Nasdaq (NDAQ) Earnings Date & Reports

Key Takeaways

• Nasdaq reported third quarter 2026 net revenue of $1.48 billion, up 13% year over year, topping consensus estimates.
• Non-GAAP diluted earnings per share (EPS) came in at $1.04, an 18% increase and above the analyst consensus of $1.02.
• Annualized Recurring Revenue (ARR) rose 12% to a record $3.37 billion, with organic growth of 14%.
• Index and Financial Technology (FinTech) businesses led growth, while Market Services delivered a third-quarter revenue record of $309 million.
• Nasdaq raised its full-year 2026 non-GAAP operating expense guidance to a range of $2.550 billion to $2.580 billion.

Earnings Context and Why It Matters

Nasdaq's third quarter results reinforce its multi-year transformation from a traditional stock exchange into a diversified financial technology and data platform. The report matters because it tests whether the company's higher-margin Solutions business can keep compounding while its trading venues navigate fluctuating volumes and capture rates. Coming into the quarter, investors were watching Index asset growth and FinTech bookings as the primary drivers of recurring revenue. The results also carry weight for the broader capital markets sector, offering a read on initial public offering (IPO) activity, exchange-traded product demand, and financial institutions' technology spending appetite.

Reported Results

Nasdaq reported third quarter 2026 net revenue of $1.48 billion, a 13% increase from $1.315 billion a year earlier and roughly 14% growth on an organic basis. The figure exceeded the consensus estimate of approximately $1.46 billion. Non-GAAP diluted EPS (earnings per share excluding certain items) reached $1.04, up 18% year over year and ahead of the $1.02 consensus, while GAAP (Generally Accepted Accounting Principles) diluted EPS climbed 31% to $0.96.

Solutions revenue — spanning Capital Access Platforms and Financial Technology — grew 17% to $1.17 billion and represented 79% of net revenue. ARR rose 12% to a record $3.37 billion, with organic growth of 14%. Capital Access Platforms revenue increased 20% to $641 million, led by a 39% surge in Index revenue to $286 million. Financial Technology revenue rose 16% to $529 million, while Market Services net revenue grew 2% to a third-quarter record of $309 million. Non-GAAP operating margin expanded 100 basis points to 57%.

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Market Reaction and Investor Sentiment

Investor sentiment heading into the report was constructive, reflecting Nasdaq's streak of double-digit organic Solutions growth and record index inflows. The earnings beat on both revenue and EPS supported a modestly positive early reaction in the shares. Broader interpretation focused less on the top-line surprise and more on the durability of recurring revenue — with ARR reaching a record and Financial Technology ARR up 18% — alongside continued margin expansion and a further improvement in the gross leverage ratio to 2.5 times. The key offsetting factors were higher operating expenses and a slight full-year expense guidance increase, which tempered some of the enthusiasm.

Forward Outlook and Key Factors to Monitor

Nasdaq's revised 2026 non-GAAP operating expense guidance of $2.550 billion to $2.580 billion signals continued investment in technology, people, and innovation, and investors will be watching whether that spending translates into sustained organic revenue growth. Management maintained its 2026 non-GAAP tax rate outlook of 22.5% to 24.5%.

Index momentum will remain a central theme. End-of-period exchange-traded product assets under management (AUM) hit a record $1.160 trillion, with $49 billion in net inflows during the quarter and $141 billion over the trailing twelve months. Sustaining those inflows depends on both equity market conditions and continued product innovation across institutional and international channels.

In Financial Technology, attention will focus on client signings and net revenue retention, particularly in Nasdaq Verafin's financial crime management tools and the expanding Agentic AI Workforce. The planned launch of 23/5 trading for U.S.-listed equities on December 6, 2026, represents a notable catalyst for Market Services, while the IPO pipeline and listings win rate offer another signal on Capital Access Platforms. Investors should also monitor capital deployment, including the company's share repurchase activity and dividend growth.

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