* Record Revenues of $4.5 billion in 2025, including a record $1.28 billion in Q4 * Record Diluted EPS of $2.05 in 2025, including $0.66 in Q4 * Record Net Deposits of $68 billion in 2025, including $16 billion in Q4 * Robinhood Gold Subscribers reached a record 4.2 million Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today announced financial results for the fourth quarter and full year of 2025, which ended December 31, 2025. “Our vision hasn’t changed: we are building the Financial SuperApp,” said  Vlad Tenev, Chairman and CEO of Robinhood. “2025 was a record year where we set new highs for net deposits, Gold Subscribers, trading volumes, revenues, and profits, and we closed the year with a strong Q4,” said  Shiv Verma, Chief Financial Officer of Robinhood. “2026 is off to a strong start, and we are incredibly excited about our plan and momentum for the year ahead as we focus on shipping great products for customers and driving profitable growth for shareholders.” Fourth Quarter Results * Total net revenues increased 27% year-over-year to $1.28 billion. * Transaction-based revenues increased 15% year-over-year to $776 million, primarily driven by other transaction revenue of $147 million, up over 300%, options revenue of $314 million, up 41%, and equities revenue of $94 million, up 54%, partially offset by cryptocurrencies revenue of $221 million, down 38%. * Net interest revenues increased 39% year-over-year to $411 million, primarily driven by growth in interest-earning assets and securities lending activity, partially offset by lower short-term interest rates. * Other revenues increased 109% year-over-year to $96 million, primarily driven by Robinhood Gold subscription revenue of $50 million, up 56%. * Net income was $605 million, which compares to $916 million in Q4 2024 that included a $424 million benefit from the Q4 2024 Tax Benefit and Regulatory Accrual Reversal. * Diluted earnings per share (“EPS”) was $0.66, which compares to $1.01 in Q4 2024 that included a $0.47 benefit from the Q4 2024 Tax Benefit and Regulatory Accrual Reversal. * Total operating expenses increased 38% year-over-year to $633 million. The year-over-year increase was primarily driven by marketing and growth investments, and acquisition-related expenses. * Adjusted Operating Expenses and Share-Based Compensation (“SBC”) (non-GAAP) increased 18% year-over-year to $597 million. * Adjusted EBITDA (non-GAAP) increased 24% year-over-year to $761 million. * Funded Customers increased by 1.8 million, or 7%, year-over-year to 27.0 million. * Investment Accounts increased by 2.2 million, or 8%, year-over-year to 28.4 million. * Total Platform Assets increased 68% year-over-year to $324 billion, driven by continued Net Deposits, acquired assets, and higher equity valuations. * Net Deposits were $15.9 billion, an annualized growth rate of 19% relative to Total Platform Assets at the end of Q3 2025. Over the past twelve months, Net Deposits were $68.1 billion, a growth rate of 35% relative to Total Platform Assets at the end of Q4 2024. * Robinhood Gold Subscribers increased by 1.5 million, or 58%, year-over-year to 4.2 million. * Average Revenue Per User (“ARPU”) increased 16% year-over-year to $191. * Cash and cash equivalents totaled $4.3 billion, unchanged compared to the end of Q4 2024. * Share repurchases were $100 million, representing 0.8 million shares of our Class A common stock at an average price per share of $119.86. Since starting our share repurchase program in Q3 2024, total share repurchases were $910 million, representing approximately 22 million shares of our Class A common stock at an average price per share of $40.64. Full Year Results * Total net revenues increased 52% year-over-year to $4.5 billion. * Net income was $1.9 billion, which compares to $1.4 billion in 2024 that included a $424 million benefit from the Q4 2024 Tax Benefit and Regulatory Accrual Reversal. * Diluted EPS was $2.05, which compares to $1.56 in 2024 that included a $0.47 benefit from the Q4 2024 Tax Benefit and Regulatory Accrual Reversal. * Total operating expenses increased 25% year-over-year to $2.38 billion. * Adjusted Operating Expenses and SBC increased 17% year-over-year to $2.27 billion. Prior to $76 million of provision for credit losses in 2024, Adjusted Operating Expenses and SBC would have been up 22% year-over-year. * Adjusted EBITDA increased 76% year-over-year to $2.5 billion. * Share repurchases were $653 million, representing 12 million shares of our Class A common stock at an average price per share of $54.30 Highlights Product Expansion Fueled Strong Momentum in 2025 as Robinhood Grew Across Strategic Priorities #1 Platform for Active Traders - Robinhood accelerated momentum with active traders as it expanded product offerings, led by Prediction Markets, with over 12 billion event contracts traded in 2025. Deepening its investment in Prediction Markets, Robinhood established a joint venture, Rothera, LLC ("Rothera"), in partnership with Susquehanna International Group, that acquired MIAXdx in January 2026 to advance the build out of an independent, CFTC-licensed exchange and clearinghouse. In December, the Company also hosted Robinhood Presents: YES/NO, announcing new features for the Prediction Markets Hub - such as preset and custom combos and player contracts - and expanded Robinhood Cortex capabilities, including the next generation of its AI-powered investing assistant and portfolio-level Digests. In addition, the Company began rolling out short selling in mid-November, which has already seen billions of notional volume traded by customers. #1 in Wallet Share for the Next Generation - Robinhood drove greater share of wallet across long-term investing by deepening customer adoption of the Company’s retirement, advisory and banking offerings. This quarter, Robinhood Gold Subscribers grew to 4.2 million, with the adoption rate exceeding 15%, reflecting strong demand for premium features and differentiated benefits. Additionally, Robinhood Retirement AUC more than doubled from a year ago to $26.5 billion across approximately 1.8 million funded accounts. To date, customers have received over $500 million in matches on retirement account transfers and contributions. Robinhood Strategies expanded its reach to over 200 thousand Funded Customers and $1.3 billion in assets under management. Robinhood Banking also recently started rolling out to Robinhood Gold Subscribers, with over 20 thousand customers depositing approximately $300 million as of January 31, 2026. #1 Global Financial Ecosystem - Robinhood extended its push for global financial innovation with continued expansion into new markets and new international products. Robinhood strengthened its offering in the UK by launching a stocks and shares ISA, the most requested feature from UK customers, supporting long-term, tax-advantaged investing. Bitstamp institutional volumes continue to scale, more than doubling since the close of the acquisition in June 2025, and in Europe, Robinhood quadrupled its Stock Tokens offering to approximately 2,000. During the fourth quarter, Robinhood also announced agreements to acquire a brokerage and crypto firm in Indonesia, expanding its reach in Asia. Additional Q4 2025 Operating Data * Robinhood Retirement AUC increased 102% year-over-year to a record $26.5 billion. * Cash Sweep increased 26% year-over-year to $32.8 billion. * Margin Book increased 113% year-over-year to a record $16.8 billion. * Equity Notional Trading Volumes increased 68% year-over-year to a record $710 billion. * Options Contracts Traded increased 38% year-over-year to a record 659 million. * Crypto Notional Trading Volumes were $82 billion, including Bitstamp Notional Volumes which were $48 billion, and Robinhood App Notional Volumes which decreased 52% year-over-year to $34 billion. * Event Contracts Traded were a record 8.5 billion. Select Preliminary January 2026 Operating Data * Net Deposits were $4.5 billion, an annualized growth rate of 17% relative to Total Platform Assets at the end of December 2025. * Margin Book increased 121% year-over-year to a record $18.4 billion. * Equity Notional Trading Volumes increased 57% year-over-year to $227 billion. * Options Contracts Traded increased 20% year-over-year to 200 million. * Crypto Notional Trading Volumes were $22.9 billion, including Robinhood App Notional Volumes which decreased 57% year-over-year to $8.7 billion and Bitstamp Notional Volumes which were $14.2 billion. * Event Contracts Traded were a record 3.4 billion. Chief Financial Officer Transition In connection with the previously announced retirement of our former Chief Financial Officer  Jason Warnick,  Shiv Verma, previously the Company's Senior Vice President of Finance and Strategy, and Treasurer, was appointed Chief Financial Officer effective February 6, 2026, and  Mr. Warnick is now serving as a strategic advisor until his retirement on September 1, 2026. Conference Call and Livestream Information Robinhood will host a video call to discuss its results at 2 p.m. PT / 5 p.m. ET today, February 10, 2026. The video call can be accessed at investors.robinhood.com, along with the earnings press release and accompanying slide presentation. The event will also be live streamed to YouTube and X.com via Robinhood’s official channels, @RobinhoodApp, on Vlad Tenev’s X.com account, @vladtenev, as well as in the Robinhood App. Following the call, a replay and transcript will also be available at investors.robinhood.com. Financial Outlook The paragraph below provides information on our 2026 expense plan and outlook. We are not providing a 2026 outlook for total operating expenses and have not reconciled our 2026 outlook for Adjusted Operating Expenses and SBC to the most directly comparable GAAP financial measure, total operating expenses, because we are unable to predict with reasonable certainty the impact of certain items without unreasonable effort. These items include, but are not limited to, provision for credit losses and significant regulatory expenses which may be material and could have a significant impact on total operating expenses for 2026. Our 2026 expense plan is designed to accelerate product velocity, drive Net Deposit growth, and grow revenues. This expense outlook includes growth investments in new or recently launched products and features, marketing, international expansion, full year costs related to the 2025 acquisitions of TradePMR and Bitstamp, and rapid growth in existing core products; while also driving rapid growth in existing core products and productivity and efficiency gains in our existing businesses. Our outlook for 2026 Adjusted Operating Expenses and SBC is $2.6 billion to $2.725 billion, which represents 18% year-over-year growth at the midpoint relative to 2025 Adjusted Operating Expenses and SBC. This expense outlook does not include provision for credit losses, costs related to our pending acquisitions, costs related to the Rothera joint venture, costs from modifications of executive awards in connection with our CFO transition, potential significant regulatory matters, or other significant expenses (such as impairments, restructuring charges, and other business acquisition- or disposition-related expenses) that may arise or accruals we may determine in the future are required, as we are unable to accurately predict the size or timing of such matters, expenses or accruals at this time. Actual results might differ materially from our outlook due to several factors, including the rate of growth in Funded Customers and our effectiveness to cross-sell products which affects variable marketing costs, the degree to which we are successful in managing credit losses and preventing fraud, and our ability to manage web-hosting expenses efficiently, among other factors. See “Non-GAAP Financial Measures” for more information on Adjusted Operating Expenses and SBC, including significant items that we believe are not indicative of our ongoing expenses that would be adjusted out of total operating expenses (GAAP) to get to Adjusted Operating Expenses and SBC (non-GAAP) should they occur. About Robinhood Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood, through its subsidiaries, lets you trade stocks, options, futures, swaps (which include event contracts), and crypto, invest for retirement, earn with Robinhood Gold, and access an expert-managed portfolio with Robinhood Strategies. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com. Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the U.S. Securities and Exchange Commission’s (“SEC”) Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information. “Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners. Contacts Investors: [email protected] Press: [email protected]         ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)     December 31,   December 31, (in millions, except share and per share data)   2024       2025   Assets       Current assets:       Cash and cash equivalents $ 4,332     $ 4,261   Cash, cash equivalents, and securities segregated under federal and other regulations   4,724       5,749   Receivables from brokers, dealers, and clearing organizations   471       426   Receivables from users, net   8,239       17,994   Securities borrowed   3,236       2,408   Deposits with clearing organizations   489       702   User-held fractional shares   2,530       3,782   Held-to-maturity investments   398       —   Deferred customer match incentives   100       185   Other current assets, including current prepaid expenses of $75 as of December 31, 2024 and $127 as of December 31, 2025   584       798   Total current assets   25,103       36,305   Property, software, and equipment, net   139       154   Goodwill   179       385   Intangible assets, net   38       168   Non-current deferred customer match incentives   195       428   Other non-current assets, including non-current prepaid expenses of $17 as of December 31, 2024 and $11 as of December 31, 2025   533       697   Total assets $ 26,187     $ 38,137   Liabilities and stockholders’ equity       Current liabilities:       Accounts payable and accrued expenses $ 397     $ 463   Payables to users   7,448       11,986   Securities loaned   7,463       11,626   Fractional shares repurchase obligation   2,530       3,782   Other current liabilities   266       914   Total current liabilities   18,104       28,771   Other non-current liabilities   111       215   Total liabilities   18,215       28,986   Commitments and contingencies       Stockholders’ equity:       Preferred stock, $0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and December 31, 2025.   —       —   Class A common stock, $0.0001 par value. 21,000,000,000 shares authorized, 764,903,997 shares issued and outstanding as of December 31, 2024; 21,000,000,000 shares authorized, 790,331,696 shares issued and outstanding as of December 31, 2025.   —       —   Class B common stock, $0.0001 par value. 700,000,000 shares authorized, 119,588,986 shares issued and outstanding as of December 31, 2024; 700,000,000 shares authorized, 110,996,736 shares issued and outstanding as of December 31, 2025.   —       —   Class C common stock, $0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and December 31, 2025.   —       —   Additional paid-in capital   12,008       11,284   Accumulated other comprehensive income (loss)   (1 )     8   Accumulated deficit   (4,035 )     (2,152 ) Non-controlling interest   —       11   Total stockholders’ equity   7,972       9,151   Total liabilities and stockholders’ equity $ 26,187     $ 38,137       ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)     Three Months Ended December 31,   YOY% Change   Three Months Ended September 30,   QOQ% Change (in millions, except share, per share, and percentage data)   2024       2025       2025     Revenues:                   Transaction-based revenues $ 672     $ 776   15 %   $ 730     6 % Net interest revenues   296       411   39 %     456     (10)% Other revenues   46       96   109 %     88     9 % Total net revenues   1,014       1,283   27 %     1,274     1 %                     Operating expenses(1)(2):                   Brokerage and transaction   50       57   14 %     56     2 % Technology and development   208       232   12 %     237     (2)% Operations   29       37   28 %     33     12 % Provision for credit losses   19       36   89 %     26     38 % Marketing   82       93   13 %     102     (9)% General and administrative   70       178   154 %     185     (4)% Total operating expenses   458       633   38 %     639     (1)%                     Other income (loss), net   2       11   450 %     (1 )   NM Income before income taxes   558       661   18 %     634     4 % Provision for (benefit from) income taxes   (358 )     56   NM     78     (28)% Net income $ 916     $ 605   (34)%   $ 556     9 % Net income (loss) attributable to non-controlling interest   —       —   NM     —     NM Net income attributable to Robinhood $ 916     $ 605   (34)%   $ 556     9 % Net income attributable to Robinhood common stockholders:                   Basic $ 916     $ 605       $ 556       Diluted $ 916     $ 605       $ 556       Net income per share attributable to Robinhood common stockholders:                   Basic $ 1.04     $ 0.67       $ 0.63       Diluted $ 1.01     $ 0.66       $ 0.61       Weighted-average shares used to compute net income per share attributable to Robinhood common stockholders:                   Basic   883,884,676       897,877,147         889,261,220       Diluted   907,767,796       917,718,432         917,940,660           ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)       Year Ended December 31,   YOY% Change (in millions, except share, per share, and percentage data)     2024       2025   Revenues:             Transaction-based revenues   $ 1,647     $ 2,628   60 % Net interest revenues     1,109       1,514   37 % Other revenues     195       331   70 % Total net revenues     2,951       4,473   52 %               Operating expenses(1)(2):             Brokerage and transaction     164       211   29 % Technology and development     818       897   10 % Operations     112       130   16 % Provision for credit losses     76       114   50 % Marketing     272       399   47 % General and administrative     455       628   38 % Total operating expenses     1,897       2,379   25 %               Other income, net     10       14   40 % Income before income taxes     1,064       2,108   98 % Provision for (benefit from) income taxes     (347 )     225   NM Net income   $ 1,411     $ 1,883   33 % Net income (loss) attributable to non-controlling interest     —       —   NM Net income attributable to Robinhood   $ 1,411     $ 1,883   33 % Net income attributable to Robinhood common stockholders:             Basic   $ 1,411     $ 1,883     Diluted   $ 1,411     $ 1,883     Net income per share attributable to Robinhood common stockholders:             Basic   $ 1.60     $ 2.12     Diluted   $ 1.56     $ 2.05     Weighted-average shares used to compute net income per share attributable to Robinhood common stockholders:             Basic     881,113,156       888,504,958     Diluted     906,171,504       918,781,846     ____________ (1)  The following table presents operating expenses as a percent of total net revenues:   Three Months Ended December 31,   Three Months Ended September 30,   Year Ended December 31,   2024     2025     2025     2024     2025   Brokerage and transaction 5 %   4 %   4 %   5 %   5 % Technology and development 20 %   18 %   19 %   28 %   20 % Operations 3 %   3 %   3 %   4 %   3 % Provision for credit losses 2 %   3 %   2 %   3 %   3 % Marketing 8 %   7 %   8 %   9 %   9 % General and administrative 7 %   14 %   14 %   15 %   14 % Total operating expenses 45 %   49 %   50 %   64 %   54 % (2) The following table presents the SBC on our unaudited condensed consolidated statements of operations for the periods indicated:   Three Months Ended December 31,   Three Months Ended September 30,   Year Ended December 31, (in millions)   2024     2025     2025     2024     2025 Brokerage and transaction $ 2   $ 3   $ 2   $ 9     10 Technology and development   48     36     40     192     159 Operations   2     2     1     7     6 Marketing   2     2     2     8     8 General and administrative   23     33     33     88     122 Total SBC $ 77   $ 76   $ 78   $ 304   $ 305     ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)     Three Months Ended December 31,   Year Ended December 31, (in millions)   2024       2025       2024       2025   Operating activities:               Net income $ 916     $ 605     $ 1,411     $ 1,883   Adjustments to reconcile net income to net cash provided by (used in) operating activities:               Depreciation and amortization   22       23       77       86   Provision for credit losses   19       36       76       114   Deferred income taxes   (369 )     29       (369 )     181   Share-based compensation   77       76       304       305   Other   —       (10 )     —       3   Changes in operating assets and liabilities:               Securities segregated under federal and other regulations   (397 )     1,390       (397 )     197   Receivables from brokers, dealers, and clearing organizations   (332 )     43       (382 )     62   Receivables from users, net   (2,621 )     (3,292 )     (4,592 )     (9,106 ) Securities borrowed   468       4,199       (1,634 )     828   Deposits with clearing organizations   (25 )     738       (151 )     (213 ) Current and non-current prepaid expenses   16       14       (25 )     (28 ) Current and non-current deferred customer match incentives   (63 )     (92 )     (265 )     (318 ) Other current and non-current assets   (404 )     (437 )     (415 )     (152 ) Accounts payable and accrued expenses   (63 )     57       (35 )     (18 ) Payables to users   1,184       (331 )     2,351       3,423   Securities loaned   157       (4,040 )     3,916       4,163   Other current and non-current liabilities   15       55       (27 )     228   Net cash provided by (used in) operating activities   (1,400 )     (937 )     (157 )     1,638   Investing activities:               Purchases of property, software, and equipment   (4 )     (2 )     (13 )     (15 ) Capitalization of internally developed software   (11 )     (11 )     (37 )     (39 ) Consideration transferred for business acquisitions and asset acquisitions   —       —       (134 )     (399 ) Cash, cash equivalents, and segregated cash