Nasdaq, Inc. Q2 2026 Earnings Recap

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.