纳斯达克 (NDAQ.US) 2026年第一季度业绩电话会

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会议摘要

NASDAQ reported robust Q1 2026 financial results with a 13% net revenue increase and 14% solutions revenue growth, reaching $1.4 billion and $1.1 billion respectively. The company highlighted strong performance in capital markets technology and financial technology divisions, with significant growth in trade management services, market technology, and ARR. NASDAQ is advancing AI capabilities for $100 million in efficiencies by 2027, preparing for 24/7 markets, and pioneering tokenized securities trading. The index business saw record volumes and new licensing agreements, while market services division achieved record net revenue driven by US equity options and European markets volumes.

会议速览

Nasdaq's Q1 2026 Results Highlight Strong Growth and Platform Strength

Nasdaq reported robust Q1 2026 financial results, showcasing the highest organic growth in years across net revenue, solutions, and operating income. The company emphasized its role as a trusted transformation partner, leveraging its integrated solutions, data, and engineering excellence. Amid global economic complexities and AI-driven investments, Nasdaq's platform demonstrated resilience and growth, particularly in the Financial Technology division, reflecting strong client engagement and market adaptability.

Nasdaq's Strategic Growth and Innovation in Financial Technology and Capital Markets

Nasdaq reports robust revenue growth across divisions, emphasizing smart regulation, cloud-based solutions, and AI features. The company highlights its leadership in financial technology, data, listings, and market services, reflecting disciplined execution of its expand, evolve, and transform framework.

Nasdaq's Q1 Highlights: Record Data Business Growth, Strong IPO Activity, and Index Innovations

Nasdaq welcomed 15 new operating companies, delivered strong revenue growth in data business, achieved $79 billion in net inflows for index franchise, and expanded distribution of Nasdaq 100 with new partners, showcasing robust performance and innovation in Q1.

Record Revenue Growth in Financial Tech Driven by AI and Cloud Solutions

Nasdaq's financial technology division achieved 18% record revenue growth, fueled by global demand for mission-critical technologies. The company's 'one Nasdaq' strategy led to strong bookings, with 50% year-over-year growth in ACV bookings, mainly from cloud-based solutions. A key expansion with a Tier 1 bank client showcased the integration of cloud and AI in regulatory and risk management solutions, highlighting the platform's innovative capabilities.

Strong Q1 Performance and Growth in Financial Crime Management Technology and Cloud Solutions

Nasdaq Verifin achieved 21% revenue growth with 58 new SMB clients, while strategic partnerships and AI innovation led to advancements in detecting drug trafficking. Axim technology saw 90% of ACV bookings for cloud solutions, with growing interest in AI tools like Reg Copilot, and secured new clients for regulatory reporting across regions.

Strong Growth in Surveillance, Enhanced AI Platform for Risk Detection

Experienced robust growth through upsells and renewals, including a global bank, with a focus on expanding core products. Introducing Gen AI platform extension for faster, more effective risk detection by linking news, market events to trade data.

Nasdaq's Q1 Success: Robust Demand, Innovative Solutions, and Expansion in Global Markets

Nasdaq delivered strong Q1 results, driven by broad-based growth in trade management services, advancements in market technology with cloud-hosted trading and Eclipse product suite, and record volumes in US and European markets. The company is poised to lead in short-dated options and index options, with plans to extend market operations to 2035, enhance access to tokenized securities, and advance the Nasdaq Equity Token design, focusing on modernization and trusted infrastructure for a digital economy.

NASDA's Q1 2026 Results: Strong Revenue Growth and Enhanced Profit Margins Amid Market Volatility

The dialogue highlights NASDA's Q1 2026 financial achievements, featuring 13% net revenue growth, a 14% increase in solutions revenue, and record financial technology revenue growth of 18%. It emphasizes a 21% rise in tdps scores, robust execution by teams, and an operating margin of 57%, reflecting durable growth strategies and strong financial performance despite a volatile macro environment.

Q1 Financials Review: Revenue Growth, Margins, and Strategic Investments

The dialogue covers Q1 revenue achievements, highlighting growth in various segments, operational margin improvements, and strategic investments in technology and people. It details revenue increases in capital access platforms, financial technology, and market services, driven by strong market volumes, innovative solutions, and effective market share management. The summary also notes updated expense guidance and future outlook, emphasizing ongoing commitment to innovation and client engagement.

Nasdaq's Q1 Free Cash Flow and Dividend Increase Announcement

Nasdaq reported Q1 free cash flow of $629 million and a 12-month total of $2.1 billion. The company raised its quarterly dividend by 4 cents to 31 cents per share, reflecting a 29% annualized payout ratio, with the increase effective in June.

