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Nasdaq (NDAQ) investor relations material

Nasdaq Goldman Sachs U.S. Financial Services Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Goldman Sachs U.S. Financial Services Conference summary10 Dec, 2025

2025 performance and 2026 outlook

  • Achieved double-digit organic revenue growth and improved operating and EBITDA margins by 2 percentage points year over year.

  • Solutions revenue grew 10% year over year, consistently within the 8%-11% target range.

  • Growth momentum is broad-based, with significant contributions from Index, Verafin, eVestment, and international expansion.

  • eVestment doubled private fund data to over 60,000 funds since early 2025, enhancing its value proposition.

  • GenAI is fueling product innovation and growth across multiple business lines.

AI strategy and impact

  • GenAI is integral to the medium-term 8%-11% solutions revenue growth outlook.

  • Verafin's digital agent reduces human review in sanctions screening, now used by 150 clients; more agents to launch soon.

  • Copilot AI tool is widely adopted, with 1,500 clients using it to assist human workflows.

  • GenAI tools are embedded in Boardvantage and surveillance products, with strong client adoption and successful pilots.

  • AI-driven efficiencies are contributing to an expanded $140 million synergy and efficiency program.

Digital assets, tokenization, and collateral management

  • Filed with the SEC to enable trading of tokenized equities and ETFs, allowing investors to choose settlement type.

  • Tokenization aims to enhance capital efficiency, liquidity, and collateral mobility without fragmenting liquidity pools.

  • Calypso platform is being enhanced for on-chain collateral management, with successful POC on the Canton Network.

  • Hybrid world expected, with both traditional and digital assets managed on integrated platforms.

  • Calypso is digital asset-ready, supporting client innovation in the evolving ecosystem.

Gen AI: conversion from free trials to paid contracts
Calypso's role in hybrid digital asset collateral
Verafin enterprise signings: revenue conversion timeline
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Frequently asked questions

The Second Largest Stock Exchange

Founded in 1971, Nasdaq stands as an important pillar of global financial markets, primarily known for its electronic stock exchange and the associated index. Nasdaq's innovative approach transformed the trading world, introducing electronic trading that replaced the traditional floor system. Beyond its stock exchange, Nasdaq offers a plethora of services, including market technology, investment management, corporate services, and more.

The First Electronic Stock Exchange

Founded in 1971, Nasdaq, short for the National Association of Securities Dealers Automated Quotations, represented a significant departure from traditional stock exchanges by introducing the world to an electronic trading platform. Contrasting the physical floor trading of its counterparts, Nasdaq's technology-driven approach revolutionized how securities were traded. Initially, it served as a quotation system and did not have trade-executing capabilities. However, by 1982, it evolved into a full-fledged stock exchange. Today, Nasdaq stands as the second-largest stock exchange by market capitalization, second only to the NYSE, which is operated by ICE.

The Index

Besides just the stock exchange, Nasdaq also provides several indices. Established alongside the exchange in 1971, the Nasdaq Composite is heavily weighted towards the technology sector. Due to its tech-centric composition, the index is often viewed as a barometer for the technology industry's strength. As technology companies have grown in significance in the 21st century, the Nasdaq Composite has become a pivotal reference point for investors looking to gauge the tech sector's performance and the broader market's direction. The Nasdaq Composite is one of the most heavily referenced together with indices provided by MSCI and S&P Global.

Outside of The USA

Nasdaq's operations extend beyond US borders. Globally, it's recognized for its strategic ownership and collaborations with various stock exchanges. For instance, Nasdaq owns and operates several European exchanges, including those in Stockholm, Helsinki, Copenhagen, and several others in the region. Additionally, it provides technology solutions, trading, and services to a global network of exchanges and its technology powers numerous marketplaces in Asia, Europe, the Middle East, and the Americas.

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