acquired in business acquisitions and asset acquisitions   —       —       125       1,193   Purchases of non-marketable securities   —       (234 )     (1 )     (244 ) Purchases of held-to-maturity investments   (87 )     —       (556 )     —   Proceeds from maturities of held-to-maturity investments   219       53       658       400   Purchases of credit card receivables by Credit Card Funding Trust   (509 )     (2,278 )     (748 )     (5,195 ) Collections of purchased credit card receivables   426       1,914       556       4,440   Other   —       —       2       —   Net cash provided by (used in) investing activities   34       (558 )     (148 )     141   Financing activities:               Proceeds from exercise of stock options   8       2       18       16   Proceeds from issuance of common stock under the Employee Share Purchase Plan   6       7       16       22   Taxes paid related to net share settlement of equity awards   (89 )     (24 )     (244 )     (437 ) Repurchase of Class A common stock   (160 )     (100 )     (257 )     (653 ) Draws on credit facilities   10       2,051       22       4,752   Repayments on credit facilities   (10 )     (2,051 )     (22 )     (4,752 ) Borrowings by the Credit Card Funding Trust   37       223       132       468   Change in principal collected from customers due to Coastal Bank   21       —       6       —   Repayments on borrowings by the Credit Card Funding Trust   —       —       (1 )     —   Payments of debt issuance costs   (1 )     (1 )     (15 )     (17 ) Contributions from noncontrolling interests   —       11       —       11   Net cash provided by (used in) financing activities   (178 )     118       (345 )     (590 ) Effect of foreign exchange rate changes on cash and cash equivalents   (2 )     1       (1 )     9   Net increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash   (1,546 )     (1,376 )     (651 )     1,198   Cash, cash equivalents, segregated cash, and restricted cash, beginning of the period   10,241       11,269       9,346       8,695   Cash, cash equivalents, segregated cash, and restricted cash, end of the period $ 8,695     $ 9,893     $ 8,695     $ 9,893     Reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period: Cash and cash equivalents, end of the period $ 4,332   $ 4,261   $ 4,332   $ 4,261 Segregated cash and cash equivalents, end of the period   4,327     5,549     4,327     5,549 Restricted cash in other current assets, end of the period   18     66     18     66 Restricted cash in other non-current assets, end of the period   18     17     18     17 Cash, cash equivalents, segregated cash and restricted cash, end of the period $ 8,695   $ 9,893   $ 8,695   $ 9,893 Supplemental disclosures:               Cash paid for interest $ 4   $ 11   $ 16   $ 31 Cash paid for income taxes, net of refund received $ 4   $ 12   $ 18   $ 95     Reconciliation of GAAP to Non-GAAP Results (Unaudited)     Three Months Ended December 31,   Three Months Ended September 30,   Year Ended December 31, (in millions, except for percentage data)   2024       2025       2025       2024       2025   Net income $ 916     $ 605     $ 556     $ 1,411     $ 1,883   Net margin   90 %     47 %     44 %     48 %     42 % Add:                   Interest expenses related to credit facilities   6       10       8       24       32   Provision for (benefit from) income taxes   (358 )     56       78       (347 )     225   Depreciation and amortization   22       23       22       77       86   EBITDA (non-GAAP)   586       694       664       1,165       2,226   Add:                   SBC   77       76       78       304       305   Significant legal and tax settlements and reserves(1)   (50 )     —       —       (40 )     —   Unrealized gains in non-marketable equity securities(2)   —       (9 )     —       —       (9 ) Adjusted EBITDA (non-GAAP) $ 613     $ 761     $ 742     $ 1,429     $ 2,522   Adjusted EBITDA Margin (non-GAAP)   60 %     59 %     58 %     48 %     56 %     Three Months Ended December 31,   Three Months Ended September 30,   Year Ended December 31, (in millions)   2024       2025     2025     2024       2025 Total operating expenses (GAAP) $ 458     $ 633   $ 639   $ 1,897     $ 2,379 Less:                   SBC   77       76     78     304       305 Significant legal and tax settlements and reserves(1)   (50 )     —     —     (40 )     — Provision for credit losses(3)   —       36     26     —       114 Adjusted Operating Expenses (non-GAAP) $ 431     $ 521   $ 535   $ 1,633     $ 1,960     Three Months Ended December 31,   Three Months Ended September 30,   Year Ended December 31, (in millions)   2024       2025     2025     2024       2025 Total operating expenses (GAAP) $ 458     $ 633   $ 639   $ 1,897     $ 2,379 Less:                   SBC   77       76     78     304       305 Significant legal and tax settlements and reserves(1)   (50 )     —     —     (40 )     — Provision for credit losses(3)   —       36     26     —       114 Adjusted Operating Expenses (non-GAAP)   431       521     535     1,633       1,960 Add:                   SBC   77       76     78     304       305 Adjusted Operating Expenses and SBC (non-GAAP) $ 508     $ 597   $ 613   $ 1,937     $ 2,265 ____________ (1) Amounts for the three months and year ended December 31, 2024 included a $55 million benefit due to a reversal of an accrual as part of a regulatory settlement. (2) For the three months and year ended December 31, 2025 primarily related to investments held by Robinhood Ventures Fund I. (3) Starting in Q1 2025, Adjusted Operating Expenses and Adjusted Operating Expenses and SBC no longer include provision for credit losses. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements regarding the expected financial performance of Robinhood Markets, Inc. and its consolidated subsidiaries (“we,” “Robinhood,” or the “Company”) and our strategic and operational plans, including (among others) statements regarding that we are building the Financial SuperApp; that we are incredibly excited about our plan and momentum for the year ahead, as we focus on shipping great products for customers and driving profitable growth for shareholders; and all statements and information under the heading “Financial Outlook”. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “believe,” “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Our forward-looking statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual future results, performance, or achievements to differ materially from any future results expressed or implied in this press release. Reported results should not be considered an indication of future performance. Factors that contribute to the uncertain nature of our forward-looking statements include, among others: our rapid and continuing expansion, including continuing to introduce new products and services on our platforms as well as geographic expansion; the difficulty of managing our business effectively, including the size of our workforce, and the risk of declining or negative growth; the fluctuations in our financial results and key metrics from quarter to quarter; our reliance on transaction-based revenue, including payment for order flow (“PFOF”), the risk of new regulation or bans on PFOF and similar practices, and the addition of our new fee-based model for cryptocurrency; our exposure to fluctuations in interest rates and rapidly changing interest rate environments; the difficulty of raising additional capital (to provide liquidity needs and support business growth and objectives) on reasonable terms, if at all; the need to maintain capital levels required by regulators and self-regulatory organizations ("SROs"); the risk that we might mishandle the cash, securities, and cryptocurrencies we hold on behalf of customers, and our exposure to liability for processing, operational, or technical errors in clearing functions; the impact of negative publicity on our brand and reputation; the risk that changes in business, economic, or political conditions that impact the global financial markets, or a systemic market event, might harm our business; our dependence on key employees and a skilled workforce; the fact that we do not wholly own or operationally control Rothera, our joint venture with Susquehanna International Group, and its subsidiaries; operational and regulatory risks and expenditures prior to and following closing of our acquisitions and investments; the difficulty of complying with an extensive, complex, and changing regulatory environment, the risk of monetary and other penalties for noncompliance, and the need to adjust our business model in response to new or modified laws and regulations; the possibility of adverse developments in pending litigation and regulatory investigations; the risk that the outcome of currently ongoing and potential future regulatory enforcement actions and litigation, as well as potential changes in federal or state law, could immediately or subsequently prevent us from offering, or continuing to offer, event contracts; the effects of competition; our need to innovate and acquire or invest in new products, services, technologies and geographies in order to attract and retain customers and deepen their engagement with us in order to maintain growth; our reliance on third parties to perform some key functions and the risk that processing, operational or technological failures could impair the availability or stability of our platforms; the risk of cybersecurity incidents, theft, data breaches, and other online attacks; the difficulty of processing customer data in compliance with privacy laws; our need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures; the risks associated with incorporating artificial intelligence ("AI") technologies into some of our products and processes; the regulation, litigation, contractual, operational, and reputational risks associated with our introduction of products such as Robinhood Stock Tokens in the European Economic Area (the "EEA") and our staking services offered in the U.S.; and the risk that substantial future sales of Class A common stock in the public market, or the perception that they may occur, could cause the price of our stock to fall. Because some of these risks and uncertainties cannot be predicted or quantified and some are beyond our control, you should not rely on our forward-looking statements as predictions of future events. More information about potential risks and uncertainties that could affect our business and financial results can be found in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, as well as in our other filings with the U.S. Securities and Exchange Commission (“SEC”), all of which are available on the SEC’s web site at www.sec.gov. Moreover, we operate in a very competitive and rapidly changing environment; new risks and uncertainties may emerge from time to time, and it is not possible for us to predict all risks nor identify all uncertainties. The events and circumstances reflected in our forward-looking statements might not be achieved and actual results could differ materially from those projected in the forward-looking statements. Except as otherwise noted, all forward-looking statements in this press release are made as of the date of this press release, February 10, 2026, and are based on information and estimates available to us at this time. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by law, Robinhood assumes no obligation to update any of the statements in this press release whether as a result of any new information, future events, changed circumstances, or otherwise. You should read this press release with the understanding that our actual future results, performance, events, and circumstances might be materially different from what we expect. All fourth quarter and full year 2025 financial information in this press release is preliminary, based on our estimates and subject to completion of our financial closing procedures. Final results for the full year, which will be reported in our Annual Report on Form 10-K for the year ended December 31, 2025, may vary from the information in this press release. In particular, until our financial statements are issued in our Annual Report on Form 10-K, we may be required to recognize certain subsequent events (such as in connection with contingencies or the realization of assets) which could affect our final results. The Select Preliminary January 2026 Operating Data in this press release is unaudited and preliminary, based on Robinhood’s estimates, and subject to completion of financial closing procedures. Final operating data for January 2026 and results for the first quarter of 2026, as reported in our upcoming monthly metrics release and in Robinhood’s quarterly and annual filings with the SEC, respectively, might vary from the information in this press release. Non-GAAP Financial Measures We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance. In addition to total net revenues, net income, and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), Adjusted EBITDA Margin, Adjusted Operating Expenses, and Adjusted Operating Expenses and SBC. This non-GAAP financial information is presented for supplemental informational purposes only, should not be considered in isolation or as a substitute for, or superior to, financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. We believe each of these non-GAAP measures provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance and cost structure, as applicable. These non-GAAP measures are used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this press release. Adjusted EBITDA Adjusted EBITDA is defined as net income, excluding (i) interest expenses related to credit facilities, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) SBC, (v) significant legal and tax settlements and reserves, and (vi) other significant gains, losses, and expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing results. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. Adjusted EBITDA is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Adjusted EBITDA Margin Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total net revenues. The most directly comparable GAAP measure is net margin (calculated as net income divided by total net revenues). Adjusted Operating Expenses Adjusted Operating Expenses is defined as GAAP total operating expenses minus (i) SBC, (ii) provision for credit losses, (iii) significant legal and tax settlements and reserves, and (iv) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. Starting in Q1 2025, Adjusted Operating Expenses no longer includes provision for credit losses. Adjusted Operating Expenses and SBC Adjusted Operating Expenses and SBC is defined as GAAP total operating expenses minus (i) provision for credit losses, (ii) significant legal and tax settlements and reserves, and (iii) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses), that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. Unlike Adjusted Operating Expenses, Adjusted Operating Expenses and SBC does not adjust for SBC except for in 2026 as it relates to modification of executive awards related to our CFO transition. Starting in Q1 2025, Adjusted Operating Expenses and SBC no longer includes provision for credit losses. Q4 2024 Tax Benefit and Regulatory Accrual Reversal In Q4 2024, the Company recorded a $369 million deferred tax benefit ($0.41 of diluted EPS), primarily from the release of the Company's valuation allowance on most of its net deferred tax assets, as well as a $55 million benefit ($0.06 of diluted EPS) due to a reversal of an accrual as part of a regulatory settlement. Together, these items represented a $424 million benefit ($0.47 of diluted EPS) in Q4 2024. Key Performance Metrics In addition to the measures presented in our unaudited condensed consolidated financial statements, we use the following key performance metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions. Funded Customers We define a Funded Customer as a unique person who has at least one account with a Robinhood entity and, within the past 45 calendar days (a) had an account balance that was greater than zero (excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) or (b) completed a transaction using any such account. Individuals who share a funded joint investing account (which launched in July 2024) are each considered to be a Funded Customer. Starting in Q1 2025, individuals who are customers of Registered Investment Advisors ("RIAs") that use the TradePMR platform, and, starting in June 2025, customers of Bitstamp, are also considered Funded Customers. Total Platform Assets We define Total Platform Assets as the sum of the fair value of all equities, options, cryptocurrency, futures (including options on futures and swaps, including event contracts), cash held by users in their accounts, net of receivables from users (previously reported as Assets Under Custody), and any such assets managed by RIAs using TradePMR’s platform that are not custodied by Robinhood, as of a stated date or period end on a trade date basis. Net Deposits and net market gains (losses) drive the change in Total Platform Assets in any given period. Starting in June 2025, the fair value of all cryptocurrency includes cryptocurrency on Bitstamp. Assets Under Custody We define Assets Under Custody as Total Platform Assets, excluding assets managed by RIAs using TradePMR's platform that are not custodied by Robinhood, as of a stated date or period end on a trade date basis. Net Deposits We define Net Deposits as all cash deposits and asset transfers from customers, as well as dividends, interest, staking rewards, and cash or assets earned in connection with Company promotions (such as account transfer and retirement match incentives, free stock bonuses) received by customers, net of reversals, customer cash withdrawals, margin and lending interest, Robinhood Gold subscription fees, and assets transferred off of our platforms for a stated period. Starting in June 2025, Net Deposits include results from Bitstamp. Due to data limitations, we have not included TradePMR client figures in our Net Deposits key performance metric. Average Revenue Per User (“ARPU”) We define ARPU as total revenue for a given period divided by the average number of Funded Customers on the last day of that period and the last day of the immediately preceding period. Figures in this press release represent ARPU annualized for each three-month period presented. Robinhood Gold Subscribers We define a Robinhood Gold Subscriber as a unique person who has at least one account with a Robinhood entity and who, as of the end of the relevant period (a) is subscribed to Robinhood Gold and (b) has made at least one Robinhood Gold subscription fee payment. Additional Operating Metrics Robinhood Retirement AUC We define Robinhood Retirement AUC as the total Assets Under Custody in traditional individual retirement accounts (“IRAs") and  Roth IRAs. This does not include accounts with an RIA using TradePMR’s platform. Cash Sweep We define Cash Sweep as the period-end total amount of participating users’ uninvested brokerage and banking cash that has been automatically “swept” or moved from their accounts into deposits for their benefit at a network of program banks. This is an off-balance-sheet amount. Robinhood earns a net interest spread on Cash Sweep balances based on the interest rate offered by the banks less the interest rate given to users as stated in our program terms. This includes balances from customers of RIAs using TradePMR’s platform. Margin Book We define Margin Book as our period-end aggregate outstanding margin loan balances receivable (i.e., the period-end total amount we are owed by customers on loans made for the purchase of securities, supported by a pledge of assets in their margin-enabled brokerage accounts). This includes margin loan balances from customers of RIAs using TradePMR’s platform. Notional Trading Volume We define Notional Trading Volume, or Notional Volume, for any specified asset class as the aggregate dollar value (purchase price or sale price as applicable) of trades executed in that asset class on our platforms over a specified period of time. Crypto Notional Volume includes both Robinhood App Notional Volume and, starting in June 2025, Bitstamp Notional Volume. Robinhood App Notional Volume represents the dollar value of executed crypto trades on the Robinhood platform over a specified period of time. Bitstamp Notional Volume represents the dollar value of executed crypto trades on the Bitstamp platform over a specified period of time. For example, each $1 of transaction value executed between a buyer and seller is counted as $1 of transaction value in the relevant period, rather than $2 if counted for each of the buyer and seller. Options Contracts Traded We define Options Contracts Traded as the total number of options contracts bought or sold over a specified period of time. Each contract generally entitles the holder to trade 100 shares of the underlying stock. Event Contracts Traded We define Event Contracts Traded as the total number of event contracts bought or sold over a specified period of time through our Prediction Markets Hub. Each contract can be traded at $0.01 increments up to $1 and is worth $1 upon settlement. Glossary Terms Investment Accounts We define an Investment Account as a funded individual brokerage account, a funded joint investing account, a funded IRA, or an account with an RIA using TradePMR’s platform. Starting in September 2025, a Funded Customer can have multiple Investment Accounts - one or more individual brokerage accounts, a joint investing account, a traditional IRA, a Roth IRA, and/or an RIA custody account using TradePMR’s platform. Investment Accounts do not include Bitstamp as such accounts are not brokerage or other Investment Accounts. Robinhood Gold Adoption Rate We define the Robinhood Gold adoption rate as end of period Robinhood Gold Subscribers divided by end of period Funded Customers. Growth Rate and Annualized Growth Rate with respect to Net Deposits Growth rate is calculated as aggregate Net Deposits over a specified 12-month period, divided by Total Platform Assets for the fiscal quarter that immediately precedes such 12-month period. Annualized growth rate is calculated as Net Deposits for a specified quarter multiplied by 4 and divided by Total Platform Assets for the immediately preceding quarter. Source: Robinhood Markets, Inc.

