2025, up 21.5% from 2024 and 22.2% from 2023, driven by higher subscription revenues[383]. Strategic Partnerships and Collaborations - Nasdaq expanded its strategic technology partnership with AWS, allowing financial institutions to deploy Nasdaq Calypso as a fully managed service, improving efficiency in real-time data processing and analytics[95]. - A new suite of solutions was introduced in partnership with AWS to empower market operators, enhancing liquidity and capital flows while maintaining high performance and security[93]. - The company is migrating its exchanges and non-exchange workloads to the cloud in partnership with AWS, expecting improved performance and increased flexibility for customers[89]. Regulatory and Compliance - Nasdaq's regulatory framework includes oversight by the SEC, with periodic examinations and potential enforcement actions[131]. - Nasdaq's broker-dealers were in compliance with applicable capital requirements as of December 31, 2025[140]. - AxiomSL covers more than 170 regulators in over 60 countries, offering risk data management and regulatory reporting solutions for banks and asset managers[57].

Core Insights - Nasdaq has launched the Nasdaq Private Capital Indexes to benchmark the performance of private market funds, aiming to enhance transparency in private markets [1][3] - The indexes track over 14,000 institutional private market funds, totaling approximately $11.4 trillion globally, sourced from Nasdaq's eVestment LP dataset [2] - The indexes utilize a rules-based methodology, including quarterly performance measurements and NAV-weighted aggregation, accessible through various Nasdaq platforms [2] Group 1: Nasdaq Private Capital Indexes - The Nasdaq Private Capital Indexes provide a comprehensive view of private markets, addressing fragmentation and data silos in the ecosystem [3] - The importance of private market allocations is increasing in both institutional and private wealth portfolios, leading to a rise in performance tracking efforts [3] Group 2: Competitive Landscape - Other firms, such as YCharts and Hamilton Lane, are also entering the private market benchmarking space, with Hamilton Lane using proprietary fund-level data [4] - Morningstar has launched its own indexes for non-traded semiliquid funds, while FTSE Russell and BlackRock are also developing benchmarks for private market investments [5]

Core Insights - The total short interest in Nasdaq Global Market securities increased to 15,574,683,465 shares as of January 30, 2026, up from 15,349,969,813 shares on January 15, 2026, indicating a growing bearish sentiment in the market [1] - The average short interest days decreased from 2.88 days to 2.58 days during the same period, suggesting a slight improvement in liquidity [1] - In the Nasdaq Capital Market, short interest rose to 3,614,991,067 shares from 3,478,325,627 shares, with the average daily volume decreasing from 1.19 days to 1.08 days [2] - Overall, short interest across all 5,213 Nasdaq securities reached 19,189,674,532 shares, an increase from 18,828,295,440 shares, with the average daily volume declining from 2.28 days to 2.05 days [3] Company Overview - Nasdaq is a leading global technology company that provides services to corporate clients, investment managers, banks, brokers, and exchange operators, focusing on enhancing liquidity, transparency, and integrity in the global capital markets [7] - The company aims to deliver advanced platforms and services that enable clients to optimize their business strategies and navigate the financial system with confidence [7]

Core Viewpoint - Nasdaq, Inc. reported strong free cash flow (FCF) and margins for Q4, yet its stock has declined by 14% since the announcement, presenting an opportunity to short out-of-the-money put options with a one-month expiry [1]. Financial Performance - Nasdaq's revenue increased by 13% in 2025, with annualized recurring revenue (ARR) rising by 10% in Q4 [4]. - The company's FCF reached nearly $2.2 billion in 2025, representing 42.3% of its net revenue of $5.2 billion, indicating strong cash-flow profitability [4]. - In comparison, the previous year, Nasdaq generated $1.732 billion in FCF, which was 37.3% of its $4.649 billion in net revenue, showing improved margins and operating leverage [5]. Future Projections - For Q4, Nasdaq's FCF was $537 million, accounting for 38.6% of its $1.392 billion in net revenue [6]. - Analysts forecast net revenue to rise to $5.7 billion in 2026, a 9.6% increase, and to $6.17 billion in 2027, an 18.65% increase [6]. - Assuming a 40% conversion of revenue to FCF, the estimated FCF for 2026 would be approximately $2.288 billion, a 4.1% increase from 2025 [8]. Market Valuation - If the market values Nasdaq stock at a 4.25% FCF yield, the estimated market value would be $53.84 billion based on the projected FCF [9]. - Currently, Nasdaq has a market cap of $48.17 billion, suggesting a potential gain of 14% from the current stock price of $84.17, leading to a target price of $95.95 [9]. - This target price is lower than the average target price of $108.33 set by 17 analysts [9].

