Earnings call transcript: Nasdaq Q2 2025 results beat expectations

Nasdaq Inc. reported its second-quarter 2025 earnings, exceeding both earnings per share (EPS) and revenue forecasts. The company posted an EPS of $0.85, surpassing the anticipated $0.81, and achieved a revenue of $1.31 billion, above the forecasted $1.28 billion. Following the announcement, Nasdaq’s stock surged by 6.85% to $94.33. According to InvestingPro data, the stock is trading near its 52-week high of $90.83, with a current market capitalization of $54 billion. The company’s P/E ratio stands at 40x, suggesting a premium valuation relative to its near-term earnings growth.

Key Takeaways

• Nasdaq’s EPS and revenue both exceeded market expectations.
• The company’s stock rose significantly, reflecting investor confidence.
• Nasdaq continues to lead in the IPO market with a strong win rate.
• The company is focusing on AI and digital asset technologies for future growth.
• Potential regulatory changes could pose challenges.

Company Performance

Nasdaq demonstrated robust performance in Q2 2025, with net revenue increasing by 12% year-over-year to $1.3 billion. The company’s operating income reached $721 million, and its EPS grew by 24%, showcasing its strong operational capabilities. Nasdaq maintained its market leadership in listings for the 46th consecutive quarter, highlighting its competitive edge. InvestingPro analysis reveals the company has maintained dividend payments for 14 consecutive years, with 13 years of consecutive dividend increases, demonstrating consistent shareholder returns. The company’s overall financial health score is rated as "GOOD" by InvestingPro’s comprehensive assessment system.

Financial Highlights

• Revenue: $1.31 billion, up 12% year-over-year
• Earnings per share: $0.85, up 24% year-over-year
• Operating income: $721 million
• Solutions revenue: $991 million, up 10%
• Annualized Recurring Revenue (ARR): Grew 9% to $2.9 billion
• Operating margin: 55%
• EBITDA margin: 58%

Earnings vs. Forecast

Nasdaq’s Q2 2025 EPS of $0.85 exceeded the forecast of $0.81 by 4.94%, while revenue of $1.31 billion surpassed expectations by 2.34%. This marks a significant earnings beat, reinforcing the company’s strong market position and effective strategy execution.

Market Reaction

Following the earnings announcement, Nasdaq’s stock price rose by 6.85%, reaching $94.33, just shy of its 52-week high. The pre-market session also saw a 1.38% increase, reflecting strong investor enthusiasm and confidence in the company’s future prospects.

Outlook & Guidance

Nasdaq maintains its 2025 revenue growth outlook, with expectations of improved momentum in financial technology by Q4 and into 2026. The company is focusing on international expansion, particularly in Europe, and continues to invest in AI and digital asset technologies. Analyst sentiment remains positive, with targets ranging from $68 to $105 per share. For deeper insights into Nasdaq’s valuation and growth prospects, InvestingPro subscribers can access an exclusive detailed research report, along with 13 additional ProTips and comprehensive financial metrics that help decode the company’s true potential.

Executive Commentary

CEO Adena Friedman emphasized Nasdaq’s resilience, stating, "Nasdaq continues to demonstrate the resilience of our diversified business." She also highlighted the company’s strategic focus, saying, "We view tokenization as just a technology," underscoring the importance of digital assets in Nasdaq’s growth strategy.

Risks and Challenges

• Regulatory changes in market structure could impact operations.
• Macroeconomic pressures may affect consumer and investor behavior.
• Continued investment in technology transformation is crucial for maintaining competitive advantage.
• Dependence on AI and digital asset strategies could pose execution risks.

Q&A

During the earnings call, analysts inquired about Nasdaq’s AI implementation across product development and client success. The company expressed optimism about digital assets and crypto institutionalization, while also addressing potential regulatory changes and their impact on market structure.

Full transcript - Nasdaq Inc (NDAQ) Q2 2025:

Conference Operator: Good day, and thank you for standing by. Welcome to the Nasdaq Second Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. After the speakers’ presentation, there will be a question and answer session. Please be advised that today’s conference is being recorded.

I would now like to hand the conference over to Atto Garrett, Senior Vice President and Investor Relations Officer. Please go ahead.

Otto Garrett, Senior Vice President and Investor Relations Officer, Nasdaq: Good morning, everyone, and thank you for joining us today to discuss Nasdaq’s second quarter twenty twenty five financial results. On the line are Adena Friedman, our Chair and Chief Executive Officer Sarah Youngwood, our Chief Financial Officer and other members of the management team. After prepared remarks, we will open the line for Q and A. The press release and earnings presentation accompanying this call can be found on our Investor Relations website. I would like to remind you that we will be making forward looking statements on this call that involve risks.

A summary of those risks is contained in our press release with a more complete description in our annual report on Form 10 ks. We will discuss our financial performance on a non GAAP basis, excluding the impact of divestitures and the impact of FX. Organic and adjusted growth rates are equivalent this quarter as they include the same period over period adjustments. Definitions and reconciliations of US GAAP to non GAAP plus adjustments can be found in our earnings presentation as well as in a file in the Financials section of our Investor Relations website at ir.nasdaq.com. Also, we have included a page in the appendix regarding the sale of our Nordic Power’s futures business to Euronext.

And with that, I will turn the call over to Adina.

Adena Friedman, Chair and Chief Executive Officer, Nasdaq: Thank you, Otto, and good morning, everyone. I will start with Nasdaq’s second quarter results and will then review the performance across our divisions before handing the call over to Sarah for a more detailed discussion of our financials. I’m pleased with Nasdaq’s excellent overall financial performance in the quarter. We delivered $1,300,000,000 in net revenue, a year over year increase of 12%. Solutions revenues were $991,000,000 representing 10% year over year growth.

And our overall annualized recurring revenue or ARR grew 9% to $2,900,000,000 Expenses were up just under 8% year over year, driven primarily by the timing of our annual compensation cycle, as we communicated on last quarter’s call. Operating income of $721,000,000 percent, and we delivered 24% EPS growth. Our results continue to demonstrate the strength of our diversified platform and our ability to capture growth through cycles, particularly given the heightened volatility that the markets and our broader clientele faced early in the quarter. More broadly, although macroeconomic uncertainty persists, The U. S.

