$NDAQ · NASDAQ, INC.

Nasdaq reported Q3 FY2026 revenue of $2.393B, up 20.9% YoY, with net income of $540M and diluted EPS of $0.96, a 31.3% increase from $0.73 in Q3 2025. Gross margin reached 61.9% and operating margin 30.6%. Revenues less transaction-based expenses rose 12.6% to $1.481B, while operating income jumped 24.9% to $732M. The company declared a quarterly dividend of $0.31 per share, up 14.8% YoY.

Stock at $102.30, up 6.43% today, has gained 0.25% since filing. The strong top-line growth and margin expansion are driving the rally, though Market Services segment headwinds may temper enthusiasm.

Nasdaq delivered double-digit revenue and EPS growth with expanding margins, though transaction-rebate pressure in Market Services highlights structural headwinds in core trading operations.

Nasdaq's 20.9% revenue growth outpaces typical exchange-operator growth, driven by diversification into Financial Technology (+15.8% to $529M) and Capital Access Platforms (+20.0% to $641M). Market Services transaction rebates of $623M offset gross revenue gains, a structural challenge across the exchange sector.

U.S. equity derivative trading net revenue fell 11.8% in Q3 to $110M despite higher volumes, pressured by rebates and Section 31 fees. Management noted that economic slowdowns or recessions could negatively impact business across segments.