At the end of the settlement date of July 31, 2025, short interest in 3,285 Nasdaq Global MarketSM securities totaled 13,683,072,188 shares compared with 13,792,841,090 shares in 3,260 Global Market issues reported for the prior settlement date of July 15, 2025. The mid-July short interest represents 2.15 days compared with 2.37 days for the prior reporting period. Short interest in 1,658 securities on The Nasdaq Capital MarketSM totaled 2,910,549,464 shares at the end of the settlement date of July 31, 2025, compared with 2,853,251,720 shares in 1,647 securities for the previous reporting period. This represents a 1.00 day average daily volume; the previous reporting period’s figure was 1.00. In summary, short interest in all 4,943 Nasdaq® securities totaled 16,593,621,652 shares at the July 31, 2025 settlement date, compared with 4,907 issues and 16,646,092,810 shares at the end of the previous reporting period. This is 1.56 days average daily volume, compared with an average of 1.84 days for the prior reporting period. The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller. For more information on Nasdaq Short interest positions, including publication dates, visithttp://www.nasdaq.com/quotes/short-interest.aspxor http://www.nasdaqtrader.com/asp/short_interest.asp.  

NYSE today reported short interest as of the close of business on the settlement date of January 30, 2026. SETTLEMENT DATE EXCHANGE TOTAL CURRENT SHORT INTEREST TOTAL PREVIOUS SHORT INTEREST (Revised) NUMBER of SECURITIES with a SHORT POSITION NUMBER of SECURITIES with a POSITION >= 5,000 SHARES 01/30/2026 NYSE 16,361,583,497 16,215,801,695 2,871 2,597 01/30/2026 NYSE ARCA 2,297,133,128 2,305,450,999 2,524 1,768 01/30/2026 NYSE AMERICAN 915,314,421 888,958,930 303 255 01/30/2026 NYSE GROUP 19,574,031,046 19,410,211,624 5,698 4,620 *NYSE Group includes NYSE, NYSE American and NYSE Arca           Reports will be archived here.

Trading Technologies International, Inc. (TT), a global capital markets technology trading system provider, today announced it will enter into an agreement with Enmacc GmbH, a leading European over-the-counter (OTC) energy trading market venue, to integrate Enmacc's market-leading bilateral OTC trading system with the TT® trading system, providing a unified execution experience for mutual energy trading clients across exchange-traded and OTC markets. The collaboration brings together two highly complementary and leading technology solutions in the European energy and power markets. TT will provide global access to listed derivatives and exchange-traded energy markets, including the main European energy spot trading venues. Enmacc will bring its extensive network of customers and RFQ workflow for the trading of bilateral OTC and exchange cleared contracts. The firms will leverage the collaboration to eliminate fragmented workflows to provide customers with a best-in-class experience across exchange-traded and OTC bilateral workflows. The integration links Enmacc's alpha, the first agentic trading offering, and TT's market execution suite, allowing market participants to distribute liquidity to counterparties instantly, execute on listed markets and manage bilateral credit risk with precision. Alun Green, EVP and Managing Director, Futures and Options at TT, said: "Enmacc has built an incredible footprint across the European energy landscape, particularly among municipalities and commercial firms that require a modern, agile approach to bilateral trading. There is a natural synergy between our technology. By integrating Enmacc's smart credit engine and OTC capabilities with TT's global distribution network, we are providing our shared customers with a powerful, comprehensive toolset that simplifies the path from price discovery to execution." Jens Hartmann, CEO of Enmacc, said: "Our vision is to redefine OTC markets by providing flexibility, intelligence and front-to-end digital trading workflows. By partnering with Trading Technologies, we are giving our clients direct access to the services of a global execution powerhouse. The combination of our bilateral marketplace with TT's institutional-grade exchange connectivity and execution tools creates a formidable alternative to legacy platforms."

In its original form, the US Basel III endgame proposal would have resulted in disproportionate increases in capital for trading book activities, forcing banks to make difficult choices about their participation in certain businesses. After two-and-a-half years, a revised proposal is expected to be published soon, paving the way towards finalization and implementation of the rules. At ISDA, we’ve advocated relentlessly for calibration changes to achieve a robust, more risk-sensitive framework, and we hope this will be a turning point effectively balances the need for safety and soundness with market vibrancy. ISDA’s commitment to risk-appropriate capital rules isn’t confined to the US – it’s critical in every jurisdiction around the world. If capital requirements are disproportionate to the underlying risk, companies and governments that rely on banks for financing would face reduced support, as well as a lack of hedging solutions and increased vulnerability to external shocks. In turn, this would undermine economic growth and stability – outcomes we can’t afford to risk. To avoid this happening in the US, changes need to be made in certain key areas. First, we need to ensure internal models have a viable future for the calculation of market risk capital. While the Basel III market risk framework – the Fundamental Review of the Trading Book (FRTB) – deliberately raises the bar for the use of internal models, the proposed rules are so complex and operationally challenging that they threaten to choke off the use of internal models altogether. This would be a major change that we don’t think is in line with the Basel Committee’s intentions. We’ve proposed certain adjustments, including reducing the stringency of the profit-and-loss attribution test and addressing long-standing issues in the treatment of non-modellable risk factors, which would ensure the continued viability of internal models under the FRTB. Second, we believe the standardized approach for counterparty credit risk should be amended to recognize the risk-reducing benefits of netting across products, including repos and futures. With mandatory clearing of certain cash US Treasury securities set to begin at the end of this year, and repos following in the middle of next year, the lack of recognition of cross-product netting would constrain banks’ balance sheets and limit their ability to offer client clearing. This issue must be addressed to enable the smooth implementation of the Treasury clearing rule. Third, the combined effect of the proposed Basel III endgame and the capital surcharge for global systemically important banks (G-SIBs) would increase capital for US G-SIB client clearing businesses by more than 80%. That’s completely at odds with the policy objective to promote and incentivize clearing and would negatively affect market stability. By including the client-facing leg of a cleared derivatives transaction in the Basel III credit valuation adjustment framework and adjusting the G-SIB surcharge, policymakers can reduce this disproportionate tax on clearing. These are just three of the important issues we’ve been focusing on as US policymakers have weighed up industry feedback and redrafted the original endgame proposal. Once the revisions are published, focus will shift to finalization and implementation of the rules. We’ll test the recalibrated framework to make sure it delivers the risk sensitivity that is so crucial. We’ll then work with our members to address any challenges on the road to implementation and pursue the end result that is needed – a robust, risk-sensitive trading book capital framework that stands the test of time.

