NDAQ
FY2026 Q2 · Calendar Q3 2026
Nasdaq, Inc.
Nasdaq's Q2 results reinforce its transition from a traditional exchange operator to a diversified financial-technology and data company. Solutions revenue grew 17% YoY, now the dominant revenue engine, while the Index franchise crossed $1 trillion in AUM — a historic milestone powered by record inflows and the $86 billion SpaceX IPO. Management is beginning to monetize AI across its product stack (Verafin, Calypso, surveillance) using a freemium-to-subscription model, and tokenization pilots are moving from proof-of-concept to commercial deployment. With guidance maintained, capex increasing, and $530 million returned to shareholders, the quarter demonstrates that Nasdaq can invest in next-generation market infrastructure while still expanding margins and returning capital.
EPS surprise+8.7%
Market move-0.5%
