Nasdaq, Inc. Earnings Recaps
Q2 2026
Jul 25, 2026
Nasdaq’s shares rose modestly by 1.3%, reflecting a quarter of steady growth but without a clear catalyst to move the stock more significantly. While key metrics like revenue and ARR improved, modest margin expansion and cautious commentary on certain segments kept enthusiasm in check.
Key takeaways
- Net revenue rose 15% year-over-year to $1.5 billion, driven by broad-based growth across divisions.
- Annualized recurring revenue grew 12% to $3.3 billion, supported by strong renewals and new bookings.
- Operating expenses increased 10% to $641 million, tempering earnings leverage despite a 19% rise in operating income.
- Capital Access Platforms led with 18% revenue growth, boosted by landmark IPOs including SpaceX’s record $86 billion offering.
- Financial Technology and Market Services grew revenues by 15% and 11%, respectively, but Corporate Solutions faced headwinds from ongoing challenging conditions.
Q1 2026
Apr 23, 2026
Nasdaq delivered a record first quarter, with robust organic growth across revenue streams and strong client engagement, driven by innovations in data, indices, and digital asset solutions. The company is well-positioned to capitalize on industry trends amid a resilient macroeconomic environment.
Key takeaways
- Achieved 13% YoY revenue growth to $1.4 billion and 17% operating income increase to $799 million, marking one of the strongest Q1 performances in Nasdaq’s history.
- Strategic momentum in IPOs and listings, with 15 new US IPOs raising over $5 billion, alongside ongoing pipeline strength despite market volatility.
- Index assets grew to a record $877 billion AUM, with 46% of recent inflows driven by product launches, including international and private market indexes.
- Data services saw 32% growth in enterprise licenses, with expansion in Asia and Middle East markets contributing to overall revenue strength.
- Focused on expanding index offerings and international distribution, with new partnerships and product launches to sustain growth momentum.
Q2 2025
Jul 25, 2025
Nasdaq reported robust second quarter 2025 results with net revenue of $1.3 billion, marking a 12% year-over-year increase, and impressive 24% growth in EPS.
Key takeaways
- Solutions revenues climbed to $991 million, representing a 10% year-over-year growth.
- Annualized recurring revenue (ARR) grew by 9% to $2.9 billion.
- The Listings franchise achieved a 79% win rate for IPOs, with 38 new companies raising $3.6 billion during the quarter.
- Market Services saw a significant 21% growth in net revenue, driven by heightened market activity.
- Continued investment in financial technology is enhancing Nasdaq's competitive position, particularly in Financial Crime Management and Regulatory Technology.