CME Group, the world's leading derivatives marketplace, today announced plans to launch Single Stock futures beginning this summer, pending completion of all regulatory review and processes. These new products will enable market participants to trade futures on more than 50 of the top U.S. stocks from the S&P 500, Nasdaq-100 and Russell 1000 indices, including names such as Alphabet, Meta, NVIDIA and Tesla  – all with the flexibility, capital efficiency and precision of financially settled futures. "We are pleased to begin offering investors an alternative way to gain exposure to individual leading U.S. stocks with our new Single Stock futures contracts," said Tim McCourt, Global Head of Equities, FX and Alternative Products at CME Group. "These contracts will provide a simpler, more cost-effective way to take a view on a stock, while allowing market participants to gain exposure to, or hedge potential price movements, without buying shares outright." Demand for equity derivatives has been growing across both institutional and retail audiences in recent years, with new highs in 2025 including: * Futures and options average daily volume (ADV) of 7.4 million contracts and open interest (OI) of 9.8 million contracts. * Futures ADV of 6 million contracts, up 15% year-over-year, and record average OI of 5.6 million contracts, up 19% year-over-year. The contracts will be listed on and subject to the rules of CME. For more information on these products, please visit cmegroup.com/ssf.

The Bermuda Stock Exchange (BSX), a wholly owned subsidiary of Miami International Holding, Inc. (NYSE: MIAX), today reported its 2025 year-end results, highlighting a record year for insurance-linked securities (ILS) listings.   BSX reported 209 new ILS listings in 2025, a 34.0% increase from 2024, bringing its total number of listings to 746 and accounting for 93.2% of global ILS issuances in 2025. The growth reflects the depth and resilience of Bermuda's regulatory framework and BSX’s deliberate commercial strategy designed to support sophisticated risk-transfer products.  In 2025, BSX continued to attract catastrophe bond listings from global issuers covering climate-related risks across Europe, Asia and the Americas while also listing new cyber catastrophe bonds, reflecting the growing importance of this emerging asset class. Together, these vehicles enable the global insurance and reinsurance industry to deploy capital efficiently, innovate responsibly, and address the challenge of narrowing the world's insurance protection gap. 2025 also marked a major technology advancement for BSX with the March launch of a new, state-of-theart trading, clearing, settlement, and depository platform built on MIAX’s proprietary technology. The fullyintegrated system enables BSX to respond to evolving market demand, expand the range of products it can offer customers, and align with MIAX’s strategy to operate all its exchanges on its proprietary technology. "BSX has led the way in listing ILS vehicles for more than a decade, and we are proud to have not only maintained but strengthened our leadership position in 2025," said Greg Wojciechowski, President and Chief Executive Officer of BSX. "Our strong results and technology launch in 2025 demonstrate our capacity to innovate while supporting global reinsurance needs. Our ongoing success is driven by well-established expertise in securities listings paired with an efficient listing process, all within a jurisdiction engineered for insurance innovation."  Year-End Total Securities Listings   Insurance Linked Securities (ILS)   746     International  Debt   201     Other Securities - equities, funds and warrants 262     Total  Listings   1,209   BSX Highlights * Industry Choice: 93.2% of global insurance-linked securities (ILS) issuances chose BSX as their listing venue in 2025.   * New Market Infrastructure Platform:  BSX launched a new, state-of-the-art trading, clearing, settlement, and depository platform built on MIAX’s proprietary technology to better respond to evolving market demand and expand product offering. * Portfolio Expansion: BSX added 209 new ILS listings, including 21 new catastrophe bond programmes in 2025, attracted catastrophe bond listings from global issuers covering climate-related risks across Europe, Asia and the Americas and listed new cyber catastrophe bonds. * Strong Performance in 2025: BSX closed 2025 with 1,209 total securities listed, reflecting sustained issuer trust in BSX. * International Debt Focus: BSX continues its emphasis on attracting international debt listings, supported by the modernisation of listing regulations and processes to further align with international standards and reinforcing BSX’s commitment to global debt issuers. BSX Remains the Global Leader in ILS Listings At year-end, BSX had 746 ILS listings (2024: 732). The number of new listings was 209 (2024: 156), an increase of 34.0%. The overall nominal value of ILS listings increased to $65 billion (2024: $56 billion), up 16.4% over 2024. Of the total ILS listings, 520 (2024: 450) were securities providing catastrophic peril reinsurance coverage, an increase of 16% year-over-year (YoY). The global issuance for that class was $61.3 billion (2024: $49.5 billion), with BSX-listed ILS providing catastrophic peril reinsurance coverage having an outstanding value of $57.2 billion (2024: $45.4), representing 93.2% of global issuance.   Focus on International Debt and Structured Products BSX ended 2025 with 201 debt securities listed on the exchange, a 16.3% decrease from 2024 (2024: 240). New international debt listings increased 17.6% with 40 at year-end (2024: 32). The listings included aviation-related asset backed securities, corporate debt and high yield bonds from existing and new issuers.  Support of Bermuda’s Domestic Capital Market BSX continued its support of Bermuda’s domestic capital market trading, operations and post-trade services for equities and fixed-income debt in 2025. Trading volume decreased to 834,659 shares (2024: 11.3 million) and the value of shares traded totalled $11.6 million (2024: $106.2 million), with merger activity impacting trading, settlement and depository activity and values. The RG/BSX Index closed at 3,197.60, an increase of 28.0% from 2024 (2024: 2,498.47). Equity market capitalisation on BSX totalled $297.0 billion at the end of 2025 (2024: $217.6 billion).  At year-end 2025, the Bermuda Securities Depository, operated by the BSX, was custodian for 25.0% (2024: 36.0%) of total shares issued by domestic equity securities listed on the BSX. 

 Nasdaq (Nasdaq: NDAQ) today announced the launch of the Nasdaq Private Capital™ Indexes, a new suite of benchmarks designed to deliver transparency, representativeness, and robustness to private markets. Built to help institutional investors and consultants benchmark performance, analyze exposures, and navigate private capital markets with precision, the indexes introduce rules‑based rigor and consistent measurement to segments that have historically lacked reliable, objective standards. The launch of the index suite marks the next phase in the evolution of Nasdaq Private Capital Solutions, designed to deliver transparent benchmarking, institutional‑quality data, and robust analytics to help investors navigate an increasingly complex private markets landscape. Drawing on decades of private market expertise, the solutions‑based platform unifies Nasdaq Private Capital Indexes, Nasdaq eVestment Fund and Deal Benchmarking, the Nasdaq eVestment Private Fund Universe and the Nasdaq eVestment TopQ+ Analytics platform. “Private markets are at a pivotal moment, growing rapidly in both importance and complexity. Yet the ecosystem remains highly fragmented, with data trapped in silos, inconsistent benchmarks, and limited interoperability,” said Oliver Albers, Executive Vice President and Chief Product Officer, Capital Access Platforms at Nasdaq. “The Nasdaq Private Capital™ Indexes change that. Built on LP‑reported fund performance, they give institutions a comprehensive and representative view of private markets. By combining this trusted data foundation with transparent methodologies and workflow‑ready tools, we’re providing the clarity and connectivity investors need to navigate private markets with confidence.” Constructed from more than 14,000 institutional private market funds that represent over $11.4 trillion in global AUM sourced from Nasdaq eVestment’s LP reported dataset, the Nasdaq Private Capital™ Indexes are designed to deliver robust and transparent coverage. The indexes employ a documented, rules‑based methodology featuring Modified Dietz quarterly performance measurement, NAV‑weighted aggregation, and a standardized two‑quarter restatement process designed to align with institutional governance expectations. The suite spans aggregate private capital as well as private equity, buyout, venture capital, private debt, fund of funds and real estate strategies. Delivered through Nasdaq eVestment TopQ+, a leading private markets fund research and performance analytics platform, Nasdaq Global Index Watch (GIW), and Nasdaq’s broader data licensing channels, Nasdaq Private Capital™ Indexes aim to provide objective rules-based benchmarks that can better inform asset allocation and comparative performance, enhance risk and return reporting capabilities, and ease data management and system integration. “As allocations to private markets grow, institutions increasingly expect greater transparency, data, and stronger operational infrastructure to support their investment processes,” added Albers. “Private Capital Solutions reflects Nasdaq’s long‑term commitment to helping build that foundation, giving institutions the tools they need to make better decisions today while preparing the industry for what comes next.” For more information on the Nasdaq Private Capital™ Indexes and Nasdaq Private Capital Solutions, please visit: https://www.nasdaq.com/solutions/global-indexes/beta/private-capital-indexes

Ahead of Eurex's Derivatives Forum in Frankfurt, taking place on 25 and 26 February, we spoke to Ladi Williams, Head of Thematics and Alternative Strategies Product Management at STOXX, to discuss the latest trends in thematic indexes and the future shape of innovation. As an index provider, how do you approach index construction for a task as broad and far-reaching as thematic indexes? Ladi Williams: Our STOXX thematic framework allows us to capture themes in a systematic and transparent way. Our approach recognizes four different phases in how a theme permeates through society and is based on the diffusion of innovation theory. Those comprise ideation, innovation, commercialization and maturity. The various themes that we cover can be at different stages of progress. That means we adapt the data set or group of indicators we use to effectively capture companies in the index. In the ideation stage, companies are mainly talking about their technology. They haven't actually started any significant product development. When they move away from the ideation stage to the innovation stage is when we might see activity such as intellectual property creation. This is when companies start filing patents and we really begin to see some significant progress. Once those patterns are being used in the R&D stage, it translates into products and services that you can commercialize. That's when you start to see these companies generate revenues and become well established – demonstrating the sort of trends which can be traditionally captured through sector investing. Once a theme grows to become significant to the broader economy, how do you capture its nuances? You can address themes by looking at different parts of the value chain. AI is a good example. There are different areas in the AI value chain, and we target those with different indexes. For some other themes though, it might make sense to only launch one index. As well as the method of targeting multiple sub-themes and launching an index family from those, we are seeing greater specialization in the index itself. Over the years, thematic indices have shifted away from having 150-plus constituents to being more targeted in their exposure. We are seeing a lot of demand for those more specialized indexes from our end clients. Given the level of awareness of some of these themes, such as AI, how do you differentiate your product against other index providers? At STOXX, we prioritize a collaborative approach and don't work in a silo. That means engaging with clients throughout the process and taking their feedback on board continuously. There are then many ways in which you can differentiate on product. As an index provider you must decide whether to focus on a specific segment of the market, or to look across the whole supply and value chain. The way that we look at AI, for instance, is that you have the ‘picks and shovels’ companies that are responsible for building the required infrastructure. Then, on the other side of the value chain, you have companies that are leveraging AI technology or pursuing value integration. They are AI adopters and could include companies that are using AI in healthcare, finance or mobility. We have AI indexes that target those two different areas. We also use a complementary approach, which looks at both. For the theme of defense, we can distinguish on a regional basis. For example, designing a global defense product or a European one, which was a very popular theme in 2025. Drilling further down, differentiation can be achieved by screens, weighting approaches right down to security level caps and counts. How do you see client demand for these products evolving in the coming years? We see thematic indexes being used by a variety of client segments. You have ETF issuers that will use thematic indexes as the investment strategy for their fund. We also work with sell-side institutions that take thematic indexes and wrap them into structured products that have different types of payoffs and where they can embed some principal protection. That shows the level of variation on the product side. Beyond special screens and overlays, and flexible methodologies, a big part of customization and how you differentiate as a provider is data. AI is going to start opening a lot of doors and allow us to create and scale more data sets that we will be able to incorporate into rules-based, systematic and transparent indexes. Only a few years ago, if you wanted to use earnings calls transcripts, or text from company websites or filings, it was very difficult to do that manually. Now, AI tools can scrape these various data points and create data sets from this information. We can then embed those in index strategies. It allows you to push the envelope for what was previously the remit of an active equity analyst doing a lot of research. That is an area where we are going to be seeing a lot more innovation. Visit the panel at Derivatives Forum Frankfurt on 25 February from 15:05-15:50 CET Europe's Defense, AI & Quantum Computing – Forces Shaping Markets This session explores three of 2025's most influential thematic trends: European defense, artificial intelligence (AI), and the emerging role of quantum computing. Defense spending and AI have already delivered exceptional performance, driven by structural shifts and transformative innovation. Quantum computing, while still early-stage, is increasingly seen as a strategic enabler – without requiring a complete overhaul of existing systems. The discussion shall highlight strategies, valuation frameworks, and long-term growth drivers for these themes. How is European defense investment impacting European markets? * Is there an AI bubble and how are valuations likely to evolve in 2026 and beyond? * How are firms thinking about capital allocations in 2026 considering the key trends? Moderator: Matthias Knab, CEO, Opalesque Speakers: * Ladi Williams, Head of Thematics and Alternative Strategies, STOXX * Frederike Bauer, Product Specialist, DWS * Varia Pechurina, Director, Lead Institutional Investment Strategist, BlackRock * Roxane Philibert, Head of Platform Strategy, Amundi ETF and Indexing, Amundi Further information *  Derivatives Forum Frankfurt 2026

HM Treasury hosted representatives from U.S. Treasury and regulatory agencies in London on January 26, 2026, to conduct joint senior-level industry engagement for the Transatlantic Taskforce for Markets of the Future established last September. The discussions explored opportunities to improve links between our capital markets and to collaborate on digital assets. This engagement is part of the Taskforce’s efforts to seek input from industry partners to ensure that its work is informed by what matters most to industry on both sides of the Atlantic. We thank all participants for the dynamic discussions and insights. In September 2025, as part of President Trump’s state visit to the UK, Secretary of the Treasury, Scott Bessent, and Chancellor of the Exchequer, Rachel Reeves, established the Taskforce to enhance the deep and historic connection between the world’s leading financial hubs in the UK and the United States. The U.S. Treasury and HM Treasury will continue to work closely together with additional joint engagements in the United States anticipated this month. The Taskforce aims to report back to both finance ministries on its recommendations via the UK-U.S. Financial Regulatory Working Group in summer 2026.