Economy continues to demonstrate solid fundamentals as the labor market and consumer spending remain resilient. While GDP growth across Europe has still been muted, expectations for a recovery in consumer demand and a rebound of investment into the region support an improving outlook. Across the business environment, investment in technology transformation continues as companies focus on achieving benefits from AI. This is driving momentum across infrastructure modernization, accelerated cloud readiness, and enhanced data management. These dynamics are evidenced across the banking and capital market sectors, where clients are focused on technology investments to modernize their infrastructure, improve their risk management and regulatory compliance, and fight financial crime.

Although uncertainty remains as to the longer term impact of trade and economic policies, this resilience has translated into a robust sales pipeline across our financial technology solutions, as well as active markets, index inflows and an improving IT landscape. Turning to our high level financial performance within our divisions. Capital Access Platforms generated nine percent revenue growth and 6% ARR growth. Financial Technology delivered 10% revenue growth and 11% ARR growth, including 19% in Financial Crime Management Technology, 10% in Regulatory Technology, and 9% in Capital Markets Technology. And market services delivered 21% net revenue growth.

I’ll now cover our business and operating operational highlights, beginning with the capital access platforms, where I’ll start with data and listings. In our listings franchise, the strong momentum in our switch program continued. Year to date, dollars $271,000,000,000 in market capitalization, including Shopify and Kimberly Clark have switched to NASDAQ. This represents the best first half performance since the official launch of our switch program twenty years ago. Turning to IPOs.

In the second quarter, we welcomed 38 new operating companies to NASDAQ, representing a 79% win rate, raising a total of 3,600,000,000 and extending Nasdaq’s listings leadership to 46 consecutive quarters. Year to date, we saw the highest level of new issuances since the first half of twenty twenty one, attracting 83 operating companies, including three of the top five largest IPOs, with an overall 81 win rate. Importantly, the strong performance of recent listings, especially of large cap companies, has raised optimism on the IPO outlook for the remainder of this year and into 2026. Our European listings business also delivered a great second quarter with six new listings. Year to date, Nasdaq exchanges in Europe welcomed 10 new listings, which similarly included three of the five largest IPOs in Europe.

Combined, IPOs raised €2,000,000,000 53% of all IPO capital rates in Europe, and a fivefold increase in capital raised compared to the first half of twenty twenty four. We’re particularly excited to see our Stockholm Exchange continue to lead as Europe’s premier destination for new listings, underpinned by the relative valuation of its market and the strength of the local ecosystem. Our data business performance reflects strong and sustained demand for our comprehensive and innovative data products, with growth in new sales, upsells and usage across our client segments and geographies. Our industry leading index franchise continues to drive solid growth. We managed through heightened volatility as market value declines at the beginning of the quarter were offset by higher derivatives volumes, followed by a fast recovery in market values.

Throughout the quarter, inflows were strong at $20,000,000,000 Over the last twelve months, we achieved a new record for net inflows of $88,000,000,000 As volatility stabilized, we exited the quarter with a new record ETP AUM at $745,000,000,000 We remain focused on product innovation, with 33 new products launched during the quarter, over half of which were international. Additionally, we continue to focus on growing our exposure to institutional clients with the launch of seven products within the insurance annuity space. Earlier this week, we were pleased to announce that Nasdaq and CME Group signed an extension through 2039 of CME Group’s exclusive contract to offer futures and options on futures based on the Nasdaq 100 and other Nasdaq indices, reflecting the company’s shared commitment to delivering value through trusted benchmark products. I also want to provide a brief comment on the proposed reclassification of the Invesco QQQ Trust. Nasdaq was engaged with Invesco as Invesco explored these proposals.

Importantly, the proposed change does not alter the terms of Nasdaq’s listing licensing arrangements with Invesco, nor the administration of the Nasdaq 100 Index. We remain committed to our strategic partnership with Invesco and to delivering the trusted benchmark on which investors rely. Within Workflow and Insights, Corporate Solutions delivered modest growth, benefiting from our product and technology investments, which have enhanced our competitive position. We drove several notable wins, including a Nasdaq Board Vantage sale to a large international bank, which is also a significant fintech client. In analytics, we continue to see strong demand for our data link and investment solutions across the investment management community, as well as improved gross retention rates.

Lastly, across CAP, we are focused on meeting the growing demand for private market solutions. In June, we announced a partnership to be the exclusive distributor of Nasdaq Private Markets TakeD API, bringing enhanced transparency and valuation visibility of private companies. Since launch, we have already signed two clients, and the pipeline is building. For asset managers and asset owners, our eVestment platform provides a wealth of private markets intelligence, which has become an increasingly powerful aspect to drive new sales and client retention. Turning next to financial technology, we delivered growth across products, client segments and geographies.

This was driven by sustained demand for our mission critical technologies and terrific execution by our teams, especially considering the complexity of the landscape for financial institutions throughout the quarter. Our sales execution remained strong as we signed 57 new clients, seven cross sells, and 130 upsells during the quarter. Turning to a review of the subdivisions, starting with Financial Crime Management Technology. Nasdaq Berifen had another solid quarter of execution across client segments and continued to lead the industry through product innovation. In the Enterprise client segment, serving Tier one and Tier two banks, we successfully executed on our land and expand strategy with three new signings, including one cross sell and two upsells.

We are also pleased with the ongoing progress in our upsell conversion timeline, maintaining the 50% reduction in the sales cycle as compared to the original contract. We signed our first proof of concept with a European Tier one bank for our consortium based payments fraud offering during the quarter, marking a significant milestone in our early efforts to expand into Europe. And demand among our small and medium sized client segment also remained solid with 46 new clients signed this quarter. Turning next to Regulatory Technology, where we signed seven new clients and four cross sells collectively. Revenue and ARR growth in Acxiom SL were driven by a combination of large prior year client bookings starting to go live, in addition to in year bookings.

The improving clarity around the regulatory environment in The U. S, for example, with the proposed changes to the supplementary leverage ratio, has further contributed to the strength and diversity of our pipeline. In Surveillance, beyond the strong revenue and ARR growth, we were pleased to sign three cross sells to existing Market Tech clients, which included two market operators and a large financial institution. Capital Markets Technology delivered a solid quarter where strong momentum was further amplified by the normalization of sales cycles. In Market Technology, we are pleased to see strong demand from traditional and emerging trade infrastructure clients for our technology infrastructure solutions, as well as our operational expertise.