Nasdaq's Strategic Growth and AI Adoption Insights

Discusses Nasdaq's robust financial performance, strategic share repurchases, and the company's role as a trusted transformation partner. Highlights the integration of agentic AI capabilities within the Nasdaq platform and explores client growth in AI adoption, emphasizing the platform's adaptability and market leadership.

Nasdaq's Strategic AI Adoption for $100M Expense Efficiency and Enhanced Client Services by 2027

Discusses Nasdaq's internal AI program aimed at achieving $100 million in expense efficiencies by 2027, focusing on automating product development, client interactions, and regulatory reporting. Highlights AI's role in speeding up capability delivery, enhancing code quality, and embedding AI in various operational areas, including finance, marketing, and legal, to improve client value and operational efficiency.

Strong Momentum in FinTech: Trade Management, Collateral, and Market Technology Demand

Discusses robust growth in FinTech, highlighting increased demand for trade management services, collateral management, and market technology. Expansion in data center capabilities and new innovations are driving client interest, with strong international and domestic market opportunities. Modernization efforts and AI integration are key areas of focus, contributing to sustained momentum in the capital markets tech sector.

Nasdaq's Global Market Data Demand Expansion and Future Prospects

Nasdaq's market data demand has seen a broad-based increase internationally over the past 5-6 years, driven by growing interest in U.S. listed companies from global investors and the expansion of retail investors worldwide. This trend has accelerated in the last year, with firms preparing for 2035 trading in lit markets, boosting demand for enterprise license deals globally.

Analysis of Index Revenue Decline Amid Strong Volumes and Fee Reset Dynamics

Discussed factors behind index revenue drop, attributing it to a mix shift in futures towards micro volume with lower capture rates and a transition towards more institutional trades. Clarified the annual reset of CMA fees post-QE, indicating higher tiers will influence Q2 revenues.

Collaborative Efforts Towards First Ed Trading Trade Amidst Remaining Hurdles

Focuses on collaborative work with DTCC and industry to ensure organized and seamless first trade execution, overcoming hurdles through system advancements and testing.

Always-On Markets Drive Demand for 24/7 Fintech Services and Infrastructure

The dialogue highlights the increasing demand for always-on market services and infrastructure among clients, particularly in surveillance, trading, collateral management, and trade management services, as firms adapt to global market hours and modernize their operations for 2025.

Expanding Index Business: Nasdaq's Strategic Partnerships and Future Growth

Discusses Nasdaq's strategic alliances with BlackRock and State Street to enhance index distribution, focusing on leveraging their investor bases for growth. Highlights the importance of maintaining pricing consistency while expanding global and institutional reach. Emphasizes innovation in thematic indexes and collaborative marketing efforts with partners for new product launches.

Cybersecurity Risks & Opportunities of AI Models, and the Transformation of IPOs through Tokenization

Discussed cybersecurity risks posed by AI models, emphasizing rigorous testing and partnerships with advanced cyber companies. Explored the potential of tokenization to revolutionize IPOs by enhancing global retail access and reducing traditional frictions and costs.

Exploring Tokenization and Market Services in Public Market Opportunities

Discusses various paths for companies to go public, including direct listings, SPAC combinations, and IPOs. Highlights the potential of tokenization to enhance investor engagement and reach, particularly among retail investors, without fundamentally altering the IPO process. Also touches on market services akin to prediction markets, emphasizing their role in expanding investor interaction and potential market dynamics.

Introducing Regulated Prediction Market: Outcome-Oriented Options for Nasdaq 100 Performance

Discusses the development of a regulated prediction market construct, specifically an outcome-oriented option for forecasting the future performance of the Nasdaq 100. Highlights collaboration with OCC for risk and margin model oversight, aiming to integrate prediction market dynamics into a controlled, regulated environment.

Strong ECV Momentum and Pipeline for Tier 1, 2 Clients with Midterm Growth Outlook

Discusses robust ECV growth, strong pipeline engagement, and anticipation of midterm growth as implementations progress, highlighting significant enterprise signings and ongoing client modernization efforts.

Analysis of Capital Market Disclosures and Impact of Cancellations on Growth

Discussion focused on the effect of recent cancellations on quarterly growth, clarifying the distinction between market operator and bank M&A impacts. Emphasized that these cancellations are not indicative of future trends, and termination fees outweigh the actual ACV value differences, with minimal ongoing impact anticipated.