 TMX Group today announced its financing activity on Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for January 2026. TSX welcomed 23 new issuers in January 2026, compared with 84 in the previous month and 24 in January 2025. The new listings were 23 exchange traded funds. Total financings raised in January 2026 decreased 75% compared to the previous month, and were down 9% compared to January 2025. The total number of financings in January 2026 was 40, compared with 37 the previous month and 43 in January 2025. For additional data relating to the number of transactions billed for TSX, please click on the following link: https://www.tmx.com/resource/en/440. There was one new issuer on TSXV in January 2026, compared with two in the previous month and none in January 2025. The new listing was a mining company. Total financings raised in January 2026 decreased 45% compared to the previous month, but were up 63% compared to January 2025. There were 158 financings in January 2026, compared with 123 in the previous month and 107 in January 2025. TMX Group consolidated trading statistics for January 2026 can be viewed at www.tmx.com. Related Document: TMX Group Equity Financing Statistics – January 2026

ElectronX, the energy exchange built to enable precision risk management in electricity markets, today announced it has launched its first product suite of U.S.-regulated power contracts designed for trading and managing intraday price volatility. Hourly bounded futures and binary options for the Electric Reliability Council of Texas (ERCOT) market are now available in 1 MWh sizes on ElectronX's direct-access platform, enabling new financial hedging strategies to limit losses and control costs in times of short-term price stress. ElectronX's fully collateralized and small-sized contracts—cash-settled in near real-time through its regulated clearinghouse—are the first derivatives tailored for the specific risk transfer and price discovery profiles of distributed energy resources, large load consumers, and energy sector innovators in the rapidly evolving U.S. electricity ecosystem. "In recent years, volatility in intraday power prices has sharply increased in an environment of growing power demand, intermittent renewable energy generation, and adverse weather, including extreme temperature events," said Sam Tegel, CEO of ElectronX. "An outdated financial market dynamic of fractured and shallow short-term liquidity has exacerbated this phenomenon, leading to a severely underhedged power sector when compared with other mature commodities markets. "Marketplace solutions must include broader access to derivatives for an increasingly decentralized industry with newer business models and innovative technologies—and our direct-access platform, small-sized contracts, and lower capital requirements are designed for these participants looking to hedge risk specific to their varied physical assets," continued Tegel. "By expanding participation and deepening liquidity in power hedging overall, ElectronX can help usher in an era of improved efficiency, reliability and cost optimization for all U.S. electricity markets." After earning exchange and clearinghouse regulatory approvals from the U.S. Commodity Futures Trading Commission (CFTC) in August 2025, ElectronX opened in a limited soft launch capacity in December, listing select ERCOT North Hub contracts for a group of early adopter participants. The ERCOT suite in its entirety launched last week. Five ERCOT hubs and two hub averages are tradeable for the 120 hours following the current hour. Each contract represents the real-time market value of 1 MWh of power for a specific hub and hourly period, allowing traders to observe, capture and trade precise views on forecasted weather, power demand, and curtailment risks. ElectronX's market structure, trading interface, and product design were developed with valuable input from leaders and innovators in the U.S. power industry. Exchange members of ElectronX include: * Base Power: "A critical aspect of our mission to improve grid performance through distributed battery storage is the ability to precisely manage the financial performance of our battery fleet," commented Jared Greene, Head of Software at Base. "Hourly contracts in small sizes, tied to specific hubs experiencing different loads and risks, are among the precise financial tools we need to maximize reliability for our customers and the grid as a whole." * Xcel Energy: "We are committed to providing the safe, reliable energy our customers depend on every day at the lowest price possible," said John Welch, Vice President, Commercial Operations at Xcel Energy. "As markets evolve, more precise scheduling will help us better optimize our portfolios and meet growing and dynamic demand in a more electrified economy." * Habitat Energy: "As a leading global optimizer of battery assets and renewable energy sources, our in-house trading team is extremely attuned to hourly fluctuations in supply and demand," said Michael Kirschner, Managing Director, U.S. at Habitat Energy. "ElectronX's products provide a new price optimization solution that aligns seamlessly with our tech-forward strategy, and we are excited to support their U.S. market launch." In the coming months, ElectronX plans to list contract suites for PJM Interconnection LLC (PJM), California Independent System Operator (CAISO), and other regional transmission organizations (RTOs) and independent system operators (ISOs). "We look forward to expanding into PJM and CAISO as energy market participants in both regions—including power generators, utilities, and data center developers—consider emerging solutions like ElectronX to address rising prices and acute grid stress," noted Sam Tegel.

S&P Global (NYSE: SPGI) today reported fourth quarter and full-year 2025 results. The Company's earnings release and supplemental materials are available at http://investor.spglobal.com/Quarterly-Earnings.  Supplemental Information/Conference Call/Webcast Details:  The Company's senior management will review the fourth quarter and full-year 2025 earnings results on a conference call scheduled for today, February 10, at 8:30 a.m. ET. Additional information presented on the conference call, and the Company's supplemental slide content may be found on the Company's Investor Relations Website at http://investor.spglobal.com/Quarterly-Earnings.  The Webcast will be available live and in replay at http://investor.spglobal.com/Quarterly-Earnings. 

