$NDAQ · NASDAQ, INC.
Nasdaq reported Q3 2026 results on October 22, 2026: net revenue of $1.48B (+13% reported, +14% organic), non-GAAP diluted EPS of $1.04 (+18% reported, +19% organic), and GAAP diluted EPS of $0.96 (+31%). ARR reached $3.4B (+12% reported, +14% organic). The company updated 2026 non-GAAP opex guidance to $2.55B–$2.58B and declared a $0.31 quarterly dividend.
- Net revenue of $1.48B grew 13% reported / 14% organic YoY, with Solutions revenue up 17% to $1.17B.
- Non-GAAP diluted EPS of $1.04 rose 18% reported / 19% organic; GAAP diluted EPS of $0.96 rose 31%.
- ARR reached $3.4B, up 12% reported / 14% organic; FinTech ARR grew a record 18% organic.
- Index revenue surged 39% YoY to $286M with record $49B net inflows in Q3 and $141B TTM.
- 2026 non-GAAP opex guidance updated to $2.55B–$2.58B; tax rate guidance maintained at 22.5%–24.5%.
Extended-hours trading at $98.02 (+1.98% vs regular close) signals a positive initial reaction to broad-based beats across Solutions, Index, and FinTech ARR. The $53.7B market cap company returned $496M to shareholders in Q3 via buybacks ($323M) and dividends ($173M).
Nasdaq's Q3 shows accelerating momentum in high-margin Solutions revenue (Index +39%, FinTech ARR +18% organic) while returning $496M to shareholders, reinforcing its transformation from an exchange-
Nasdaq's 39% Index revenue growth and record $49B quarterly net inflows underscore the secular shift toward passive/index-based products. The LeveL Markets ATS acquisition and Digital Liquidity Networks formation signal expansion into off-exchange and digital-asset infrastructure.
Non-GAAP operating expenses rose 9% reported / 12% organic, driven by higher compensation and tech investment costs. Market Services net revenue grew only 2%, lagging the Solutions segment's 17% growth.
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