Core Insights - Nasdaq, Inc. has launched the Nasdaq Private Capital Indexes to enhance its private capital solutions platform, amidst mixed performance in broader markets [1][7] Group 1: Nasdaq Private Capital Indexes - The Nasdaq Private Capital Indexes aim to provide transparency and robust data for institutional investors in private markets, constructed from over 14,000 institutional private market funds, representing more than $11.4 trillion in global assets under management [2] - These indexes utilize a documented, rules-based methodology to ensure consistent performance measurement and improve risk and return reporting capabilities, reflecting Nasdaq's commitment to enhancing operational infrastructure in private markets [3] - The launch addresses the fragmentation in private markets, which are growing rapidly in importance and complexity, with data often trapped in silos and inconsistent benchmarks [4] Group 2: Market Performance and Stock Analysis - Nasdaq's stock is currently trading 12.2% below its 20-day simple moving average (SMA) and 8.2% below its 100-day SMA, indicating a bearish trend, while shares have increased by 3.53% over the past 12 months [6] - The stock's Relative Strength Index (RSI) is at 29.21, suggesting it is oversold, and the Moving Average Convergence Divergence (MACD) is below its signal line, indicating bearish pressure [6] - Nasdaq's shares were down 2.71% at $83.96 at the time of publication, reflecting a weak momentum score compared to the broader market [13] Group 3: Earnings and Analyst Outlook - The next major catalyst for Nasdaq's stock is the earnings report scheduled for April 23, 2026 [8] - The stock carries a Buy Rating with an average price target of $104.00, with recent analyst actions indicating key resistance at $92.50 and key support at $80.00 [9] - Earnings per share (EPS) is estimated at 92 cents, up from 79 cents year-over-year, with revenue estimated at $1.37 billion, up from $1.24 billion year-over-year [10] Group 4: Valuation Insights - Nasdaq's stock trades at a premium P/E of 27.9x, indicating a premium valuation, but rising estimates suggest analysts see growth prospects justifying a 24% upside to analyst targets [11] - The Benzinga Edge scorecard indicates a mixed outlook for Nasdaq, with a stable balance sheet but low Value and Momentum scores, suggesting potential challenges in the current market environment [12]

🚨NEW: NASDAQ TAKES ON PRIVATE MARKETS WITH LATEST INITIATIVE@Nasdaq has launched Private Capital™ Indexes, a new benchmark suite designed for private market assets.The indexes aim to improve transparency, representativeness, and performance tracking in traditionally opaque private capital markets.Nasdaq is applying public-market discipline to private capital, signaling a push to make private markets more measurable, comparable, and investable at scale. ...

Core Insights - Nasdaq has launched the Nasdaq Private Capital™ Indexes, a new suite of benchmarks aimed at enhancing transparency and robustness in private markets [2][3] - The indexes are designed to assist institutional investors and consultants in benchmarking performance and navigating private capital markets effectively [2][4] Group 1: Product Features - The Nasdaq Private Capital™ Indexes are constructed from over 14,000 institutional private market funds, representing more than $11.4 trillion in global assets under management (AUM) [4] - The indexes utilize a documented, rules-based methodology that includes Modified Dietz quarterly performance measurement and NAV-weighted aggregation [4][5] - The suite covers various private capital strategies, including private equity, buyout, venture capital, private debt, fund of funds, and real estate [4] Group 2: Market Context - The private markets are experiencing rapid growth and increasing complexity, yet they remain fragmented with inconsistent benchmarks and limited interoperability [4][6] - As allocations to private markets increase, there is a growing demand for greater transparency and stronger operational infrastructure from institutions [6] Group 3: Delivery and Integration - The Nasdaq Private Capital™ Indexes will be delivered through Nasdaq eVestment TopQ+, Nasdaq Global Index Watch (GIW), and other data licensing channels [5] - The indexes aim to provide objective, rules-based benchmarks that enhance risk and return reporting capabilities and facilitate data management and system integration [5]

Global Equity Markets - Global equity markets displayed a mixed performance over the weekend, with European and U.S. indices largely flat or slightly positive, while some Asian markets saw minor declines [2][3][9] - The German DAX posted a modest gain of 0.10%, closing at 24790, and the U.S. NASDAQ saw a slight increase of 0.12%, reaching 25048 [2][3] - The Dow Jones Industrial Average experienced a marginal dip of 0.01%, ending at 50092, while the UK's FTSE 100 registered a minimal uptick of 0.01% to 10405 [3][9] - Asian markets showed a slight downturn, with the Hang Seng Index declining by 0.11% to 27012, indicating a period of consolidation across international bourses [3] Commodity Market - The commodities sector presented a stark contrast, with precious metals outperforming energy [4] - Gold prices rose by 0.29% to 4979, while Silver saw an even stronger rally, climbing 0.65% to 7842, indicating increased demand for safe-haven assets [4][9] - Conversely, the energy market witnessed a notable decline in crude oil prices, with US Oil falling by 1.21%, settling at 6262, attributed to concerns over global demand and increased supply [5][9] Currency Movements - In the foreign exchange market, the Euro showed a slight upward trend against the U.S. Dollar, with the EURUSD pair increasing by 0.09%, trading at 11828 [6][9]

