Nasdaq, Inc. (NDAQ): verified earnings note

Third Quarter 2026 Highlights | Sarah Youngwood, Executive Vice President and CFO said, "Nasdaq delivered excellent third quarter results, headlined by outstanding Solutions revenue growth, continued operating leverage, and strong EPS growth. Our durable business model and disciplined execution underpin our capital allocation strategy that prioritizes funding investments in long-term growth while returning more than $1.7 billion to shareholders year to date through share repurchases and dividends." (US$ millions, except per share) | 3Q26 | YoY change % | Organic2 YoY change % | Adjusted2 YoY change % Solutions revenue | $1,172 | 17% | 18% | 18% Market Services net revenue | $309 | 2% | 2% | 2% Net revenue | $1,481 | 13% | 14% | 14% GAAP operating income | $732 | 25% Non-GAAP operating income | $843 | 15% | 16% | 16% ARR | $3,365 | 12% | 14% | 14% GAAP diluted EPS | $0.96 | 31% Non-GAAP diluted EPS | $1.04 | 18% | 19% | 19%

NEW YORK, October 22, 2026 - Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the third quarter of 2026. | Adena Friedman, Chair and CEO said, "Nasdaq's third quarter performance demonstrates the strength and momentum of our business, with new milestones achieved across all three divisions, including record Index net inflows, record FinTech ARR growth, and the establishment of Nasdaq Digital Liquidity Networks within Market Services.Markets are evolving towards an AI-driven, Always-On future that is increasingly integrated across asset classes and geographies. Nasdaq is shaping the next generation of market infrastructure while expanding our growth opportunities and enhancing the value we deliver to our clients and shareholders." •Third quarter 2026 net revenue1 was $1.5 billion, an increase of 13% over the third quarter of 2025, or 14% on an organic2 basis. Solutions revenue3 increased 17%, or 18% on an organic basis. •Annualized Recurring Revenue (ARR)3,4 of $3.4 billion increased 12% on a reported basis over the third quarter of 2025, or 14% on an organic basis. Annualized SaaS revenue increased 12%, or 16% on an organic basis, and represented 38% of ARR. •Financial Technology revenue was $529 million, an increase of 16% on both a reported and organic basis over the third quarter of 2025. •Index revenue of $286 million grew 39% on both a reported and organic basis over the third quarter of 2025, with $141 billion of net inflows over the trailing twelve mont

prior year quarter, or 12% on an organic basis. The increases were primarily driven by higher

partially offset by lower general and administrative expenses, primarily due to a favorable legal

Third Quarter 2026 Highlights | Sarah Youngwood, Executive Vice President and CFO said, "Nasdaq delivered excellent third quarter results, headlined by outstanding Solutions revenue growth, continued operating leverage, and strong EPS growth. Our durable business model and disciplined execution underpin our capital allocation strategy that prioritizes funding investments in long-term growth while returning more than $1.7 billion to shareholders year to date through share repurchases and dividends." (US$ millions, except per share) | 3Q26 | YoY change % | Organic2 YoY change % | Adjusted2 YoY change % Solutions revenue | $1,172 | 17% | 18% | 18% Market Services net revenue | $309 | 2% | 2% | 2% Net revenue | $1,481 | 13% | 14% | 14% GAAP operating income | $732 | 25% Non-GAAP operating income | $843 | 15% | 16% | 16% ARR | $3,365 | 12% | 14% | 14% GAAP diluted EPS | $0.96 | 31% Non-GAAP diluted EPS | $1.04 | 18% | 19% | 19%

•The company is updating its 2026 non-GAAP operating expense guidance to a range of

Services net revenue benefitted from higher industry volumes across U.S. options and

market share and near record capture. The Nasdaq Stock Market remains on track to go live

institutional adoption. Index had a record $141 billion in net inflows over the trailing twelve