We signed three clients to Eclipse Trading, our fourth generation marketplace technology platform, including two fully managed services mandates, where we host and manage our clients’ entire trading environment, and one AWS hosted SaaS deployment. Calypso’s performance reflected momentum in subscription revenues, including strong demand in Europe, where we delivered two new clients and one cross sell, and we remain confident in the pipeline for the rest of the year. Turning now to market services. The division delivered record net revenues, reflecting broad based strength across our US and European markets. We are proud to support our clients with a seamless trading experience, as heightened volatility and rapidly evolving market conditions drove record industry volumes for US cash equities and elevated volumes in US equity options and European cash equities.

We successfully executed the Russell rebalance, with over 2,500,000,000.0 shares matched at a record notional value of $102,000,000,000 further showcasing the strength and resiliency of our markets. In US equities, we maintained our disciplined approach to pricing amid an exceptionally high volume, as we managed, capture and optimize the value of our franchise. In European equities, we delivered sequential improvements in share. Further, we continue to leverage our capabilities to capture off exchange activity in Europe as well as in The US. Across the company overall, our excellent performance was driven by strong momentum across all three divisions, underpinned by execution on our strategic priorities.

Within our integrate priority, we are on track to action our expanded $140,000,000 net expense efficiency program by year end, with approximately $130,000,000 actioned as of the end of the second quarter. We achieved a gross leverage ratio of 3.2 times at quarter end, overachieving our milestones set at the closing of the Adzenza acquisition sixteen months ahead of schedule. Within our innovate priority, we remain focused on delivering new innovations to enhance our value proposition with clients. This week, Nasdaq Farifen announced the launch of its AgenTik AI workforce, a suite of digital workers that will deliver a step change in compliance effectiveness and efficiency. Early results from the first two agents in beta, the digital sanctions analyst and the digital enhanced due diligence analyst, demonstrate AgenTik AI’s potential to address the most resource intensive compliance workflows.

For example, when onboarded into a bank’s alert triage workflow, our digital sanctions analyst automates the acknowledgement, screening and documentation processes, reducing alert review workload by more than 80%. We also continue to expand the library of anti money laundering targeted topology analytics. Our TerrAs financing analytics launched in Q1 and is already being leveraged by 900 clients, nearly doubling adoption versus the end of the last quarter. Our drug trafficking and analytics launched this quarter in early beta has already driven strong client engagement. In addition, we’re continuing to invest in new partnerships to enhance product capabilities, including our partnership with Fincom, which supports advanced sanction screening.

Beyond AI, digital assets represents another key theme driving our innovation as we focus on that maturation of the ecosystem and supporting institutional adoption. For instance, Nasdaq Calypso announced an innovative proof of concept, which will expand upon its industry leading collateral management capabilities. The use case demonstrates our ability to integrate on chain capabilities to allow us to help financial institutions manage collateral across asset classes and markets in a more dynamic and efficient manner. We continue to work with our partners and clients to finalize the product build and are targeting launch in early to mid-twenty twenty six. Lastly, within our Accelerate priority, our One Nasdaq strategy drove seven cross sell wins across Financial Technology in the quarter for a total of 26 cross sells since the Adzenza acquisition.

At the end of the quarter, sells accounted for over 15% of Financial Technology’s sales pipeline, and we remain on track to surpass $100,000,000 in run rate revenue from cross sells by the end of twenty twenty seven. Looking ahead to the remainder of 2025, Nasdaq is well positioned to continue to deliver for our clients and shareholders. While we remain conscious of the impact of sustained uncertainty in the economic and market environment, we continue to demonstrate that our diversified business can deliver through different cycles. This is reflective of our role as a trusted strategic partner to our clients across ecosystem, and our ability to help them navigate across market environments, capture strategic opportunities, manage risk, and solidify their operational resilience. We enter the second half of the year with momentum across our platform, and we’ll remain laser focused on supporting and innovating for our clients as the environment evolves in the period ahead.

With that, I will now turn the call over to Sarah to provide more details on our financial results.

Sarah Youngwood, Chief Financial Officer, Nasdaq: Thank you, Edina, and good morning, everyone. In the second quarter of twenty twenty five, Nasdaq delivered one of our strongest quarters on record with 24% EPS growth, underscoring the durability of the model and the consistency of our execution. Starting with quarterly results on slide 11, we reported net revenue of $1,300,000,000 up 12%, with solutions revenue of $991,000,000 up 10%. Operating expense was $585,000,000 up just under 8%, leading to an operating margin of 55% and EBITDA margin of 58%, both up two percentage points. This resulted in net income of $492,000,000 and diluted EPS of $0.85 up 24%.

Slide 12 shows the drivers of our 12% net revenue growth for the quarter. We generated 8.5 percentage points of alpha, driven by new and existing clients and product innovation. Meanwhile, beta factors contributed 3.5 percentage points of growth this quarter, driven by higher valuations in Nasdaq indices and higher overall volumes in market services. As shown on slide 13, we realized a second consecutive quarter of ARR growth of 9%. This quarter’s 9% included 11% ARR growth in FinTech and SaaS revenue growth of 12%.

SaaS as a percentage of ARR increased one percentage point to 37% compared to the second quarter of twenty twenty four. Let’s review division results starting on slide 14. In capital access platforms, we delivered revenue of $527,000,000 up 9% and with AR growth of 6%. Data and listings revenue was up 5% with ARR up 7%. Revenue growth was primarily driven by data due to the positive impact of new sales, upsells and usage.

Within listings, the benefits of new listings and pricing were partially offset by delisting and lower amortization of prior period initial listing fees. This is consistent with our previous comments and we expect that to be the case for the remaining quarters of the year. Index revenue was up 17% in the quarter, mainly driven by average ETPA AUM of $663,000,000,000 up 25%. This is due primarily to strong net inflows, with more than half of the quarterly revenue growth driven by alpha factors. ETPIUM included a record $88,000,000,000 of net inflows in the twelve months, including $20,000,000,000 in the second quarter.

Volume based license revenue was also up modestly as derivative contract volume, up 15%, was mostly offset by a mix shift towards micro contracts in the quarter, which have lower capture. In workflow and insights, revenue and ARR growth were both up 5% for the quarter. The increase was driven primarily by analytics, mainly investments in data link, with continued demand from hedge funds, asset managers, asset owners and consultants who value our differentiated data. Corporate solutions also grew modestly due to pricing and key client wins. Quarterly operating margin for the division was 58%, up one percentage point.

