Analyst Consensus ?
ConsensusBuy36 ratings
Bullish2261.1%
Neutral1336.1%
Bearish12.8%
Nasdaq, Inc. · NDAQ · FY2026 Q3 · Calendar Q4 2026
Nasdaq Q3 growth stays strong as AI and always-on markets advance
Nasdaq’s supplied analysis supports a constructive operating trajectory: AI-enabled products, cloud migration, passive-investing demand and always-on market initiatives are broadening growth drivers. The key test is whether agentic AI and tokenization convert into durable revenue while regulatory, adoption and IPO-cycle risks remain contained.
Reported Before market openNASDAQFinancial Services
$53.73B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $1.02
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $1.47B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+6.9%
Event window
SPY move
-1.0%
Same window
Abnormal move
+7.9%
Stock minus SPY
Volume
0.9×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
NDAQSPY benchmark
Ask FN2 about NDAQ FY2026 Q3
Transcript, numbers and history already loaded
What drove NDAQ's +6.9% move after FY2026 Q3 earnings?What changed in NDAQ's guidance and outlook in FY2026 Q3?Give me the bull and bear case for NDAQ after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The quarter added several concrete execution markers to the prior strategy: Nasdaq announced LeveL Markets, set a December 6, 2026 target for 23/5 trading, targeted an equity-token launch for the first half of 2027, and highlighted agentic AI workers in Verafin and Calypso. The supplied analysis also described 14% revenue growth and 14% ARR growth, with no change to the outlook.
Guidance delta
Management maintained its outlook; no change was indicated in the supplied analysis.
Key takeaways
- Management described third-quarter revenue growth of 14% and ARR growth of 14%, supported by AI-enabled data products, cloud migration and passive-investing demand.
- The strategy is expanding toward always-on market infrastructure, with 23/5 trading planned for December 6, 2026, and an equity-token launch targeted for the first half of 2027.
- Nasdaq announced the LeveL Markets acquisition and highlighted agentic AI workers across Verafin, Calypso and Surveillance.
- Capital allocation remained active, with $500 million returned to shareholders and a planned $315 million to $385 million accelerated share repurchase.
- Market Services reached record revenue despite modest growth, while management emphasized continued investment in fintech, data and tokenization.
Management priorities
- Scale agentic AI capabilities across Verafin, Calypso and Surveillance.
- Execute the 23/5 trading launch and develop the Nasdaq equity token.
- Expand cloud migration across fintech, AxiomSL and Calypso.
- Advance Digital Liquidity Networks and integrate LeveL ATS capabilities.
- Continue organic growth and selective bolt-on acquisitions.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
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Analyst 52W Price Targets
$102.2Current
$55Low
$87.86Average
$120High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 22, 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 | Oct 12, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Oct 9, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 7, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Oct 2, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Jul 24, 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 $102.2. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Analyst unavailable | $118 | $92.37 | +15.5% | Oct 9, 2026 |
| Piper Sandler | Analyst unavailable | $108 | $91.67 | +5.7% | Oct 2, 2026 |
| Wells Fargo | Analyst unavailable | $100 | $91.67 | -2.2% | Oct 1, 2026 |
| Morgan Stanley | Michael Cyprys | $120 | $91.56 | +17.4% | Jul 24, 2026 |
| Barclays | Analyst unavailable | $111 | $90.42 | +8.6% | Jul 24, 2026 |
| Morgan Stanley | Analyst unavailable | $112 | $88.81 | +9.6% | Jul 10, 2026 |
| Raymond James | Patrick O'Shaughnessy | $113 | $86.1 | +10.6% | Jul 9, 2026 |
| Redburn Partners | Simon Clinch | $110 | $86.72 | +7.6% | Jun 11, 2026 |
| Loop Capital Markets | Analyst unavailable | $113 | $87.04 | +10.6% | Apr 24, 2026 |
| Raymond James | Patrick O\'Shaughnessy | $109 | $83.99 | +6.7% | Feb 25, 2026 |
| Morgan Stanley | Michael Cyprys | $116 | $98.42 | +13.5% | Jan 30, 2026 |
| Morgan Stanley | Analyst unavailable | $113 | $100.91 | +10.6% | Jan 15, 2026 |
| UBS | Alex Kramm | $120 | $99.37 | +17.4% | Jan 12, 2026 |
| Barclays | Analyst unavailable | $115 | $100.4 | +12.5% | Jan 8, 2026 |
| Morgan Stanley | Analyst unavailable | $111 | $95.36 | +8.6% | Dec 22, 2025 |
