Nasdaq (NDAQ) Investor Day 2026 summary

Strategic vision, transformation, and technology leadership

• Focus on cloud, AI, and blockchain as core technology vectors, with deep integration across business lines and client solutions, driving transformation and future growth.

• Shifted business mix toward solutions, with solutions revenue rising from 66% in 2020 to 76% in 2025, and a unified intelligence layer leveraging proprietary and consortium data for predictive analytics.

• Expansion of always-on market infrastructure, including 23/5 trading and tokenization, to unlock new investor pools and drive global market modernization.

• Commitment to security, resilience, and regulatory compliance as foundational to client trust and adoption of advanced technologies.

• Deep engineering culture, 450+ patents, and over 50% of employees as technologists support ongoing innovation and rapid deployment of AI and cloud solutions.

Financial performance and growth outlook

• Achieved $5.2 billion in revenue and a 56% operating margin in 2025, with a 13% revenue CAGR over five years and $2.2 billion in free cash flow.

• Raised medium-term solutions revenue outlook to 9%-12%, with Capital Access Platforms at 6%-10%, Financial Technology at 10%-14%, and Financial Crime Management Technology in the mid-20s.

• Rule of 70 performance, placing among the top S&P 500 companies for combined growth and profitability, and outperformed the "Rule of 40" with a combined 57% revenue growth and EBITDA margin.

• Projected TAM of $86 billion and SAM of $38 billion, with AI adoption expected to accelerate SAM growth as clients shift spend from manual to automated workflows.

• Strong capital discipline, with $2.2 billion in free cash flow supporting investments, share repurchases, progressive dividends, and a $3 billion share repurchase authorization.

Business development, client engagement, and segment highlights

• Expanded client base to 10,000 corporates, 5,000 asset managers, 3,800 financial institutions, and 135 markets/regulators, serving as a trusted transformation partner.

• Accelerated cloud migration across all fintech products, with 80% of new AxiomSL clients and 79% of NTS/trade surveillance clients now on cloud platforms.

• Launched Agentic AI Workforce and AI-ready data products, with over 150 AI enterprise agents in use daily and significant productivity gains for clients.

• Cross-sell strategy generated $45 million in run-rate revenue, on track for $100 million+ by 2027, with strong cross-sell momentum and deepening client relationships.

• Strategic partnerships and acquisitions (Verafin, AxiomSL, Calypso) have driven product innovation, expanded addressable markets, and enhanced financial performance, with Verafin revenue more than tripling since acquisition.