Nasdaq, Inc. · NDAQ · Next earnings

Nasdaq, Inc. reports Tuesday, Oct 20, 2026

NDAQ reports before market open with consensus EPS at $1.02 and revenue at $1.47B. Last quarter: Nasdaq Q2: Revenue Up 15%, EPS Beats by 9%, Index AUM Crosses $1 Trillion

Reports Before market open30 days awayDate estimated Financial Services

What the street expects

Consensus for the coming report
Consensus EPS $1.02 Calendar consensus
Consensus revenue $1.47B Calendar consensus
Report date Oct 20, 2026 Tuesday, date estimated
Session Before market open 30 days away

Where NDAQ left off: FY2026 Q2

Full report

Nasdaq Q2: Revenue Up 15%, EPS Beats by 9%, Index AUM Crosses $1 Trillion

EPS surprise +8.7% Reported $1.07 vs $0.98
Revenue surprise +3.1% Reported $1.50B vs $1.46B
Stock move -0.5% Event window
Subsequent drift +5.7% Up to 20 sessions

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.

What to watch on the call

Carried forward from the last transcript

Risks management flagged

  • Regulatory uncertainty surrounds tokenized assets, perpetual derivatives, and the 23/5 trading expansion, all of which require SEC and potentially CFTC approvals.
  • Scaling 24/7 trading infrastructure introduces execution risk and elevated operating costs that could pressure margins.
  • Higher compensation and marketing expenses are expected as growth accelerates, partially offsetting operating leverage.
  • Competitive intensity in data, analytics, and fintech solutions could compress pricing or slow adoption.
  • AI monetization depends on client adoption pace; the freemium-to-subscription conversion rate is unproven at scale.

Questions analysts left open

  • How will AI capabilities be monetized and what is the margin impact across the product portfolio?
  • Is the growth in Trade Management Services revenue sustainable or boosted by one-off factors?
  • What is the regulatory path and addressable market for perpetual derivatives?
  • What is the commercialization timeline for tokenized collateral and equities beyond the initial pilot trades?
  • How will 23/5 trading affect operating costs and client adoption rates?

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Recent NDAQ quarters

All NDAQ earnings
-0.5%FY2026 Q2

Sources

  1. FN2 corporate events calendar, resolved from the earnings calendar feed
  2. FN2 earnings calendar analyst consensus
  3. Earnings call transcript analysis, FY2026 Q2

Methodology

The report date comes from FN2's resolved corporate-events calendar and is marked estimated until the company confirms it. Consensus figures are the calendar's latest analyst estimates for the fiscal period and are not an FN2 forecast.

Risks and open questions are carried forward verbatim from FN2's structured analysis of the previous earnings call. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.