Slide 1: Nasdaq 1Q25 Quarterly Update
Nasdaq 1Q25 Quarterly Update April 24, 2025
Slide 2: Disclaimers
Disclaimers Cautionary Note Regarding Forward-Looking Statements Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and
Slide 3: Explanatory Notes
Explanatory Notes • All net revenue figures represent revenue less transaction-based expenses for periods shown. • Solutions revenue represents revenue from our Capital Access Platforms and Financial Technology segments. • Adjusted period over period change reflect non-GAAP results (see Disclaimers
Slide 4: Pillars of Strategy and Recent Accomplishments
Pillars of Strategy Recent Accomplishments Liquidity ◦ Aims to launch 24/5 trading on the Nasdaq Stock Market by the second half of 2026. Enhance liquidity by modernizing markets with innovative technology ◦ Record U.S. cash equities and U.S. options revenue and volumes. ◦ Nasdaq listed 45 operating
Slide 5: Strategic Update
Strategic Update “Nasdaq’s first quarter results underscore the resilience of our business model and our ability to deliver growth across our divisions in a rapidly shifting environment. As a trusted partner and platform company, we are empowering our clients to address their most pressing risks and
Slide 6: Nasdaq is delivering on its growth strategies
Nasdaq is delivering on its growth strategies Total ($) Year-over-year Year-over-year Year-over-year change (%) adjusted change (%) organic2 change (%) 1 1Q25 non-GAAP Net revenue $1,237M +11% +12% +11% Solutions revenue $947M +9% +11% +9% Operating income $682M +15% +17% +14% Operating margin 55% +
Slide 7: Capital Access Platforms - Operational Highlights
Capital Access Platforms - Operational Highlights • Index's sixth consecutive record quarter of average ETP AUM at $662B with $86B of net inflows over the trailing twelve months and $27B in 1Q25. +$170B 82% • Launched 30 new Index products, of which 10 were YoY 1Q25 increase in 1Q25 eligible U.S. in
Slide 8: Financial Technology - Operational Highlights
Financial Technology - Operational Highlights FinTech cross sells +2 +10% +12% >15% New FinTech clients +40 adjusted revenue growth YoY ARR growth cross-sells as a % of FinTech pipeline New Financial Crime Mgmt Tech clients +35 • Signed two cross sells, including a Tier 2 AxiomSL client to Verafin,
Slide 9: Market Services - Operational Highlights
Market Services - Operational Highlights 29% #1 70% • Record Market Services revenue with record volumes across cash equities and derivatives, including index options, in the U.S. #1 market share in single venue of liquidity #1 market share in multi-listed U.S. for traded-listed U.S. European cash •
Slide 10: Financial Performance
Financial Performance “Nasdaq delivered one of its strongest quarters yet, with all three divisions achieving robust revenue growth and contributing to stellar EPS growth. We demonstrated strong operating leverage and our high level of cash flow enabled us to make meaningful progress on our capital
Slide 11: 1Q25 Consolidated Financial Performance
1Q25 Consolidated Financial Performance Adjusted growth: Non-GAAP Financial Results Capital Access Platforms revenue growth +11% (US$ millions, except per share) 1Q25 1Q24 %Δ %Δ adjusted1 %Δ organic1 Net revenue $1,237 $1,117 11% 12% 11% Data & Listings revenue growth +4% Solutions revenue $947 $871
Slide 12: Net Revenue Bridge 1Q24 to 1Q25
Net Revenue Bridge 1Q24 to 1Q25 +12.5% 1 YoY adjusted growth $1.2B $1.1B +1% (2)% +4.5% (2)% +3% +6% +9.5% Alpha growth 2 3 1Q24 Macro/Beta Existing clients Churn New clients, cross- Market Share, FX & other 1Q25 increases sell & other capture & volatility innovation performance • Starting this quar
Slide 13: Recurring Revenue KPIs Reflect Solid Growth
Recurring Revenue KPIs Reflect Solid Growth Annualized Recurring Revenue (US$ millions) Annualized SaaS Revenue (US$ millions) +9% YoY organic growth 1 +14% YoY organic growth 1 $2,831 $1,034 $1,061 $2,736 $2,768 $975 $1,011 $2,612 $2,668 $932 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2
Slide 14: Capital Access Platforms - Financial Performance
Capital Access Platforms - Financial Performance %Δ %Δ $86B (US$ in millions) 1Q25 1Q24 adjusted1 organic1 Data and Listing Services $192 $186 4% 4% Index $193 $168 26% 14% in net inflows to Index ETP AUM in the last Workflow and Insights $130 $125 4% 4% twelve months Total revenue $515 $479 11% 8%
Slide 15: Financial Technology - Financial Performance
Financial Technology - Financial Performance %Δ (US$ in millions) 1Q25 1Q24 adjusted1 % Δ organic1 +10% +12% +21% Financial Crime Mgmt Technology $77 $64 21% 21% Regulatory Technology $101 $90 10% 10% adjusted YoY organic YoY annualized SaaS Capital Markets Technology $254 $238 7% 7% revenue growth
Slide 16: Market Services - Financial Performance
