EarningsQ2 2026 Earnings Report
MX:NDAQ Q2 2026 EPS Results
Actual EPS$19.43
Consensus EPS$17.87
Beat/MissBeat by +$1.56
One Year Ago EPS$15.44
MX:NDAQ Q2 2026 Revenue Results
Actual Revenue$45.99B
Expected Revenue$26.43B
Beat/MissBeat by +$19.56B
YoY Revenue Growth+21.15%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeBefore Open
Conference CallThursday, July 23, 2026
MX:NDAQ Upcoming Earnings
Nasdaq's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:NDAQ Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized broad-based, multi-division growth, record milestones (Index AUM >$1T, EPS growth, strong free cash flow) and accelerating AI-driven product adoption. Weaknesses were mostly operational and timing-related: higher expenses, a challenging Corporate Solutions environment, mix-driven capture pressure in certain Market Services lines, tougher comps and slower international sales cycles in some areas. Overall, the positive financial momentum, recurring revenue strength and capital returns outweigh the manageable execution and timing headwinds.Company Guidance
Strong Top-Line Growth
Net revenue of $1.5 billion, up 15% year-over-year; Solutions revenue of $1.2 billion, up 17%.
Record Profitability and EPS
Diluted EPS of $1.07, up 25% year-over-year; operating margin 57% and EBITDA margin 60%, each up 2 percentage points.
Recurring Revenue and ARR Momentum
Annualized recurring revenue (ARR) grew 12% year-over-year to $3.3 billion; divisional ARR growth: Financial Technology ARR +16%, Capital Access Platforms ARR +8%.
Index AUM and Net Inflows Milestones
Index assets under management surpassed $1 trillion for the first time; record net inflows of $51 billion in the quarter and $109 billion over the last 12 months; Index revenue +35%.
Capital Markets Listings and IPO Strength
U.S. listings franchise: strongest H1 in U.S. exchange history with $111 billion in operating company proceeds raised; quarter included SpaceX IPO ($86 billion) and 26 new operating companies raising $106 billion.
Financial Technology and Verafin Momentum
Financial Technology revenue $539 million, up 15% with ARR +16%; Verafin revenue +22%, now serving 2,800+ institutions covering $13+ trillion in combined assets; Verafin agentic AI workforce used by 750 clients.
Market Services Volume Records
Market Services net revenue $340 million, up 11% with record industry volumes in U.S. options and U.S. cash equities; record notional trading events (Triple Witch $296 billion, Russell reconstitution $334 billion); Index options revenue doubled year-over-year for 4th consecutive quarter.
Cash Generation and Capital Returns
Free cash flow $477 million in Q2 and $2.2 billion LTM (97% conversion); returned >$530 million to shareholders in Q2 via $174 million dividend and $356 million buybacks; repurchases YTD $903 million with $200–$250 million variable ASR launched.
Product Innovation and AI Adoption
Launched 34 new index products in the quarter (50% launched outside U.S.); Data enterprise licenses increased 34% YoY; multiple AI-enabled product rollouts and monetization pilots (GenAI copilot, agentic workers, MCP protocol for AI data integration).
Market Technology Expansion
Calypso expanded to >70 countries, new strategic wins including Georgian Financial Markets Treasury Association and first U.S. treasury clearing deals; piloted tokenized collateral trades on Canton Network.
MX:NDAQ Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed