Analyst Consensus ?
ConsensusBuy36 ratings
Bullish2261.1%
Neutral1336.1%
Bearish12.8%
Nasdaq, Inc. · NDAQ · FY2025 Q3 · Calendar Q4 2025
Nasdaq pairs platform growth with AI and tokenization execution
The transcript analysis supports a constructive but conditional view: Nasdaq's platform growth, recurring revenue, market volumes, AI initiatives, and tokenization plans provide multiple growth avenues, while execution timelines and regulatory uncertainty temper the outlook.
Reported Before market openNASDAQFinancial Services
$50.49B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.88
Consensus $0.85
EPS surprise
+3.3%
Reported versus consensus
Reported revenue
$1.96B
Consensus $1.30B
Revenue surprise
+50.2%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+1.7%
Event window
SPY move
-0.0%
Same window
Abnormal move
+1.7%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
-5.3%
Up to 20 sessions
NDAQSPY benchmark
Ask FN2 about NDAQ FY2025 Q3
Transcript, numbers and history already loaded
Why did NDAQ rise 1.7% after beating EPS estimates in FY2025 Q3?What changed in NDAQ's guidance and outlook in FY2025 Q3?Give me the bull and bear case for NDAQ after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, management's emphasis shifted further toward tokenized equities, AI digital workers, cross-sell execution, and international expansion. The analysis also notes the sale of Nasdaq Solovis to Insight Partners and a maintained guidance stance.
Guidance delta
Management maintained its guidance, while the prior quarter also showed maintained guidance.
Key takeaways
- Solutions revenue surpassed $1 billion and ARR reached $3 billion, according to the transcript analysis.
- Management highlighted AI-enabled products, tokenized-equity initiatives, and cross-sell opportunities as growth areas.
- Record U.S. options and equity volumes supported Market Services performance.
- Expense growth remained modest while free cash flow supported deleveraging and shareholder returns.
Management priorities
- Advance tokenized equity trading and settlement with DTCC and DTC.
- Expand Agentic AI digital workers across Verafin.
- Extend 24/5 trading capabilities across Nasdaq exchanges.
- Continue data-center expansion and international growth in Market Technology.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$92.36Current
$55Low
$87.66Average
$120High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 5, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Piper Sandler | Overweight | Overweight | Maintain | Oct 2, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 24, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Jul 24, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 24, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 10, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Jul 9, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jan 30, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jan 30, 2026 |
| UBS | Buy | Buy | Maintain | Jan 12, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 25, 2025 |
| Oppenheimer | Outperform | Outperform | Maintain | Jul 15, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Jul 2, 2025 |
| Citigroup | Neutral | Neutral | Maintain | Apr 8, 2025 |
| B of A Securities | Buy | Buy | Maintain | Apr 2, 2025 |
| Argus Research | Buy | Buy | Maintain | Nov 5, 2024 |
| Rosenblatt | Neutral | Buy | Downgrade | May 8, 2024 |
| Credit Suisse | Neutral | Neutral | Maintain | Jan 30, 2023 |
