The EPS and revenue miss vs consensus is the headline, but the underlying subscription/ARR growth (12% reported, 14% organic) and record Index inflows are strong. The slight raise in expense guidance signals continued investment. Watch for Q4 guidance on the Q4 2026 call and any further update on the Digital Liquidity Networks / LeveL Markets integration.
Price Chart
Executive Summary
Nasdaq reported Q3 2026 net revenue of $1.481B (+13% YoY) and GAAP diluted EPS of $0.96 (+31% YoY), while non-GAAP diluted EPS was $1.04 (+18% YoY). The headline EPS of $1.04 missed the consensus estimate of $1.07 by ~2.8%, and revenue of $1.481B came in below the $1.53B consensus. However, the company delivered strong underlying operational momentum with record Index net inflows ($49B in Q3), record FinTech ARR growth (18% organic), and raised its non-GAAP operating expense guidance slightly. The combination of a modest EPS miss and revenue shortfall against elevated expectations tempers the otherwise solid operational narrative.
Key Financial Metrics
Key Facts
- Q3 2026 net revenue was $1.481B, up 13% YoY (14% organic)
- GAAP diluted EPS $0.96 (+31% YoY); Non-GAAP diluted EPS $1.04 (+18% YoY)
- Non-GAAP diluted EPS $1.04 missed consensus of $1.07 by ~2.8%
- Revenue $1.481B missed consensus of $1.53B
- Record Index ETP net inflows of $49B in Q3, $141B TTM
- FinTech ARR grew 12% reported, 14% organic; record 18% organic FinTech ARR growth
- Non-GAAP operating expense guidance raised to $2.550B-$2.580B from $2.530-$2.570B
- Dividend declared $0.31 per share, payable Dec 18, 2026
- Acquisition of LeveL Markets (ATS) closed early Q4 2026)
Financial Impact
EPS miss of ~$0.03 vs consensus; revenue miss of ~$49M vs consensus; net revenue growth of 13% YoY; total capital returned $496M in Q3 via dividends and buybacks
Risk Factors
- EPS and revenue both missed consensus, which could pressure the stock near-term
- Market Services net revenue growth slowed to 2% YoY
- Non-GAAP operating expenses guidance raised, indicating higher cost base
- Integration risk from LeveL Markets acquisition
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001120193-26-000017 |
| Document: ndaq-20261022.htm | 0001120193-26-000017 |
| Document: ndaq102226ex-992.htm | 0001120193-26-000017 |
| Document: 0001120193-26-000017-index-headers.html | 0001120193-26-000017 |
| Document: 0001120193-26-000017-index.html | 0001120193-26-000017 |
| Document: 0001120193-26-000017.txt | 0001120193-26-000017 |
| 8-K Data (Synthetic) | 0001120193-26-000017 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 8-K | $104.87 | awaiting T+60 | — | $104.72 (−0.14%) |
Oct 26, 2026 today | Press Release | $104.72 | awaiting T+60 | — | $104.72 (+0.00%) |
Oct 23, 2026 3d ago | 144 | $102.56 | awaiting T+60 | — | $104.72 (+2.11%) |
Oct 22, 2026 4d ago | 8-K | $103.30 | awaiting T+60 | — | $104.72 (+1.37%) |
Oct 22, 2026 4d ago | Press Release | $103.30 | awaiting T+60 | — | $104.72 (+1.37%) |
Oct 21, 2026 5d ago | Press Release | $103.30 | awaiting T+60 | — | $104.72 (+1.37%) |
Oct 15, 2026 11d ago | Press Release | $93.50 | awaiting T+60 | — | $104.72 (+12.00%) |
Oct 1, 2026 25d ago | Press Release | $90.33 | awaiting T+60 | — | $104.72 (+15.93%) |
Sep 28, 2026 28d ago | Press Release | $92.62 | awaiting T+60 | — | $104.72 (+13.06%) |
Sep 17, 2026 5w ago | Press Release | $91.31 | awaiting T+60 | — | $104.72 (+14.69%) |
US Market Status
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