Nasdaq, Inc. Reconciliation of U.S. GAAP to Non-GAAP Net Income and Diluted Earnings Per Share (in millions, except per share amounts) (unaudited) Three Months Ended | Six Months Ended June 30, | June 30, | June 30, | June 30, 2026 | 2025 | 2026 | 2025 U.S. GAAP net income | $507 | $452 | $1,026 | $847 Non-GAAP adjustments: Amortization expense of acquired intangible assets 1 | 121 | 122 | 243 | 243 Merger and strategic initiatives expense 2 | 5 | 20 | 9 | 44 Restructuring charges 3 | 14 | 9 | 24 | 15 Gain from extinguishment of debt 4 | - | - | - | (19) Legal and regulatory matters 5 | 6 | 1 | 12 | 4 Net gain on divestitures 6 | - | (39) | (89) | (39) Net income from unconsolidated investees 7 | (21) | (23) | (47) | (50) Other losses 8 | 6 | 1 | 20 | 1 Total non-GAAP adjustments | 131 | 91 | 172 | 199 Non-GAAP adjustment to the income tax provision 9 | (33) | (24) | (44) | (52) Other tax adjustments 10 | - | (27) | - | (45) Total non-GAAP adjustments, net of tax | 98 | 40 | 128 | 102 Non-GAAP net income | $605 | $492 | $1,154 | $949 U.S. GAAP diluted earnings per share | $0.89 | $0.78 | $1.80 | $1.46 Total adjustments from non-GAAP net income above | 0.18 | 0.07 | 0.23 | 0.18 Non-GAAP diluted earnings per share | $1.07 | $0.85 | $2.03 | $1.64 Weighted-average diluted common shares outstanding for earnings per share: | 567.8 | 579.0 | 569.7 | 579.5

NEW YORK, July 23, 2026 - Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the second quarter of 2026. | Adena Friedman, Chair and CEO said, "Nasdaq delivered an outstanding second quarter, defined by new records and milestones. We delivered double-digit growth across all three divisions, surpassed $1 trillion in Index ETP AUM, and listed SpaceX, the largest IPO in exchange history.As the forces reshaping global finance accelerate, from AI and market modernization to the increasingly complex regulatory and risk environment, Nasdaq's role as our clients' trusted transformation partner positions us for sustained leadership. We are confident in our ability to capture the opportunity ahead and deliver durable, long-term value for our clients and shareholders." •Second quarter 2026 net revenue1 was $1.5 billion, an increase of 15% on both a reported and adjusted2 basis over the second quarter of 2025. Solutions revenue3 grew 17% on both a reported and adjusted basis. •Annualized Recurring Revenue (ARR)3,4 of $3.3 billion increased 11% on a reported basis over the second quarter of 2025, or 12% on an organic basis2. Annualized SaaS revenue increased 12%, or 15% on an organic basis, and represented 38% of ARR. •Financial Technology revenue was $539 million, an increase of 16% over the second quarter of 2025, or 15% on an organic basis. •Index revenue of $271 million grew 38% or 35% on an adjusted basis over the second quarter of 2025, with $109 billion of net inflows

NEW YORK, July 23, 2026 - Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the second quarter of 2026. | Adena Friedman, Chair and CEO said, "Nasdaq delivered an outstanding second quarter, defined by new records and milestones. We delivered double-digit growth across all three divisions, surpassed $1 trillion in Index ETP AUM, and listed SpaceX, the largest IPO in exchange history.As the forces reshaping global finance accelerate, from AI and market modernization to the increasingly complex regulatory and risk environment, Nasdaq's role as our clients' trusted transformation partner positions us for sustained leadership. We are confident in our ability to capture the opportunity ahead and deliver durable, long-term value for our clients and shareholders." •Second quarter 2026 net revenue1 was $1.5 billion, an increase of 15% on both a reported and adjusted2 basis over the second quarter of 2025. Solutions revenue3 grew 17% on both a reported and adjusted basis. •Annualized Recurring Revenue (ARR)3,4 of $3.3 billion increased 11% on a reported basis over the second quarter of 2025, or 12% on an organic basis2. Annualized SaaS revenue increased 12%, or 15% on an organic basis, and represented 38% of ARR. •Financial Technology revenue was $539 million, an increase of 16% over the second quarter of 2025, or 15% on an organic basis. •Index revenue of $271 million grew 38% or 35% on an adjusted basis over the second quarter of 2025, with $109 billion of net inflows

