The beat-and-raise quarter with record index AUM and IPO momentum supports continued upside. Watch for further expense guidance updates and the impact of 23/5 trading launch in December 2026. The strong cash flow and capital return program provide downside support.
Price Chart
Executive Summary
Nasdaq reported Q2 2026 results with net revenue of $1.5B (+15% YoY) and non-GAAP EPS of $1.07 (+25% YoY), beating consensus estimates of $0.98 EPS and $1.46B revenue. The company raised its 2026 non-GAAP operating expense guidance to $2.530B-$2.570B, declared a $0.31 quarterly dividend, and highlighted record Index ETP AUM surpassing $1 trillion and the listing of SpaceX, the largest IPO in exchange history.
Key Financial Metrics
Key Facts
- Net revenue $1.5B, +15% YoY (both reported and adjusted)
- Non-GAAP diluted EPS $1.07, +25% YoY, beat consensus $0.98 by 9.2%
- GAAP diluted EPS $0.89, +14% YoY
- Solutions revenue $1.16B, +17% YoY
- Index revenue $271M, +38% YoY; Index ETP AUM surpassed $1 trillion ($1.114T)
- Financial Technology revenue $539M, +16% YoY
- ARR $3.258B, +11% reported / +12% organic
- GAAP operating margin 47%, non-GAAP operating margin 57%
- Operating cash flow $711M in Q2
- Returned $174M in dividends and $356M in share repurchases; net repaid $162M debt
- Listed SpaceX ($86B IPO), 7 of top 10 largest operating company IPOs in Q2
- Quarterly dividend declared at $0.31 per share (payable Sept 25, 2026)
- 2026 non-GAAP operating expense guidance raised to $2.530B-$2.570B
Financial Impact
EPS beat consensus by $0.09 (9.2%), revenue beat by $40M (2.7%); strong double-digit growth across all segments with record index AUM and IPO activity
Risk Factors
- Non-GAAP operating expense guidance raised by ~$35M at midpoint, reflecting higher compensation and marketing costs
- Market volatility could impact trading volumes and IPO pipeline
- Integration of Dasseti acquisition and sale of Nasdaq Fund Secondaries add execution risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001120193-26-000011 |
| Document: ndaq-20260723.htm | 0001120193-26-000011 |
| Document: ndaq72326ex-992.htm | 0001120193-26-000011 |
| Document: 0001120193-26-000011-index-headers.html | 0001120193-26-000011 |
| Document: 0001120193-26-000011-index.html | 0001120193-26-000011 |
| Document: 0001120193-26-000011.txt | 0001120193-26-000011 |
| 8-K Data (Synthetic) | 0001120193-26-000011 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 27, 2026 5w ago | Press Release | $99.35 $94.55 | ▼ −4.83% | ▼ −4.32% | $90.33 (−9.08%) |
Aug 12, 2026 7w ago | Insider Cluster | $97.59 $91.19 | ▼ −6.56% | ▼ −4.81% | $90.33 (−7.44%) |
Aug 11, 2026 7w ago | Insider Cluster | $95.66 $92.01 | ▼ −3.82% | ▼ −1.92% | $90.33 (−5.57%) |
Aug 5, 2026 8w ago | Insider Cluster | $94.56 $95.72 | ▲ +1.23% | ▲ +1.83% | $90.33 (−4.47%) |
Aug 3, 2026 8w ago | Press Release | $93.62 $97.54 | ▲ +4.19% | ▲ +5.43% | $90.33 (−3.51%) |
Aug 3, 2026 8w ago | Press Release | $93.62 $97.54 | ▲ +4.19% | ▲ +5.43% | $90.33 (−3.51%) |
Jul 31, 2026 9w ago | Insider Cluster | $94.19 $99.31 | ▲ +5.44% | ▲ +2.45% | $90.33 (−4.10%) |
Jul 28, 2026 9w ago | Insider Cluster | $95.96 $98.73 | ▲ +2.89% | ▼ −0.49% | $90.33 (−5.87%) |
Jul 23, 2026 10w ago | 8-K | $90.42 $97.55 | ▲ +7.89% | ▲ +4.58% | $90.33 (−0.10%) |
Jul 20, 2026 10w ago | Press Release | $91.87 $96.68 | ▲ +5.24% | ▲ +1.11% | $90.33 (−1.68%) |
US Market Status
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