Nasdaq (NDAQ) Q3 2026 Earnings Report
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MX:NDAQ Q3 2026 EPS Results
- Actual EPS
- MXN 19.30
- Consensus EPS
- MXN 18.85
- Beat/Miss
- Beat by +MXN 0.45
- One Year Ago EPS
- MXN 16.33
MX:NDAQ Q3 2026 Revenue Results
- Actual Revenue
- MXN 44.40B
- Expected Revenue
- MXN 27.21B
- Beat/Miss
- Beat by +MXN 17.19B
- YoY Revenue Growth
- +22.22%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/22/2026
- Time
- Before Open
- Conference Call
- Thursday, October 22, 2026
MX:NDAQ Upcoming Earnings
Nasdaq's next earnings date is estimated for February 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:NDAQ Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, supported by double-digit growth in revenue, solutions revenue, ARR, earnings, fintech, index products, and client demand for AI, cloud, and always-on-market solutions. Nasdaq also reported record or near-record performance in several businesses, significant capital returns, and multiple strategic product and partnership initiatives. The main challenges were a modest softening in the IPO environment, higher expenses and expense guidance, lower Market Services operating margin, market-services capture and volatility-related offsets, and selected revenue-comparison headwinds. Overall, the highlights significantly outweighed the lowlights.
Company Guidance
Nasdaq updated its non-GAAP expense guidance for the year to a range of $2.550 billion-$2.580 billion, from $2.530 billion-$2.570 billion, and maintained its 2026 non-GAAP tax rate guidance of 22.5%-24.5%; LeveL revenue contribution for the fourth quarter is expected to be $7 million-$8 million, with the expenses included in the updated expense guidance, the $315 million-$385 million variable notional accelerated share repurchase plan will be completed in the fourth quarter, Nasdaq remains on track to launch 23/5 trading on the Nasdaq stock market on December 6, 2026, and remains on track to launch the Nasdaq equity token in the first half of next year, while Nasdaq described a $3 billion-$6 billion TAM from tokenization by 2030.
- Strong Third-Quarter Financial PerformanceNasdaq delivered $1.5 billion in net revenue, up 14% year-over-year, and $1.2 billion in solutions revenue, up 18%. Annualized recurring revenue grew 14% to $3.4 billion, diluted EPS increased 19% to $1.04, operating income grew 16%, and net income was $588 million.
- Improved Operating MarginsOperating expenses were $638 million, up 12%. Operating margin was 57% and EBITDA margin was 60%, with both margins increasing one percentage point from the prior-year period.
- Capital Access Platforms GrowthCapital Access Platforms revenue increased 20% and ARR grew 8%. Data and listings revenue and ARR each increased 10%, while index revenue increased 39%, including 15 percentage points of growth driven by alpha.
- Strong IPO and Listings ExecutionNasdaq welcomed 15 new operating companies that raised $32 billion in proceeds, including eight of the 10 largest IPOs in the quarter, contributing to a 79% win rate. Year to date, Nasdaq has welcomed 56 new operating company listings that raised $144 billion, with a 74% win rate. Hilton plans to transfer its common-stock listing to Nasdaq in early November.
- European Listings ExpansionNasdaq welcomed eight new operating companies in the Nordic markets, including IQM Quantum Computers, which was the largest European listing by market capitalization in the quarter.
- Data Business and Enterprise License GrowthThe data business achieved double-digit growth driven by demand for Nasdaq data supporting AI solutions and always-on markets. Enterprise licenses increased 34% year-over-year across client types and geographies.
- Record Index Inflows and Product InnovationThe index franchise generated record net inflows of $141 billion over the last 12 months, including $49 billion in the quarter. Average ETP assets under management surpassed $1.1 trillion. Nasdaq launched 32 products in the quarter and 97 year to date; 50% of quarterly launches were outside the United States, and 35% of trailing-12-month net inflows came from products launched within the last five years.
- Index Partnerships and Distribution MomentumCombined assets under management from partnerships with BlackRock and State Street exceeded $1 billion. Nasdaq also expanded its partnership with Invesco through the launch of the Invesco Nasdaq International Innovators 100 ETF.
- Workflow and Institutional Intelligence ExpansionWorkflow and Insights revenue increased 5%, with ARR up 6%, driven by double-digit revenue growth in eVestment and Nasdaq Data Link. eVestment coverage expanded to more than 95,000 private funds, a 19% increase from the end of 2025, and 25% of year-to-date eVestment bookings were related to AI use cases.
- New Data and Workflow PartnershipsNasdaq launched Capital Intelligence with Juniper Square, embedding eVestment data into private-markets workflows, and entered a partnership with Robinhood to embed a proprietary data set into Robinhood's agentic trading platform.
- Financial Technology Growth and Client WinsFinancial Technology revenue increased 16% to $529 million, with record ARR growth of 18%. The division signed 54 new clients, 135 upsells, and five cross-sells. Cloud-based solutions represented 85% of fintech bookings, and cross-sells represented more than 15% of the fintech pipeline.
- Verafin Financial Crime Management MomentumNasdaq Verafin revenue grew 23%, ARR growth increased to 19%, and net revenue retention was 111%. Verafin signed 45 new SMB clients and three enterprise deals in the quarter; total enterprise signings reached 12 year to date versus nine during all of the prior year.
