Nasdaq, Inc. saw its shares gain 1.5% Wednesday after management raised its medium-term revenue growth outlook for its Solutions segment. The company disclosed the revised guidance during its Investor Day presentation and provided additional detail on division-level expectations and cost plans.
At the center of the update was an upward revision to the Solutions revenue growth range - now pegged at 9-12%, up from the prior 8-11%. Nasdaq said the change reflected a stronger view for its Capital Access Platforms business and steady prospects for Financial Technology. The company left its medium-term expense growth guidance unchanged at 5-8% and reconfirmed its 2026 expense outlook.
More granular targets were provided for key operating units. Capital Access Platforms was upgraded to a 6-10% revenue growth target, rising from the previous 5-8% range. Financial Technology retains its medium-term revenue goal of 10-14%. Nasdaq noted that these three-to-five-year targets assume a stable market backdrop.
On the cost side, Nasdaq outlined an AI productivity program designed to generate $100 million in run-rate expense efficiencies by the end of 2027. Management plans to integrate AI capabilities across the company platform and within client-facing solutions, naming Verafin, eVestment, AxiomSL, Calypso, and Surveillance as areas for deployment.
The company reaffirmed its 2026 non-GAAP operating expense guidance at a range of $2.455 billion to $2.535 billion.
Nasdaq also reported progress on commercial integration following the Adenza acquisition, saying its Financial Technology division completed 42 cross-sell wins through year-end 2025. The firm reiterated its expectation to meet or exceed a $100 million cross-sell run-rate revenue goal by year-end 2027.
Additional metrics disclosed included Nasdaq Index business ETP assets under management of $882 billion as of December 31, 2025.
Looking ahead, Nasdaq said it intends to move to 23/5 trading and to introduce tokenization of equities later this year, actions that remain subject to regulatory approval.
Overall, the Investor Day focused on revenue trajectory, targeted expense efficiency through AI, and strategic initiatives across trading hours and tokenization, with management maintaining its near-term expense framework while ramping medium-term growth assumptions for specific Solutions businesses.