Moving to financial technology on slide 15. Revenue was $464,000,000 up 10% with ARR growth of 11%. We are extremely proud of these results in the context of a top Calypso account. Our business was resilient amid the modest delays we described early in the quarter, which contributed to low single digit professional services revenue growth. The division signed 57 new clients, 130 up sales and seven cross sales in the quarter.

Even with these wins, cross sales continue to represent over 15% of the Financial Technology division’s pipeline, with strength across all three subdivisions. Financial Client Management Technology revenue grew 20%, with AR growth of 19%. We signed 46 new SMB clients and three new enterprise deals, including one cross sell and two up sell. Net revenue retention was 113%, reflecting strong client engagement, including the continued adoption of the GenAI Entity Research Copilot and targeted psychology analytics. In addition to persistent execution in the SME segment, a consistent contributor to growth, and ongoing momentum in product innovation, the business continues to make strong progress in moving upmarket and is showing early traction with our international expansion.

As a reminder, the sales cycles and time to value for Tier one and Tier two deals can take longer to flow into the subscription revenue run rate. But the momentum in the business persists, we more than doubled enterprise signings year to date versus all of 2024, which will begin to translate into stronger growth from this client segment starting in the fourth quarter. Regulatory Technology revenue grew 11%, with ARR up 10% for the quarter. The division signed seven new clients, 67 up sales and four cross sales. Revenue growth reflects solid performance despite modest client readiness delays driven by regulatory uncertainty.

As we get clarity from regulators, professional services revenue should start to improve in the fourth quarter and early twenty twenty six. Capital Markets Technology revenue grew 8%, with ARR up 9% for the quarter, and with four new clients, 61 up sales and two cross sales. Financial Technology operating margin was 47%, which was flat versus the prior year quarter. As we wrap up our Solutions division, we expect our 2025 revenue growth outlook for the divisions and subdivisions to be generally consistent with our comments provided in the April earnings call. Turning to market services on slide 16.

We had record net revenue of $3.00 $6,000,000 reflecting growth of 21%. This included a second consecutive record net revenue quarter in both US options and US cash equities. Growth was primarily driven by the increase in market wide volumes, but also included higher share and slightly higher capture in US options, growth in index options, higher capture in European derivatives and higher U. S. State plan revenue.

Market Services operating margin was 63%, up five percentage points, highlighting the strong operating leverage of this platform. Moving to expense on slide 17. We had operating expense of $585,000,000 up just under 8%, consistent with expectations provided last quarter and driven by strong investments in technology and people to support revenue and drive innovation and growth, employee compensation and other increases largely due to inflation. This resulted in an operating margin and EBITDA margin both up two percentage points to 5558% respectively. We are maintaining the midpoint of our organic expense expectations for the year, which carries forward our trajectory of healthy operating leverage accompanying our strong revenue performance.

Now that we have started to experience a more consistent FX impact as the year has progressed, We are updating our 2025 non GAAP expense guidance to reflect the impact of movements in FX rates and to narrow the overall range with six months left to the year. Our guidance is now a range of $2,295,000,000 to $2,335,000,000 The $20,000,000 increase in the midpoint of our guidance is entirely due to FX, with no change to the organic expense growth rate implied by the midpoint of our guidance. Due to the offsetting positive FX impact on net revenue, we expect the change in FX to have no impact on our operating income. Lastly, on expense. We have actioned approximately 130,000,000 out of our $140,000,000 efficiency program as of the end of the second quarter, and our team is well positioned to continue to deliver on the program.

We maintain our 2025 non GAAP tax rate guidance of twenty two point five percent to 24.5%. Turning to capital allocation on slide 18. Nasdaq generated free cash flow of $467,000,000 in the second quarter. This strong level of cash flow enabled us to support deleveraging by dividends and share repurchases. We paid a dividend of $0.27 per share or $155,000,000 in the quarter, representing a 34% annualized payout ratio.

In our continued commitment towards deleveraging, we paid down the $400,000,000 remaining on the June 2025 bonds at maturity, using cash on hand. We reached a gross leverage ratio of 3.2x at the end of the quarter, overachieving our 3.3x milestone sixteen months early. The 3.2x ratio improved from 3.4x a quarter ago, despite a 0.1x headwind from USD weakness relative to Euro. We also repurchased a total of 1,200,000.0 shares of our common stock for roughly $100,000,000 in the second quarter, which included the completion of our annual employee decision related repurchases in April, as well as opportunistic repurchases beyond that commitment. As we continue to execute against our compelling organic growth strategy, we remain focused on organic investments in the business, our dividend program and opportunistic debt and share repurchases.

In closing, Nasdaq delivered excellent results amid a dynamic operating environment, exemplified by a second consecutive quarter of double digit net revenue growth and AR growth of 9%. We continue to demonstrate strong operating leverage and make meaningful progress on our capital strategy. Our first half performance reflects our ability to grow through cycles and underpins our confidence to achieve our twenty twenty five objectives, as well as deliver sustainable growth and long term shareholder value as we drive forward in the second half of the year and beyond. With that, let’s open the line to Q and A.

Conference Operator: Thank you. To withdraw your question, please press star, one, one again. We ask that you please limit your questions to no more than one, but feel free to go back into the queue. And if time permits, we’ll be happy to take your follow-up questions at that time. Please stand by while we compile the Q and A roster.

Our first question is from Michael Cyprys with Morgan Stanley. Please proceed with your question.

Michael Cyprys, Analyst, Morgan Stanley: Hey. Good morning. Thanks for, for taking the question here. Just wanted to ask about Adjentic AI. I was hoping maybe you could elaborate a bit on the opportunity set that you see.

I know you you you flagged one in particular. I was just hoping maybe you could elaborate more broadly how you’re experimenting with that across the firm. I know you mentioned the example on Verifant, but just more broadly, how do you think about the opportunity across NASDAQ? What areas can make the most sense next? How meaningful in terms of efficiency gains do you think you might be able to extract from this?

Just curious, any color you might be able to share? Thank you.

Adena Friedman, Chair and Chief Executive Officer, Nasdaq: Great. Thanks, Michael. Internally, we have programs that focus on AI in the product and then AI on the business. And we do have those as distinct programs because in the product we’ve integrated how can we use AI within each of the product development pipeline. So we kind of look at what is the pipeline of opportunities and the future of each product and how does AI play a role.

So, in the products, we’ve introduced Gen AI and algorithmic AI to support Calypso, for instance, in terms of efficiency and risk management and more accuracy and risk management calculations in our governance platform in terms of board summarization. And we are continuing to work with the users of governance to see where else we can use that kind of summarization tool to make the preparation for board meetings and process for managing board meetings more efficient. We use it also to drive new intelligence around something called sustainable lens that helps companies understand the competitive dynamics around sustainability programs. And then we also inside our FinTech division have used it to support and we are using it to support these efficiencies for our clients. So, as we talked about with the new Agendaq AI that’s being rolled out within the financial crime management, it will reduce the time that analysts have to spend on some of that rote work that is in terms of investigative work, reporting work.

But that’s also applicable across Acxiom SL and surveillance, which are also have a lot of that type of regulatory reporting obligations tied to them. So, all of those things are really applicable across in the products and our product roadmaps reflect those. On the business is where we are applying AI into the company to make us more efficient. And our two focus areas that we’ve really started to scale up are in the product development lifecycle, because there’s so many more agentic tools that can be integrated together to create more automation in product development and product delivery. In addition to in the client success areas, in terms of having information at the fingertips of our client success agents to support their work with clients and helping them understand issues or troubleshoot issues.

So I think that it is a holistic approach to bringing AI into the business. Our efficiency program in 2025 does reflect early progress in that in terms of bringing some efficiencies in. But we do expect that to scale even further in 2026 and we’ll provide you more disclosures on that as we get into 2026.

Conference Operator: Our next question comes from Alexander Blostein with Goldman Sachs.

Alexander Blostein, Analyst, Goldman Sachs: Thank you. Good morning. Thanks for taking the question. 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 into 2026?

Adena Friedman, Chair and Chief Executive Officer, Nasdaq: Sure. Yes. Thank you. And yes, you are you captured the comments well. So we do have a very healthy pipeline across our FinTech businesses.

And one of the things we also look at is maturity of our pipeline. And I think that the mature our pipeline continues to have to mature so that we feel have increasing confidence in our ability to bring these clients on board or upsell the clients appropriately. So it feels very healthy right now, the demand that we have across the world, and it is very much across the world for improved trade infrastructure, risk management, regulatory reporting, anti thin crime. Mean, it’s really holistic too. It’s not really geared towards one particular product.

It’s really across our franchise. And then specifically with Financial Crime Management, we are talking and when we talk about the enterprise segment, those are the Tier one and Tier two banks. And as Sarah mentioned, we have already signed twice as many deals in that space as we signed all of last year. And but it takes time to implement them, same as it does with Acxiom SL and Calypso. So the revenue starts to ramp up and come online as we get those clients implemented.

And that’s why she mentioned with FMT that we should start to see more contribution of revenue from the Tier one, Tier two clients getting into Q4 and into ’26. So, we do feel like there’s momentum coming through the second half of the year. And hopefully, it’ll also accrue to the benefit of ’26 as well.

Conference Operator: Our next question comes from Patrick Molley with Piper Sandler.

Patrick Molley, Analyst, Piper Sandler: Yes, good morning. Thanks for taking the question. Maybe just sticking with 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.

Thanks.

Adena Friedman, Chair and Chief Executive Officer, Nasdaq: Sure. Yeah, so I think two things. On the first quarter call, we talked about two trends that we were monitoring. One was in particularly with CALYPSO in The U. S, we were seeing some conversations with our clients back in March and April kind of elongate a bit.

Clients are saying, we need to spend a little time understanding the environment before we make final commitments. But as we got into May and June, those conversations normalized and clients were ready to move forward. But that did give us a little bit of a kind of few weeks of a little bit of a pause in the sales cycles. And so I think that’s one thing we’ve mentioned. And the other is with the regulatory uncertainty in terms of what will, particularly in The United States, there are changes and the oversight and governance of regulation in The United States.

I think some of the implementations with Acxiom SL were starting to get elongated because they weren’t sure what the timelines were going to be actually for in The US and also in Europe in certain regulations. And I think some of that’s starting to shore up. I did mention SLR, some regulatory guidance is starting to come out that’s giving clients an understanding of what their obligations are going to be. And so, those conversations with our clients are becoming more certain. But that’s helping to shore up the pipeline.

Implementations are still working their way through. And I think that Sarah did mention that that is driving low single digit growth in the professional services and a particular impact on Acxiom cell. So that’s why we mentioned that both in the first quarter and then she discussed that in the second quarter as well. Go ahead, Sarah.

Sarah Youngwood, Chief Financial Officer, Nasdaq: Yeah, I would also add, if you look at what we put in our usual page eight of the presentation, and which we mentioned both Adina and I, the wealth of signings in FinTech in this quarter was I think really important and is really a contributor to that momentum and with a strong pipeline that Adina has also mentioned.

Adena Friedman, Chair and Chief Executive Officer, Nasdaq: Yeah, we were just extremely proud of the team because they worked so closely with their clients throughout the quarter to help. You want to be both patient and pleasantly persistent. And I would say that our sales team just did an excellent job of staying close to the clients throughout the quarter in order to get them across the finish line wherever possible.

Conference Operator: Our next question comes from Bill Katz with TD Cowen.

Bill Katz, Analyst, TD Cowen: Great. Thank you very much for taking the question this morning. Maybe switching gears a little bit. I’m sort of curious to get your latest thinking on the ability to leverage through the digital ecosystem. Obviously, a lot of momentum building both from a use case as well as the regulatory backdrop around stablecoin and tokenization, maybe even just crypto.

I was 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 of the platform as well? Thank you.

Adena Friedman, Chair and Chief Executive Officer, Nasdaq: Great. Hey, Bill. So with regard to digital assets, I think you’re right that there’s some regulatory wins coming that are favorable towards the institutionalization of digital assets, both in traditional I would say traditional asset classes, as well as in the crypto space. And the first one of course being with stablecoin. And there, what that does is it creates a lot of efficiency of payment rails and the ability to move money much more efficiently.

And so we’re not a payments company, but we do care a lot about how capital markets operate and the efficiency of those capital markets and the ability to move collateral more efficiently across different markets and asset classes, the ability to manage risk in a more dynamic way, as well as the digitization of less liquid assets that maybe create more efficiency in the trading of those assets around the world. So as a technology provider, we provide technology to traditional markets in helping them digitize assets all the way from trading all the way through to settlement and depository. But we also provide collateral management capabilities in Calypso. And as I mentioned, with the proof of concept, what we’re trying to show is that we can use on chain capabilities to move collateral a lot more dynamically, which will free up a lot of liquidity. There’s a lot of excess liquidity trapped inside clearing brokers and clearing houses.

So the question is, can that move in a more dynamic way? So that’s in stablecoin. I think with regard to market structure in the crypto space and just the digitizing of traditional assets, the market structure is still yet to come. And we’re heavily engaged with regulators and legislators to engage with them. We look forward to seeing how regulation can evolve, because it is a great technology and it’s an interesting asset class that’s evolving.

The one thing we always focus on in every conversation we have is what is going to benefit investors. So what market structure will be investor first, investor friendly? How can we also participate in those asset classes in a way that serves investors really successfully. Looking at things like allowing securities exchanges to own ATSs, which we cannot do today. Also allowing us to have a single platform that can trade securities and non securities.

Things like that are going be part of the dialogue and market structure that open up opportunities. But in general, we feel like the institutionalization of crypto as well as the ability to bring digital assets to drive efficiency is a positive for the industry. So, we’re very excited about the direction of travel here.

Conference Operator: Our next question comes from Simon Klintch with Rothschild and Company, Redburn.

Otto Garrett, Senior Vice President and Investor Relations Officer, Nasdaq: Hi. Thanks for taking my question. I was wondering if we just pivot to the Index business, please. And could you maybe just give us a little bit more color about the dynamics you’re seeing in that business, particularly strong flows that you saw again this quarter. And I was just wondering if you could maybe give some color around the durability of that or how to think about the structural dynamics there?

Thanks.

Adena Friedman, Chair and Chief Executive Officer, Nasdaq: Well, first, I think first, Sarah and her team do a really nice job working with the business to show alpha versus beta. And that’s demonstrated in the presentation. So what we focus on is obviously alpha, what we can control. We control new product creation, and we created 33 new products. We also have a very defined strategy around our expansion, around institutional adoption, international expansion and new products.

So we have 33 new products, seven of which are in the institutional space, and many of them are also international in nature. So we are really executing quite well in that kind of three pillar approach to growing and expanding the business. We then also, of course, work very closely with our investment management partners adoption of our indexes. And we had $88,000,000,000 of inflows, 20,000,000,000 in the quarter. We can’t necessarily control inflows all the time.

But what we focus on is how do we make sure that investors understand both the track record, but also the potential of these indexes to drive value for them. How do we create indexes that are really leaning towards the future of the economy, which of course, is symbiotic with our brand. And then how do we also think about specific investor strategies? So sometimes it can be more of like a dividend oriented strategy or a buyback oriented strategy or things that they want to be focused on. And we work closely with our investment manager clients to create indexes in those areas.

So in all of those fronts, I think we’re doing a really great job. And I think we are a very strong partner. We take a partnership approach to every new index we create with our clients.

Conference Operator: Our next question comes from Alex Kramm with UBS.

Alex Kramm, Analyst, UBS: Yes. Hey, good morning, everyone. Just wanted to come back to the strength in FinTech and in particular on the capital markets side. And I think you talked to some of this already. But if I look at ARR and if my numbers are right, and I think they typically are, I think you added $39,000,000 quarter over quarter new ARR.

So I think that’s the largest sequential increase that we’ve seen. And obviously, we only have a couple of years of data here. But just wondering what specifically really drove such a chunky number? I mean, it a lot of deals? I know you gave some numbers.

Is it some really chunky things that happened, just the pipeline just had to execute against? And then more importantly, is it anything that maybe came a little earlier than you expected? And could this take away a little bit from the ARR for the remainder of the year? Thank you.

Adena Friedman, Chair and Chief Executive Officer, Nasdaq: So just to unpack capital markets, there are three areas of that business. You have Calypso, you have Market Tech and then you have the Connectivity Services business. And so starting I’ll go back to front on that one. So starting with Connectivity Services, the volumes that we experienced in our markets definitely drove more demand for connectivity services among our clientele. And just as a reminder, we have doubled the size of our data center.

So that gives us more capacity to be able to serve that demand. The second is in, I think I mentioned Calypso second. So Calypso, we had a 34% growth quarter last year. And so the fact that 3% growth on top of 34% growth just says that we did a really nice job of finding new opportunities and working with our clients to close those opportunities. I would say it was pretty broad based, Alex.

It wasn’t like one single thing, but there were some larger clients that were part of the quarter with a lot of upsells. And then in market tech, I think that’s where those three Eclipse trading clients that did mention, those are significant deals, because we’re not just providing the software, we’re managing the software. And those tend to be larger contract opportunities for us, because it’s a managed service. So I think all of those things ultimately contributed to the strength in the ARR growth.

Conference Operator: Our next question comes from Michael Cho with JPMorgan.

Michael Cho, Analyst, JPMorgan: Hi, good morning. Thanks for taking my question here. I just wanted 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 but maybe you could just remind us of the mix of the business here. And then when we think about kind of revenue growth acceleration in the segment, how are we thinking about the impact from the data business continuing to trend along pretty well versus the improvement you’re seeing in the listings business? Thanks.

Adena Friedman, Chair and Chief Executive Officer, Nasdaq: Great. Thanks. Yes, we’re very pleased with the progress in the data business. And what we really focused on is continuing to expand our relationships with certain clients, especially retail brokerage platforms around the world, where they might take a deeper set of data from us and expand what they’re offering to their clients around the world. And then we also are continuing that global expansion.

There’s so much interest in The U. S. Markets and having retail access to The U. S. Markets that we and our products, we think are obviously the best in the world and providing transparency of the markets to them.

And so, we continue to find really strong demand there. We’re also usage of our data, because we do have certain data products that are usage based. And there is a lot of retail involvement in the markets and volumes in the markets, and that retail demand is driving usage across the data as well. From our point of view, we would see that that is trending. So that’s a trend that we’re looking at pretty good trends going into the second half of the year as well.

And then in listings, it is an improving story. As we mentioned, we are seeing more new issuances this year. We do have a really healthy pipeline and we do hope to have even more large cap companies come out in the second half of the year. It will be the market dependent. And as you all know, that also kind of tends to have a little bit of a lag, because we don’t recognize all the initial listing fees upfront.

We have that that’s amortized over multiple years. So it’ll take a while for that to kind of show up as real momentum in the growth there. We are trending a little above our medium term outlook there. I think we have good opportunities to continue that trend, but we also it is an uncertain environment around us.

Conference Operator: Our next question comes from Kyle Voigt with KBW.

Michael Cyprys, Analyst, Morgan Stanley: Hi, good morning. Thanks for taking my question. So earlier this week, the SEC announced a roundtable for September to discuss the trade through rule or rule six eleven. And Chair Atkins took a view in that press release that six eleven has not served investors or broker dealers well. Obviously expecting more details to come at the roundtable date, but just curious to hear how you rule you view rule six eleven and potential implications for NASDAQ in a world where rule six eleven could be repealed or significantly modified.

Adena Friedman, Chair and Chief Executive Officer, Nasdaq: So for yes, so six eleven is the order protection rule, and we are really looking forward to engaging the SEC through the roundtable and beyond on that topic. As you’ll probably know, Reagan MS is put into place in 2020. I mean, thousand and five two thousand and six with order protection rule being the cornerstone of the rule, but not the only part of the rule. So, we are very happy to have that engagement. We operate in markets outside The United States that don’t have an order protection rule, like in Europe.

We operate in markets in Canada that have de minimis standards around that rule. We operate very successfully in both of those geographies. So we do know how to compete successfully and operate successfully in environments with and without the rule. So, it’s going to be a healthy discussion and engagement. One thing we do want to make sure the SEC thinks about is just what other parts of regular mess need to be adjusted if they are going to consider eliminating the OPR.

But we feel very confident in our ability to be successful in any environment.

Conference Operator: Our next question comes from Jeff Schmitt with William Blair.

Otto Garrett, Senior Vice President and Investor Relations Officer, Nasdaq0: Hi, good morning. On Verifin, I know most of that business is in The U. S, but you’re starting to make progress internationally there, signing up the first European bank. And when we think about your medium term guide for that business of mid-20s revenue growth, does that assume much international expansion? Or could there potentially be upside there if that momentum picks up?

Adena Friedman, Chair and Chief Executive Officer, Nasdaq: So we’ve always talked about three pillars of our of the growth that will underpin that business to achieve the medium term outlook. And one is, of course, the continued growth of the SMB sector. And I think we continue to show real strength there with 46 signings this quarter. The second is the move up market in The U. S.

To the Tier one and Tier 2s. And we are starting to shift momentum. And I think as we mentioned, we have had more success this year than last year in signing new clients. And I think that should accrue to our benefit going into Q4 and beyond. And then the European expansion is kind of a longer leg to that expansion plan to achieve and to maintain our medium term outlook.

So, Europe is not going to show up in the numbers in ’25 or ’26. But as you get into ’27, ’28, it should start to be a contributor for successful. We to make sure we can land and expand, but we have a lot of confidence in our ability to create value for our clients there. So, we’re excited about the first milestone, but it’s a long road there, but it is part of our medium term outlook.

Conference Operator: Our next question comes from Benjamin Butish with Barclays.

Alexander Blostein, Analyst, Goldman Sachs: Hi, good morning and thank you for taking the question. Adena, you mentioned in your prepared remarks, and I think in several prior quarters, 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 U. S, given some noise elsewhere about private markets entering the retirement space, just curious what Nasdaq’s exposure looks like there?

How big is that business today? And what are your ambitions there? Thank you.

Adena Friedman, Chair and Chief Executive Officer, Nasdaq: Yes. We’re pretty early in our expansion into the insurance annuity space. So I would not say it’s a huge contributor to our business yet. But because we actually frankly hired a sales team and have really gone through into that space only in the last couple of years, and with a real precise approach and strategy. And so why is that interesting?

Because what we find interesting is that the Nasdaq one hundred is one of the best indexes in the world. And yet, it really, there’s very little institutional exposure to it. And in the insurance space that are long investment horizons, it can be a huge value opportunity for them. So, we’ve been really starting to engage with them on creating specific insurance annuity vehicles that are specific per client. And as we mentioned, launched seven of them this quarter that really allow them to have exposure to the Nasdaq-one hundred and bringing that into their portfolio.

And of course, as you know, they have a very broad portfolio mandate. So, having great exposure to innovative growth companies is part of their mandate, and we the Najuk 100 is a great vehicle for that.

Conference Operator: Our next question comes from Brian Bedell with Deutsche Bank.

Otto Garrett, Senior Vice President and Investor Relations Officer, Nasdaq1: Great. Thanks. Good morning for taking my question. 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 eighteen months ago?

Adena Friedman, Chair and Chief Executive Officer, Nasdaq: Great. Thank you. With regard to Capital Markets Technology, as we mentioned, given some of the pauses we had in some of the conversations that did elongate some of the sales cycles, which and that should that will ultimately kind of take a little bit of time to flow through. So, we’re and also, we think it’s a little too early to tell whether or not this will have a meaningful impact on the full year. So, as we said, we’re maintaining general consistency in the way that we’re considering both the divisional and subdivisional growth rates for the year.

In terms of the crypto and the ecosystem there, and the fact that it is growing and maturing, there is regulation that’s starting to come through. Those are things we did not actually anticipate in the Adenta transaction itself. But as with the if we are seeing a world where crypto and crypto itself becomes more institutionally available, that is an opportunity across our FinTech division. Because if institutions adopt those asset classes, they’re going to want to make sure that they have the right trade infrastructure, the right risk management, the right regulatory reporting and anti fandom crime to support it in crypto. Digital assets, like the technology of digital assets in terms of digitizing traditional securities, we have been in that world for quite some time.

And we have been building our technology to support that for quite some time. So, I think that those are all the things that we focus on. If we can see that crypto becomes bankable, that obviously becomes a very significant opportunity in terms of the ability for them to manage collateral, move collateral, and manage risk as they’re participating in this market.

Conference Operator: Our next question comes from Dan Fannon with Jefferies.

