Nasdaq, Inc. (NDAQ) Presents at Goldman Sachs 2025 U.S. Financial Services Conference Transcript

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Financial Services Conference December 10, 2025 1:00 PM EST Company Participants Sarah Youngwood - Executive VP & CFO Conference Call Participants Alexander Blostein - Goldman Sachs Group, Inc., Research Division Presentation Operator The following session is not open to the press. Alexander BlosteinGoldman Sachs Group, Inc., Research Division Okay. Great. We'll get started with our next session. Thank you, everybody. Thank you for joining us. It's my pleasure to welcome Sarah Youngwood, CFO of Nasdaq. Over the course of 2025, NASDAQ continued to deliver on multiple fronts sustaining a double-digit organic revenue growth, driving positive operating leverage and returning capital to shareholders, with capital markets showing an improvement over the course of the year, Nasdaq is entering 2026 on a strong footing. Lots to discuss during our next 30 minutes or so. So why don't we just jump right into it? Sarah, thanks so much for being here. Always great to spend time with you. I would love to start with just the priorities for next year. You guys are coming off of a -- clearly, a solid year for Nasdaq in 2025, just to put some numbers around that solutions revenue tracking up 10% year-over-year, so well within your 8% to 11% growth target. We've seen really healthy volumes, perhaps that's outside of your control, but that's been helpful. Really good expense management and progress on deleveraging. So at a high level, how are you thinking about starting with solutions growth into 2026 and maybe which of the businesses are showing the most growth momentum? Question-and-Answer Session Sarah YoungwoodExecutive VP & CFO So first of all, we do love all of our businesses. So if you take a step back, we're a rule of 60 business. Rule of 60 means we both have Recommended For You