Core Viewpoint - Morgan Stanley analyst Michael Cyprys has raised the price target on Nasdaq (NDAQ) to $116 from $113 while maintaining an Overweight rating on the shares, indicating a positive outlook for the company [1]. Group 1: Revenue Growth - The firm anticipates that cyclical tailwinds will accelerate revenue growth across the Solutions business through 2026-27, suggesting a robust growth trajectory for Nasdaq [1]. - Durable underlying secular tailwinds are also expected to persist, further supporting the company's revenue potential [1].

Group 1 - Nasdaq, Inc. (NDAQ) has achieved a total return of almost 500% over the past 10 years, outperforming many other companies in the market [1] - The focus is on identifying companies with exceptional quality that can reinvest capital effectively for impressive returns, aiming for a long-term capital compounding capability [1] - A conservative investment strategy is primarily adopted, with occasional pursuit of opportunities that present a favorable risk-reward ratio, ensuring overall portfolio stability [1]

Group 1 - Nasdaq, Inc. (NDAQ) has achieved a total return of almost 500% over the past 10 years, outperforming many other companies in the market [1] - The focus is on identifying companies with exceptional quality that can reinvest capital for impressive returns, aiming for a long-term capital compounding capability [1] - A conservative investment strategy is primarily adopted, with occasional pursuit of opportunities that present a favorable risk-reward ratio [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Market Overview - Major indexes closed off session lows, with the Dow up +55 points (+0.11%) and the S&P 500 down -0.13%. The Nasdaq fell -172 points (-0.72%) before recovering somewhat [1] Microsoft (MSFT) - Microsoft experienced a significant sell-off due to higher-than-anticipated AI spending and OpenAI exposure, resulting in a market cap loss of -$430 billion in one day. Despite beating earnings expectations for fiscal Q2, the outlook on AI spending appears riskier [2][8] Meta Platforms (META) - In contrast to Microsoft, Meta Platforms saw a +10.4% increase in stock price, benefiting from its AI investments in advertising and marketing, which are yielding gains in the social media space [3] Apple (AAPL) - Apple outperformed expectations in its fiscal Q3 report, with earnings of $2.84 per share surpassing the $2.65 consensus. Revenues reached $143.76 billion, exceeding expectations and showing a +16% year-over-year increase. iPhone sales rose +23% year-over-year to $85.27 billion, driven by a +38% surge in China sales [4][5] Visa (V) - Visa reported earnings of $3.17 per share, beating estimates by three cents, with revenues of $10.9 billion, a +15% increase from the previous year. However, concerns about future growth arise from proposed caps on credit card rates [6] SanDisk (SNDK) - SanDisk posted a remarkable earnings beat of $6.20 per share compared to the anticipated $3.54, with revenues of $3.03 billion. The company provided optimistic next-quarter earnings guidance of $12-14 per share, significantly higher than the Zacks consensus of $5.36. SanDisk's Data Center business saw a +64% growth quarter over quarter [7]

Core Insights - Nasdaq, Inc. reported fourth-quarter 2025 adjusted earnings per share of 96 cents, exceeding the Zacks Consensus Estimate by 5.5% and reflecting a year-over-year improvement of 26.3% [1][9] - The company's net revenues for the quarter reached $1.4 billion, marking a 13% increase year over year and surpassing the Zacks Consensus Estimate by 1.7% [2][9] - Annualized Recurring Revenue (ARR) grew by 10% year over year, with annualized SaaS revenues rising 11%, accounting for 38% of ARR [2] Performance in Detail - Market Services net revenues were $311 million, up 16% year over year, driven by record industry volumes in U.S. cash equities and equity derivatives, along with a significant increase in index options revenues [3] - The Solutions business saw revenues increase by 13% year over year to $1.1 billion, supported by strong growth in Index and Financial Technology [4] - Adjusted operating expenses rose to $762 million, a 7% increase from the previous year, primarily due to investments in technology and personnel [4] Financial Highlights - The operating margin expanded to 56%, an increase of 100 basis points year over year [5][6] - For the full year 2025, adjusted earnings per share were reported at $3.48, a 23.4% increase year over year, with net revenues of $5.2 billion, also up 13% year over year [6] - Nasdaq welcomed 215 new company listings in Q4 2025, including 63 initial public offerings, bringing the total number of listed companies to 4,480 by the end of the quarter [5][7] Cash Flow and Capital Deployment - Nasdaq generated $625 million in cash flow from operations during the reported quarter [10] - The company returned $153 million to shareholders through dividends and $286 million through share repurchases in Q4 2025 [11] - As of December 31, 2025, Nasdaq had $604 million in cash and cash equivalents, with long-term debt at $8.5 billion, reflecting a 5.6% decrease from the end of 2024 [8] 2026 Guidance - Nasdaq anticipates non-GAAP operating expenses for 2026 to be between $2.455 billion and $2.535 billion, with a non-GAAP tax rate forecasted in the range of 22.5-24.5% [13]