Core Insights - The Zacks Securities and Exchanges industry is benefiting from a diversified product portfolio, increased trading volumes, and the adoption of crypto assets, which is expected to drive revenues for key players like S&P Global, Intercontinental Exchange, CME Group, Nasdaq, and Cboe Global Markets [1][4][5] - The industry is experiencing a shift towards non-trading revenue sources, including market technology and data services, which enhances business dynamism and stability [1][6] - Mergers and acquisitions are becoming more prevalent as companies seek to innovate and adapt to changing market conditions [3][7] Industry Overview - The Zacks Securities and Exchanges industry includes companies that operate electronic marketplaces for trading various financial instruments, generating revenue from fees and data services [4] - The industry is witnessing a growing adoption of crypto assets, although regulatory compliance remains a challenge [4] Trends Impacting the Industry - Volatility in financial markets is driving trading volumes, which in turn boosts transaction and clearing fees, a primary revenue driver [5] - Companies are diversifying into recurring revenue sources to reduce reliance on trading income, focusing on data services and technology platforms [6] - Continuous investment in technology, including AI and blockchain, is enhancing operational efficiency and competitiveness [8] Performance Metrics - The Zacks Securities and Exchanges industry has underperformed compared to the broader Zacks Finance sector and the S&P 500, with a year-to-date gain of 0.6% versus 13% and 17% respectively [13] - The industry is currently trading at a trailing P/E ratio of 23.31, higher than the S&P 500's 22.6 and the sector's 17.5 [16] Earnings Outlook - The Zacks Industry Rank for the Securities and Exchanges industry is 48, placing it in the top 20% of 243 Zacks industries, indicating positive near-term prospects [9][10] - Aggregate earnings estimates for the industry have increased by 8.8% over the past year, reflecting growing analyst confidence [11] Notable Companies - **Cboe Global Markets**: Expected to grow with a 6.1% increase in 2026 EPS and a long-term growth rate of 16.5% [20][21] - **S&P Global**: Anticipated 11.4% increase in 2026 EPS, supported by ongoing service launches [24][26] - **Nasdaq**: Projected 8.9% and 12.3% increases in 2026 and 2027 EPS respectively, with a focus on non-trading revenue [28][29] - **CME Group**: Expected to see 4.5% and 5.3% increases in 2026 and 2027 EPS, driven by product expansion [31][33] - **Intercontinental Exchange**: Forecasted 9.3% increase in 2026 EPS, benefiting from digitization in the mortgage industry [35][36]

Company Overview - Nasdaq, Inc. is a global financial technology and exchange operator, valued at $50.5 billion, known for running the Nasdaq stock market, one of the largest electronic trading platforms worldwide [1] Stock Performance - Over the past year, Nasdaq's shares have underperformed the broader market, gaining only 3.2% compared to the S&P 500 Index's increase of nearly 12.2% [2] - Year-to-date, Nasdaq stock is down 12%, while the S&P 500 has experienced a marginal dip [2] Competitive Position - Nasdaq has outperformed the State Street SPDR S&P Capital Markets ETF, which gained about 1.2% over the past year, while Nasdaq's performance has lagged behind the ETF's 12% year-to-date increase [3] Financial Performance - In Q4 2025, Nasdaq reported a 13% increase in net revenue to $1.4 billion, driven by a 14% growth in Financial Technology and a 23% surge in Index revenue [5] - Annual Recurring Revenue (ARR) reached $3.1 billion, up 10%, with SaaS revenue comprising 38% of total ARR [5] - Non-GAAP EPS increased by 27% year-over-year to $0.96, and shareholder returns were strengthened through $439 million in dividends and share buybacks, alongside a $100 million debt repayment [5] Earnings Expectations - For the current fiscal year ending in December, analysts project an 8.9% growth in EPS to $3.79 on a diluted basis [6] - Nasdaq has a strong earnings surprise history, beating consensus estimates in the last four quarters [6] - Among 18 analysts covering Nasdaq stock, the consensus rating is a "Moderate Buy," with 11 "Strong Buy" ratings, three "Moderate Buys," and four "Holds" [6]