Market Services - Financial Performance Record U.S. cash equities 2.3B %Δ (US$ millions) 1Q25 1Q24 % Δ organic1 adjusted1 matched average daily share U.S. equity derivatives $108 $91 18% 18% volume shares U.S. cash equities $93 $74 25% 25% European cash equities $28 $26 9% 9% U.S. tape plans $33 $28
Slide 17: Supporting Growth with Appropriate Resources
Supporting Growth with Appropriate Resources 1Q25 non-GAAP operating expense $524 +7% $555 vs. 2025 Non-GAAP Operating Expense Guidance1 +12.5% $2.265B-$2.325B adjusted net revenue growth 1Q24 1Q25 1Q25 non-GAAP adjusted operating margin 55% 1 53% +2 ppt 2025 Non-GAAP Tax Rate Guidance 22.5%-24.5% 1
Slide 18: Continuing to delever with gross leverage at 3.4x at the end of 1Q25
Continuing to delever with gross leverage at 3.4x at the end of 1Q25 Gross Leverage Ratio Bridge 3.6x 0.0x 3.4x (0.1)x (0.1)x – – 4Q24 leverage ratio1 Repurchase of Senior Change in Euro rate and EBITDA Δ 1Q25 leverage ratio Unsecured Notes amortization (US$ millions) Beg-of-period End-of-period Gro
Slide 19: Appendix
Appendix
Slide 20: Supplemental Adenza Financial Information / Medium-Term Outlook
Supplemental Adenza Financial Information 1 Medium-Term Outlook Medium-Term Growth Outlook2 Data and Listing Services Low single digits Workflow and Insights High single/low double digits Index Mid-to-high single digits Capital Access Platforms 5-8% Fin Crime Mgmt Technology Mid 20s Regulatory Techn
Slide 21: Total Non-GAAP Adjusted 1Q25 Variance
Total Non-GAAP Adjusted 1Q25 Variance Non-GAAP Reported Adenza Adjusted1 Total variance FX & other2 Adjusted YoY ($s in millions) 1Q25 1Q24 1Q24 1Q24 $ % $ $ % Capital Access Platforms revenue $515 $479 $— $479 $36 7% $(17) $53 11% Financial Crime Management Tech 77 64 — 64 13 21% — 13 21% Regulator
Slide 22: Total Variance Impacts: 1Q25
Total Variance Impacts: 1Q25 Non-GAAP Total Variance Acq. & div. impact FX Impact Organic Impact1 (US$ millions, except per share data) 1Q25 1Q24 $M % $M % $M % $M % Data and Listing Services $192 $186 $6 3% $— —% $(1) (1)% $7 4% Index 193 168 25 14% — —% — —% 25 14% Workflow and Insights 130 125 5
Slide 23: ARR Summary
ARR Summary ARR Trends (US$ in millions) 1Q25 4Q24 3Q24 2Q24 1Q24 Data and Listing Services $701 $691 $683 $668 $665 Workflow and Insights 501 501 497 484 481 Index 79 76 74 74 74 Capital Access Platforms 1,281 1,268 1,254 1,226 1,220 Financial Crime Technology Management 295 278 268 258 243 Regulat
Slide 24: Non-GAAP Operating Income and Margin
Non-GAAP Operating Income and Margin mn (US$ in millions) 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1 2024 2023 2022 2021 2020 Capital Access Platforms Net revenue $515 $511 $501 $481 $479 $461 $456 $438 $1,972 $1,770 $1,682 $1,566 $1,285 Expenses 209 219 211 210 200 210 202 197 838 799 768 724 636 Op
Slide 25: Debt Overview
Debt Overview Well-Laddered Debt Maturities $8.6B Net Debt 1,300 (US$ millions) 3/31/2025 12/31/2024 Maturity Date 1,200 Commercial paper $— $— NA 1,100 Revolver (SOFR + 109.5 bps)1 $(3) $(3) Dec 2027 1,000 3.85% notes $499 $499 Jun 2026 900 1.75% Euro notes $646 $618 Mar 2029 800 0.875% Euro notes
Slide 26: Historical Cash Flow / Uses of Cash Flow
Historical Cash Flow / Uses of Cash Flow Free Cash Flow Calculations 2025 2022-2025 LTM2 2024 2023 2022 $674M (US$ in millions) QTD YTD Cash flow from operations $2,072 $663 $1,939 $1,696 $1,706 $6,004 Capital expenditure (217) (49) (207) (158) (152) (566) 2025 QTD free cash Cash flow from operation
Slide 27: Non-GAAP Solutions Organic Revenue Growth
Non-GAAP Solutions Organic Revenue Growth Current Prior year Solutions Total variance Organic impact Other impact1 period period (US$ in Millions) $ $ $ % $ % $ % 1Q25 947 871 76 9% 76 9% — —% 4Q24 949 860 89 10% 77 9% 12 1% 3Q24 906 694 212 31% 64 9% 148 21% 2Q24 901 673 228 34% 62 9% 166 25% 2024
Slide 28: Market Services Additional Detail
Market Services Additional Detail (US$ in millions) 1Q25 4Q24 3Q24 2Q24 1Q24 U.S. Equity Derivatives Trading $108 $106 $107 $90 $91 U.S. Cash Equity Trading 93 88 82 86 74 European Cash Equity Trading 28 25 25 26 26 U.S. Tape Plans 33 30 35 31 28 Other1 19 19 17 17 18 Market Services net revenue $28
Slide 29: Market Services Organic Revenue Growth
Market Services Organic Revenue Growth Market Services Segment Total variance Organic impact Other impact1 Current Prior year (US$ in millions) $ % $ % $ % period period 1Q25 281 237 44 19% 46 19% (2) (1)% 4Q24 268 247 21 8% 21 8% — —% 3Q24 266 236 30 13% 30 13% — —% 2Q24 250 242 8 3% 8 3% — —% 2024
Slide 30: For Additional Investor Relations Information
For Additional Investor Relations Information Investor Relations Website: http://ir.nasdaq.com Investor Relations Contact: Ato Garrett Senior Vice President, Investor Relations ato.garrett@nasdaq.com 30