Nasdaq Prepares for 2035 Trading Launch: Infrastructure, Education, and Global Expansion

Updates on Nasdaq's 2035 trading initiative include system readiness, global market expansion, investor education, and enhanced market operations to support around-the-clock trading. The launch aims to capitalize on existing overnight volumes, integrate with the consolidated feed, and extend market watch hours. A holistic approach involving technology, operations, and education is expected to gradually increase investor interest and liquidity across the 24-hour trading cycle.

Nasdaq's CEO Highlights Strategy Success and Momentum in Closing Remarks

The CEO concludes the call by expressing satisfaction with Nasdaq's performance and momentum, emphasizing the execution of strategy to modernize markets, support innovation, and build trust in the financial system.

要点回答

Q：What trends are influencing the global economy and financial markets?

A：Trends influencing the global economy and financial markets include an accelerated pace of technological change, persistent geopolitical tensions, concerns about the stability of the private credit market, and overall complexity across the global economy. In the U.S., softer labor conditions and inflation pressures are dampening spending from higher-income households, while AI investment continues to be a meaningful driver of economic activity.

Q：How did Nasdaq's divisions contribute to the overall financial performance?

A：Nasdaq's overall financial performance was driven by various divisions: capital access platforms grew 10% in revenue and 7% in annualized recurring revenue (ARR), financial technology division grew 18% in revenue and 16% in ARR, and market services grew 10% in net revenue. Expenses were up 8% year over year, operating income grew 17%, and diluted EPS grew 21% within the divisions.

Q：What significant changes occurred in Nasdaq's listing franchise?

A：In Nasdaq's U.S. Listings franchise, 15 new operating companies with over $5 billion in proceeds were welcomed during the quarter, including seven of the top 10 IPOs. The company prepared for market entry with companies in its pipeline, saw strong engagement from issuers, and remained well-positioned to support second-quarter activity. The data business showed strong revenue growth with 32% year-over-year growth in enterprise license agreements.

Q：What were the key figures for Nasdaq's index franchise?

A：The index franchise experienced $79 billion in net inflows over the last 12 months, including $6 billion in the quarter, with an exit ETP assets under management (AUM) of $836 billion. The average AUM this quarter increased 32% year over year to $877 billion, with modestly positive net inflows impacted by sector rotation and risk-off sentiment due to market uncertainty in March. The outlook is positive, with $1 billion of net ETP inflows in the second quarter and strong product innovation and institutional adoption contributing to 30% growth in insurance-related revenues.

Q：How did Nasdaq's analytics business perform and what is its strategic focus?

A：Nasdaq's analytics business grew revenue by 6%, driven by continued strength in analytics which benefits from powerful network effects and sustained demand in volatile markets. The business is expanding the reach of its data assets to meet evolving client needs and enhance value for asset owners and managers, including in private markets. The integration of data analytics with investment data supports clients' AI strategy investments, with AI-ready data adoption by global asset managers and institutional investors worth over $9 trillion in assets under management.

Q：What is the state of AI adoption within Nasdaq's corporate solutions?

A：AI adoption within Nasdaq's corporate solutions is strong, with 74% of IR inset users and 51% of board advantages users leveraging AI solutions. However, the corporate buying environment remains muted, influenced by lower IPO activity compared to historical levels.

Q：How did financial technology division contribute to Nasdaq's revenue growth?

A：The financial technology division's revenue growth of 18% was driven by sustained global demand for mission-critical technologies. The division booked strong performance with new clients and cross-sells, supported clients' transition to cloud-based solutions, and had a 50% year-over-year growth in ACB bookings.

Q：What strategic partnerships and innovations are advancing Nasdaq's financial crime management technology?

A：Nasdaq Verifin delivered another strong quarter with 21% revenue growth and expanded its platform through strategic partnerships, such as the one with Fis. The company's genetic AI workforce, now deployed by over 500 clients, is up 40% since investor day, and the upcoming launch of a new drug trafficking analytic will incorporate generative AI to help clients detect potential drug processing activity more effectively.

Q：How is the new client in Europe for consolidated reporting across capital liquidity and financial regulatory requirements significant?

A：The new client in Europe for consolidated reporting across capital liquidity and financial regulatory requirements highlights continued momentum in the expansion across the continent.

Q：What are the benefits from investments in cloud capabilities?

A：The benefits from investments in cloud capabilities include approximately 90% of ASL ACV bookings in Q1 for cloud-based solutions and strong interest in AI solutions within Axiom Cell.

