Nasdaq achieved an 82.0% win rate among Nasdaq-eligible operating company IPOs in the U.S., representing 45 offerings and $5 billion in total proceeds raised. This highlights Nasdaq's continued strength in attracting new listings.

The Financial Technology segment delivered 11% ARR growth, reflecting an increase in new clients, cross-sells, and upsells. This indicates successful expansion and adoption of Nasdaq's technology solutions.

The Index business achieved a sixth consecutive record quarter, reaching an average ETP AUM of $662 billion and $27 billion of net inflows. This demonstrates the continued popularity and growth of Nasdaq-branded indices.

Nasdaq has actioned over $100 million net expense synergies through March 31, 2025, as part of the Adenza restructuring program. This demonstrates progress in integrating the acquisition and achieving cost efficiencies.

Nasdaq completed its divisional realignment program as of September 30, 2024, and recognized total pre-tax charges of $139 million. This indicates management's commitment to optimizing the organizational structure.

Technology and communication infrastructure expense increased due to increased investment in technology, particularly cloud initiatives and software licensing. This shows a commitment to innovation.

The company acknowledges exposure to market risks, including interest rate and foreign currency exchange rate risk, which could impact financial performance. This highlights the need for effective risk management strategies.

Nasdaq is exposed to credit risk from customers and counterparties, who may default on their obligations. This emphasizes the importance of creditworthiness evaluations and risk mitigation strategies.

The company is subject to legal and regulatory matters, including a European Commission review related to potential competition law concerns. The outcome of these matters could have a material impact on Nasdaq's business.

U.S. equity derivative trading revenues and U.S. equity derivative trading revenues, net increased in the first quarter of 2025 compared with the same period in 2024 primarily due to higher industry trading volumes

Cash equity trading revenues and cash equity trading revenues, net increased in the first quarter of 2025 compared with the same period in 2024 primarily due to higher U.S. industry trading volumes, partially offset by lower overall U.S. matched market share executed on Nasdaq's exchanges.

Operating expenses decreased by 2.5% year-over-year to $690 million, leading to a 33.5% increase in operating income to $547 million. This indicates improved efficiency and cost management.

Nasdaq has actioned over $100 million net expense synergies through March 31, 2025, as part of the Adenza restructuring program. This demonstrates progress in integrating the acquisition and achieving cost efficiencies.

Technology and communication infrastructure expense increased in the first quarter of 2025 compared with the same period in 2024 primarily due to increased investment in technology, particularly our cloud initiatives and software licensing. This shows a commitment to innovation.

During the first quarter of 2025, Nasdaq repurchased an aggregate principal amount of $279 million of our 2028, 2034 and 2052 Notes, for a net purchase price of $257 million, excluding accrued interest.

In April 2025, the board of directors approved a regular quarterly cash dividend of $0.27 per share on our outstanding common stock, which reflects an increase of 13% from our most recent quarterly cash dividend of $0.24 per share.

The 10-Q filing does not contain any specific details regarding ESG (Environmental, Social, and Governance) initiatives undertaken by Nasdaq. Therefore, no headlines can be generated for this theme.

Market factors also contributed to higher valuations in Nasdaq Indices and higher overall volumes in Index derivatives.

To the extent that global or national economic conditions weaken and result in slower growth or recessions, our business may be negatively impacted.