Nasdaq, Inc. (NDAQ) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and thank you for standing by. Welcome to NASVAC third quarter 2025 results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your first speaker, Atul Garrett, Senior Vice President and Investor Relations. Please go ahead. Good morning, everyone, and thank you for joining us today to discuss NASDAQ's third quarter 2025 financial results. On the line are Dana Friedman, our Chair and Chief Executive Officer, Sarah Youngwood, our Chief Financial Officer, and other members of the management team. After prepared remarks, we'll open the line for Q&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'll be making forward-looking statements in this call that involve risks. A summary of these risks is contained in our press release and a more complete description in our annual report on Form 10-K. We will discuss our financial performance on the non-GAAP basics, excluding the impact of a divestiture and the impact of changes in ethics. Adjusted and organic year-over-year changes reflect the $32 million revenue adjustment in the third quarter of 2024, but a change to the accounting treatment of revenues associated with Axiom SL on-premises subscription contracts, which are included in the financial technology segment. Definitions and reconciliations of U...