NASDAQ reporting fourth quarter earnings of 96 cents a share. It's 5 cents better than estimates. It's on revenue of a dollar or I should not say a$139 $1.39% billion.That would dollar would not be not be enough. Also ahead of expectations joining us right now is NASDAQ CEO chair and and chair I should say Dina Friedman. Good morning.I'm all over the place this morning. How are you. >> It's okay. It's great to see you. >> It's great to see you back from Davos.>> Exactly. Back in our hometown. >> So when you ...

Core Insights - NASDAQ reported fourth quarter earnings of $0.96 per share, exceeding estimates by $0.05, with revenue of $1.39 billion, also ahead of expectations [1][2] - The company experienced a revenue growth of 12% for the year and 13% for the quarter, with solutions businesses growing 12% for the quarter and 11% for the year [3][4] - NASDAQ achieved $99 billion in inflows into its index business for the year and recorded the largest closing cross in notional value at $233 billion traded in December [4][5] Financial Performance - The overall revenue growth of NASDAQ was 12% for the year and 13% for the fourth quarter [3] - Solutions businesses, excluding markets, grew 12% for the quarter and 11% for the year [3] - The company switched $1.2 trillion of market capitalization to NASDAQ, achieving a 72% win rate for IPOs [5] Market Outlook - NASDAQ has a healthy pipeline of companies ready to enter the market, with an active IPO outlook for the upcoming year [6][7] - The company is optimistic about the momentum across its business as it heads into 2026 [5][6] Technological Advancements - NASDAQ is focusing on integrating AI into its operations to enhance efficiency and effectiveness, allowing for better service delivery [10][18] - The company aims to attract younger talent with AI skills to support its growth and transformation [11][12] Business Transformation - The acquisition of Odessa has significantly transformed NASDAQ, broadening its scope beyond just listings [13][15] - The company is committed to organic growth and adapting its services to meet client needs across various financial market risks [17][18] - NASDAQ emphasizes the importance of its listings business as a catalyst for broader business operations [20]

分组1 - Nasdaq reported quarterly earnings of $0.96 per share, exceeding the Zacks Consensus Estimate of $0.91 per share, and up from $0.76 per share a year ago, representing an earnings surprise of +5.19% [1] - The company posted revenues of $1.39 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.69%, and an increase from $1.23 billion year-over-year [2] - Nasdaq has consistently surpassed consensus EPS estimates over the last four quarters, achieving this four times [2] 分组2 - The stock's immediate price movement will depend on management's commentary during the earnings call and future earnings expectations [3] - Nasdaq shares have increased by approximately 1.6% since the beginning of the year, compared to the S&P 500's gain of 1.9% [3] - The current consensus EPS estimate for the upcoming quarter is $0.91 on revenues of $1.37 billion, and for the current fiscal year, it is $3.85 on revenues of $5.64 billion [7] 分组3 - The Zacks Industry Rank indicates that the Securities and Exchanges industry is currently in the top 10% of over 250 Zacks industries, suggesting strong performance potential [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - The estimate revisions trend for Nasdaq was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6]

Nasdaq (NasdaqGS:NDAQ) Q4 2025 Earnings call January 29, 2026 08:00 AM ET Company ParticipantsAdena Friedman - Chair and CEOAto Garrett - SVP of Investor RelationsBenjamin Budish - DirectorBrian Bedell - DirectorOwen Lau - Managing DirectorSarah Youngwood - CFOSimon Clinch - Managing Director of Finacials ResearchConference Call ParticipantsAlexander Blostein - Managing Director and Senior Equity AnalystAlexander Kramm - Managing Director and Senior Equity Research AnalystAshish Sabadra - Managing Director ...