Slide 1: Nasdaq 4Q25 Quarterly Update
Nasdaq 4Q25 Quarterly Update January 29, 2026
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 performa
Slide 3: Explanatory Notes
Explanatory Notes • All net revenue figures represent revenue less transaction - based expenses for periods shown. • Solutions revenue and ARR constitutes revenue and ARR from our Capital Access Platforms and Financial Technology segments as well as re ve nue and ARR from our Solovis business which
Slide 4: Pillars of Strategy Recent Accomplishments
Pillars of Strategy Recent Accomplishments Liquidity ◦ Nasdaq Market Services generated record full - year net revenues in 2025. Enhance liquidity by modernizing markets with innovative technology ◦ Nasdaq’s Closing Cross set a new notional value record of $233 billion during the Triple - Witch even
Slide 5: Strategic Update
Strategic Update “It was an excellent year of execution for Nasdaq, as we achieved strong organic growth, accelerated innovation, and successfully delivered across our three strategic priorities: Integrate, Innovate, and Accelerate. For the first time, Nasdaq exceeded $5 billion in annual net revenu
Slide 6: Nasdaq is delivering on its growth strategies
Nasdaq is delivering on its growth strategies Total ($) Year over year Year over year Year over year change (%) adjusted change (%) organic change (%) 2025 Non - GAAP Net Revenue $5,249M +12% +12% +12% Non - GAAP Solutions Revenue 1 $4,011M +11% +11% +10% Non - GAAP Operating Income $2,918M +16% +16
Slide 7: Capital Access Platforms - Operational Highlights
Capital Access Platforms - Operational Highlights • Nasdaq extended its U.S. listings leadership with its seventh consecutive year as the top U.S. exchange by proceeds raised, welcoming eligible operating company IPOs raising +$235B $10B over $24 billion in total proceeds. YoY 4Q25 increase in Proce
Slide 8: Financial Technology - Operational Highlights
Financial Technology - Operational Highlights 4Q25 2025 FinTech cross sells +12 +25 • Nasdaq signed 12 cross - sells in the fourth quarter for a total of 25 cross - sells in the year and 42 cross - sells since the Adenza acquisition. New FinTech clients +129 +291 +256 • Nasdaq Verafin delivered a st
Slide 9: Market Services - Operational Highlights
Market Services - Operational Highlights • Market Services delivered record fourth quarter and full year net revenue, reflecting strength across U.S. cash 30% #1 74% equities and U.S. equity derivatives. #1 market share in single venue of liquidity #1 market share in • U.S. cash equities and equity
Slide 10: Financial Performance
Financial Performance “In 2025, Nasdaq delivered outstanding financial results, underscoring the durability and differentiation of our business model. We delivered strong growth across our platform, expanded operating leverage, and generated robust cash flow. As we move into the new year, we remain
Slide 11: 2025 Consolidated Financial Performance
2025 Consolidated Financial Performance Non - GAAP Financial Results %Δ %Δ Capital Access Platforms adjusted revenue growth +10% (US$ millions, except per share) Net revenue 2025 $5,249 2024 $4,683 %Δ 12% adjusted 12% 1 organic 1 12% Solutions revenue $4,011 $3,627 11% 11% 10% Data & Listings organi
Slide 12: 4Q25 Consolidated Financial Performance
4Q25 Consolidated Financial Performance Organic growth: Non - GAAP Financial Results Capital Access Platforms revenue growth +12% (US$ millions, except per share) 4Q25 4Q24 %Δ %Δ adjusted 1 %Δ organic 1 Net revenue $1,392 $1,227 13% 13% 13% Data & Listings revenue growth +7% Solutions revenue $1,071
Slide 13: Non-GAAP Net Revenue Bridges
Non - GAAP Net Revenue Bridges 2024 to 2025 4Q24 to 4Q25 - 2.0% +4.5% 0.0% +1.0% +4.0% 0.0% 0.0% +6.5% - 1.5% +3.5% +5.5% +<4.0% +9.0% Alpha growth +8.0% Alpha growth 1 2 1 3 Note: Percentages may not sum to the total growth change due to rounding. 1 - Represents strong volatility performance within
Slide 14: Recurring Revenue KPIs Reflect Solid Growth
Recurring Revenue KPIs Reflect Solid Growth Annualized Recurring Revenue (US$ millions) Annualized SaaS Revenue (US$ millions) 4Q24 1Q25 2Q25 3Q25 4Q25 SaaS as a % of ARR 37 % 37 % 37 % 38 % 38 % +0.3ppt 14
Slide 15: Capital Access Platforms - Financial Performance
Capital Access Platforms - Financial Performance Period ending and average ETP AUM (US$ in millions) 2025 2024 %Δ %Δ adjusted 2 organic 3 (US$ billions) 1 Data and Listing Services $804 $754 5% 5% Index $827 $706 20% 17% Workflow and Insights $506 $485 4% 4% Total revenue $2,137 $1,945 10% 9% Operat
Slide 16: Financial Technology - Non-GAAP Financial Performance
Financial Technology - Non - GAAP Financial Performance 1 %Δ 2 (US$ in millions) 2025 2024 % Δ organic adjusted 2 +12% +12% +19% Financial Crime Mgmt Technology $331 $273 22% 22% Regulatory Technology $428 $386 10% 10% adjusted YoY YoY ARR growth annualized SaaS Capital Markets Technology $1,091 $99
Slide 17: Market Services - Financial Performance