| Barclays | Analyst unavailable | $114 | $93.86 | +11.5% | Dec 12, 2025 |
| Morgan Stanley | Analyst unavailable | $110 | $86.02 | +7.6% | Nov 20, 2025 |
| Barclays | Benjamin Budish | $109 | $90.33 | +6.7% | Oct 22, 2025 |
| Raymond James | Patrick O'Shaughnessy | $100 | $88.9 | -2.2% | Oct 13, 2025 |
| RBC Capital | Analyst unavailable | $108 | $90.14 | +5.7% | Oct 9, 2025 |
| Barclays | Benjamin Budish | $108 | $88.44 | +5.7% | Oct 8, 2025 |
| Morgan Stanley | Analyst unavailable | $90 | $87.1 | -11.9% | Oct 1, 2025 |
| Raymond James | Patrick O'Shaughnessy | $96 | $89.58 | -6.1% | Jul 9, 2025 |
| Oppenheimer | Owen Lau | $96 | $85.95 | -6.1% | Jun 17, 2025 |
| Raymond James | Patrick O'Shaughnessy | $84 | $76.36 | -17.8% | Jan 9, 2025 |
| Raymond James | Patrick O'Shaughnessy | $82 | $71.62 | -19.8% | Oct 14, 2024 |
| RBC Capital | Ashish Sabadra | $88 | $72.56 | -13.9% | Sep 26, 2024 |
| Morgan Stanley | Joseph Moore | $55 | $73.51 | -46.2% | Sep 4, 2024 |
| Bank of America Securities | Craig Siegenthaler | $90 | $71.39 | -11.9% | Sep 4, 2024 |
| Oppenheimer | Owen Lau | $78 | $69.15 | -23.7% | Jul 30, 2024 |
| Argus Research | Kevin Heal | $66 | $60.62 | -35.4% | May 14, 2024 |
| Oppenheimer | Owen Lau | $72 | $63.06 | -29.5% | Apr 12, 2024 |
| Barclays | Benjamin Budish | $76 | $63.01 | -25.6% | Apr 11, 2024 |
| Morgan Stanley | Michael Cyprys | $80 | $62.14 | -21.7% | Apr 9, 2024 |
| Deutsche Bank | Brian Bedell | $60 | $61.06 | -41.3% | Apr 5, 2024 |
| Goldman Sachs | Alexander Blostein | $73 | $61.06 | -28.6% | Mar 26, 2024 |
| Rosenblatt Securities | Andrew Bond | $82 | $51.29 | -19.8% | Oct 19, 2023 |
| Oppenheimer | Owen Lau | $65 | $51.02 | -36.4% | Jun 13, 2023 |
| Morgan Stanley | Michael Cyprys | $60 | $54.52 | -41.3% | Apr 11, 2023 |
| Credit Suisse | Gautam Sawant | $57 | $62.35 | -44.2% | Nov 2, 2022 |
| Deutsche Bank | Brian Bedell | $61.33 | $48.71 | -40.0% | May 23, 2022 |
| Deutsche Bank | Brian Bedell | $69 | $54.59 | -32.5% | Apr 26, 2022 |
| Morgan Stanley | Analyst unavailable | $79.67 | $57.47 | -22.0% | Apr 21, 2022 |
| Rosenblatt Securities | Analyst unavailable | $68 | $57.6 | -33.5% | Apr 21, 2022 |
| Rosenblatt Securities | Sean Horgan | $66.67 | $55.49 | -34.8% | Mar 10, 2022 |
| Deutsche Bank | Brian Bedell | $70 | $57.18 | -31.5% | Feb 21, 2022 |
| Deutsche Bank | Brian Bedell | $79 | $62.05 | -22.7% | Jan 17, 2022 |
| Jefferies | Daniel Fannon | $63 | $62.84 | -38.4% | Jan 10, 2022 |
| Goldman Sachs | Alexander Blostein | $63.33 | $67.27 | -38.0% | Jan 3, 2022 |
| Piper Sandler | Richard Repetto | $73.33 | $67.85 | -28.2% | Dec 22, 2021 |
| Atlantic Equities | Simon Clinch | $73.33 | $64.8 | -28.2% | Sep 14, 2021 |
| Compass Point | Christopher Allen | $65 | $61.25 | -36.4% | Jul 22, 2021 |
| Barclays | Jeremy Campbell | $58.33 | $52.61 | -42.9% | Apr 22, 2021 |
| Wells Fargo | Christopher Harris | $62 | $52.61 | -39.3% | 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 |
|---|---|---|---|---|
| GL Globe Life Inc. | FY2026 Q3 · Calendar Q4 2026 | -1.2% | -3.8% | Globe Life: Premium Growth Holds as Health Margins Face Pressure |
| HBANL Huntington Bancshares Incorporated | FY2026 Q3 · Calendar Q4 2026 | — | +0.8% | Huntington maintains 2027 targets as fee businesses drive growth |
| BCS Barclays PLC | FY2026 Q3 · Calendar Q4 2026 | — | -2.7% | Barclays: growth holds, but efficiency execution remains key |
| SEIC SEI Investments Company | FY2026 Q3 · Calendar Q4 2026 | +3.8% | +1.2% | SEI Posts Broad Q3 Growth as ETFs and Alternatives Expand |
| SF Stifel Financial Corp | FY2026 Q3 · Calendar Q4 2026 | +1.4% | -0.6% | Stifel posts record Q3 EPS as wealth management and lending lead |
| SF-PB Stifel Financial Corp. | FY2026 Q3 · Calendar Q4 2026 | +1.4% | — | Stifel Q3: Wealth Management Strength and New Venture-Banking Tools |
Latest beats and misses
Who reports nextBeat on EPS
- CACIFY2027 Q1 · October 21, 2026+16.6% EPS-1.5% move
- WCNFY2026 Q3 · October 21, 2026+3.9% EPS+8.8% move
- KMIFY2026 Q3 · October 21, 2026+9.2% EPS+1.2% move
- TXNFY2026 Q3 · October 21, 2026+7.4% EPS+2.5% move
- SEICFY2026 Q3 · October 21, 2026+3.8% EPS+1.2% move
- CSXFY2026 Q3 · October 21, 2026+7.3% EPS+0.7% move
Get the NDAQ recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-10-22T16:06:10.324388+00:00
- FN2 earnings calendar · 2026-10-22T01:23:13.354406+00:00
- Polygon adjusted daily market bars · 2026-10-22T16:40:45.185501+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-22T16:40:45.182464+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 2026-10-22. For educational purposes only; not investment advice.