Jun 2026 (Q2 FY26) — Jul 23, 2026
Nasdaq Q2 FY26 — Record AUM, Strong IPO Environment, and AI-Driven Growth
Read the full callNasdaq (NDAQ) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Nasdaq earnings: last reported Thu, 23 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,532 | +20.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 28.1 | +1.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 507 | +12.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
29 of 33 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Expanded Nasdaq-100 access via BlackRock and State Street ETFs | Launch later in the spring of 2026 with BlackRock and State Street, at QQQ-consistent pricing terms | Mar 2026 | We're pleased to introduce expanded access to the Nasdaq-100 with the recent launches of BlackRock's IQQ and State Street's QNDX ETFs in the United States. | Achieved |
| Nasdaq Verafin drug trafficking analytic launch (generative AI version) | Launch later this quarter (Q2 2026) | Mar 2026 | we announced an expansion of the workforce, including 2 new agentic workers, which we've moved into beta | Ghosted |
| Calypso tokenized (on-chain) collateral management product launch | Finalize product build and launch in early to mid-2026 | Jun 2025 | we piloted tokenized collateral trades on the Canton network in July alongside 2 of the world's leading asset managers | Delayed |
4 of NASDAQ, INC.'s 44 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 41 more targets are in the full ledger.
Claimed
- Net revenue increased 15% to $1.5 billion, with solutions revenue up 17% to $1.2 billion.
- Diluted EPS grew 25% to $1.07, marking the first time exceeding $1 in quarterly EPS.
- Overall annualized recurring revenue (ARR) grew 12% year-over-year to $3.3 billion.
- The Index business's ETP AUM surpassed $1 trillion for the first time, driven by record net inflows of $51 billion in Q2 and $109 billion over the last 12 months.
- Financial Crime Management technology (Verafin) revenue grew 22%, and Market Services net revenue grew 11% to $340 million, supported by record volumes.
Qualified
- Corporate Solutions revenue remained essentially flat during the quarter.
- Performance in Capital Markets Technology was partially offset by lower professional services revenue.
- Lower capture in U.S. options was observed, driven by a continued mix shift in order flow composition.
- The company anticipates tougher year-over-year expense comparisons in Q3 and Q4 2026 due to a $5 million regulatory fine in Q3 2025 and Calypso upfront revenue in 2025.
- Non-GAAP expense guidance for FY26 was raised to a range of $2.530 billion to $2.570 billion, from $2.485 billion to $2.545 billion.
Price
$93.2 −0.82% · −$0.77
Performance +5.2% 1Y
1Y: $88.59 on 17 Oct 2025 → $93.2. High $100.98 (16 Jan 2026), low $76.85 (29 Jun 2026).
- Previous close
- $93.97
- 52-week range
- $76.85 – $100.98
- One year
- +4.88%
Overview
- Symbol
- NDAQ
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
29 of 33 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Expanded Nasdaq-100 access via BlackRock and State Street ETFs | Launch later in the spring of 2026 with BlackRock and State Street, at QQQ-consistent pricing terms | Mar 2026 | We're pleased to introduce expanded access to the Nasdaq-100 with the recent launches of BlackRock's IQQ and State Street's QNDX ETFs in the United States. | Achieved |
| Nasdaq Verafin drug trafficking analytic launch (generative AI version) | Launch later this quarter (Q2 2026) | Mar 2026 | we announced an expansion of the workforce, including 2 new agentic workers, which we've moved into beta | Ghosted |
| Calypso tokenized (on-chain) collateral management product launch | Finalize product build and launch in early to mid-2026 | Jun 2025 | we piloted tokenized collateral trades on the Canton network in July alongside 2 of the world's leading asset managers | Delayed |
Claimed
- Net revenue increased 15% to $1.5 billion, with solutions revenue up 17% to $1.2 billion.
- Diluted EPS grew 25% to $1.07, marking the first time exceeding $1 in quarterly EPS.
- Overall annualized recurring revenue (ARR) grew 12% year-over-year to $3.3 billion.
- The Index business's ETP AUM surpassed $1 trillion for the first time, driven by record net inflows of $51 billion in Q2 and $109 billion over the last 12 months.