•Second quarter 2026 GAAP operating expenses were $788 million, an increase of 7% versus the prior year quarter and non-GAAP operating expenses were $641 million, up 10% on both a reported and organic basis versus the prior year quarter. The increases were primarily driven by higher compensation and benefits costs from our strong revenue execution, increased marketing and advertising costs due to a strengthening IPO environment, and increased investments in technology to drive long-term growth. On a GAAP basis, the increase was partially offset by lower merger and strategic initiatives expense.

•Second quarter 2026 GAAP operating expenses were $788 million, an increase of 7% versus the prior year quarter and non-GAAP operating expenses were $641 million, up 10% on both a reported and organic basis versus the prior year quarter. The increases were primarily driven by higher compensation and benefits costs from our strong revenue execution, increased marketing and advertising costs due to a strengthening IPO environment, and increased investments in technology to drive long-term growth. On a GAAP basis, the increase was partially offset by lower merger and strategic initiatives expense.

•The company is updating its 2026 non-GAAP operating expense guidance to a range of $2.530 billion to $2.570 billion. The company is maintaining its 2026 non-GAAP tax rate guidance in the range of 22.5% to 24.5%.

•The company is updating its 2026 non-GAAP operating expense guidance to a range of $2.530 billion to $2.570 billion. The company is maintaining its 2026 non-GAAP tax rate guidance in the range of 22.5% to 24.5%.

•Index ETP assets under management (AUM) exceeded $1 trillion for the first time and achieved new net inflows records. Net inflows reached new all-time highs with $51 billion in the second quarter and $109 billion over the last twelve months. ETP AUM surpassed $1 trillion for the first time, with end-of-period ETP AUM of $1.114 trillion and average ETP AUM of $1.014 trillion. Nasdaq launched 34 new Index products in the second quarter, including 17 international products and 11 products in the institutional annuity space. Nasdaq expanded investor access to the Nasdaq-100 with the recent launch of BlackRock's IQQ and State

Dasseti. After the close of the Nasdaq Fund Secondaries transaction, Nasdaq will continue to hold an ownership stake in and remain a strategic partner of Nasdaq Private Market. Dasseti provides an AI-powered due diligence platform for institutional asset managers and allocators across public and private markets and will be integrated into eVestment's leading institutional intelligence platform. Both transactions remain subject to customary closing conditions.

Closing Cross achieved new records across two landmark market events: during the Russell reconstitution, it executed 4.6 billion shares in 1.6 seconds representing a record $334 billion in notional value, and during the June Triple Witch, it executed a record $296 billion in notional value. Product innovation continued to drive incremental growth, with Index options revenue more than doubling year-over-year for the fourth consecutive quarter. Nasdaq received SEC approval to list event options tied to the Nasdaq-100 with an expected launch in the fourth quarter.

• | Financial Technology revenue was $517 million, an increase of 20% over the first quarter of 2025, or 18% on an organic basis.

• | Index revenue of $220 million grew 14% on both a reported and organic basis over the first quarter of 2025, with $79 billion of net inflows over the trailing twelve months, including $6 billion in the first quarter of 2026.

Adena Friedman, Chair and CEO said, "Nasdaq delivered one of the strongest starts to the year in our company's history with broad-based growth across all three divisions. Our clients are increasingly turning to Nasdaq as a trusted transformation partner to modernize their core infrastructure, manage risk and increasing complexity, adapt to the evolution of capital markets, and integrate AI to drive greater efficiency in their operations.

Sarah Youngwood, Executive Vice President and CFO said, "Nasdaq delivered exceptional first quarter performance with double-digit growth across our three divisions and particular strength in Financial Technology. The mission critical nature of our solutions combined with our execution excellence is helping Nasdaq deliver operating leverage with strong earnings growth.