Q：What was the growth in the products detailed during Investor Day and what new feature will be launched in the second quarter?

A：The products detailed during Investor Day experienced strong growth supported by upsells and renewals, including a renewal of a global one bank. A new feature that will be launched in the second quarter is the Gen AI platform extension, which connects news and market events to trade data to assist clients in uncovering risk faster and more effectively.

Q：What was the performance in the capital market technology segment and what new business was mentioned?

A：The capital market technology segment delivered an excellent quarter with strong demand across trade management services, a new cloud-hosted trading client for tokenized assets, and progress on the rollout of the Eclipse product suite with two significant client implementations for trading and clearing.

Q：How did the Nasdaq deliver on its strategy related to tokenized equations and what is the proposed approach?

A：The Nasdaq is advancing the Nasdaq Equity Token design, which puts issuers at the center of ownership rights, to modernize and give greater control over how shares are represented and managed in tokenized form. They are also working on an infrastructure to launch tokenized equities.

Q：What are the company's expectations for the future and its confidence in creating value?

A：The company expects to provide early benefits of the SEC'sSq to in the first part of 2027. They remain confident in their ability to create durable value for clients and long-term value for shareholders due to the shaping forces of the global financial system and their position at the center of the financial ecosystem.

Q：What were the results of the first quarter of 2026 for NASDA?

A：In the first quarter of 2026, NASDA delivered exceptional results with solutions revenue growth of 14%, record financial technology revenue growth of 18%, and new TDPS scores of 21%.

Q：What is the quarterly revenue growth and what factors drove it?

A：The quarterly net revenue growth was 13%, driven by a 10 percentage point increase from new and existing clients and innovation, and 1 percentage point from data factors related to higher overall volumes in market services and index derivatives.

Q：What were the drivers for the revenue growth in the capital access platforms and what did the quarterly operating margin achieve?

A：Revenue in the capital access platforms grew 10% to $565 million with strong data and listing revenue growth of 9% and AR of 8%. The quarterly operating margin achieved was 62%, which was a 2 percentage point increase versus the prior year period.

Q：What is the significance of the revenue growth in the financial technology segment?

A：The revenue growth in the financial technology segment was $517 million, up 18%, driven by strong demand across all sub-segments and high levels of client engagement. The division signed 64 new clients, 85 up sales, and one cost sale in the quarter.

Q：What was the revenue growth and operating margin in the market services segment?

A：The market services segment had record net revenue of $317 million, up 10%, driven by record market volumes. The quarterly operating margin for the division was 63%, which was an increase of 2 percentage points versus the prior year period.

Q：What was the reason for the updated non GAAP expense guidance and what is the expectation for the second quarter in terms of expense growth?

A：The updated non GAAP expense guidance was issued due to the strong revenue performance experienced. The guidance assumes an FX impact consistent with previous expectations. For the second quarter, there is an expectation of a higher expense growth rate compared to the first quarter, partly driven by the timing of the annual compensation cycle.

Q：What was the impact of market volatility on Nasdaq's share repurchases?

A：Market volatility was leveraged by Nasdaq to accelerate their share repurchase program. In the first quarter, Nasdaq repurchased $548 million, which significantly exceeded the total repurchases of $6.6 million from all of 2025. These actions, along with the dividend payments, returned over $700 million to shareholders in the first quarter.

Q：How are Nasdaq's AI capabilities structured, and what are the expected benefits to clients and the company?

A：Nasdaq has an internal program aimed at driving AI adoption within the company's operations, focusing on key areas such as product development lifecycle automation, client interaction management, and operations in finance, marketing, and legal. The goal is to achieve $100 million in expense efficiencies by the end of 2027 through these efforts. The automation is expected to speed up the delivery of new capabilities to clients and enhance the cleanliness and purposefulness of the code delivered, allowing for more creative product development.

Q：In which areas is Nasdaq seeing the greatest uptake of AI and financial crime management?

A：Nasdaq is seeing significant uptake of AI in financial crime management due to the potential for automation in workflows associated with this area. This includes work related to regulatory reports and surveillance. Clients have expressed benefit from these AI-driven improvements, particularly in managing risk and regulatory compliance.

Q：What are the areas of focus for Nasdaq's AI capabilities and how are clients benefiting from these offerings?

A：Nasdaq's AI capabilities are primarily focused on offering cloud-based solutions that provide automations beneficial for regulatory reporting. Clients are signing up for these services, and some products are being tailored to ensure value is recognized upon renewal. AI is deeply embedded in solutions like document management and board materials, enhancing their digital transformation.