| Redburn Partners | Neutral | Neutral | Maintain | Nov 14, 2022 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Aug 19, 2022 |
| Loop Capital | Buy | Buy | Maintain | Oct 9, 2020 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 10, 2020 |
| Compass Point | Neutral | Neutral | Maintain | Apr 6, 2020 |
| Bernstein | Perform | Market Perform | Maintain | Apr 10, 2018 |
| Bank of America | Underperform | Underperform | Maintain | Feb 1, 2018 |
| Jefferies | Hold | Hold | Maintain | Jul 17, 2017 |
| CLSA | Buy | Outperform | Maintain | Dec 5, 2016 |
| Keefe Bruyette & Woods | Market Perform | Market Perform | Maintain | Jul 28, 2016 |
| Sterne Agee CRT | Buy | Buy | Maintain | May 20, 2016 |
| Buckingham Research | Buy | Buy | Maintain | Apr 27, 2016 |
| Portales Partners | Sector Perform | Outperform | Downgrade | Apr 24, 2015 |
| Evercore Partners | Overweight | Equal Weight | Upgrade | Jul 14, 2014 |
| Evercore ISI Group | Overweight | Equal Weight | Upgrade | Jul 14, 2014 |
| ISI Group | Neutral | Neutral | Maintain | Feb 12, 2013 |
| Stifel | Buy | Buy | Maintain | Jan 15, 2013 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 13, 2012 |
| Stifel Nicolaus | Buy | Buy | Maintain | May 11, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $92.36. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Piper Sandler | Analyst unavailable | $108 | $91.67 | +16.9% | Oct 2, 2026 |
| Wells Fargo | Analyst unavailable | $100 | $91.67 | +8.3% | Oct 1, 2026 |
| Morgan Stanley | Michael Cyprys | $120 | $91.56 | +29.9% | Jul 24, 2026 |
| Barclays | Analyst unavailable | $111 | $90.42 | +20.2% | Jul 24, 2026 |
| Morgan Stanley | Analyst unavailable | $112 | $88.81 | +21.3% | Jul 10, 2026 |
| Raymond James | Patrick O'Shaughnessy | $113 | $86.1 | +22.3% | Jul 9, 2026 |
| Redburn Partners | Simon Clinch | $110 | $86.72 | +19.1% | Jun 11, 2026 |
| Loop Capital Markets | Analyst unavailable | $113 | $87.04 | +22.3% | Apr 24, 2026 |
| Raymond James | Patrick O\'Shaughnessy | $109 | $83.99 | +18.0% | Feb 25, 2026 |
| Morgan Stanley | Michael Cyprys | $116 | $98.42 | +25.6% | Jan 30, 2026 |
| Morgan Stanley | Analyst unavailable | $113 | $100.91 | +22.3% | Jan 15, 2026 |
| UBS | Alex Kramm | $120 | $99.37 | +29.9% | Jan 12, 2026 |
| Barclays | Analyst unavailable | $115 | $100.4 | +24.5% | Jan 8, 2026 |
| Morgan Stanley | Analyst unavailable | $111 | $95.36 | +20.2% | Dec 22, 2025 |
| Barclays | Analyst unavailable | $114 | $93.86 | +23.4% | Dec 12, 2025 |
| Morgan Stanley | Analyst unavailable | $110 | $86.02 | +19.1% | Nov 20, 2025 |
| Barclays | Benjamin Budish | $109 | $90.33 | +18.0% | Oct 22, 2025 |
| Raymond James | Patrick O'Shaughnessy | $100 | $88.9 | +8.3% | Oct 13, 2025 |
| RBC Capital | Analyst unavailable | $108 | $90.14 | +16.9% | Oct 9, 2025 |
| Barclays | Benjamin Budish | $108 | $88.44 | +16.9% | Oct 8, 2025 |
| Morgan Stanley | Analyst unavailable | $90 | $87.1 | -2.6% | Oct 1, 2025 |
| Raymond James | Patrick O'Shaughnessy | $96 | $89.58 | +3.9% | Jul 9, 2025 |
| Oppenheimer | Owen Lau | $96 | $85.95 | +3.9% | Jun 17, 2025 |
| Raymond James | Patrick O'Shaughnessy | $84 | $76.36 | -9.1% | Jan 9, 2025 |
| Raymond James | Patrick O'Shaughnessy | $82 | $71.62 | -11.2% | Oct 14, 2024 |
| RBC Capital | Ashish Sabadra | $88 | $72.56 | -4.7% | Sep 26, 2024 |
| Morgan Stanley | Joseph Moore | $55 | $73.51 | -40.5% | Sep 4, 2024 |
| Bank of America Securities | Craig Siegenthaler | $90 | $71.39 | -2.6% | Sep 4, 2024 |
| Oppenheimer | Owen Lau | $78 | $69.15 | -15.5% | Jul 30, 2024 |