• | First quarter 2026 GAAP operating expenses were $750 million, an increase of 9% versus the prior year quarter. The increase in the first quarter was primarily due to higher compensation and benefits costs and increased general and administrative expenses, partially offset by lower merger and strategic initiatives expense and regulatory expense.

• | Market Services delivered record quarterly net revenues supported by record market volumes and new product innovation. Nasdaq achieved record U.S. cash equities and U.S equity options volumes, benefitting from record industry volumes. Index options revenue more than doubled year-over-year and European cash equities growth benefited from elevated volumes. Nasdaq's Closing Cross set new first quarter records across revenue, volume, and notional value traded during the February Index rebalancing and March Triple Witching events. Nasdaq continued its product innovation with the launch of short-dated single-stock options with Monday and Wednesday expirations for a limited cohort of equities and by filing a proposal with the SEC to list and trade Outcome-Related Options tied to the Nasdaq-100.

• | The company is updating its 2026 non-GAAP operating expense guidance to a range of $2.485 billion to $2.545 billion. The company is maintaining its 2026 non-GAAP tax rate guidance in the range of 22.5% to 24.5%.

• | Financial Technology delivered strong revenue and ARR growth with record first quarter annualized contract value (ACV) bookings. In the first quarter, FinTech revenue increased 20% compared to the prior year period, or 18% on an organic basis, with 16% organic ARR growth. ACV bookings4 increased more than 50% compared to the prior year period with cloud-based solutions accounting for 80% of ACV bookings. FinTech signed 64 new clients, 1 cross-sell, and 85 upsells in the first quarter. First quarter highlights included:

• | Market Services delivered record quarterly net revenues supported by record market volumes and new product innovation. Nasdaq achieved record U.S. cash equities and U.S equity options volumes, benefitting from record industry volumes. Index options revenue more than doubled year-over-year and European cash equities growth benefited from elevated volumes. Nasdaq's Closing Cross set new first quarter records across revenue, volume, and notional value traded during the February Index rebalancing and March Triple Witching events. Nasdaq continued its product innovation with the launch of short-dated single-stock options with Monday and Wednesday expirations for a limited cohort of equities and by filing a proposal with the SEC to list and trade Outcome-Related Options tied to the Nasdaq-100.

• | Nasdaq is expanding access to the Nasdaq-100 with new partnerships with BlackRock and State Street, while maintaining a valuable, longstanding partnership with Invesco. As demand for Nasdaq-100 exposure continues to grow globally, Nasdaq is focused on extending reach and deepening institutional access by working with a select set of partners in key markets. Expanding access to the Nasdaq-100 supports investors by improving the efficiency, liquidity, and availability of index-linked exposure across markets and product types. Nasdaq's pricing terms related to the index license for these new U.S.-listed Nasdaq-100 exchange-traded funds will be consistent with that of Invesco QQQ.

Nasdaq also progressed its tokenization efforts with an equity token design proposal aimed at strengthening the connection between issuers and investors by modernizing governance, transparency, and shareholder engagement. Early in the second quarter, the SEC approved Nasdaq's proposal for 23/5 trading. Nasdaq plans to go live with 23/5 trading on December 6, 2026, broadening global investor access to U.S. equities.

(US$ millions, except per share) | 4Q25 | YoYchange % | Adjusted2YoYchange % | OrganicYoYchange % | 2025 | YoYchange % | Adjusted2YoYchange % | OrganicYoYchange % Solutions revenue | $ | 1,071 | 13 | % | 12 | % | 12 | % | $ | 4,011 | 12 | % | 11 | % | 10 | % Market Services net revenue | $ | 311 | 16 | % | 14 | % | 14 | % | $ | 1,201 | 18 | % | 17 | % | 17 | % Net revenue | $ | 1,392 | 13 | % | 13 | % | 13 | % | $ | 5,249 | 13 | % | 12 | % | 12 | % GAAP operating income | $ | 630 | 22 | % | $ | 2,331 | 30 | % Non-GAAP operating income | $ | 783 | 17 | % | 16 | % | 16 | % | $ | 2,918 | 16 | % | 16 | % | 15 | % ARR | $ | 3,051 | 10 | % | 10 | % | 10 | % | $ | 3,051 | 10 | % | 10 | % | 10 | % GAAP diluted EPS | $ | 0.90 | 47 | % | $ | 3.09 | 60 | % Non-GAAP diluted EPS | $ | 0.96 | 27 | % | 27 | % | $ | 3.48 | 24 | % | 24 | % | 23 | %

