Subtext

Nasdaq, Inc. NDAQ

SectorFinancials
Transcripts69
Date range2008-05-08 – 2025-04-24
Calls charted69

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-22-11+0+11+222008 Q12010 Q22012 Q32014 Q42017 Q12019 Q22021 Q32023 Q42008 Q1 · Overall: +9.82008 Q2 · Overall: +10.42008 Q3 · Overall: +2.52008 Q4 · Overall: +5.52009 Q1 · Overall: +8.52009 Q2 · Overall: +14.22009 Q3 · Overall: +9.02009 Q4 · Overall: +7.42010 Q1 · Overall: +3.02010 Q2 · Overall: +10.52010 Q3 · Overall: +8.42010 Q4 · Overall: +8.82011 Q1 · Overall: +4.42011 Q2 · Overall: +6.72011 Q3 · Overall: +7.92011 Q4 · Overall: +5.82012 Q1 · Overall: +9.32012 Q2 · Overall: +5.92012 Q3 · Overall: +11.32012 Q4 · Overall: +14.82013 Q1 · Overall: +10.82013 Q2 · Overall: +14.62013 Q3 · Overall: +9.62013 Q4 · Overall: +12.82014 Q1 · Overall: +8.12014 Q2 · Overall: +16.22014 Q3 · Overall: +9.72014 Q4 · Overall: +17.32015 Q1 · Overall: +9.82015 Q2 · Overall: +18.92015 Q3 · Overall: +17.82015 Q4 · Overall: +12.12016 Q1 · Overall: +12.22016 Q2 · Overall: +10.62016 Q3 · Overall: +15.62016 Q4 · Overall: +13.82017 Q1 · Overall: +10.62017 Q2 · Overall: +14.32017 Q3 · Overall: +7.82017 Q4 · Overall: +8.82018 Q1 · Overall: +12.12018 Q2 · Overall: +10.82018 Q3 · Overall: +3.52018 Q4 · Overall: +15.92019 Q1 · Overall: +12.02019 Q2 · Overall: +6.62019 Q3 · Overall: +9.02019 Q4 · Overall: +7.32020 Q1 · Overall: +2.62020 Q2 · Overall: +9.22020 Q3 · Overall: +12.12020 Q4 · Overall: +4.92021 Q1 · Overall: +11.52021 Q2 · Overall: +12.52021 Q3 · Overall: +10.22021 Q4 · Overall: +9.42022 Q1 · Overall: +5.52022 Q2 · Overall: +8.32022 Q3 · Overall: +7.82022 Q4 · Overall: +7.72023 Q1 · Overall: +6.92023 Q2 · Overall: +8.42023 Q3 · Overall: +9.52023 Q4 · Overall: +8.62024 Q1 · Overall: +12.52024 Q2 · Overall: +12.22024 Q3 · Overall: +14.42024 Q4 · Overall: +12.52025 Q1 · Overall: +12.8
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-37-18+0+18+372008 Q12010 Q22012 Q32014 Q42017 Q12019 Q22021 Q32023 Q42008 Q1 · CEO: +18.42008 Q2 · CEO: +19.32008 Q3 · CEO: +9.62008 Q4 · CEO: +15.02009 Q1 · CEO: +19.52009 Q2 · CEO: +23.02009 Q3 · CEO: +16.42009 Q4 · CEO: +13.82010 Q1 · CEO: +10.12010 Q2 · CEO: +18.02010 Q3 · CEO: +17.12010 Q4 · CEO: +13.82011 Q1 · CEO: +10.12011 Q2 · CEO: +15.22011 Q3 · CEO: +14.92011 Q4 · CEO: +11.32012 Q1 · CEO: +18.42012 Q2 · CEO: +9.02012 Q3 · CEO: +18.62012 Q4 · CEO: +21.72013 Q1 · CEO: +18.32013 Q2 · CEO: +22.02013 Q3 · CEO: +17.12013 Q4 · CEO: +20.42014 Q1 · CEO: +14.82014 Q2 · CEO: +27.92014 Q3 · CEO: +24.72014 Q4 · CEO: +32.12015 Q1 · CEO: +27.02015 Q2 · CEO: +31.42015 Q3 · CEO: +25.72015 Q4 · CEO: +20.82016 Q1 · CEO: +25.02016 Q2 · CEO: +18.32016 Q3 · CEO: +23.72016 Q4 · CEO: +21.32017 Q1 · CEO: +17.92017 Q2 · CEO: +19.32017 Q3 · CEO: +14.32017 Q4 · CEO: +14.22018 Q1 · CEO: +21.32018 Q2 · CEO: +19.12018 Q3 · CEO: +7.52018 Q4 · CEO: +23.12019 Q1 · CEO: +20.82019 Q2 · CEO: +11.92019 Q3 · CEO: +15.92019 Q4 · CEO: +12.42020 Q1 · CEO: +5.42020 Q2 · CEO: +12.22020 Q3 · CEO: +12.32020 Q4 · CEO: +8.42021 Q1 · CEO: +18.42021 Q2 · CEO: +15.42021 Q3 · CEO: +17.02021 Q4 · CEO: +14.22022 Q1 · CEO: +11.02022 Q2 · CEO: +13.02022 Q3 · CEO: +10.52022 Q4 · CEO: +15.52023 Q1 · CEO: +11.12023 Q2 · CEO: +13.02023 Q3 · CEO: +13.62023 Q4 · CEO: +13.32024 Q2 · CEO: +17.22024 Q3 · CEO: +19.42024 Q4 · CEO: +17.52025 Q1 · CEO: +15.72008 Q1 · CFO: +3.22008 Q2 · CFO: +4.82008 Q3 · CFO: +4.92008 Q4 · CFO: -4.22009 Q1 · CFO: -2.52009 Q2 · CFO: +4.72009 Q3 · CFO: +9.32009 Q4 · CFO: +3.22010 Q1 · CFO: -2.52010 Q2 · CFO: +9.32010 Q3 · CFO: +5.12010 Q4 · CFO: +10.22011 Q1 · CFO: +5.52011 Q2 · CFO: +2.52011 Q3 · CFO: +9.62011 Q4 · CFO: +8.42012 Q1 · CFO: +6.42012 Q2 · CFO: +2.62012 Q3 · CFO: +7.92012 Q4 · CFO: +16.92013 Q1 · CFO: +7.32013 Q2 · CFO: +8.72013 Q3 · CFO: +5.62013 Q4 · CFO: +10.12014 Q1 · CFO: +4.02014 Q2 · CFO: +5.72014 Q3 · CFO: +0.82014 Q4 · CFO: +2.32015 Q3 · CFO: +10.22015 Q4 · CFO: +10.52016 Q1 · CFO: +3.62016 Q3 · CFO: +0.92016 Q4 · CFO: +9.62017 Q1 · CFO: -1.22017 Q2 · CFO: +4.62017 Q3 · CFO: +2.42017 Q4 · CFO: +0.02018 Q1 · CFO: +4.42018 Q2 · CFO: -1.12018 Q3 · CFO: -5.32018 Q4 · CFO: +3.22019 Q1 · CFO: -1.42019 Q2 · CFO: +2.42019 Q3 · CFO: +0.02019 Q4 · CFO: +3.12020 Q1 · CFO: +0.02020 Q2 · CFO: +10.02020 Q3 · CFO: +21.02020 Q4 · CFO: +4.22021 Q1 · CFO: +2.02021 Q2 · CFO: +9.92021 Q3 · CFO: +2.52021 Q4 · CFO: +1.42022 Q1 · CFO: -2.32022 Q2 · CFO: +2.92022 Q3 · CFO: +3.82022 Q4 · CFO: -4.92023 Q1 · CFO: -3.82023 Q2 · CFO: +4.32023 Q3 · CFO: +5.22023 Q4 · CFO: +8.52024 Q2 · CFO: +8.12024 Q3 · CFO: +9.62024 Q4 · CFO: +10.0
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-62-31+0+31+622008 Q12010 Q22012 Q32014 Q42017 Q12019 Q22021 Q32023 Q42008 Q1 · Prepared remarks: +9.82008 Q2 · Prepared remarks: +15.02008 Q3 · Prepared remarks: +6.22008 Q4 · Prepared remarks: +3.12009 Q1 · Prepared remarks: +9.22009 Q2 · Prepared remarks: +14.52009 Q3 · Prepared remarks: +13.42009 Q4 · Prepared remarks: +8.72010 Q1 · Prepared remarks: +6.02010 Q2 · Prepared remarks: +17.22010 Q3 · Prepared remarks: +15.42010 Q4 · Prepared remarks: +14.62011 Q1 · Prepared remarks: +10.22011 Q2 · Prepared remarks: +12.62011 Q3 · Prepared remarks: +12.02011 Q4 · Prepared remarks: +12.82012 Q1 · Prepared remarks: +12.82012 Q2 · Prepared remarks: +6.92012 Q3 · Prepared remarks: +13.92012 Q4 · Prepared remarks: +21.92013 Q1 · Prepared remarks: +20.22013 Q2 · Prepared remarks: +21.42013 Q3 · Prepared remarks: +13.72013 Q4 · Prepared remarks: +18.52014 Q1 · Prepared remarks: +16.22014 Q2 · Prepared remarks: +21.82014 Q3 · Prepared remarks: +16.02014 Q4 · Prepared remarks: +25.62015 Q1 · Prepared remarks: +10.52015 Q2 · Prepared remarks: +21.82015 Q3 · Prepared remarks: +24.52015 