* GAAP revenue growth of 1% in the quarter and 4% for the full year; * GAAP EPS decreased 8% in the quarter and increased 18% for the full year; * Organic revenue was flat in the quarter and increased 4% for the full year; * Adjusted EPS decreased 21% in the quarter and 2% for the full year; * Company expects 2026 organic revenue growth of 1% to 3% and adjusted EPS of $8.00 to $8.30 Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today reported financial results for the fourth quarter and full year 2025. Fourth Quarter and Full Year 2025 GAAP Results GAAP revenue for the company increased 1% to $5.28 billion in the fourth quarter of 2025 compared to the prior year period, with 2% growth in the Merchant Solutions segment and a 2% decline in the Financial Solutions segment. GAAP revenue for the company increased 4% to $21.19 billion for the full year 2025 compared to the prior year, with 5% growth in the Merchant Solutions segment and 2% growth in the Financial Solutions segment. GAAP earnings per share was $1.51 in the fourth quarter and $6.34 for the full year 2025, a decrease of 8% and an increase of 18%, respectively, compared to the fourth quarter and full year 2024. The full year 2024 included a $595 million non-cash impairment charge related to one of the company’s equity method investments. GAAP operating margin was 24.4% and 27.5% in the fourth quarter and full year 2025 compared to 31.8% and 28.7% in the fourth quarter and full year 2024. GAAP operating margin in the Merchant Solutions segment was 32.1% and 34.5% in the fourth quarter and full year 2025 compared to 39.2% and 37.0% in the fourth quarter and full year 2024. GAAP operating margin in the Financial Solutions segment was 42.2% and 45.3% in the fourth quarter and full year 2025 compared to 51.7% and 47.3% in the fourth quarter and full year 2024. Net cash provided by operating activities was $6.06 billion for the full year 2025 compared to $6.63 billion in the prior year. “During the fourth quarter, which marked the first full quarter executing the One Fiserv plan, the team took decisive steps and achieved several meaningful milestones and client wins, while also delivering performance in line with our expectations,” said Mike Lyons, Chief Executive Officer of Fiserv. “We are increasingly confident in our ability to create sustainable value by executing on the pillars that have long distinguished Fiserv.” Fourth Quarter and Full Year 2025 Non-GAAP Results and Additional Information * Adjusted revenue was flat at $4.90 billion in the fourth quarter and increased 4% to $19.80 billion for the full year 2025 compared to the prior year periods. * Organic revenue was flat in the fourth quarter of 2025, with 1% growth in the Merchant Solutions segment and a 2% decline in the Financial Solutions segment. * Organic revenue growth was 4% for the full year 2025, with 6% growth in the Merchant Solutions segment and 2% growth in the Financial Solutions segment. * Adjusted earnings per share decreased 21% to $1.99 in the fourth quarter and decreased 2% to $8.64 for the full year 2025 compared to the prior year periods. * Adjusted operating margin was 34.9% and 37.4% in the fourth quarter and full year 2025, and 42.9% and 39.4% in the fourth quarter and full year 2024. * Adjusted operating margin was 32.1% and 39.2% in the Merchant Solutions segment and 42.2% and 51.7% in the Financial Solutions segment in the fourth quarter of 2025 and 2024, respectively. * Adjusted operating margin was 34.5% and 37.0% in the Merchant Solutions segment and 45.3% and 47.3% in the Financial Solutions segment for the full year 2025 and 2024, respectively. * Free cash flow was $4.44 billion for the full year 2025 compared to $5.23 billion in the prior year. * The company repurchased 3.1 million shares of common stock for $200 million in the fourth quarter and 32.2 million shares of common stock for $5.6 billion in the full year 2025. * In December 2025, the company completed the acquisition of StoneCastle Cash Management, which enables its network of depository institutions to easily access stable, cost-efficient deposit funding. * The company scheduled its Investor Day for May 14, 2026 in New York City. Outlook for 2026 Fiserv expects organic revenue growth of 1% to 3% and adjusted earnings per share of $8.00 to $8.30 for 2026. “Our fourth quarter results and 2026 guidance are in line with what we outlined in October,” said Paul Todd, Chief Financial Officer of Fiserv. “Our focus on disciplined investment and efficiency supports our outlook for improving financial performance as we progress through 2026.” Earnings Conference Call The company will discuss its fourth quarter and full year 2025 results in a live webcast at 7 a.m. CT on Tuesday, February 10, 2026. The webcast, along with supplemental financial information, can be accessed on the investor relations section of the Fiserv website at investors.fiserv.com. A replay will be available approximately one hour after the conclusion of the live webcast. About Fiserv Fiserv, Inc. (NASDAQ: FISV), a Fortune 500™ company, moves more than money. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and Clover®, the world’s smartest point-of-sale system and business management platform. Fiserv is a member of the S&P 500® Index and one of TIME Magazine’s Most Influential Companies™. Visit fiserv.com and follow on social media for more information and the latest company news. Use of Non-GAAP Financial Measures In this news release, the company supplements its reporting of information determined in accordance with generally accepted accounting principles (“GAAP”), such as revenue, operating income, operating margin, net income attributable to Fiserv, diluted earnings per share and net cash provided by operating activities, with “adjusted revenue,” “adjusted revenue growth,” “organic revenue,” “organic revenue growth,” “adjusted operating income,” “adjusted operating margin,” “adjusted net income,” “adjusted earnings per share,” “adjusted earnings per share change,” and “free cash flow.” Management believes that adjustments for certain non-cash or other items and the exclusion of certain pass-through revenue and expenses should enhance shareholders’ ability to evaluate the company’s performance, as such measures provide additional insights into the factors and trends affecting its business. Therefore, the company excludes these items from its GAAP financial measures to calculate these unaudited non-GAAP measures. The corresponding reconciliations of these unaudited non-GAAP financial measures to the most comparable GAAP measures are included in this news release, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity, and limited visibility of the non-cash and other items described below that are excluded from the non-GAAP outlook measures. See page 15 for additional information regarding the company’s forward-looking non-GAAP financial measures. Examples of non-cash or other items may include, but are not limited to, non-cash intangible asset amortization expense associated with acquisitions; non-cash impairment and terminated pension plan settlement charges; merger and integration costs; severance costs; certain transformation related expenses associated with the company’s One Fiserv action plan; gains or losses from the sale of businesses, certain assets or investments; and certain discrete tax benefits and expenses. The company excludes these items to more clearly focus on the factors management believes are pertinent to the company’s operations, and management uses this information to make operating decisions, including the allocation of resources to the company’s various businesses. The company adjusts its non-GAAP results to exclude amortization of acquisition-related intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Management believes that the adjustment of acquisition-related intangible asset amortization supplements GAAP information with a measure that can be used to assess the comparability of operating performance. Although the company excludes amortization from acquisition-related intangible assets from its non-GAAP expenses, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Management believes organic revenue growth is useful because it presents revenue growth excluding the impact of foreign currency fluctuations, acquisitions, dispositions and the impact of the company’s postage reimbursements. Management believes free cash flow is useful to measure the funds generated in a given period that are available for debt service requirements and strategic capital decisions. Management believes this supplemental information enhances shareholders’ ability to evaluate and understand the company’s core business performance. These unaudited non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies and should be considered in addition to, and not as a substitute for, revenue, operating income, operating margin, net income attributable to Fiserv, diluted earnings per share and net cash provided by operating activities or any other amount determined in accordance with GAAP. Forward-Looking Statements This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated organic revenue growth, adjusted earnings per share and other statements regarding our future financial performance. Statements can generally be identified as forward-looking because they include words such as “believes,” “anticipates,” “expects,” “could,” “should,” “confident,” “likely,” “plan,” or words of similar meaning. Statements that describe the company’s future plans, outlook, objectives or goals are also forward-looking statements. Forward-looking statements are subject to assumptions, risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that could cause the company’s actual results to differ materially include, among others, the following: the company’s ability to compete effectively against new and existing competitors and to continue to introduce competitive new products and services on a timely, cost-effective basis; changes in customer demand for the company’s products and services; the ability of the company’s technology to keep pace with a rapidly evolving marketplace; the company’s ability to successfully implement and achieve the expected benefits associated with its One Fiserv action plan; the company’s ability to properly manage its use of artificial intelligence; the success of the company’s investments in emerging areas of financial services and technology; the success of the company’s merchant alliances, some of which are not controlled by the company; the impact of a security breach or operational failure on the company’s business, including disruptions caused by other participants in the global financial system; losses due to chargebacks, refunds or returns as a result of fraud or the failure of the company’s vendors and merchants to satisfy their obligations; changes in local, regional, national and international economic or political conditions, including those resulting from heightened inflation, rising interest rates, taxes, trade policies and tariffs, a recession, bank failures, or intensified international hostilities, and the impact they may have on the company and its employees, clients, vendors, supply chain, operations and sales; the effect of proposed and enacted legislative and regulatory actions affecting the company or the financial services industry as a whole; the company’s ability to comply with government regulations and applicable card association and network rules; the protection and validity of intellectual property rights; the outcome of pending and future litigation and governmental proceedings; the company’s ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits associated with the same; the impact of the company’s growth strategies; the company’s ability to attract and retain key personnel; adverse impacts from currency exchange rates or currency controls; changes in corporate tax and interest rates; and other factors included in “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2024, and in other documents that the company files with the Securities and Exchange Commission, which are available at http://www.sec.gov. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements. The company assumes no obligation to update any forward-looking statements, which speak only as of the date of this news release. Fiserv, Inc. Condensed Consolidated Statements of Income (In millions, except per share amounts, unaudited)                   Three Months Ended December 31,   Year Ended December 31,     2025       2024       2025       2024   Revenue               Processing and services $ 4,257     $ 4,260     $ 16,879     $ 16,637   Product   1,027       991       4,314       3,819   Total revenue   5,284       5,251       21,193       20,456                   Expenses               Cost of processing and services   1,515       1,320       5,802       5,363   Cost of product   753       699       2,810       2,650   Selling, general and administrative   1,728       1,564       6,883       6,564   Net gain on sales and distribution of other assets   (3 )     —       (120 )     —   Total expenses   3,993       3,583       15,375       14,577                   Operating income   1,291       1,668       5,818       5,879   Interest expense, net   (375 )     (323 )     (1,493 )     (1,195 ) Other income (expense), net   46       (161 )     (61 )     (178 )                 Income before income taxes and income (loss) from investments in unconsolidated affiliates   962       1,184       4,264       4,506   Income tax provision   (202 )     (193 )     (811 )     (641 ) Income (loss) from investments in unconsolidated affiliates   53       (43 )     37       (685 )                 Net income   813       948       3,490       3,180   Less: net income attributable to noncontrolling interests   2       10       10       49                   Net income attributable to Fiserv $ 811     $ 938     $ 3,480     $ 3,131                   GAAP earnings per share attributable to Fiserv – diluted $ 1.51     $ 1.64     $ 6.34     $ 5.38                   Diluted shares used in computing earnings per share attributable to Fiserv   537.0       571.4       549.0       582.1                   Earnings per share is calculated using actual, unrounded amounts.     Fiserv, Inc. Reconciliation of GAAP to Adjusted Net Income and Adjusted Earnings Per Share (In millions, except per share amounts, unaudited)           Three Months Ended December 31,   Year Ended December 31,     2025       2024       2025       2024                   GAAP net income attributable to Fiserv $ 811     $ 938     $ 3,480     $ 3,131   Adjustments:               Merger and integration costs 1   12       22       59       81   One Fiserv transformation program expenses 2   73       —       86       —   Severance costs   23       80       79       157   Amortization of acquisition-related intangible assets 3   310       335       1,304       1,420   Non wholly-owned entity activities 4   (43 )     22       (11 )     100   Impairment of equity method investments 5   —       25       —       635   Non-cash settlement charge for terminated pension plans 6   —       147       —       147   Gain on sale of investment 7   (68 )     —       (68 )     —   Tax impact of adjustments 8   (52 )     (132 )     (275 )     (548 ) Incremental executive compensation 9   —       —       52       —   Argentine Peso devaluation 10   —       —       39       —   Adjusted net income $ 1,066     $ 1,437     $ 4,745     $ 5,123                   GAAP earnings per share attributable to Fiserv - diluted $ 1.51     $ 1.64     $ 6.34     $ 5.38   Adjustments – net of income taxes:               Merger and integration costs 1   0.02       0.03       0.09       0.11   One Fiserv transformation program expenses 2   0.11       —       0.13       —   Severance costs   0.03       0.11       0.12       0.22   Amortization of acquisition-related intangible assets 3   0.46       0.47       1.91       1.95   Non wholly-owned entity activities 4   (0.06 )     0.03       (0.01 )     0.14   Impairment of equity method investments 5   —       0.07       —       0.85   Non-cash settlement charge for terminated pension plans 6   —       0.16       —       0.16   Gain on sale of investment 7   (0.09 )     —       (0.09 )     —   Incremental executive compensation 9   —       —       0.09       —   Argentine Peso devaluation 10   —       —       0.07       —   Adjusted earnings per share $ 1.99     $ 2.51     $ 8.64     $ 8.80                   GAAP earnings per share attributable to Fiserv change (8)%         18 %     Adjusted earnings per share change (21)%       (2)%       See pages 3-4 for disclosures related to the use of non-GAAP financial measures. Earnings per share is calculated using actual, unrounded amounts. * Represents acquisition and related integration costs incurred in connection with acquisitions. Merger and integration costs associated with integration activities in the fourth quarter and full year 2025 include $9 million and $21 million of third-party professional service fees, respectively, as well as $25 million related to legal and other settlements for the full year 2025. Merger and integration costs associated with integration activities for the full year 2024 primarily include $23 million of third-party professional service fees, $22 million of share-based compensation, and $14 million related to a legal settlement. * Represents third-party consulting and professional service fees associated with a multi-year transformation initiative focused on operational excellence enabled by artificial intelligence, including process reengineering and technology infrastructure modernization. * Represents amortization of intangible assets acquired through acquisition, including customer relationships, software/technology and trade names. This adjustment does not exclude the amortization of other intangible assets such as contract costs (sales commissions and deferred conversion costs), capitalized and purchased software, financing costs and debt discounts. See additional information on page 14 for an analysis of the company’s amortization expense. * Represents the company’s share of amortization of acquisition-related intangible assets at its unconsolidated affiliates, as well as the minority interest share of amortization of acquisition-related intangible assets at its subsidiaries in which the company holds a controlling financial interest. This adjustment in the fourth quarter and full year 2025 also includes a $51 million gain related to the sale of an equity method investment, recorded within income (loss) from investments in unconsolidated affiliates in the consolidated statements of income. * Represents a non-cash impairment of certain equity method investments during 2024, primarily related to the company’s Wells Fargo Merchant Services joint venture, recorded within income (loss) from investments in unconsolidated affiliates in the consolidated statements of income. * Represents a non-cash settlement charge associated with the terminations of the company’s defined benefit pension plans in the United Kingdom and United States. Settlements of the terminated plans were completed in the fourth quarter of 2024. * Represents a gain associated with the sale of an equity security in the fourth quarter of 2025, recorded within other expense, net in the consolidated statements of income. * The tax impact of adjustments is calculated using a tax rate of 19.5% and 20% for the full year 2025 and 2024, respectively, which approximates the company’s annual effective tax rate, exclusive of actual tax impacts of an aggregate $30 million provision associated with the gain on certain investments during 2025 and an aggregate $196 million benefit associated with the impairment of certain equity method investments and the settlement charge for terminated pension plans during 2024. * Represents incremental compensation expense associated with the transition of the company’s Chief Executive Officer (“CEO”), comprised of $40 million of former CEO non-cash share-based compensation and related employer payroll taxes, and a $12 million cash replacement award paid to the company’s new CEO appointed in 2025. * The Argentine government announced economic policy changes, including the removal of certain currency controls, resulting in a significant devaluation of the Argentine Peso on April 14, 2025. This adjustment represents the corresponding one-day foreign currency exchange loss from the remeasurement of the company’s Argentina subsidiary’s monetary assets and liabilities in Argentina’s highly inflationary economy. Fiserv, Inc. Financial Results by Segment (In millions, unaudited)                   Three Months Ended December 31,   Year Ended December 31,     2025       2024       2025       2024   Total Company               Revenue $ 5,284     $ 5,251     $ 21,193     $ 20,456   Adjustments:               Postage reimbursements   (384 )     (349 )     (1,389 )     (1,333 ) Adjusted revenue $ 4,900     $ 4,902     $ 19,804     $ 19,123                   Operating income $ 1,291     $ 1,668     $ 5,818     $ 5,879   Adjustments:               Merger and integration costs   12       22       59       81   One Fiserv transformation program expenses   73       —       86       —   Severance costs   23       80       79       157   Amortization of acquisition-related intangible assets   310       335       1,304       1,420   Incremental executive compensation   —       —       52       —   Adjusted operating income $ 1,709     $ 2,105     $ 7,398     $ 7,537                   Operating margin   24.4 %     31.8 %     27.5 %     28.7 % Adjusted operating margin   34.9 %     42.9 %     37.4 %     39.4 %                 Merchant Solutions (“Merchant”) 1               Revenue $ 2,538     $ 2,499     $ 10,140     $ 9,631                   Operating income $ 816     $ 979     $ 3,502     $ 3,561                   Operating margin   32.1 %     39.2 %     34.5 %     37.0 %                 Financial Solutions (“Financial”) 1               Revenue $ 2,362     $ 2,401     $ 9,664     $ 9,477                   Operating income $ 997     $ 1,241     $ 4,380     $ 4,485                   Operating margin   42.2 %     51.7 %     45.3 %     47.3 %   Fiserv, Inc. Financial Results by Segment (cont.) (In millions, unaudited)                   Three Months Ended December 31,   Year Ended December 31,     2025       2024       2025       2024   Corporate and Other               Revenue $ 384     $ 351     $ 1,389     $ 1,348   Adjustments:               Postage reimbursements   (384 )     (349 )     (1,389 )     (1,333 ) Adjusted revenue $ —     $ 2     $ —     $ 15                   Operating loss $ (522 )   $ (552 )   $ (2,064 )   $ (2,167 ) Adjustments:               Merger and integration costs   12       22       59       81   One Fiserv transformation program expenses   73       —       86       —   Severance costs   23       80       79       157   Amortization of acquisition-related intangible assets   310       335       1,304       1,420   Incremental executive compensation   —       —       52       —   Adjusted operating loss $ (104 )   $ (115 )   $ (484 )   $ (509 )   See pages 3-4 for disclosures related to the use of non-GAAP financial measures. Operating margin percentages are calculated using actual, unrounded amounts. * For all periods presented in the Merchant and Financial segments, there were no adjustments to GAAP measures presented and thus the adjusted measures are equal to the GAAP measures presented. Fiserv, Inc. Condensed Consolidated Statements of Cash Flows (In millions, unaudited)   Year Ended December 31,     2025       2024   Cash flows from operating activities       Net income $ 3,490     $ 3,180   Adjustments to reconcile net income to net cash provided by operating activities:       Depreciation and other amortization   1,857       1,672   Amortization of acquisition-related intangible assets   1,304       1,423   Amortization of financing costs and debt discounts   46       43   Share-based compensation   357       367   Deferred income taxes   (942 )     (662 ) Net gain on sales and distribution of other assets   (120 )     —   Gain on sale of investments   (74 )     —   (Income) loss from investments in unconsolidated affiliates   (37 )     685   Distributions from unconsolidated affiliates   44       39   Non-cash settlement charge for terminated pension plans   —       147   Non-cash foreign currency exchange losses   159       92   Other operating activities   (13 )     (17 ) Changes in assets and liabilities, net of effects from acquisitions:       Trade accounts receivable   (123 )     (169 ) Prepaid expenses and other assets   (528 )     (398 ) Contract costs   (252 )     (267 ) Accounts payable and other liabilities   878       426   Contract liabilities   16       70   Net cash provided by operating activities   6,062       6,631           Cash flows from investing activities       Capital expenditures, including capitalized software and other intangibles   (1,763 )     (1,569 ) Merchant cash advances, net   (636 )     (801 ) Payments for acquisitions of businesses, net of cash acquired   (820 )     —   Distributions from unconsolidated affiliates   42       60   Purchases of investments   (81 )     (155 ) Proceeds from sale of investments   756       61   Other investing activities   (18 )     —   Net cash used in investing activities   (2,520 )     (2,404 )         Cash flows from financing activities       Debt proceeds   6,504       6,783   Debt repayments   (3,955 )     (5,396 ) Net (repayments of) borrowings from commercial paper and short-term borrowings   (370 )     278   Payments of debt financing costs   (20 )     (28 ) Proceeds from issuance of treasury stock   62       97   Purchases of treasury stock, including employee shares withheld for tax obligations   (5,899 )     (5,837 ) Settlement activity, net   222       —   Distributions paid to noncontrolling interests and redeemable noncontrolling interest   (10 )     (55 ) Payments to acquire noncontrolling interest of consolidated subsidiaries   (436 )     —   Payments of acquisition-related contingent consideration   —       (3 ) Settlement of derivative contracts   65       —   Other financing activities   5       (4 ) Net cash used in financing activities   (3,832 )     (4,165 ) Effect of exchange rate changes on cash and cash equivalents   99       (32 ) Net change in cash and cash equivalents   (191 )     30   Cash and cash equivalents, beginning balance   2,993       2,963   Cash and cash equivalents, ending balance $ 2,802     $ 2,993       Fiserv, Inc. Condensed Consolidated Balance Sheets (In millions, unaudited)           December 31,   2025   2024 Assets       Cash and cash equivalents $ 798   $ 1,236 Trade accounts receivable – net   3,981     3,725 Prepaid expenses and other current assets   3,396     3,087 Settlement assets   16,479     15,429 Total current assets   24,654     23,477         Property and equipment – net   3,084     2,374 Customer relationships – net   5,093     5,868 Other intangible assets – net   5,068     4,072 Goodwill   37,703     36,584 Contract costs – net   1,039     996 Investments in unconsolidated affiliates   1,046     1,506 Other long-term assets   2,446     2,299 Total assets $ 80,133   $ 77,176         Liabilities and Equity       Accounts payable and other current liabilities $ 5,307   $ 4,799 Short-term and current maturities of long-term debt   1,239     1,110 Contract liabilities   865     819 Settlement obligations   16,479     15,429 Total current liabilities   23,890     22,157         Long-term debt   27,758     23,730 Deferred income taxes   1,478     2,477 Long-term contract liabilities   259     263 Other long-term liabilities   939     863 Total liabilities   54,324     49,490         Fiserv shareholders’ equity   25,792     27,068 Noncontrolling interests   17     618 Total equity   25,809     27,686 Total liabilities and equity $ 80,133   $ 77,176     Fiserv, Inc. Selected Non-GAAP Financial Measures and Additional Information (In millions, unaudited)   Organic Revenue Growth 1   Three Months Ended December 31,   Year Ended December 31,     2025       2024     Growth     2025       2024     Growth                           Total Company                         Adjusted revenue   $ 4,900     $ 4,902         $ 19,804     $ 19,123       Currency impact 2     44       —           230       —       Acquisition adjustments     (62 )     —           (194 )     —       Divestiture adjustments     —       (2 )         —       (15 )     Organic revenue   $ 4,882     $ 4,900     —%   $ 19,840     $ 19,108     4%                           Merchant                         Adjusted revenue   $ 2,538     $ 2,499         $ 10,140     $ 9,631       Currency impact 2     45       —           223       —       Acquisition adjustments     (55 )     —           (170 )     —       Organic revenue   $ 2,528     $ 2,499     1%   $ 10,193     $ 9,631     6%                           Financial                         Adjusted revenue   $ 2,362     $ 2,401         $ 9,664     $ 9,477       Currency impact 2     (1 )     —           7       —       Acquisition adjustments     (7 )     —           (24 )     —       Organic revenue   $ 2,354     $ 2,401     (2)%   $ 9,647     $ 9,477     2%                           Corporate and Other                         Adjusted revenue   $ —     $ 2         $ —     $ 15       Divestiture adjustments     —       (2 )         —       (15 )     Organic revenue   $ —     $ —         $ —     $ —         See pages 3-4 for disclosures related to the use of non-GAAP financial measures. Organic revenue growth is calculated using actual, unrounded amounts. * Organic revenue growth is measured as the change in adjusted revenue (see pages 9-10) for the current period excluding the impact of foreign currency fluctuations and revenue attributable to acquisitions and dispositions, divided by adjusted revenue from the prior period excluding revenue attributable to dispositions. * Currency impact is measured as the increase or decrease in adjusted revenue for the current period by applying prior period foreign currency exchange rates to present a constant currency comparison to prior periods. Fiserv, Inc. Selected Non-GAAP Financial Measures and Additional Information (cont.) (In millions, unaudited)   Free Cash Flow   Year Ended December 31,     2025       2024             Net cash provided by operating activities   $ 6,062     $ 6,631   Capital expenditures     (1,763 )     (1,569 ) Adjustments:         Distributions paid to noncontrolling interests and redeemable noncontrolling interest     (10 )     (55 ) Distributions from unconsolidated affiliates included in cash flows from investing activities     42       60   Severance, merger and integration payments     158       179   One Fiserv transformation program payments     9       —   Tax payments on adjustments     (33 )     (36 ) Other     (30 )     23   Free cash flow   $ 4,435     $ 5,233       Total Amortization 1   Three Months Ended December 31,   Year Ended December 31,   2025   2024   2025   2024                   Acquisition-related intangible assets   $ 310   $ 334   $ 1,304   $ 1,423 Capitalized software and other intangibles     201     167     757     631 Purchased software     51     57     203     232 Financing costs and debt discounts     12     10     46     43 Sales commissions     29     29     116     113 Deferred conversion costs     28     26     112     108 Total amortization   $ 631   $ 623   $ 2,538   $ 2,550   See pages 3-4 for disclosures related to the use of non-GAAP financial measures. * The company adjusts its non-GAAP results to exclude amortization of acquisition-related intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Management believes that the adjustment of acquisition-related intangible asset amortization supplements the GAAP information with a measure that can be used to assess the comparability of operating performance. Although the company excludes amortization from acquisition-related intangible assets from its non-GAAP expenses, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets. Fiserv, Inc. Full Year Forward-Looking Non-GAAP Financial Measures Reconciliations of unaudited non-GAAP financial measures to the most comparable GAAP measures are included in this news release, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of these items that are excluded from the non-GAAP outlook measures. The company’s forward-looking non-GAAP financial measures for 2026, including organic revenue growth and adjusted earnings per share, are designed to enhance shareholders’ ability to evaluate the company’s performance by excluding certain items to focus on factors and trends affecting its business. Organic Revenue Growth - The company’s organic revenue growth outlook for 2026 excludes the impact of foreign currency fluctuations, acquisitions, dispositions and the impact of the company’s postage reimbursements. The currency impact is measured as the increase or decrease in the expected adjusted revenue for the period by applying prior period foreign currency exchange rates to present a constant currency comparison to prior periods.   Growth 2026 Revenue 1% - 3% Postage reimbursements —% 2026 Adjusted revenue 1% - 3%     Currency impact 0.5 Acquisition adjustments (0.5)% Divestiture adjustments —% 2026 Organic revenue 1% - 3%   Adjusted Earnings Per Share - The company’s adjusted earnings per share outlook for 2026 excludes certain non-cash or other items such as non-cash intangible asset amortization expense associated with acquisitions; non-cash impairment charges; merger and integration costs; severance costs; certain transformation related expenses associated with the company’s One Fiserv action plan; gains or losses from the sale of businesses, certain assets and investments; and certain discrete tax benefits and expenses. The company estimates that amortization expense in 2026 with respect to acquired intangible assets will be relatively consistent with the amount incurred in 2025. Other adjustments to the company’s financial measures that were incurred in 2025 are presented in this news release; however, they are not necessarily indicative of adjustments that may be incurred throughout 2026 or beyond. Estimates of these impacts and adjustments on a forward-looking basis are not available due to the variability, complexity and limited visibility of these items.