• | GAAP diluted earnings per share increased 60% in 2025 and grew 47% in the fourth quarter of 2025. Non-GAAP5 diluted earnings per share in 2025 increased 24% over 2024. Fourth quarter 2025 Non-GAAP5 diluted earnings per share in 2025 was $0.96, an increase of 27% over the fourth quarter of 2024.

• | Index revenue of $232 million grew 23% in the fourth quarter, with $99 billion of net inflows over the trailing twelve months and $35 billion in the fourth quarter of 2025.

• | Solutions revenue in 2025 was $4.0 billion, an increase of 12% versus the prior year period, or 11% on an adjusted basis. Fourth quarter 2025 Solutions revenue was $1.1 billion, up 13% versus the prior year period, or 12% on an organic basis, reflecting strong growth from Index and Financial Technology.

• | Market Services set new net revenue records while launching proposals to advance the modernization of markets. Fourth quarter Market Services net revenue benefited from record industry volumes in U.S. cash equities and U.S. equity derivatives. Growth was also driven by index options revenue more than doubling for the second straight quarter, higher market share in European equities, and strong U.S. Tape Plan revenue. Nasdaq's Closing Cross also set a new daily notional value record of $233 billion during the Triple-Witch event in December. This year, Nasdaq launched initiatives to drive the evolution of capital markets, including submitting a filing to the U.S. Securities and Exchange Commission (SEC) to facilitate the trading of tokenized securities on its markets and announcing the plan to bring 23/5 trading to the Nasdaq Stock Market in the second half of 2026.

Looking ahead, we are well-positioned to build on our momentum in 2026 and deliver durable growth by deepening client relationships and unlocking greater value through our unified One Nasdaq platform."

• | The company is initiating its 2026 non-GAAP operating expense guidance at a range of $2.455 billion to $2.535 billion, and its 2026 non-GAAP tax rate guidance to be in the range of 22.5% to 24.5%.

• | Non-GAAP operating expenses in 2025 were $2.3 billion, an increase of 8% versus the prior year period, or 7% on an adjusted basis. Fourth quarter non-GAAP operating expenses were $609 million, an increase of 10% versus the prior year quarter, or 8% on an organic basis. The fourth quarter and full year 2025 increases primarily reflect organic growth due to increased investments in technology and people to drive innovation and long-term growth. For the full year 2025, this increase was partially offset by a decrease in general, administrative and other expenses.

• | The company is initiating its 2026 non-GAAP operating expense guidance at a range of $2.455 billion to $2.535 billion, and its 2026 non-GAAP tax rate guidance to be in the range of 22.5% to 24.5%.

• | Annualized Recurring Revenue (ARR)3,4 of $3.1 billion increased 10% on both a reported and organic basis over the fourth quarter of 2024. Annualized SaaS revenue increased 11%, or 13% on an organic basis, and represented 38% of ARR.

• | Index revenue of $232 million grew 23% in the fourth quarter, with $99 billion of net inflows over the trailing twelve months and $35 billion in the fourth quarter of 2025.

• | Market Services set new net revenue records while launching proposals to advance the modernization of markets. Fourth quarter Market Services net revenue benefited from record industry volumes in U.S. cash equities and U.S. equity derivatives. Growth was also driven by index options revenue more than doubling for the second straight quarter, higher market share in European equities, and strong U.S. Tape Plan revenue. Nasdaq's Closing Cross also set a new daily notional value record of $233 billion during the Triple-Witch event in December. This year, Nasdaq launched initiatives to drive the evolution of capital markets, including submitting a filing to the U.S. Securities and Exchange Commission (SEC) to facilitate the trading of tokenized securities on its markets and announcing the plan to bring 23/5 trading to the Nasdaq Stock Market in the second half of 2026.

