Management remarks
Call period: 2026 Q2 · 2026-07-30
Guidance: Warren Gardiner: As a result, we are raising our full-year FIDS recurring revenue growth guidance to 7% to 8%, up from our prior mid-single-digit guidance.Demand and orders: Warren Gardiner: Data & Network Technology revenues grew 11%, reflecting strong demand for our global network from both traditional and AI-driven workflows.Analyst Q&A
Analyst Michael Cyprys asked: So you've spoken about tokenization, Jeff, as an evolution of the market infrastructure rather than a replacement of today's exchanges. So as more securities move on chain, just curious over time, how you see industry profit pools migrating? Management Jeffrey Sprecher answered: That's a great question. I think we're somewhat thinking about it in 2 buckets, which is a bit how your question was phrased. The transaction side of the business, in other words, matching a buyer and a seller, the blockchain just doesn't have the capacity or the throughput to, let's say, replace what we have at the pillar system that runs the New York Stock Exchange. I mean we do trillions of transactions a day. And there's no chain that has that and no second level that anyone has built that can get to that.管理层陈述
电话会期间：2026 Q2 · 2026-07-30
指引：沃伦·加德纳：因此，我们将全年FIDS经常性收入增长指引从此前的中个位数上调至7%至8%。需求与订单：沃伦·加德纳：数据与网络技术收入增长11%，反映出传统和人工智能驱动的工作流程对我们全球网络的强劲需求。分析师问答
分析师迈克尔·西普里斯提问：杰弗瑞，你曾将代币化称为市场基础设施的演进而非现有交易所的替代方案。随着越来越多证券上链，你认为行业利润池会如何随时间迁移？管理层杰弗里·斯普雷彻回答：这个问题很好，我们大致将其分为两类，与你的问题措辞一致。就撮合买卖双方的交易业务而言，区块链目前的容量和吞吐量无法取代纽约证券交易所的核心支柱系统，我们每天处理数万亿美元的交易，目前没有任何区块链或其二层架构能达到这一水平。This earnings research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