- Financial Crime Management technology (Verafin) revenue grew 22%, and Market Services net revenue grew 11% to $340 million, supported by record volumes.
Qualified
- Corporate Solutions revenue remained essentially flat during the quarter.
- Performance in Capital Markets Technology was partially offset by lower professional services revenue.
- Lower capture in U.S. options was observed, driven by a continued mix shift in order flow composition.
- The company anticipates tougher year-over-year expense comparisons in Q3 and Q4 2026 due to a $5 million regulatory fine in Q3 2025 and Calypso upfront revenue in 2025.
- Non-GAAP expense guidance for FY26 was raised to a range of $2.530 billion to $2.570 billion, from $2.485 billion to $2.545 billion.
The full ledger
Open NASDAQ, INC.’s full ledger
A free account opens 5 company ledgers a month. All 44 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 23, 2026
Nasdaq Q1 FY26 — Record Financial Technology Revenue and Strong Organic Growth
Read the full callDec 2025 (Q4 FY25) — Jan 29, 2026
Nasdaq Q4 FY25 — Record Revenues, Strong Organic Growth, and Strategic AI Integration
Read the full callEvery analysed call
Nasdaq earnings calls (NDAQ)
Financials
What the filings say
Net profit, year on year: +12% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,902 | 2,032 | 2,096 | 2,101 | 1,958 | 2,124 | 2,137 | 2,532 |
| Expenses | 461 | 463 | 454 | 484 | 479 | 482 | 495 | 540 |
| Operating profit | 448 | 517 | 547 | 568 | 586 | 630 | 657 | 712 |
| Operating margin | 23.6% | 25.4% | 26.1% | 27.0% | 29.9% | 29.7% | 30.7% | 28.1% |
| Interest | 102 | 102 | 96 | 95 | 87 | 89 | 87 | 86 |
| Profit before tax | 356 | 440 | 488 | 548 | 529 | 580 | 677 | 653 |
| Tax rate | 14.3% | 19.3% | 19.1% | 17.5% | 20.0% | 10.9% | 23.3% | 22.4% |
| Net profit | 306 | 355 | 395 | 452 | 423 | 518 | 519 | 507 |
| EPS ($ per share) | 0.53 | — | 0.69 | 0.79 | 0.74 | — | 0.92 | 0.90 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | — | — | — | — |
| Reserves | 4,558 | 5,027 | 5,628 | 6,465 | 7,207 | 7,825 | 8,401 | 9,588 |
| Total liabilities | 10,251 | 8,285 | 11,543 | 13,710 | 14,704 | 21,467 | 19,195 | 18,821 |
| Fixed assets | 376 | 384 | 475 | 509 | 532 | 576 | 593 | 728 |
| Investments | 268 | 291 | — | — | — | — | — | — |
| Total assets | 15,700 | 13,924 | 17,979 | 20,115 | 20,868 | 32,294 | 30,395 | 31,053 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,028 | 963 | 1,252 | 1,083 | 1,706 | 1,696 | 1,939 | 2,255 |
| Cash from investing | 196 | -414 | -122 | -2,653 | 49 | -5,994 | -953 | -1,100 |
| Cash from financing | -1,027 | -2,472 | 1,910 | 1,418 | 1,036 | 4,220 | -2,561 | -2,953 |
| Net cash flow | 187 | -2,111 | 3,393 | -483 | 1,498 | 124 | -2,112 | -1,072 |
| Capital expenditure | -111 | -127 | -188 | -163 | -152 | -158 | -207 | -266 |
| Free cash flow | 917 | 836 | 1,064 | 920 | 1,554 | 1,538 | 1,732 | 1,989 |
NDAQ revenue by segment
Market Services grew from 53% to 54% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Market Services | 54% | 53% | 54% | 52% | 48% | 49% | 49% | 54% | +25.9% |
| Capital Access Platforms | 26% | 25% | 25% | 25% | 28% | 26% | 26% | 25% | +17.8% |
| Financial Technology | 20% | 22% | 21% | 22% | 23% | 23% | 24% | 21% | +16.2% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
