Nasdaq, Inc. (NDAQ) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

At this time, all participants are in the 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 one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. In the interest of time, please limit yourselves to one question. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker, Atul Garrett, Senior Vice President and Investor Relations Officer. Please go ahead. Good morning, everyone, and thank you for joining us today to discuss NASDAQ's fourth quarter and full year 2025 financial results. On the line are Adina 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 on 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 a non-GAAP basis, excluding the impact of best shares and the impact of changes of FX. Full-year comparisons also exclude a previously announced one-time revenue benefit and index during the first quarter of 2024. Definitions and reconciliations of U.S. GAAP to non-GAAP plus adjustments can be found in our earnings presentation as well as in a file located in the financial section of our investor relations website...