Nasdaq Inc Q2 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : I wanted to go back to your comments around slight improvement, I guess, you guys are seeing in the pipelines and accelerating sales momentum towards the back end of the year. You made a couple of specific points, I think, both on-prem dynamics for Q4 as well as onboarding within Financial Crime, I guess, in the fourth quarter as well. Maybe just put a little more granularity what that means for revenues in these businesses towards the end of the year and more importantly, how we should be thinking about the momentum in fintech entering to '26?

Question: Patrick Moley - Piper Sandler Companies - Analyst : Maybe just sticking with the some of the sales cycle commentary. I was hoping you could just talk a little bit more about how your conversations with customers in fintech trended in the second quarter? What impacted some of the tariff-driven volatility we saw in April have on those conversations? Just trying to get a better sense for some of the timing of those wins in the second quarter.

Question: Bill Katz - Cowen and Company LLC - Analyst : Maybe switching gears a little bit. I'm just curious to get your latest thinking on the ability to leverage through the digital ecosystem. Obviously, the momentum building, both from a use case as well as the regulatory backdrop around stablecoin and tokenization. And maybe even just crypto. I just wondering if you could talk us through where you see the greatest opportunities, both from a volume perspective and perhaps even from an efficiency perspective for the platform as well.

Question: Michael Cho - JPMorgan Chase & Co - Analyst : I just want to touch on the Data and Listings business, which saw some nice revenue growth acceleration in 2Q. You called out the contribution from data driving some of the results here. I also think you called out low single-digit growth for 2025. And so hoping maybe you could just remind us of the mix of the business here. And then when we think about revenue growth acceleration in the segment, how do we think about the impact from the data business continuing to trend along pretty well versus the improvement you're seeing in the listings business?

Question: Kyle Voigt - Keefe Bruyette & Woods Inc - Analyst : So earlier this week, the SEC announced a roundtable for September to discuss the trade-through rule of Rule 611. And Chair Atkins took a view in that press release that 611 has not served investors or broker-dealers as well. Obviously, expecting more details to come at the roundtable date, but just curious to hear how you rule -- you view Rule 611 and potential implications for Nasdaq in a world where Rule 611 could be repealed or significantly modified.

Question: Benjamin Budish - Barclays Services Corp - Analyst : Adena, you mentioned in your prepared remarks and I think in several prior quarters, an opportunity in the index business around annuities. Just curious if you could unpack that a little bit. I think it's something investors hear a little bit less about, but given demographic trends in the US, given some noise elsewhere about Private Markets entering the retirement space, just curious what Nasdaq exposure looks like there? How big is that business today? And what are your ambitions there?

Question: Brian Bedell - Deutsche Bank AG - Analyst : Just back on to Capital Markets. Just looking at the second half, it sounds like the second quarter was pretty clean. And given that I think your prior guidance is still sort of the low end of that high single to low double-digit growth range. But does this imply you'd be higher within that range given the strength in the second quarter? And then just bigger picture on the crypto ecosystem. Just appreciate your comments on that earlier, Adena. Does the ecosystem that we see today in digital markets and crypto make you feel better about the longer-term growth rate for the Adenza business relative to when you did the acquisition over 18 months ago?

Question: Owen Lau - Oppenheimer & Co Inc - Analyst : So I want to go back to tokenization on both Public and Private Market. And on Private Market, there are more platforms offering to organize private company. Does this trend support or this intermediate Nasdaq private market longer term? And similarly for public market, public equities, I know Nasdaq is going to launch 24/6 trading next year. How do you see the dynamic competitive dynamics there?

Question: Christopher Allen - Citi Infrastructure Investments LLC - Analyst : In the deck, you noted price increases across a number of segments, Regtech, Financial Crime, Capital Markets Tech and Data Listings. Just wondering how the price increases compared to prior historical price increases and what level is contractual of the price increases?

Question: Ashish Sabadra - RBC Capital Markets Inc - Analyst : Just on capital allocation, you talked about opportunistic deleveraging and buyback. I was just curious about the M&A pipeline. Anything that you see from a tuck-in perspective? Any color there will be helpful. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 24, 2025 / 12:00PM, NDAQ.OQ - Q2 2025 Nasdaq Inc Earnings Call