Nasdaq

Nasdaq, Inc. runs stock and options exchanges and sells financial technology, market data, index licenses and listing services. It reports three segments. In Q3 2026, Capital Access Platforms had revenue of $641 million: Data and Listing Services $224 million, Index $286 million, and Workflow and Insights $131 million. Financial Technology had revenue of $529 million from Financial Crime Management Technology such as Verafin, Regulatory Technology such as AxiomSL and market surveillance, and Capital Markets Technology such as Calypso.

Market Services, the trading business of its U.S. and European exchanges, had net revenue of $309 million after rebates and fees. Net revenue was $1,481 million in Q3 2026, and annualized recurring revenue (ARR) was $3,365 million. Exchange-traded products that track Nasdaq indexes had assets of $1.160 trillion at the end of Q3 2026. In 2025, net revenue was $5,249 million.

The company's shares trade on The Nasdaq Stock Market and on Nasdaq Texas. The head office is in New York. Adena Friedman is Chair and Chief Executive Officer.

Nasdaq trades above its intrinsic value because investors pay for the fast growth of its recurring software and index revenue and for its high margins. In Q3 2026, Solutions revenue rose 17%, Index revenue rose 39% with record net inflows of $49 billion, and the non-GAAP operating margin was 57%. Non-GAAP diluted EPS rose 18% to $1.04. Index revenue depends on the assets in products that track Nasdaq indexes, and these assets can fall fast when stock prices fall.

For the shares to earn this price, three things must be true. Financial Technology ARR must keep growing at about 15% or more, after organic growth of 18% in Q3 2026. Index inflows and the assets of these products must stay high. Expenses must stay within the 2026 non-GAAP guidance of $2.550 billion to $2.580 billion while Nasdaq invests in 23-hour trading and digital assets.

The Q4 2026 report, expected in late January 2027, is the next test. A fall in stock markets or slower FinTech sales can make the premium hard to keep.

1. Oct 22, 2026Passed

   Q3 2026 resultsSolutions revenue growth of 10% or more and a non-GAAP operating margin of 55% or more pass; lower growth or margin fails.Outcome: Solutions revenue rose 17%, and the non-GAAP operating margin was 57%.
2. Dec 6, 2026Pending

   Start of 23-hour trading on The Nasdaq Stock MarketA start on December 6, 2026 without large outages passes; a delay or a large outage fails.
3. Jan 22, 2027 · est.Pending

   Q4 2026 results and 2027 expense guidanceFinTech ARR growth of 15% or more and 2027 expense growth below revenue growth pass; slower ARR growth fails.

Every passed and failed checkpoint across all picks

• October 26, 2026Nasdaq elected Börje Ekholm, the former Chief Executive Officer of Ericsson and a former Chair of the Nasdaq board, to its Board of Directors from November 1, 2026. Holden Spaht, who joined the board after the Adenza purchase, will leave the board on December 31, 2026.
• October 22, 2026Nasdaq reported Q3 2026 results. Net revenue rose 13% to $1,481 million, ARR rose 12% to $3,365 million, and Index revenue rose 39% to $286 million. GAAP diluted EPS rose 31% to $0.96, and non-GAAP diluted EPS rose 18% to $1.04. Nasdaq returned $173 million in dividends and $323 million in share repurchases. It raised its 2026 non-GAAP operating expense guidance to $2.550 billion to $2.580 billion. Early in Q4 2026, it bought the rest of LeveL Markets, an alternative trading system. The Nasdaq Stock Market plans to start 23-hour trading on five days a week on December 6, 2026.
• July 23, 2026Nasdaq reported Q2 2026 results. Net revenue rose 15% to $1,500 million, and non-GAAP diluted EPS rose 25% to $1.07. GAAP diluted EPS was $0.89. Assets in exchange-traded products that track Nasdaq indexes passed $1 trillion, and Nasdaq listed SpaceX, the largest IPO in the history of an exchange. Nasdaq repaid a net $162 million of debt in the quarter.

Last earnings

October 22, 2026 (8-K on sec.gov)

Next earnings

Expected about January 22, 2027. The company has not confirmed the date.

• 8-KChange of directors or officersFiled October 26, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 22, 2026 · ndaq-20260930
• 8-KEarnings release and Investor disclosureFiled October 22, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 23, 2026 · ndaq-20260630
• 8-KEarnings release and Investor disclosureFiled July 23, 2026 · Press release and exhibits
• 8-KNew material agreement and End of a material agreementFiled July 1, 2026 · Read it on sec.gov
• 8-KShareholder vote resultsFiled June 16, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 24, 2026 · ndaq-20260331
• 8-KEarnings release and Investor disclosureFiled April 23, 2026 · Press release and exhibits
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 12, 2026 · ndaq-20251231

Every filing on SEC EDGAR (CIK 1120193)

• Index, listings and trading revenue depend on stock prices, trading volumes and IPOs. A fall in stock markets can reduce the assets in products that track Nasdaq indexes and the fees that these products pay.
• Other exchanges and off-exchange venues compete for listings and trades, and new exchanges can take market share. Trading rebates and fees can change when competition increases.
• Nasdaq runs regulated exchanges and clearing houses in the United States and Europe. New rules from the SEC or European regulators on market structure, fees or data can lower revenue or raise costs.
• Financial Technology sales depend on large bank and broker clients. Slower bank spending or a failed product launch can slow ARR growth, which investors watch closely.
• An outage or a cyberattack on its trading systems or software can cause losses, fines and damage to its reputation. The start of 23-hour trading increases the hours that the systems must run.

At September 30, 2026, cash and cash equivalents were $365 million and short-term investments $151 million. Total debt was $8,740 million: long-term debt of $8,471 million, mostly senior unsecured notes due from 2028 to 2063, and short-term debt of $269 million of commercial paper. Read more

Dividend yield

1.1% (last 12 months, at today’s price of $110.02)

Paid per share

$1.16 in the last 12 months (4 payments)

Current annual rate

$1.24 ($0.31 × 4 a year)

Payout ratio

34% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 11, 2026, $0.31 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 10.2% a year. From 2015 to 2025, the dividend grew by about 13.3% a year.

Source: company filings and market data, read on November 11, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.