| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 23, 2026 | 5/12 | 3 high, 4 medium, 1 low flags | 2 | 2 | Call sheet → |
| Q1'26 | April 23, 2026 | 9/12 | 2 medium, 4 low flags | 4 | 0 | Call sheet → |
| Q4'25 | January 29, 2026 | 9/12 | 4 medium, 2 low flags | 5 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Delivered | Higher expense growth rate in Q2 than Q1 Q2 expenses up 10% vs Q1 up 8%, as guided |
| Q2'26 | Exceeded | $15B of Index inflows as of April 20 Delivered $51B for full Q2, massively exceeded early quarter momentum |
| Q2'26 | Missed | Corporate Solutions to benefit from AI adoption Revenue 'essentially flat' in Q1, not even mentioned separately in Q2 |
| Q2'26 | Pending | Launch tokenized trading in first half of 2027 Still mentioned but now calling current work 'proof of concept', confidence declining |
| Q2'26 | Pending | Benefits from H2 2025 enterprise signings to flow in H1 2026 Pushed to H2 2026, implementations taking 12 months not 6 |
| Q2'26 | Missed | Verafin to maintain mid-20s growth trajectory Q2 at 22% growth, below the 25% medium-term target despite 'strong momentum' |
| Q1'26 | Pending | Deliver $100M+ in AI-driven expense efficiencies by 2027 Program underway, majority of benefits expected in 2027 as previously guided |
| Q1'26 | Pending | Launch 23/5 trading capability in 2026 subject to regulatory approval Now targeting December 6, 2026 launch date, on track |
| Q1'26 | Delivered | Expect sequential improvement in FinTech professional services revenue in Q4 Delivered in Q4 but explicitly warned this wouldn't sustain into 2026 |
| Q1'26 | Delivered | Reset of CME fee sharing agreement at start of 2026 Achieved higher tier as of end of Q1, will benefit Q2 going forward |
| Q1'26 | Delivered | Continue to see increased quarterly variability in Verafin enterprise revenue Q1 showed the predicted variability with professional services revenue declining from Q4 highs |
| Q1'26 | Delivered | Cross-sells to represent over 15% of FinTech pipeline by end of 2025 Achieved and maintained - cross-sells now over 15% of Financial Technology division pipeline |
| Q4'25 | Exceeded | Solutions growth within medium-term outlook range Delivered 11% at 'top end of range' per management |
| Q4'25 | Delivered | Enhanced due diligence analyst Agentic worker by end of year Launched this month as promised |
| Q4'25 | Pending | Surpass $100 million run rate revenue from cross-sells by 2027 At 42 cross-sells since Adenza close, ahead of pace but no updated timeline |
| Q4'25 | Exceeded | Reach 3.0x gross leverage by end of 2025 Achieved 2.9x, beating guidance by 0.1x |
| Q4'25 | Delivered | Recent enterprise signings to translate into stronger revenue growth starting in Q4 Financial Crime Management showed 24% growth, up from 22% in Q3 |
| Q4'25 | Delivered | Professional services revenue to start improving in Q4 and early 2026 Q4 showed sequential improvement but now warning not to expect these levels in 2026 |
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