Analyst Consensus ?
ConsensusBuy36 ratings
Bullish2261.1%
Neutral1336.1%
Bearish12.8%
Nasdaq, Inc. · NDAQ · FY2026 Q2 · Calendar Q3 2026
Nasdaq Q2: Revenue Up 15%, EPS Beats by 9%, Index AUM Crosses $1 Trillion
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.
Reported Before market openNASDAQFinancial Services
$53.64B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.07
Consensus $1
EPS surprise
+8.7%
Reported versus consensus
Reported revenue
$1.50B
Consensus $1.46B
Revenue surprise
+3.1%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$95.55Current
$55Low
$86.49Average
$120High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 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 |
|---|---|---|---|---|
| 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 |
| Piper Sandler | Overweight | Overweight | Maintain | Aug 4, 2025 |
| 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 $95.55. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Michael Cyprys | $120 | $91.56 | +25.6% | Jul 24, 2026 |
| Barclays | Analyst unavailable | $111 | $90.42 | +16.2% | Jul 24, 2026 |
| Morgan Stanley | Analyst unavailable | $112 | $88.81 | +17.2% | Jul 10, 2026 |
| Raymond James | Patrick O'Shaughnessy | $113 | $86.1 | +18.3% | Jul 9, 2026 |
| Redburn Partners | Simon Clinch | $110 | $86.72 | +15.1% | Jun 11, 2026 |
| Loop Capital Markets | Analyst unavailable | $113 | $87.04 | +18.3% | Apr 24, 2026 |
| Raymond James | Patrick O\'Shaughnessy | $109 | $83.99 | +14.1% | Feb 25, 2026 |
| Morgan Stanley | Michael Cyprys | $116 | $98.42 | +21.4% | Jan 30, 2026 |
| Morgan Stanley | Analyst unavailable | $113 | $100.91 | +18.3% | Jan 15, 2026 |
| UBS | Alex Kramm | $120 | $99.37 | +25.6% | Jan 12, 2026 |
| Barclays | Analyst unavailable | $115 | $100.4 | +20.4% | Jan 8, 2026 |
| Morgan Stanley | Analyst unavailable | $111 | $95.36 | +16.2% | Dec 22, 2025 |
| Barclays | Analyst unavailable | $114 | $93.86 | +19.3% | Dec 12, 2025 |
| Morgan Stanley | Analyst unavailable | $110 | $86.02 | +15.1% | Nov 20, 2025 |
| Barclays | Benjamin Budish | $109 | $90.33 | +14.1% | Oct 22, 2025 |
| Raymond James | Patrick O'Shaughnessy | $100 | $88.9 | +4.7% | Oct 13, 2025 |
| RBC Capital | Analyst unavailable | $108 | $90.14 | +13.0% | Oct 9, 2025 |
| Barclays | Benjamin Budish | $108 | $88.44 | +13.0% | Oct 8, 2025 |
| Morgan Stanley | Analyst unavailable | $90 | $87.1 | -5.8% | Oct 1, 2025 |
| Raymond James | Patrick O'Shaughnessy | $96 | $89.58 | +0.5% | Jul 9, 2025 |
| Oppenheimer | Owen Lau | $96 | $85.95 | +0.5% | Jun 17, 2025 |
| Raymond James | Patrick O'Shaughnessy | $84 | $76.36 | -12.1% | Jan 9, 2025 |
| Raymond James | Patrick O'Shaughnessy | $82 | $71.62 | -14.2% | Oct 14, 2024 |
| RBC Capital | Ashish Sabadra | $88 | $72.56 | -7.9% | Sep 26, 2024 |
| Morgan Stanley | Joseph Moore | $55 | $73.51 | -42.4% | Sep 4, 2024 |
| Bank of America Securities | Craig Siegenthaler | $90 | $71.39 | -5.8% | Sep 4, 2024 |
| Oppenheimer | Owen Lau | $78 | $69.15 | -18.4% | Jul 30, 2024 |
| Argus Research | Kevin Heal | $66 | $60.62 | -30.9% | May 14, 2024 |
| Oppenheimer | Owen Lau | $72 | $63.06 | -24.6% | Apr 12, 2024 |
| Barclays | Benjamin Budish | $76 | $63.01 | -20.5% | Apr 11, 2024 |
| Morgan Stanley | Michael Cyprys | $80 | $62.14 | -16.3% | Apr 9, 2024 |
| Deutsche Bank | Brian Bedell | $60 | $61.06 | -37.2% | Apr 5, 2024 |
| Goldman Sachs | Alexander Blostein | $73 | $61.06 | -23.6% | Mar 26, 2024 |
| Rosenblatt Securities | Andrew Bond | $82 | $51.29 | -14.2% | Oct 19, 2023 |
| Oppenheimer | Owen Lau | $65 | $51.02 | -32.0% | Jun 13, 2023 |
| Morgan Stanley | Michael Cyprys | $60 | $54.52 | -37.2% | Apr 11, 2023 |
| Credit Suisse | Gautam Sawant | $57 | $62.35 | -40.3% | Nov 2, 2022 |
| Deutsche Bank | Brian Bedell | $61.33 | $48.71 | -35.8% | May 23, 2022 |
| Deutsche Bank | Brian Bedell | $69 | $54.59 | -27.8% | Apr 26, 2022 |
| Morgan Stanley | Analyst unavailable | $79.67 | $57.47 | -16.6% | Apr 21, 2022 |
| Rosenblatt Securities | Analyst unavailable | $68 | $57.6 | -28.8% | Apr 21, 2022 |
| Rosenblatt Securities | Sean Horgan | $66.67 | $55.49 | -30.2% | Mar 10, 2022 |
| Deutsche Bank | Brian Bedell | $70 | $57.18 | -26.7% | Feb 21, 2022 |