| Argus Research | Kevin Heal | $66 | $60.62 | -28.5% | May 14, 2024 |
| Oppenheimer | Owen Lau | $72 | $63.06 | -22.0% | Apr 12, 2024 |
| Barclays | Benjamin Budish | $76 | $63.01 | -17.7% | Apr 11, 2024 |
| Morgan Stanley | Michael Cyprys | $80 | $62.14 | -13.4% | Apr 9, 2024 |
| Deutsche Bank | Brian Bedell | $60 | $61.06 | -35.0% | Apr 5, 2024 |
| Goldman Sachs | Alexander Blostein | $73 | $61.06 | -21.0% | Mar 26, 2024 |
| Rosenblatt Securities | Andrew Bond | $82 | $51.29 | -11.2% | Oct 19, 2023 |
| Oppenheimer | Owen Lau | $65 | $51.02 | -29.6% | Jun 13, 2023 |
| Morgan Stanley | Michael Cyprys | $60 | $54.52 | -35.0% | Apr 11, 2023 |
| Credit Suisse | Gautam Sawant | $57 | $62.35 | -38.3% | Nov 2, 2022 |
| Deutsche Bank | Brian Bedell | $61.33 | $48.71 | -33.6% | May 23, 2022 |
| Deutsche Bank | Brian Bedell | $69 | $54.59 | -25.3% | Apr 26, 2022 |
| Morgan Stanley | Analyst unavailable | $79.67 | $57.47 | -13.7% | Apr 21, 2022 |
| Rosenblatt Securities | Analyst unavailable | $68 | $57.6 | -26.4% | Apr 21, 2022 |
| Rosenblatt Securities | Sean Horgan | $66.67 | $55.49 | -27.8% | Mar 10, 2022 |
| Deutsche Bank | Brian Bedell | $70 | $57.18 | -24.2% | Feb 21, 2022 |
| Deutsche Bank | Brian Bedell | $79 | $62.05 | -14.5% | Jan 17, 2022 |
| Jefferies | Daniel Fannon | $63 | $62.84 | -31.8% | Jan 10, 2022 |
| Goldman Sachs | Alexander Blostein | $63.33 | $67.27 | -31.4% | Jan 3, 2022 |
| Piper Sandler | Richard Repetto | $73.33 | $67.85 | -20.6% | Dec 22, 2021 |
| Atlantic Equities | Simon Clinch | $73.33 | $64.8 | -20.6% | Sep 14, 2021 |
| Compass Point | Christopher Allen | $65 | $61.25 | -29.6% | Jul 22, 2021 |
| Barclays | Jeremy Campbell | $58.33 | $52.61 | -36.8% | Apr 22, 2021 |
| Wells Fargo | Christopher Harris | $62 | $52.61 | -32.9% | Apr 22, 2021 |
Track every rating change on NDAQ the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationNasdaq, Inc., a technology powerhouse founded in 1971 and based in New York City, is dedicated to supporting capital markets and various other sectors worldwide. Its Market Technology division specializes in fighting financial crime, offering products like Nasdaq Trade Surveillance, a SaaS solution that assists brokers and market participants in meeting compliance requirements and internal surveillance policies. This segment also provides Nasdaq Automated Investigator, a cloud-deployed anti-money laundering tool, and Verafin, a SaaS provider for anti-financial crime management. Furthermore, this division handles a wide array of assets, including cash equities, equity derivatives, global currencies, interest-bearing securities, commodities, energy resources, and digital currencies. The Investment Intelligence segment is responsible for distributing both historical and live market data, creating and licensing Nasdaq-branded financial indexes and products, and delivering valuable investment insights and workflow solutions.…
Historical context
All NDAQ earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| FDS FactSet Research Systems Inc. | FY2026 Q4 · Calendar Q3 2026 | +3.9% | +3.8% | FactSet reports record FY26 results as AI and MCP adoption accelerate |
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the NDAQ recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-05T17:40:41.374345+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-05T17:40:41.371150+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-05. For educational purposes only; not investment advice.