Market Services - Financial Performance 4Q25 Highlights (US$ millions) 2025 2024 %Δ % Δ organic 1 adjusted 1 Record 4Q25 revenue $311M U.S. equity derivatives U.S. cash equities $463 $401 $395 $329 17% 22% 17% 22% European cash equities $114 $101 7% 7% Record industry U.S U.S. tape plans $139 $125 1
Slide 18: Supporting Growth with Appropriate Resources
Supporting Growth with Appropriate Resources 4Q25 non-GAAP operating expense (US$ in million) +8% vs. 2026 Non - GAAP Operating Expense Guidance 1,2 +13% adjusted net $2.455B - $2.535B revenue growth 2025 non-GAAP operating expense (US$ in million) 1 +7% vs. 2026 Non - GAAP Tax Rate Guidance 22.5% -
Slide 19: Continued deleveraging with 2.9x gross leverage at the end of 4Q25
Continued deleveraging with 2.9x gross leverage at the end of 4Q25 Gross Leverage Ratio Bridge 1 (US$ millions) Beg - of- period End - of- period Gross debt $9,098 $(100) $6 $9,004 LTM EBITDA $2,942 $121 $3,063 $2,194M / $537M 109% $601M / $153M $826M / $100M $616M / $286M Free cash flow Free cash f
Slide 20: Appendix
Appendix Nasdaq - Internal Use
Slide 21: New Listings Win Rate Metric
New Listings Win Rate Metric • This quarter we are introducing an updated Listings win - rate methodology that better reflects the different pathways through which operating companies that seek to join the public markets can take to list on an exchange. The methodology better reflects the modern U.S
Slide 22: Medium-Term Outlook
Medium -Term Outlook 1 Medium -Term Growth Outlook 2 Data and Listing Services Low single digits Workflow and Insights High single/low double digits Index Mid - to- high single digits Capital Access Platforms 5 - 8% Fin Crime Mgmt Technology Mid 20s Regulatory Technology High single/low double digit
Slide 23: Total Variance Impacts: 4Q25
Total Variance Impacts: 4Q25 Non - GAAP Total Variance FX Impact Organic Impact 1 Divestitures impact (US$ millions, except per share data) 4Q25 4Q24 $M % $M % $M % $M % Data and Listing Services $ 211 $ 192 $ 19 10% $ — —% $ 5 2% $ 14 7% Index 232 188 44 23% — —% — —% 44 23% Workflow and Insights 1
Slide 24: Total Variance Net Impacts: 2025
Total Variance Net Impacts: 2025 Non - GAAP 1 Total Variance Divestitures impact FX & Other Impact 2 Adjusted Impact 3 (US$ millions) 2025 2024 $M % $M % $M % $M % Data and Listing Services $ 804 $ 754 $50 7 %$ — — %$ 9 1%$ 41 5 % Index 827 706 121 17 % — — % (16) — % 137 20 % Workflow and Insights
Slide 25: ARR Summary
ARR Summary ARR Trends (US$ in millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Data and Listing Services $764 $743 $726 $701 $691 Workflow and Insights 1 495 491 480 472 473 Index 81 81 80 79 76 Capital Access Platforms 1 1,340 1,315 1,286 1,252 1,240 Financial Crime Technology Management 329 316 308 295 278 Reg
Slide 26: Non-GAAP Operating Income and Margin
Non - GAAP Operating Income and Margin Co (US$ in millions) 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 lu 2025 2024 2023 2022 2021 mn 1 Capital Access Platforms Net revenue $572 $538 $520 $508 $504 $494 $474 $472 $2,137 $1,945 $1,744 $1,658 $1,547 Expenses 234 214 213 202 212 203 202 192 863 808 771 74
Slide 27: Debt Overview
Debt Overview Well- Laddered Debt Maturities $8.4B Net Debt (US$ millions) 12/31/2025 9/30/2025 Maturity Date 3.85% notes $431 $431 Jun 2026 5.35% Notes $793 $875 Jun 2028 1.75% Euro notes $702 $701 Mar 2029 0.875% Euro notes $702 $701 Feb 2030 1.65% notes $646 $646 Jan 2031 4.5% Euro notes $874 $87
Slide 28: Historical Cash Flow / Uses of Cash Flow
Historical Cash Flow / Uses of Cash Flow Free Cash Flow Calculations 2025 4Q25 2024 2023 2022 2022 - 2025 (US$ in millions) $2,194M Cash flow from operations $2,255 $625 $1,939 $1,696 $1,706 $7,596 FY 2025 free cash flow Capital expenditure (266) (89) (207) (158) (152) (783) excluding Section 31 Cas
Slide 29: Non-GAAP Solutions Organic Revenue Growth
Non - GAAP Solutions Organic Revenue Growth Current Prior year Total variance Organic impact 1 Solutions period period Other impact (US$ in Millions) $ $ $ % $ % $ % 4Q25 1,071 949 122 13% 117 12% 5 —% 3Q25 1,003 906 97 11% 95 10% 2 —% 2Q25 991 901 90 10% 86 10% 4 —% 1Q25 947 871 76 9% 76 9% — —% 20
Slide 30: Market Services Additional Detail
Market Services Additional Detail (US$ in millions) 4Q25 3Q25 2Q25 1Q25 4Q24 U.S. Equity Derivatives Trading $117 $124 $114 $108 $106 U.S. Cash Equity Trading 105 99 105 93 88 European Cash Equity Trading 29 28 30 28 25 U.S. Tape Plans 36 33 37 33 30 Other 1 24 19 20 19 19 Market Services net revenu
Slide 31: Market Services Organic Revenue Growth
Market Services Organic Revenue Growth Market Services Segment Total variance Organic impact Other impact 1 (US$ in millions) Current Prior year $ % $ % $ % period period 4Q25 311 268 43 16% 37 14% 6 2% 3Q25 303 266 37 14% 33 13% 4 1% 2Q25 306 250 56 22% 52 21% 4 2% 1Q25 281 237 44 19% 46 19% (2) (1
Slide 32: 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 32