Q4 · Prepared remarks: +22.32016 Q1 · Prepared remarks: +22.42016 Q2 · Prepared remarks: +15.62016 Q3 · Prepared remarks: +20.72016 Q4 · Prepared remarks: +24.32017 Q1 · Prepared remarks: +17.72017 Q2 · Prepared remarks: +19.72017 Q3 · Prepared remarks: +14.42017 Q4 · Prepared remarks: +10.52018 Q1 · Prepared remarks: +20.52018 Q2 · Prepared remarks: +14.72018 Q3 · Prepared remarks: +0.72018 Q4 · Prepared remarks: +15.92019 Q1 · Prepared remarks: +17.82019 Q2 · Prepared remarks: +10.02019 Q3 · Prepared remarks: +13.02019 Q4 · Prepared remarks: +15.42020 Q1 · Prepared remarks: -0.22020 Q2 · Prepared remarks: +12.12020 Q3 · Prepared remarks: +20.22020 Q4 · Prepared remarks: +10.02021 Q1 · Prepared remarks: +12.52021 Q2 · Prepared remarks: +13.62021 Q3 · Prepared remarks: +16.02021 Q4 · Prepared remarks: +10.82022 Q1 · Prepared remarks: +9.02022 Q2 · Prepared remarks: +11.42022 Q3 · Prepared remarks: +7.72022 Q4 · Prepared remarks: +8.82023 Q1 · Prepared remarks: +1.32023 Q2 · Prepared remarks: +7.72023 Q3 · Prepared remarks: +12.82023 Q4 · Prepared remarks: +18.82024 Q1 · Prepared remarks: +53.82024 Q2 · Prepared remarks: +17.82024 Q3 · Prepared remarks: +16.12024 Q4 · Prepared remarks: +16.92025 Q1 · Prepared remarks: +14.62008 Q2 · Q&A responses: +11.52008 Q3 · Q&A responses: +8.92008 Q4 · Q&A responses: +11.22009 Q1 · Q&A responses: +15.22009 Q2 · Q&A responses: +19.62009 Q3 · Q&A responses: +13.12009 Q4 · Q&A responses: +10.22010 Q1 · Q&A responses: +5.02010 Q2 · Q&A responses: +11.32010 Q3 · Q&A responses: +10.12010 Q4 · Q&A responses: +9.82011 Q1 · Q&A responses: +6.52011 Q2 · Q&A responses: +10.12011 Q3 · Q&A responses: +9.12011 Q4 · Q&A responses: +4.72012 Q1 · Q&A responses: +11.72012 Q2 · Q&A responses: +6.72012 Q3 · Q&A responses: +12.22012 Q4 · Q&A responses: +12.72013 Q1 · Q&A responses: +5.62013 Q2 · Q&A responses: +12.22013 Q3 · Q&A responses: +9.32013 Q4 · Q&A responses: +12.82014 Q1 · Q&A responses: +5.22014 Q2 · Q&A responses: +19.82014 Q3 · Q&A responses: +13.02014 Q4 · Q&A responses: +13.92015 Q1 · Q&A responses: +18.12015 Q2 · Q&A responses: +20.22015 Q3 · Q&A responses: +14.12015 Q4 · Q&A responses: +9.42016 Q1 · Q&A responses: +10.12016 Q2 · Q&A responses: +11.52016 Q3 · Q&A responses: +16.32016 Q4 · Q&A responses: +13.62017 Q1 · Q&A responses: +8.52017 Q2 · Q&A responses: +12.72017 Q3 · Q&A responses: +7.62017 Q4 · Q&A responses: +9.12018 Q1 · Q&A responses: +13.92018 Q2 · Q&A responses: +12.02018 Q3 · Q&A responses: +10.42018 Q4 · Q&A responses: +20.12019 Q1 · Q&A responses: +8.52019 Q2 · Q&A responses: +8.12019 Q3 · Q&A responses: +11.02019 Q4 · Q&A responses: +6.12020 Q1 · Q&A responses: +8.42020 Q2 · Q&A responses: +10.52020 Q3 · Q&A responses: +7.42020 Q4 · Q&A responses: +2.82021 Q1 · Q&A responses: +14.82021 Q2 · Q&A responses: +13.92021 Q3 · Q&A responses: +9.92021 Q4 · Q&A responses: +10.22022 Q1 · Q&A responses: +8.12022 Q2 · Q&A responses: +9.82022 Q3 · Q&A responses: +11.92022 Q4 · Q&A responses: +10.92023 Q1 · Q&A responses: +13.62023 Q2 · Q&A responses: +13.12023 Q3 · Q&A responses: +10.22023 Q4 · Q&A responses: +2.42024 Q1 · Q&A responses: +15.82024 Q2 · Q&A responses: +11.02024 Q3 · Q&A responses: +17.72024 Q4 · Q&A responses: +12.42025 Q1 · Q&A responses: +16.7
