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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“our stock listing will be moving to NASDAQ, aligning with the people-led tech-powered approach of our long-term strategy”
Walmart is moving its stock listing to Nasdaq, a marquee listing win for the exchange.
“Nasdaq realized a 30% improvement in accuracy and response time in its AI platform's search capabilities.”
Nasdaq achieved a 30% improvement in accuracy and response time in its AI search platform using NVIDIA's technology.
“For example, Nasdaq is using foundry to build agents that help customers prepare for Board meetings, cutting prep time by up to 25%.”
Nasdaq built agents on Azure AI Foundry that cut board-meeting prep time by up to 25%, an early quantified Foundry Agent Service win.
“The basis points that we noted, which would be to both NASDAQ and then the custodian fees to Bank of New York plus the discretionary marketing expense, which totaled to approximately 14 basis point, that would all be in third-party distribution, service and advisory expense.”
Invesco pays Nasdaq a licensing fee on the QQQ ETF, a recurring revenue stream for Nasdaq's index-licensing business.
“we were able to announce a 10-year extension of CME Group's exclusive license to offer futures and options on futures based on the NASDAQ 100 and other NASDAQ indexes. This license will go through 2039.”
CME extended its exclusive licensing partnership with Nasdaq to offer futures and options on the NASDAQ 100 and other Nasdaq indexes through 2039, a long-term revenue-sharing arrangement for Nasdaq's index business.
“We continue to help organizations of all sizes accelerate their transition to the cloud, signing new agreements with companies, including PepsiCo, Airbnb, Peloton, NASDAQ, London Stock Exchange, Nissan Motor, GitLab, SAP, Warner Bros. Discovery, 12 Labs, FICO, Iberia Airlines, SK Telecom and NatWest.”
Nasdaq signed a new AWS cloud agreement this quarter, one of several notable enterprise wins AWS cited.
“We signed new AWS agreements with companies including Adobe, Uber, Nasdaq, Ericsson, Fujitsu, Cargill, Mitsubishi Electric Corporation, General Dynamics Information Technology, GE Vernova, Booz Allen Hamilton, NextEra Energy, Publicis Sapient, Elastic, Netsmart, and many others.”
Nasdaq signed a new AWS cloud agreement this quarter, part of AWS's continued enterprise customer momentum.
“NASDAQ said that they’re going to open up a regional headquarters in Dallas.”
An analyst cites Nasdaq's planned Dallas headquarters as part of a broader competitive shift of exchange activity toward Texas, alongside ICE's new NYSE Texas venue.
“there were some recent headlines on Nasdaq launching single stock zero day option.”
An analyst raises Nasdaq's launch of single-stock zero-day options as a competitive threat to Cboe's index-option franchise, prompting management to defend Cboe's liquidity-depth moat.
“we closed on the strategic acquisition of Simplitium from NASDAQ, a SaaS platform that will be part of our Extreme Events business”
Verisk acquired the Simplitium SaaS platform from Nasdaq, adding a catastrophe-modeling ecosystem asset to its Extreme Events business.
“the weighting of some of these MAG seven names is greater in your indices relative to a competitor like the S&P 500”
An analyst compares Nasdaq's indices to the S&P 500 (an S&P Global index) on MAG-7 weighting, framing it as a competing benchmark.
“In our Nordic markets, we also welcomed the largest IPO in Europe, Verisure.”
Verisure listed on Nasdaq's Nordic markets as the largest IPO in Europe.
“We secured three of the five top IPOs of 2025, including Medline, the largest IPO of the year.”
Medline listed on Nasdaq as the largest IPO of 2025, a new-listing win.
“This milestone capped a record year for transfers, including Shopify, Kimberly Clark, and Thomson Reuters.”
Thomson Reuters transferred its listing to Nasdaq during a record switch year.
“This milestone capped a record year for transfers, including Shopify, Kimberly Clark, and Thomson Reuters.”
Kimberly-Clark switched its listing to Nasdaq during a record year for listing transfers.
“This milestone capped a record year for transfers, including Shopify, Kimberly Clark, and Thomson Reuters.”
Shopify was among the companies that transferred their listing to Nasdaq during a record switch year.
“reinforced by Walmart's historic transfer to Nasdaq, the largest exchange switch ever completed.”
Walmart transferred its listing to Nasdaq, described as the largest exchange switch ever completed.
“I have to say the new app that they've delivered that Broadridge has delivered for a proxy voting is actually quite good and easy to use.”