(US$ millions, except per share) | 3Q25 | YoY change % | Adjusted2 YoYchange % | Organic2 YoYchange % Solutions revenue | $ | 1,003 | 15 | % | 10 | % | 10 | % Market Services net revenue | $ | 303 | 14 | % | 13 | % | 13 | % Net revenue | $ | 1,315 | 15 | % | 11 | % | 11 | % GAAP operating income | $ | 586 | 31 | % Non-GAAP operating income | $ | 732 | 15 | % | 16 | % | 16 | % ARR | $ | 3,007 | 10 | % | 9 | % | 9 | % GAAP diluted EPS | $ | 0.73 | 38 | % Non-GAAP diluted EPS | $ | 0.88 | 19 | % | 19 | %

• | Annualized Recurring Revenue (ARR)4 of $3.0 billion increased 10% over the third quarter of 2024, or up 9% on an organic basis. Annualized SaaS revenue increased 12%, and represented 38% of ARR.

• | Financial Technology revenue of $457 million increased 23% over the third quarter of 2024, or 13% on an organic basis.

Adena Friedman, Chair and CEO said, "Nasdaq achieved significant milestones in the third quarter, with Solutions quarterly revenue surpassing $1 billion and annual recurring revenues reaching $3 billion for the first time. This achievement reflects our successful transformation into a leading technology platform.

We achieved our gross leverage milestone ahead of schedule, are executing share repurchases, and we remain focused on organic investments that will drive long-term revenue growth and shareholder value."

• | Third quarter 2025 GAAP operating expenses were $729 million, an increase of 4% versus the prior year period. The increase in the third quarter was primarily due to higher compensation and benefits costs and increased investments in technology and people to drive innovation and long-term growth, partially offset by lower restructuring costs.

• | The company is updating its 2025 non-GAAP operating expense guidance to a range of $2,305 million to $2,335 million from the previous range of $2,295 million to $2,335 million. The company is updating its 2025 non-GAAP tax rate guidance by lowering the range to 22.5% to 23.5% due to certain discrete items that lowered the tax rate in the third quarter.

• | The company is updating its 2025 non-GAAP operating expense guidance to a range of $2,305 million to $2,335 million from the previous range of $2,295 million to $2,335 million. The company is updating its 2025 non-GAAP tax rate guidance by lowering the range to 22.5% to 23.5% due to certain discrete items that lowered the tax rate in the third quarter.

• | Accelerate - Nasdaq continues to deliver on its One Nasdaq strategy driving 4 cross-sell wins across Financial Technology in the quarter for a total of 30 cross-sells since the close of the Adenza acquisition. At the end of the third quarter, cross-sells continued to account for over 15% of Financial Technology's sales pipeline and Nasdaq remains on track to surpass $100 million in run-rate revenue from cross-sells by the end of 2027.

• | Index ETP assets under management (AUM) reached record levels and exceeded $800 billion at quarter-end with record net inflows over the last twelve months. Index had $17 billion in net inflows in the third quarter and a record $91 billion in net inflows over the last twelve months. End of period ETP AUM was $829 billion and average ETP AUM over the third quarter was $777 billion, both all-time highs. Nasdaq launched 30 new Index products in the third quarter, including 18 international products and 13 in the institutional insurance annuity space.

• | Market Services delivered record U.S. derivatives revenue and excellent performance in U.S. cash equities. Nasdaq generated record revenues and volumes in U.S. derivatives in the third quarter, with the industry seeing 6 of the 10 highest options contract volumes days in history, with a subsequent record established in October. Within our U.S. derivatives business, Nasdaq Index options volumes also hit record levels in the third quarter. In September, Nasdaq's Closing Cross set a new daily notional value record.

• | Cash flow from operations was $221 million for the third quarter. In the third quarter of 2025, Nasdaq returned $155 million to shareholders through dividends, repurchased $115 million of common stock, and repurchased $69 million of senior unsecured notes. As of September 30, 2025, there was $1.4 billion remaining under the board authorized share repurchase program.