- Expansion of Agentic AI CapabilitiesMore than 850 Verafin clients were using Nasdaq's agentic AI workforce, and more than 70 clients had signed paying contracts for those solutions. Two new agentic workers entered production during the quarter: the Agentic AML Analyst for structuring and the Agentic Fraud Analyst for ACH. Nasdaq also began extending agentic capabilities into Calypso and Surveillance.
- Regulatory Technology and Surveillance GrowthRegulatory Technology revenue grew 13% and ARR grew 15%, with 10 new clients, two cross-sells, and 86 upsells. Nasdaq cited demand for solutions supporting modernization across cloud, AI, and digital assets, as well as client wins with Kraken, Kalshi, and APAC operators in surveillance.
- Capital Markets Technology MomentumCapital Markets Technology revenue increased 14% and ARR increased 19%. The subdivision signed two new clients, one cross-sell, and 48 upsells. Growth was supported by trade-management services, pricing changes, data-center services, elevated testing demand, market-technology modernization, and continued Calypso execution.
- Calypso Product Expansion and HSBC PartnershipHSBC extended its 15-year partnership with Nasdaq by adding Calypso exchange-traded derivatives clearing capabilities. Nasdaq also launched agentic AI capabilities within Calypso across the trade life cycle and is expanding the platform across AI, post-trade, and digital-asset capabilities.
- Cloud Migration OpportunityNasdaq said there remains a substantial runway for cloud migrations among AxiomSL and Calypso clients. Cloud migrations have generated approximately a 1.5x uplift in annual contract value, and SaaS revenue represented 38% of total ARR.
- Market Services Revenue RecordMarket Services delivered record third-quarter net revenue of $309 million, up 2%. Results were supported by higher U.S. equities share and capture, higher volumes in U.S. equity options, Nordic cash equities, and fixed income, and a year-to-date U.S. multi-listed options market-share lead of more than 500 basis points over the closest competitor.
- Always-On Markets and Market Infrastructure InitiativesNasdaq remains on track to launch 23/5 trading on December 6, 2026. Bruce ATS agreed to use Nasdaq trading technology to power the first 24/7 U.S. equities trading ecosystem. Nasdaq also launched Digital Liquidity Networks and remains on track to launch the Nasdaq equity token in the first half of next year.
- LeveL Markets AcquisitionNasdaq closed its acquisition of LeveL Markets on October 15. LeveL is the third-largest U.S. alternative trading system by trading volume and has 2,500 institutional and retail brokerage clients. The acquisition is intended to expand Nasdaq's off-exchange liquidity and execution capabilities; LeveL is expected to contribute $7 million-$8 million of revenue in the fourth quarter.
- Tokenization and Collateral Mobility ProgressNasdaq described collateral management and collateral mobility as the most immediate tokenization opportunities. A proof of concept with Vanguard and Wellington, using Canton, moved collateral between pools instantly. Nasdaq is also working with DTCC, Baton Systems, Kraken, and other partners on tokenized equities, tokenized collateral, and settlement capabilities.
- Strong Capital Generation and Shareholder ReturnsNasdaq generated $616 million of free cash flow in the quarter and $2.3 billion over the last 12 months, representing a 98% conversion ratio. The company paid $173 million in dividends and repurchased 3.6 million shares for $323 million, returning nearly $500 million to shareholders in the quarter. Year-to-date repurchases totaled $1.2 billion, almost twice the $616 million repurchased during all of 2025.
- Additional Accelerated Share RepurchaseIn October, Nasdaq launched a variable-notional accelerated share repurchase plan of $315 million-$385 million, scheduled for completion in the fourth quarter. Gross leverage ended the quarter at 2.5x.
- High Industry RecognitionNasdaq achieved its highest-ever ranking in the Chartis RiskTech100, placing second globally and receiving 14 category awards across risk management, financial crime prevention, trade surveillance, and corporate governance.
MX:NDAQ Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 03, 2027 | 2026 (Q4) | 19.89- | 17.81 | ― | ― |
| Oct 22, 2026 | 2026 (Q3) | 18.8519.30 | 16.33 | 18.18% (+2.97) | |
| Jul 23, 2026 | 2026 (Q2) | 18.2619.85 | 15.77 | 25.88% (+4.08) | |
| Apr 23, 2026 | 2026 (Q1) | 17.2617.81 | 14.66 | 21.52% (+3.15) | |
| Jan 29, 2026 | 2025 (Q4) | 17.1117.81 | 14.1 | 26.32% (+3.71) | |
| Oct 21, 2025 | 2025 (Q3) | 15.8116.33 | 13.73 | 18.92% (+2.60) | |
| Jul 24, 2025 | 2025 (Q2) | 15.1015.77 | 12.8 | 23.19% (+2.97) | |
| Apr 24, 2025 | 2025 (Q1) | 14.3114.66 | 11.69 | 25.40% (+2.97) | |
| Jan 29, 2025 | 2024 (Q4) | 13.8614.10 | 13.36 | 5.56% (+0.74) | |
| Oct 24, 2024 | 2024 (Q3) | 12.8813.73 | 13.17 | 4.23% (+0.56) |
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
