Nasdaq (NDAQ) 46th Annual William Blair Growth Stock Conference summary

Strategic vision and industry trends

• Annual strategy review focuses on durable trends: data as a key asset, rapid technology adoption (cloud, AI, blockchain, quantum), global connectivity, and increasing risk and complexity in financial markets.

• Emphasis on leveraging technology to modernize markets, support innovation, and manage risk for clients worldwide.

• Focus on liquidity, transparency, and integrity as pillars for market success, with technology-driven surveillance and anti-financial crime solutions.

Financial performance and business model

• Revenue grew from $2.9B to $5.2B over five years, with 13% revenue CAGR and 14% ARR CAGR; solutions revenue CAGR at 16%.

• Free cash flow CAGR of 17%, EPS CAGR of 11%, and cash flow conversion at 109%; achieved Rule of 70 in 2025.

• Trading business now 23% of revenue, with a shift toward more stable, recurring solutions revenue.

Divisional highlights and innovation

• Market Services delivered $1.2B revenue in 2025, with a 6% five-year CAGR and double-digit growth in 2025 and Q1 2026.

• Capital Access Platforms generated $2.1B revenue, 7% five-year CAGR, and 800bps margin improvement.

• Financial Technology division, with $1.9B revenue and 11% adjusted growth, serves 3,800 clients globally, leveraging AI for regulatory, market, and anti-financial crime solutions.