Discussing the proxy market dominated by one large player, Nasdaq's CEO praises Broadridge's new proxy-voting app as easy to use.
“the infrastructure providers like DTCC, like other transfer agencies, other providers, all of our market participants to allow for an equity to be tokenized at the CUSIP.”
Nasdaq is engaging DTCC as a core infrastructure partner in its tokenized-equities filing.
“We're seeing early momentum in Calypso's fully managed service offering on AWS, which drove additional upsells and a major cross-sell into a leading market infrastructure operator during the quarter.”
Nasdaq runs Calypso's fully managed service on AWS, positioning Amazon's cloud as the infrastructure enabling FinTech upsells.
“Additionally, we deepened our partnership with Revolut after they consolidated their UK and European regulatory reporting onto our cloud-managed platform this quarter.”
Revolut consolidated its UK and European regulatory reporting onto Nasdaq's cloud platform, a client-expansion read-through.
“We continue to build powerful partnerships, including with Juniper Square and LSEG, reinforcing our strategy to embed Nasdaq's investment data in investment workflows across both public and private markets.”
Nasdaq partners with LSEG (London Stock Exchange Group) to embed investment data across public and private market workflows.
Nasdaq closed FY2025 with first-ever $5 billion in annual revenue and $4 billion in solutions revenue, as net revenue grew 13% in Q4 with record market services from historic volumes and the Index franchise generated $99 billion in net inflows. Management introduced FY2026 expense guidance of $2.455-2.535 billion at 7% organic growth midpoint, while FinTech achieved 11% annual growth with every GSIB now a client and dual rating upgrades from S&P and Fitch validated the post-Adenza transformation.
Revenue Growth | Demand | Innovation & R&D | Regulation Policy | Subscriber Growth | Competitive Dynamics | M&A | Cloud & AI | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 6 | 1 | 3 | 2 | 2 | 1 | 1 |
| 2025Q1 | 4 | 2 | 1 | 1 | 2 | 2 | 1 | 1 |
| 2025Q2 | 8 | 5 | 4 | 2 | 3 | 2 | 1 | 1 |
| 2025Q3 | 2 | 4 | 5 | 2 | 2 | 1 | 2 | 2 |
| 2025Q4 | 3 | 4 | 6 | 4 | 2 | 3 | 2 | |
| 2026Q1 | 6 | 4 | 6 | 2 | 2 | 2 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 7 | 4 | 8 | 2 | 3 | 6 |
| Demand | 6 | 2 | 5 | 4 | 4 | 4 |
| Innovation & R&D | 1 | 1 | 4 | 5 | 6 | 6 |
| Regulation Policy | 3 | 1 | 2 | 2 | 4 | 2 |
| Subscriber Growth | 2 | 2 | 3 | 2 | 2 | 2 |
| Competitive Dynamics | 2 | 2 | 2 | 1 | 3 | 2 |
| M&A | 1 | 1 | 1 | 2 | 2 | 1 |
| Cloud & AI | 1 | 1 | 1 | 2 | 2 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ashish Sabadra | RBC Capital Markets | 6 (17%) |
| Dan Fannon | Jefferies | 6 (0%) |
| Alex Blostein | Goldman Sachs |
| Owen Lau | Clear Street | 6 (83%) |
| Alex Kramm | UBS | 6 (33%) |
| Brian Bedell | Deutsche Bank | 6 (0%) |
| Ben Budish | Barclays | 6 (17%) |
| Jeff Schmitt | William Blair | 5 (0%) |
| Patrick Moley | Piper Sandler | 5 (40%) |
| Mike Cho | JPMorgan | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| UBS | 1 | 6 (33%) |
| Clear Street | 1 | 6 (83%) |
| Deutsche Bank | 1 | 6 (0%) |
| RBC Capital Markets | 1 | 6 (17%) |
| Goldman Sachs | 1 | 6 (0%) |
| Jefferies | 1 | 6 (0%) |
| Barclays | 1 | 6 (17%) |
| Bank of America | 2 | 5 (60%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
NDAQ Nasdaq, Inc. | 8 | +2.3% | |
| CBOE Cboe Global Markets | 10 | +6.5% | |
| CME CME Group | 7 | +14.5% | |
| COIN Coinbase Global | 1 | -30.5% | |
| FDS FactSet | 5 | +6.4% | |
| ICE Intercontinental Exchange | 9 | +13.5% | |
| MCO Moody's Corporation | 7 | +8.1% | |
| MSCI MSCI | 8 | +14.1% | |
| SPGI S&P Global | 8 | +10.4% |