Otto Garrett, Senior Vice President and Investor Relations Officer, Nasdaq0: Thanks. Good morning. I wanted to come back to the listings business, understanding that it is subject to the market conditions, but the other ancillary revenues like Corporate Solutions that come off of that, how would you characterize that environment today? I think you highlighted a BoardVantage win, but just curious about the kind of broader workflow and insights business. And then also, as we think about IPOs coming back, what’s the lag effect with the associated revenues with some of these other businesses?

Adena Friedman, Chair and Chief Executive Officer, Nasdaq: Yeah, sure. So, we talk about workflow and insights in general, as we discussed it and as Sarah discussed it, we have we’re very pleased with how analytics and data link are continuing to grow investment and analytics had improved gross retention and kind of just a general, very healthy environment for growth there. And we have some great capabilities in the private space that we’ve been rolling out for quite some time. And that’s really helping to drive demand for investment in particular. In terms of Corporate Solutions and the listing environment, Corporate Solutions has continued to have modest growth.

And I would say more challenges just in terms of the fact that the markets for some time and the growth in the market value, the present market values in the markets were tended to be geared towards the top end of the market. That’s been expanding across the markets more, which helps the health of the corporate audience for our corporate solutions. But it continues to be, I would say, relatively modest growth environment, but not a hyper growth environment at all in the listing space for Corporate Solutions. In terms of the flow through of an improved listing environment into Corporate Solutions, just a reminder, we do give our listing clients a starter kit essentially of IR services. Governance is not included in that program, but IR is.

And that takes the three year program. So it does create a delay subscriptions for those services. But we can upsell them on other things in that intervening period. More IPOs does open up the aperture and does increase the pipeline. And so, are looking forward to having more companies coming in and tapping the public market.

Conference Operator: Our next question comes from Owen Lau with Oppenheimer.

Otto Garrett, Senior Vice President and Investor Relations Officer, Nasdaq: Hi, good morning. Thank you for taking my quick question. So, I want to go back to tokenization on both public and private market. And on private market, there are more platforms offering tokenized private company. Does this trend support or disintermediate Nasdaq private market longer term?

And similarly for public market, public equities, I know NASDAQ is going to launch 20 foursix trading next year. How do you see the competitive dynamics there? Thanks.

Adena Friedman, Chair and Chief Executive Officer, Nasdaq: Sure. Owen, I view tokenization as just a technology. So tokenizing is technology that’s used. And in the case of both the tokenization of private securities as we’ve been talking about, and the tokenization of public securities, I think at least what’s come out so far is it’s just a new technology that really serves the same purpose as other things that already exist in the marketplace. So, for instance, in private company shares, there are these special purpose vehicles that are created, But then wealth channels can then use to aggregate demand from their wealth clients, but that the wealth channel itself is the investor in that special purpose vehicle.

So it’s one investor investing in the actual company shares. That is essentially what they’re doing with tokenization as well. It’s just a different technology construct to achieve the same goal. And in that actually, now the private market does help supply, provide and support those types of special purpose vehicles, but in connection with the corporates. The corporate clients are a key constituent and key clientele for Nasdaq private market.

So, they do everything with the corporates in mind. But to the extent that there are transactions that are occurring that aren’t just tenders or secondaries and blocks and other things, and also the creation of such forward vehicles, NPM does facilitate that in a collaborative way. In terms of tokenization general, in terms of public and private securities, one of the things we focus on is what is ultimately in the benefit to the benefit of investors. Make sure that you think about liquidity, transparency and integrity, no matter what the asset classes. And that’s our mantra.

And so what will increase the liquidity? So we have obviously Nasdaq private market Nasdaq fund secondary that can help drive liquidity and private assets. You have transparency and we have coming out of another private market now to create transparency of price discovery in the private company shares. But that’s still, there’s not a lot of transparency of underlying companies themselves, underlying funds themselves. So that’s something that probably needs to develop.

And then of course, to make sure you think about the regulatory framework to drive more accessibility of those assets is going be important regardless of the technology that’s used to do it. And then in the public markets, we are very focused on making the public company experience a better one for companies. It’s such an important part of our economy. And as Chair Atkins said on CBC the other day, let’s make IPOs great again. We’re very excited about that.

We’re engaged heavily with the SEC on ideas around that. And so we do think it’s important to have a vibrant public market while also supporting the private market.

Conference Operator: Our next question comes from Chris Allen with Citi.

Otto Garrett, Senior Vice President and Investor Relations Officer, Nasdaq2: Good morning everyone. Thanks for the question. In the deck you noted price increases across a number of segments, RegTech, Finished Crime, Capital Markets Tech and Data and Listings. Just wondering how the price increases compared to prior historical price increases and what level is contractual of the price increases?

Sarah Youngwood, Chief Financial Officer, Nasdaq: Yes. Price increases is definitely part of our growth formula. And I would say that this quarter has been very much in line with what you would have experienced. It depends contractually in the divisions. And some of the price increases, for example, in financial client management represent also the value of the engagement with our clients, represents the upsells.

So you don’t have one way to look into it. But that being said, I would say it has been a nice contributor to our Board for that this quarter, but also in the past.

Conference Operator: Our next question comes from Ashish Sabadra with RBC Capital Markets.

Otto Garrett, Senior Vice President and Investor Relations Officer, Nasdaq3: Good question. Just on capital location, you talked about opportunistic deleveraging and buyback. I was just curious about the M and A pipeline, anything that you see from a tuck in perspective, any color that would be helpful. Thanks.

Sarah Youngwood, Chief Financial Officer, Nasdaq: Yes. So we continue to have a lot of free cash flow generation. I just want to put the context of $1,000,000,000 of last twelve months free cash flow. So with that, we have lots of options and we can do more than one thing. So if you start with supporting the business, reinvesting in the organic opportunities that we have in the business, that is the number one priority and we’re doing that very much.

We are very focused on fueling this revenue growth opportunity that you are seeing unfolding. The second part is the dividend and we’ll continue to have it be progressive. And then beyond that, it’s really being opportunistic between debt and share repurchases and a focus on an organic growth trajectory for now.

Conference Operator: This concludes today’s question and answer session. I’d like to turn the call back to Adena Friedman for closing remarks.

Adena Friedman, Chair and Chief Executive Officer, Nasdaq: Well, you very much. Nasdaq continues to demonstrate the resilience of our diversified business, as well as the strength of our partnership and relationships with our clients. And we look forward to continue to keep you updated on our progress in the quarters ahead. So thank you very much.

Conference Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.

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