Q：What is the current momentum in the capital markets tech business, and which areas are driving this growth?

A：The capital markets tech business at Nasdaq is experiencing good momentum across three key areas: trade management services, collateral management, and international market technology. Growth is being driven by increasing interest in connectivity services for trading within Nasdaq exchanges, strong demand for collateral management solutions, and the modernization of core client solutions towards next-generation trading and clearing. Additionally, there is a focus on helping clients leverage AI for data management infrastructure modernization.

Q：What factors have driven the global expansion of Nasdaq's market data?

A：The global expansion of Nasdaq's market data has been driven by the increased demand for the companies listed on Nasdaq and the broader US equity markets from global investors, as well as the growth and expansion of retail investors worldwide. This expansion has resulted in retail brokerage platforms seeking real-time access to market data from Nasdaq's markets, leading to a rise in enterprise license deals.

Q：What is the anticipated impact of the CMA fee reset on Nasdaq's revenues?

A：The anticipated impact of the CMA fee reset is a shift to a higher fee tier as of the end of the quarter, which will start contributing to revenues at a higher level in the following quarter (Q2).

Q：What hurdles must Nasdaq overcome before executing the first trade?

A：Nasdaq is actively working with DTCC and the industry to ensure a coordinated and organized approach to executing the first trade. DTCC has significant efforts underway and is expressing interest in achieving the first trade before the end of the year. The goal is to advance systems and conduct thorough testing to ensure a seamless end-to-end process.

Q：How could the always-on markets data impact Nasdaq's Fintech platform and client businesses?

A：The always-on markets data is expected to drive growth across Nasdaq's Fintech platform as clients increasingly need to respond in real-time. This dynamic is impacting businesses such as surveillance, trading, collateral management, risk management, capital management, and trade infrastructure. The expansion is anticipated to support more co-location capabilities as firms prepare for 2035 markets.

Q：What are the potential benefits of licensing Nasdaq's indexes to BlackRock and State Street?

A：The potential benefits of licensing Nasdaq's indexes to BlackRock and State Street include gaining access to new investor segments within their unique universes. BlackRock and State Street will be able to distribute the Nasdaq 100 through their existing channels to institutional and retail investors. This will ensure seamless access to these products for the end-users and is seen as a new chapter of growth for the Nasdaq 100.

Q：What are the potential impacts of tokenization on the IPO process and global retail access?

A：Tokenization may not fundamentally transform the IPO process itself, but it can improve engagement with retail investors and potentially reduce friction and costs associated with traditional IPOs. However, the speaker does not envision tokenization as a means to unlock and expand investor reach during the IPO process.

Q：What does the firm's market services involve, specifically regarding outcome-oriented or event options?

A：The firm's market services involve outcome-oriented or event options, which allow predicting the future performance of an index like the Nasdaq 100. These options create a binary outcome on whether the index will go up or down, bringing the concept of a prediction market into a regulated environment. The firm is seeking approval from the SEC for these options.

Q：Can you discuss the current status and future of tier 1 and tier 2 client implementations?

A：The firm has experienced strong momentum in enterprise signings, with more than double the number of signings in the past year compared to the prior year. A significant portion of these signings occurred in the second half of last year, and implementation is ongoing for many of those clients. The firm anticipates that benefits from these deals will start to materialize later in the year. The pipeline is strong with various clients in different stages of engagement, from proof of concept to contract negotiations.

Q：What are the effects of recent market changes on growth, and how do you expect the future to be impacted by M&A activity?

A：The recent market changes have had a positive impact on the firm's growth this quarter, as mentioned by Sarah. The impact is mainly due to market operators and is distinct from bank M&A, which is not a significant factor. The firm does not expect to see a turn in these M&A-related effects, and while there are some terminations, the associated termination fees received are not commensurate with the actual value difference.

Q：Can you update us on the progress towards 2035 trading and what milestones are expected in the first year?

A：The firm is preparing for the launch of 2035 trading on December 6. Nasdaq will launch its venue and the Consolidated Audit Trail, ensuring that all national best bid and offer and last sale data are available. The firm is also expanding the hours of market operations and support teams. An important aspect of this initiative is investor education to ensure that retail brokers and their clients are prepared to trade new securities. The goal is to facilitate global trading in U.S. equities throughout the 24-hour period, mirroring the existing 24/5 trading for Nasdaq futures on the S&P 500 index. This will be an evolution that is expected to take time to achieve full penetration.

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