NDAQ operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Assets under management (AUM) ETP | — | $829BWe exited the quarter with ETP AUM of $829 billion, an all-time high.Source: earnings call transcript | $882BWe achieved a record $99 billion in net inflows over the last 12 months, including a record $35 billion in the fourth quarter and exited the year with ETP AUM of $882 billion, an all-time high.Source: earnings call transcript | $836BOur index franchise delivered $79 billion in net inflows over the last 12 months, including $6 billion in the quarter, exiting the quarter with ETP AUM of $836 billion.Source: earnings call transcript | — | -5.2% |
| Net new assets ETP | $27BETP AUM included $86 billion of net inflows in the last 12 months, including $27 billion in the first quarter, which reflects tremendous recognition and resiliency in the context of the Nasdaq 100 market performance down 8% during the first quarter.Source: earnings call transcript | $17BWe had a record $91 billion in net inflows over the last 12 months and $17 billion in net inflows in the quarter.Source: earnings call transcript | $35BWe achieved a record $99 billion in net inflows over the last 12 months, including a record $35 billion in the fourth quarter and exited the year with ETP AUM of $882 billion, an all-time high.Source: earnings call transcript | $6BOur index franchise delivered $79 billion in net inflows over the last 12 months, including $6 billion in the quarter, exiting the quarter with ETP AUM of $836 billion.Source: earnings call transcript | $51BOur Index franchise set new inflow records with $51 billion in net inflows for the quarter and $109 billion in net inflows over the last 12 months.Source: earnings call transcript | +750% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- US 75% ↓ 6 pt
- Non Us 25% ↑ 6 pt
As NDAQ cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
104 filings between Nov 3, 2025 and Oct 12, 2026.
Open market
decisions to buy or sellPurchases
$21.68M
3 purchases by 2 insiders
Sales
$86.86M
28 sales by 8 insiders
57% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 36
- Award — granted as compensation
- 4
- Option exercise — converted options into shares
- 29
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| FRIEDMAN ADENA T | — | $76.06M | Apr 1, 2026 |
| INVESTOR AB | $20.72M | — | Jun 11, 2026 |
| Griggs PC Nelson | — | $3.50M | Aug 10, 2026 |
| Peterson Bradley J | — | $2.48M | Aug 7, 2026 |
| Smith Bryan Everard | — | $1.59M | Aug 3, 2026 |
| Tal Cohen | — | $1.41M | Apr 27, 2026 |
| Torgeby Johan | $958.3K | — | Feb 17, 2026 |
| SKULE JEREMY | — | $902.4K | Oct 12, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 12, 2026 | SKULE JEREMY EVP, CSO | Sale 10b5-1 plan | 1,125 | $105.9K |
| Oct 1, 2026 | SKULE JEREMY EVP, CSO | Tax withheld | 1,262 | $116.1K |
| Sep 22, 2026 | SKULE JEREMY EVP, CSO | Sale 10b5-1 plan | 1,125 | $106.9K |
| Sep 10, 2026 | SKULE JEREMY EVP, CSO | Sale 10b5-1 plan | 1,125 | $106.0K |
| Aug 10, 2026 | Griggs PC Nelson Pres. Capital Access Platforms | Sale | 3,226 | $310.2K |
| Aug 10, 2026 | SKULE JEREMY EVP, CSO | Sale 10b5-1 plan | 2,250 | $213.2K |
| Aug 7, 2026 | Peterson Bradley J EVP, CIO | Sale | 6,000 | $573.3K |
| Aug 3, 2026 | Smith Bryan Everard EVP, CPO | Sale 10b5-1 plan | 1,556 | $147.9K |
