Nasdaq’s fourth quarter exceeded Wall Street’s expectations, with management attributing the strong performance to robust growth in its solutions businesses and record activity across its U.S. and European exchanges. CEO Adena Friedman pointed to milestones in index inflows, increased cross-selling in financial technology, and significant new listings activity as core drivers. Management also highlighted the company’s progress in embedding artificial intelligence within its platform, as well as disciplined expense management, despite a more challenging margin environment.

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While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Nasdaq’s Q4 Earnings Call

• Patrick Moley (Piper Sandler) asked about the impact of expanded options expirations on market volumes. CEO Adena Friedman noted early positive client uptake but said it is too soon to quantify the long-term effects, emphasizing ongoing monitoring.
• Jeffrey Schmitt (William Blair) questioned the drivers of sustained equity options volume growth. Friedman attributed this to a broadening investor base and increased institutional engagement, especially via ETF option overlays, describing it as a structural market shift.
• Michael Cho (JPMorgan) pressed for details on the listings pipeline and potential for acceleration in 2026. Friedman cited an active dialogue with late-stage private companies and pent-up demand following regulatory disruptions but cautioned that execution will depend on market dynamics.
• Daniel Fannon (Jefferies) inquired about the sustainability of financial crime management growth. Friedman and CFO Sarah Youngwood both pointed to strong enterprise sales momentum, though they flagged quarter-to-quarter revenue variability due to implementation timing.
• Elias Abboud (BofA) asked about potential M&A in off-exchange trading. Friedman said Nasdaq is interested in opportunities should regulations evolve, but current rules limit participation in alternative trading systems (ATS).

Catalysts in Upcoming Quarters

Going forward, the StockStory team will closely watch (1) the pace of adoption for Nasdaq’s new AI-driven compliance and analytics solutions, (2) the volume of IPOs and listing transfers as capital markets activity potentially rebounds, and (3) margin trends as expense discipline is balanced against investment in innovation. The impact of regulatory developments on digital assets and alternative trading systems will also be key to monitor.

Nasdaq currently trades at $88.54, down from $98.71 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free).

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