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$0.85$2.09$3.322008 Q12010 Q22012 Q32014 Q42017 Q12019 Q22021 Q32023 Q42014 Q1: $1.022014 Q2: $1.032014 Q3: $1.062014 Q4: $1.082015 Q1: $1.152015 Q2: $1.152015 Q3: $1.192015 Q4: $1.242016 Q1: $1.292016 Q2: $1.312016 Q3: $1.372016 Q4: $1.392017 Q1: $1.442017 Q2: $1.442017 Q3: $1.492017 Q4: $1.492018 Q1: $1.652018 Q2: $1.712018 Q3: $1.722018 Q4: $1.752019 Q1: $1.742019 Q2: $1.732019 Q3: $1.752019 Q4: $1.792020 Q1: $1.852020 Q2: $1.882020 Q3: $1.972020 Q4: $2.022021 Q1: $2.152021 Q2: $2.352021 Q3: $2.492021 Q4: $2.552022 Q1: $2.672022 Q2: $2.712022 Q3: $2.772022 Q4: $2.802023 Q1: $2.752023 Q2: $2.792023 Q3: $2.852023 Q4: $2.792024 Q1: $2.842024 Q2: $2.852024 Q3: $3.012024 Q4: $3.15

Forward P/E

11.0619.3027.552008 Q12010 Q22012 Q32014 Q42017 Q12019 Q22021 Q32023 Q42014 Q1: 12.202014 Q2: 12.202014 Q3: 13.792014 Q4: 14.362015 Q1: 14.362015 Q2: 14.802015 Q3: 14.582015 Q4: 15.292016 Q1: 17.182016 Q2: 16.432016 Q3: 16.752016 Q4: 16.372017 Q1: 16.372017 Q2: 16.502017 Q3: 16.752017 Q4: 17.502018 Q1: 17.042018 Q2: 18.632018 Q3: 17.442018 Q4: 15.812019 Q1: 16.322019 Q2: 18.602019 Q3: 19.492019 Q4: 19.732020 Q1: 16.522020 Q2: 21.002020 Q3: 21.572020 Q4: 20.982021 Q1: 22.282021 Q2: 25.162021 Q3: 26.222021 Q4: 26.412022 Q1: 21.622022 Q2: 18.412022 Q3: 22.392022 Q4: 22.712023 Q1: 18.842023 Q2: 18.372023 Q3: 17.902023 Q4: 20.212024 Q1: 20.982024 Q2: 20.702024 Q3: 24.202024 Q4: 24.59

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↓ -6.5 fwd EPS ↑ +0.03 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q1 tone ↓ -7.6 fwd EPS ↑ +0.07 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q4 tone ↓ -5.6 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q1 tone ↓ -3.3 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q3 tone ↓ -6.5 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -4.8 fwd EPS ↑ +0.06 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q4 tone ↓ -7.3 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q3 tone ↓ -2.3 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q1 tone ↓ -3.9 fwd EPS ↑ +0.12 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-24+12.8——View →
2024 Q42025-01-29+12.5$3.1524.6View →
2024 Q32024-10-24+14.4$3.0124.2View →
2024 Q22024-07-25+12.2$2.8520.7View →
2024 Q12024-04-25+12.5$2.8421.0View →
2023 Q42024-01-31+8.6$2.7920.2View →
2023 Q32023-10-18+9.5$2.8517.9View →
2023 Q22023-07-19+8.4$2.7918.4View →