| Jul 29, 2026 | Griggs PC Nelson Pres. Capital Access Platforms | Sale | 11,010 | $1.06M |
| Jul 27, 2026 | Griggs PC Nelson Pres. Capital Access Platforms | Sale | 11,010 | $1.03M |
| Jul 24, 2026 | Griggs PC Nelson Pres. Capital Access Platforms | Sale | 6,777 | $627.1K |
| Jul 24, 2026 | Peterson Bradley J EVP, CIO | Sale | 13,000 | $1.20M |
| Jul 1, 2026 | Smith Bryan Everard EVP, CPO | Sale 10b5-1 plan | 3,000 | $240.0K |
| Jun 11, 2026 | Smith Bryan Everard EVP, CPO | Sale 10b5-1 plan | 3,000 | $260.7K |
| Jun 11, 2026 | INVESTOR AB 10% owner | Purchase | 56,782 | $4.88M |
| Jun 11, 2026 | Torgeby Johan Director | Tax withheld | 300 | $26.0K |
| Jun 11, 2026 | Kazim Essa Director | Tax withheld | 622 | $53.9K |
| Jun 10, 2026 | Torgeby Johan Director | Award | 2,998 | $0 |
| Jun 10, 2026 | Kazim Essa Director | Award | 4,151 | $0 |
| Jun 10, 2026 | SPAHT PAUL HOLDEN JR. Director | Award | 2,998 | $0 |
| Jun 10, 2026 | BEGLEY CHARLENE T Director | Award | 2,998 | $0 |
| Jun 10, 2026 | Koch Kathryn A. Director | Award | 3,171 | $0 |
| Jun 10, 2026 | ZOLLAR ALFRED W Director | Award | 4,497 | $0 |
| Jun 10, 2026 | KLOET THOMAS A Director | Award | 4,554 | $0 |
| Jun 10, 2026 | Townes-Whitley Toni Director | Award | 2,998 | $0 |
| Jun 10, 2026 | SPLINTER MICHAEL R Director | Award | 5,246 | $0 |
| Jun 10, 2026 | YABUKI JEFFERY W Director | Award | 4,612 | $0 |
| Jun 10, 2026 | ARNOLDI MELISSA Director | Award | 4,324 | $0 |
| May 18, 2026 | Griggs PC Nelson Pres. Capital Access Platforms | Sale | 5,093 | $471.7K |
| Apr 28, 2026 | Peterson Bradley J EVP, CIO | Sale | 7,710 | $700.2K |
| Apr 27, 2026 | Tal Cohen Pres. Market Platforms | Sale | 15,518 | $1.41M |
| Apr 24, 2026 | Daly Michelle Lynn SVP, Controller & PAO | Sale | 129 | $11.5K |
| Apr 24, 2026 | Daly Michelle Lynn SVP, Controller & PAO | Sale | 1,194 | $106.1K |
| Apr 3, 2026 | Griggs PC Nelson Pres. Capital Access Platforms | Tax withheld | 1,565 | $135.6K |
| Apr 3, 2026 | FRIEDMAN ADENA T Chair and CEO | Tax withheld | 8,075 | $699.7K |
| Apr 3, 2026 | Smith Bryan Everard EVP, CPO | Tax withheld | 813 | $70.4K |
| Apr 3, 2026 | Daly Michelle Lynn SVP, Controller & PAO | Tax withheld | 424 | $36.7K |
| Apr 3, 2026 | Tal Cohen Pres. Market Platforms | Tax withheld | 1,565 | $135.6K |
| Apr 3, 2026 | Peterson Bradley J EVP, CIO | Tax withheld | 1,499 | $129.9K |
| Apr 3, 2026 | SKULE JEREMY EVP, CSO | Tax withheld | 1,017 | $88.1K |
| Apr 3, 2026 | Zecca John EVP, Global CLO | Tax withheld | 780 | $67.6K |
| Apr 1, 2026 | Smith Bryan Everard EVP, CPO | Award | 7,046 | $0 |
| Apr 1, 2026 | Daly Michelle Lynn SVP, Controller & PAO | Tax withheld | 832 | $70.6K |
| Apr 1, 2026 | Daly Michelle Lynn SVP, Controller & PAO | Award | 2,025 | $0 |
| Apr 1, 2026 | Tal Cohen Pres. Market Platforms | Tax withheld | 11,141 | $945.8K |
| Apr 1, 2026 | Tal Cohen Pres. Market Platforms | Award | 15,267 | $0 |
| Apr 1, 2026 | Peterson Bradley J EVP, CIO | Tax withheld | 2,761 | $234.4K |
| Apr 1, 2026 | Peterson Bradley J EVP, CIO | Award | 8,103 | $0 |
| Apr 1, 2026 | SKULE JEREMY EVP, CSO | Award | 7,633 | $0 |
| Apr 1, 2026 | Griggs PC Nelson Pres. Capital Access Platforms | Tax withheld | 3,308 | $280.8K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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