| Deutsche Bank | Brian Bedell | $79 | $62.05 | -17.3% | Jan 17, 2022 |
| Jefferies | Daniel Fannon | $63 | $62.84 | -34.1% | Jan 10, 2022 |
| Goldman Sachs | Alexander Blostein | $63.33 | $67.27 | -33.7% | Jan 3, 2022 |
| Piper Sandler | Richard Repetto | $73.33 | $67.85 | -23.3% | Dec 22, 2021 |
| Atlantic Equities | Simon Clinch | $73.33 | $64.8 | -23.3% | Sep 14, 2021 |
| Compass Point | Christopher Allen | $65 | $61.25 | -32.0% | Jul 22, 2021 |
| Barclays | Jeremy Campbell | $58.33 | $52.61 | -38.9% | Apr 22, 2021 |
| Wells Fargo | Christopher Harris | $62 | $52.61 | -35.1% | Apr 22, 2021 |
Track every rating change on NDAQ the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-0.5%
Event window
SPY move
-1.2%
Same window
Abnormal move
+0.7%
Stock minus SPY
Volume
1.1×
Versus trailing sessions
Subsequent drift
+5.7%
Up to 20 sessions
NDAQSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Compared with Q1 2026, revenue growth accelerated from 13% to 15% YoY and EPS growth to 25%. The Index business achieved a landmark $1 trillion in AUM, up from prior-quarter momentum driven by BlackRock and State Street licensing deals. Tokenization advanced from planning to execution, with the first tokenized collateral trades completed on the Canton Network. Capex outlook shifted from not mentioned in Q1 to explicitly increasing, reflecting investment in 23/5 trading infrastructure and AI product rollout. The Dasseti acquisition (AI-powered due-diligence) was announced, extending the M&A strategy beyond organic growth. Shareholder returns moderated slightly from $548 million in Q1 to $530 million in Q2, though the pace remains robust.
Guidance delta
Management maintained full-year guidance, consistent with the prior quarter's maintained stance. No upward revision was issued despite the EPS and revenue beats, suggesting management prefers conservative assumptions around tokenization timelines, IPO pipeline conversion, and AI monetization rates. Capex outlook was explicitly raised to increasing, signaling higher near-term investment in 23/5 trading infrastructure and AI product rollout.
Key takeaways
- Revenue reached $1.5 billion, up 15% YoY, with solutions revenue growing 17% — the fastest-growing segment and now the primary revenue driver.
- Diluted EPS of $1.07 beat consensus by 8.7%, representing 25% YoY growth driven by operating leverage and mix shift toward recurring solutions revenue.
- Index assets under management surpassed $1 trillion for the first time, fueled by $51 billion in net inflows and the $86 billion SpaceX IPO.
- First tokenized collateral trades were completed on the Canton Network with two large asset managers, moving tokenization from concept to execution.
- AI monetization is progressing via a freemium-to-subscription model across Verafin, Calypso, and surveillance products, with agentic workers for AML and ACH fraud alerts now in beta.
- $530 million was returned to shareholders through dividends and share repurchases, maintaining a strong capital-return cadence.
Management priorities
- Launch 23/5 trading on December 6, 2026, expanding market hours to five days per week.
- Obtain SEC approval and launch event (binary) options later in 2026.
- Roll out AI modules including Calibration Copilot and a GenAI news-and-trade copilot across product lines.
- Commercialize tokenized collateral workflows via the Calypso platform.
- Launch tokenized equity settlement in partnership with Kraken and DTCC, targeting early next year.
Related earnings events
Financial ServicesAXP · FY2026 Q2 · Calendar Q3 2026AXP Q2 2026: Platinum Card Drives 10% Revenue Growth, Full-Year Guidance RaisedAMP · FY2026 Q2 · Calendar Q3 2026Ameriprise Q2 2026: Revenue Up 13%, EPS Beats on Record AUM and AI-Driven ProductivityBX · FY2026 Q2 · Calendar Q3 2026Blackstone Beats on AI-Driven Inflows, AUM Hits Record $1.35 Trillion
Sources
- Earnings call transcript and parsed analysis · 2026-07-23T17:03:40.608133+00:00
- FN2 earnings calendar · 2026-07-29T01:23:15.868211+00:00
- Polygon adjusted daily market bars · 2026-07-29T21:34:07.122349+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T21:34:07.120126+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 . For educational purposes only; not investment advice.