The FCA has fined Dipesh Kerai and Bhavesh Hirani for insider dealing in shares of Bidstack Group Plc. Mr Kerai has been fined £52,731, and Mr Hirani has been fined £56,000. In December 2021, Mr Hirani was the interim Chief Financial Officer at Bidstack, a company that placed advertising inside video games. This meant he had access to inside information about a major upcoming deal between Bidstack and a large video game publisher. Before it was announced to the public, Mr Hirani passed this confidential information to Mr Kerai. Mr Hirani then opened a trading account in Mr Kerai’s name and, with his help, bought 1.3 million Bidstack shares in advance of the announcement while in possession of inside information. When the deal was made public, Bidstack’s share price rose by more than 125%. Mr Kerai made more than £9,000 in profit, which the FCA has now required him to return as part of his penalty. The FCA was initially notified of the trading through Suspicious Transaction and Order Reports submitted by a firm, showing the vital role of industry in uncovering market abuse.  Steve Smart, executive director of enforcement and market oversight at the FCA, said: ‘Dipesh Kerai and Bhavesh Hirani exploited inside information for their own gain, trading on details other investors couldn’t have known. Big thanks to the firm that reported its suspicions, enabling us to identify the perpetrators and hold them to account. Working with industry we will continue to take action against anyone who misuses inside information and undermines trust in UK markets.’ Background * Final Notice 2026: Dipesh Kerai (PDF). * Final Notice 2026: Bhavesh Hirani (PDF). * Mr Kerai’s total financial penalty of £52,731 includes £9,260.74 in disgorgement (plus interest on that amount) and a penalty of £42,000, reduced by 30% through settlement. Mr Hirani’s £56,000 penalty reflects a 30% settlement discount applied to the assessed penalty of £80,000. * Both individuals’ conduct breached Article 14 of the UK Market Abuse Regulation relating to insider dealing and unlawful disclosure of inside information. * Bidstack Group Plc was an advertising technology company, admitted to trading on AIM until 23 April 2024.  * Tackling financial crime is a priority under the FCA's 5-year strategy.  * The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today announced that the European Securities and Markets Authority (ESMA) has granted recognition to ICE Benchmark Administration Limited (IBA) as a third-country benchmark administrator under Article 32 of the EU Benchmarks Regulation (EU BMR). ESMA’s recognition decision means that IBA’s ‘significant’ EU benchmarks – the ICE Swap Rate® and the LBMA Gold Price – remain available for use by ‘supervised entities’ in the European Union under the EU BMR. “IBA is pleased to have been granted recognition by ESMA,” said Clive de Ruig, President of ICE Benchmark Administration. “This decision ensures IBA’s EU-based clients can continue to use the ICE Swap Rate® and the LBMA Gold Price without disruption and demonstrates our ability to apply robust governance and best-in-class technology to give market participants confidence in the information they depend upon.” In addition to being recognised by ESMA, ICE Benchmark Administration is authorised and regulated by the U.K. Financial Conduct Authority for the regulated activity of administering a benchmark. ICE Benchmark Administration administers a number of other benchmarks pursuant to this authorisation, including the LBMA Silver Price, the ICE Term Reference Rates, and the ICE RFR Indexes. These benchmarks are not currently in scope of the EU BMR and, accordingly, are not currently subject to any EU-usage restrictions.

Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced a significant milestone in the modernization of its MSP® mortgage servicing system with the launch of an enhanced user experience (UX). The new UX completes the first phase of a broader modernization initiative, establishing the groundwork for second-phase enhanced workflow automations and productivity agents already being introduced. “This new UX is a foundational step in modernizing MSP,” said Bob Hart, President of ICE Mortgage Technology. “Phase one is not just about improving platform navigability; it is already allowing us to roll out second-phase enhanced automation and AI-driven productivity agents that reduce manual effort and help servicers scale more efficiently.” While MSP has supported exception-based automation for decades, the new UX enhancements make it possible to further reduce the volume of exceptions that require human review by consolidating remaining reviews into more efficient, single-screen workflows. ICE has prioritized enhanced automation for servicing processes that require the greatest manual intervention, with some early capabilities already available. As part of this announcement, ICE has introduced phase two enhanced escrow and investor reporting automations, which are made possible by the updated UX. The enhanced escrow automation reduces manual touchpoints by as much as 87% and shortens cycle times from ten days to as few as two, while enhanced automation for Freddie Mac loan-level investor reporting cuts manual steps by as much as 68% for this high-frequency process. ICE plans to continue to systematically deliver enhanced automations and productivity agents across the most manually intensive servicing tasks. These efforts are supported by the long-term modernization of MSP’s underlying architecture, which is expected to facilitate faster feature development, broader use of emerging technologies, improved data accessibility and more efficient system management — ultimately helping servicers reduce system administration, shorten user training and improve margins. “We are deeply focused on delivering tangible ROI for our customers through continuous innovation,” Hart added. “MSP is already the most comprehensive mortgage servicing system on the market, and these enhancements not only support our customers today, but lay the groundwork for greater interoperability and faster feature development in the future.” The new UX can be easily adopted without reimplementation or disruption to current integrations. It builds on a series of recent servicing solution updates, including AI-based call prediction and account summarization capabilities, as well as deeper integration between ICE’s servicing and origination solutions that allows homeowners to apply for home equity and refinance loans directly through their servicing portal. Demos of the new MSP experience can be viewed at the MBA Servicing Solutions Conference and Expo, held February 16-19, and the ICE Experience 2026 (X26) annual mortgage technology user conference, held March 16-18.

The FCA has begun legal proceedings against global crypto exchange HTX (formerly Huobi) for illegally promoting cryptoasset services to UK consumers. Access documents on this claim on the FCA website Firms providing crypto products to UK consumers need to comply with rules which protect consumers from unfair and misleading marketing. Advertising cryptoassets on social media or websites without complying with these rules is a criminal offence. Since the rules came into force in October 2023, the FCA has engaged extensively with firms, and the majority have reacted positively in complying with the new regime. The FCA previously warned about HTX’s illegal promotion of crypto services to UK consumers. However, it has continued to publish financial promotions in breach of these rules on its website and on social media platforms, including TikTok, X, Facebook, Instagram and YouTube. HTX operates an opaque organisational structure, hiding the identities of its owners and the operators of its website. Repeated attempts by the FCA to engage with HTX have been ignored. Since issue of the proceedings, HTX has taken steps to restrict new UK customers from registering an account. However, existing UK users can still log in and access unlawful financial promotions, and HTX has given no assurance that the changes will be permanent. The FCA therefore remains concerned that the risk of ongoing breaches continues. Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: 'Our rules are designed to support a sustainable and competitive crypto market in the UK, ensuring that consumers have what they need to make informed decisions. 'HTX’s conduct stands in stark contrast to the majority of firms working to comply with the FCA’s regime. This is the first time we’ve taken enforcement action against a crypto firm illegally marketing their products to UK consumers. We’ll continue to act against firms who ignore our rules.' To protect consumers, the FCA requested social media companies block HTX’s social media accounts to UK-based consumers and requested the removal of HTX applications from the Google Play and Apple stores in the UK. HTX is currently on the FCA’s Warning List. Consumers dealing with this firm will not have access to the Financial Ombudsman ServiceLink is external  if they have a complaint. Consumers are unlikely to get their money back if it goes out of business and should avoid dealing with this, or similar unauthorised firms. Individuals can check the FCA’s Warning List to see if a firm is operating illegally and visit the FCA’s cryptoasset promotions page for more information on how to protect themselves. Background * The FCA enables a fair and thriving financial services market for the good of consumers and the economy. * Our strategy 2025-2030 prioritises fighting financial crime. Over the last 2 years, the FCA has charged more people with criminal offences and is concluding enforcement investigations faster. * Following legislation passed by Parliament, cryptoassets were brought within scope of the FCA’s financial promotions regime. * From October 2023, all cryptoasset firms marketing to UK consumers, including firms based overseas, must comply with the regime.  * The FCA has been clear that those who fail to play by the rules risk being placed on the FCA warning list, being subject to website take down requests or facing criminal or civil enforcement action.

Derivative Path, a leading provider of cloud-based capital markets technology and risk management solutions, and CloudMargin, the only collateral and margin management solution purpose-built for the cloud, today announced a strategic partnership that will deliver a unified front-to-back workflow for over-the-counter (OTC) derivatives and collateral management. The collaboration enables seamless integration between Derivative Path’s DerivativeEDGE® platform and CloudMargin’s award-winning collateral management platform, enhancing operational efficiency and transparency for regional and community banks, and buy-side institutions. The strategic alignment brings together two best-in-class technologies to solve an increasingly urgent market need: the ability to manage front-office activities, compliance, and collateral workflows in a unified, automated, and audit-ready environment. Integration is already underway, with the first clients expected to begin onboarding imminently. “This partnership exemplifies what true complementarity looks like in capital markets technology,” said Zack Nagelberg, Chief Growth Officer at Derivative Path. “We’ve built DerivativeEDGE to serve as the system of record and pre-and post-trade workflow engine for OTC derivatives.  By integrating with CloudMargin’s market-leading collateral platform, we are removing workflow friction for our clients while increasing control, transparency, and scalability.” Through single sign-on (SSO) access and automated data handoff between the platforms, clients will be able to accelerate onboarding, eliminate manual reconciliation, and meet their compliance and reporting obligations with ease. Legal entity and agreement data already housed in DerivativeEDGE can be ported into CloudMargin, reducing implementation timelines and minimizing setup friction. CloudMargin CEO Stuart Connolly said: “CloudMargin is proud to partner with Derivative Path to offer an end-to-end solution that transforms how banks and buy-side institutions manage their derivatives and collateral workflows. The combination of our straight-through processing (STP) and automated margin workflow and Derivative Path’s market-proven derivatives platform provides clients with a future-proof foundation for regulatory compliance and operational resilience.” Key Integration Benefits * End-to-End Workflow: From trade execution to margin settlement, including valuations, margin calls, interest statements, and SWIFT connectivity to global custodians. * Time to Value: Faster client onboarding with pre-integrated data flows between systems. * Compliance and Control: Enhanced transparency, automated reporting, and audit readiness across both platforms. * Scalable Architecture: Cloud-native systems designed for security, scalability, and resiliency.

LSEG and Apex Group today announce a collaboration to connect private funds with LSEG’s Digital Markets Infrastructure (DMI), creating a transformative end-to-end digital distribution network for private funds. This collaboration will redefine how fund managers access capital and how investors discover and invest in private funds globally. Digital Markets Infrastructure, which is powered by Microsoft Azure, delivers blockchain-powered scale and efficiencies for the full asset lifecycle - from issuance, tokenisation and distribution to post trade asset settlement and servicing, across multiple asset classes. Apex Group brings $3.5tn in assets under administration and its global fund servicing infrastructure is the first service provider to connect with DMI.  Fund managers serviced by Apex Group can access DMI through Apex Group’s Apex Digital Liquidity & Distribution Service (Apex Digital 3.0), a next-generation digital custody and distribution platform giving fund managers a single gateway to manage investors at scale.  Apex Digital 3.0 links directly into LSEG’s Digital Markets Infrastructure which is fully integrated into LSEG’s Workspace, giving access to over 400,000 users and enabling funds to be visible to this global investor universe while maintaining privacy and investor suitability.   Funds, whether long‑established or digitally native — are invited to join us on this journey as we open a new, more efficient path for global private‑markets distribution. We are increasingly indifferent if a company or fund is private or public, or if it is traditional or digital finance. By connecting through LSEG’s Digital Markets Infrastructure, managers can seamlessly access a broader investor universe while benefiting from a secure, scalable, and future‑ready ecosystem. The service will go live in H1 2026.  Dr Darko Hajdukovic, Head of Digital Markets Infrastructure, LSEG, said: “Our partnership with Apex Group represents a significant step toward digitising private markets and funds in particular. By working closely with Apex Group’s global fund servicing capabilities with DMI, we are creating a secure, efficient, and scalable ecosystem that connects fund managers and investors. This collaboration will unlock new opportunities for innovation in private markets and enable participants to engage with private assets in a way that is faster, safer, and more connected than ever before." Peter Hughes, Founder and CEO, Apex Group, said: "Private markets have lacked the direct connectivity and efficient investor aggregation needed to access global pools of capital efficiently. Together with LSEG, we're changing that. Apex Digital 3.0 utilises our Apex Invest platform to establish a seamless, many-to-one connection between fund managers and hard-to-reach capital sources, all linked directly through LSEG's distribution network via its global Workspace community. This initial phase automates the full investor lifecycle, while establishing the digital foundation for future blockchain- and AI-enabled connectivity across managers, institutions, and wealth platforms, paving the way for the next generation of private-market infrastructure.”

TAIFEX opens 2026 with strong momentum. In January, average daily volume (ADV) climbed to its highest January level on record at 2.06 million contracts, surpassing the previous January record set in 2021. Total trading volume reached 43.3 million contracts, up 92% year-on-year (YoY). TAIEX Options (TXO), the Exchange’s most actively traded product, saw volume increase 56% YoY to 17.0 million contracts, while Friday weekly Options (Friday TXO)— launched last June—recorded ADV of around 325 thousand contracts (approximately 40% of total TXO volume), helping underpin overall TXO activity Click here for full details.

The Dubai Financial Services Authority (DFSA), the independent banking, financial services, and markets regulator of the Dubai International Financial Centre (DIFC) has today announced that the Financial Markets Tribunal has dismissed a reference by Al Ramz Capital LLC (Al Ramz) of a DFSA Decision Notice dated 13 June 2024. On 3 February 2026, the Financial Markets Tribunal upheld the DFSA’s decision to impose a USD 25,000 (AED 91,813) fine on Al Ramz for its failure to immediately report suspicious transactions that it had executed on Nasdaq Dubai on behalf of a Client in April 2022.  Alan Linning, Managing Director of Enforcement at the DFSA, said: “This case is a firm reminder to Authorised Firms and Recognised Members that they must notify the DFSA immediately if they reasonably suspect that a client’s order or transaction may constitute Market Abuse under the Markets Law, including market manipulation. When a firm submits a notification by way of a Suspicious Transaction and Order Report (STOR), it should explain to the DFSA its reasons for suspecting that the order or transaction may constitute Market Abuse, and provide full details including the date, time, the name of the client and other parties involved and the nature of the investment (e.g. on-exchange or over-the-counter (OTC). These reports are vital in assisting the DFSA in detecting and preventing Market Abuse. As a result, they are fundamental to maintaining market integrity and protecting investors and potential participants of DFSA administered markets. The DFSA will continue to hold Authorised Firms and Recognised Members to the high standards expected of them. We will not hesitate to take action where those high standards are not met.” The DFSA’s case was that as a Recognised Member of Nasdaq Dubai, Al Ramz had reasonable grounds to suspect that the transactions in question may have constituted Market Abuse. In terms of the relevant DFSA rule, Al Ramz was therefore obliged to make a report to the DFSA immediately, but failed to do so. Before the Financial Markets Tribunal, Al Ramz argued unsuccessfully that it had not breached the Rule because it did not actually suspect Market Abuse in relation to the transactions in question. In its decision, the Financial Markets Tribunal rejected Al Ramz’s interpretation of the Rule stating: “In our view, the proper construction of the REC 3.4.5 [the relevant rule] leads to the conclusion that the obligation to notify the DFSA of potential Market Abuse arises where there are reasonable grounds for suspecting Market Abuse in a purely objective sense irrespective of whether the Recognised Member actually suspects Market Abuse.” The Financial Markets Tribunal confirmed the DFSA’s decision that on the information known to Al Ramz at the relevant time, there existed, objectively, reasonable grounds to suspect the trades may constitute Market Abuse. On this basis, the Financial Markets Tribunal upheld the DFSA’s decision to impose the USD 25,000 fine on Al Ramz. The DFSA remains committed to developing, administering, and enforcing world-class regulations of financial services within the DIFC. As part of its strategy and ongoing mission, the Authority will continue to implement stringent enforcement measures and provide clear regulatory guidance to ensure that all entities operating within the Centre adhere to the highest standards of regulation and ethical conduct. The DFSA's Decision Notice is accessible in the Regulatory Actions section of the DFSA website. Al Ramz Capital LLC (Al Ramz) has 28 days after the date of the Financial Markets Tribunal’s decision to appeal the decision. The Financial Markets Tribunal’s decision is available in the FMT section of the DFSA’s website. ​​​​​

The FIX Trading Community, the industry association that manages the world’s trading language, the FIX Protocol, has proposed ten key recommendations for regulating AI in trading, in response to the Monetary Authority of Singapore’s (MAS) consultation, Consultation Paper on Guidelines on Artificial Intelligence Risk Management, which closed on January 31. Executive Director Jim Kaye said the consultation was both valuable and timely, enabling FIX and its member firms to come together to address the complex issue of AI, with which all firms around the world are currently grappling. “This was an immensely useful exercise in teasing out both overarching themes and technical challenges,” he said. “It’s allowed us to propose some practical measures that will be very helpful to firms as we, as an industry, meet the risks and opportunities that AI presents.” Machine learning has been the backbone of algorithmic trading for decades, but the advent of large language models, and high-profile examples of their failings, have thrown AI into the spotlight. The interconnected nature of global markets means that one AI catastrophe could potentially have far-reaching consequences, and the speed at which the AI industry is moving means both regulators and participants are highly focused on this topic. “This consultation allowed us to think about AI from all angles – from Board accountability (critical) to existing frameworks that could be used to help manage AI risks,” Kaye said. “The MAS proposals are an excellent start – we think that with some additional depth, they will be a good framework for firms to manage risk as AI adoption moves ahead.” FIX’s recommendations include ten key points: * Agreeing a globally recognised definition and taxonomy for what “AI” means in a trading context. Without this, and particularly if firms are left to define AI for themselves, there will be inconsistency between both firms and markets, and regulatory arbitrage. Standards and publications that can be referenced include Coalition for Content Provenance and Authenticity (C2PA) and ISO 24030. * Making Boards accountable for AI governance effectiveness – not just AI governance existence. * Anchoring AI regulatory guidelines to existing constructs for operational resilience and market integrity, such as MiFID RTS 6 which requires firms to both annually self-assess and validate their algo trading systems as well as to certify non-contribution to market disorder on every significant change; and the EU’s Digital Operational Resilience Act (DORA) ICT risk management frameworks. * Specifically considering the way large language models (LLMs) are integrated into algorithms and calculators, including potential downstream workflow and decision-making impacts. * Establishing cross-functional committees to ensure risk management across the organisation, and ensuring these committees also have oversight of third-party AI-related suppliers. * Creating internal and regulator-facing disclosure patterns analogous to food labelling: what data was used, training approach, evaluation results, mitigations, limitations, intended use, and user-data protection. * Supporting the creation and maintenance of AI inventories, the granularity of which will necessarily be well beyond typical algo inventories. * Imposing the proposed risk dimensions of impact, complexity and reliance with the addition of a further two dimension: interconnectedness/contagion potential; and change sensitivity/nonlinearity – ie the butterfly effect, where small changes can lead to material differences in AI behaviour. * Strengthening the proposed standards, processes and controls through the AI lifecycle. FIX Trading Community’s significant work on algorithm testing and certification could be referenced here. * Revising the definition of “significant/material change” so that retraining, data refreshes, fine-tuning, prompt/policy-layer changes, and infrastructure/latency changes are each evaluated under a clear, risk-based materiality test, that may require re-approval and re-testing. “There is no doubt that Silicon Valley’s ‘move fast and break things’ approach is at odds with the conservative approach that must be taken to protect the integrity of our global capital markets,” Kaye said. “When it comes to AI, it’s critical that the entire capital markets industry works together to ensure we protect our financial system as well as we possibly can.”   The FIX Trading Community is the only independent global community where capital markets firms come together to solve common issues and shape the evolution of capital markets. FIX groups in over 60 countries are working on a range of global issues including digital assets; reference data; carbon trading; AI; algo trading; FICC and ETFs, while country and regional committees work together to manage local regulation and market structure matters. To see what FIX can do for your firm, visit www.fixtrading.org.

* Outflows slowed sharply to US$187m despite heavy price pressure, with the deceleration in flows historically signalling a potential inflection point. * Assets under management fell to US$129.8bn, the lowest since March 2025, while ETP trading volumes hit a record US$63.1bn. * Regional and asset level dispersion remained evident, with inflows into several European markets, while Bitcoin saw outflows and select altcoins, led by XRP, attracted renewed interest. The full research features in CoinShares’ weekly newsletter, which can be found here.

ASX Limited (ASX) announces today that Managing Director and CEO Helen Lofthouse will step down in May 2026, following an 11 year career at ASX.  Appointed CEO in 2022, the announcement of Ms Lofthouse’s planned departure comes as ASX makes final preparations to deliver the first phase of the CHESS project which is targeting go-live in April 2026.  Having overseen a new transformation agenda and technology modernisation program, and with the CHESS project on firm footing, the Board and Ms Lofthouse have determined it is the right time for new leadership to take the Group into its next phase of transformation. ASX Chair David Clarke said: “Helen took the CEO role at an exceptionally challenging time for ASX. She took the difficult decision to stop the previous CHESS project and reset it, and she has driven a significant uplift in our technology investment and delivery, and risk focus.  “After careful consideration, and as we approach go-live for CHESS Release 1, the Board and Helen have agreed this marks an appropriate turning point to commence the transition to a new CEO. “We will be looking for a new leader to extend the foundations built in recent years and drive the business forward while keeping customers and the market at the heart of our purpose.” Ms Lofthouse said: “It has been a privilege to serve at ASX for more than a decade and to spend four years leading an organisation that is at centre of Australia’s financial markets.  “Since becoming CEO we have reset the CHESS project, refreshed our strategy, expanded technology investment and delivered a series of technology and resilience upgrades. While the pace of change has been intense in recent years, I’m very proud of our achievements in modernising technology, enhancing customer engagement, developing Group capabilities, and shifting our culture.  “It has been a rewarding but demanding journey with enormous personal growth. Having reflected on what ASX needs for its next phase, together with the Board we have agreed that this is the right time for a new person to bring fresh energy to the work ahead. We’ve made great strides even as we’ve faced challenges and I want to thank everyone at ASX for their dedication and support  and our customers for their partnership.”   Succession The Board has engaged Korn Ferry to support a comprehensive process to identify our next CEO. The global search will also consider internal candidates.   Mr Clarke said: “Our search process is underway and we will assess leaders who have strong credentials in financial markets, transformation and risk management. The Board has confidence in the capability and experience of ASX’s executive leadership team, and internal candidates will be considered alongside external candidates as part of a robust process.  “While the search process will be comprehensive, it will not slow our momentum to deliver strategic priorities and the Board maintains ongoing and active oversight. Our Executive team remain fully accountable for execution of key deliverables and there is no change to our major initiatives and programs.  “The Board’s focus is on operating reliable, resilient critical market infrastructure and ensuring we play an active stewardship role to deliver a future-focused exchange.”