01—Abstract
Summary
Summary of the 10-Q filed July 23, 2026. Cited figures are marked; the original filing is the authoritative source.
Nasdaq, Inc. (NDAQ) reported strong financial performance for the six months ended June 30, 2026.
Total revenues increased by 11.3% year-over-year to $4.67 billiona, with a notable 14.4% rise in revenues less transaction-based expenses to $2.91 billion. This growth was broad-based, with the Capital Access Platforms segment up 15.5%, Financial Technology up 17.9%, and Market Services up 8.0%. Net income attributable to Nasdaq rose significantly by 21.2% to $1.026 billion, leading to a diluted EPS of $1.80, an increase of 23.3%.
The company also demonstrated a robust balance sheet with total assets of $27.34 billionb and total equity of $11.99 billion. Nasdaq continues to execute on its strategic initiatives, including ongoing investment in technology and communication infrastructure, and has a significant share repurchase program in place, underscoring its commitment to shareholder value. Key operational highlights include record IPO proceeds raised in the U.S. market, with Nasdaq welcoming seven of the top 10 largest operating company IPOs, including SpaceX.
The Index business also achieved milestones, with Exchange Traded Product (ETP) Assets Under Management (AUM) exceeding $1 trillionc for the first time. Financial Technology showed consistent double-digit revenue growth and increased client acquisitions.
The company also refinanced its revolving credit facility, increasing borrowing capacity to $1.50 billiond, and maintained compliance with all debt covenants. Nasdaq's focus on innovation and strategic growth positions it well for future performance.
02—Key points
Key Highlights
- Total revenues for the six months ended June 30, 2026, increased by 11.3% to $4.67 billion.
- Net income attributable to Nasdaq grew by 21.2% to $1.026 billion for the six months ended June 30, 2026.
- Diluted EPS rose to $1.80 for the six months ended June 30, 2026, a 23.3% increase year-over-year.
- Capital Access Platforms segment revenue increased by 15.5% to $1.186 billion for the six months ended June 30, 2026.
- Financial Technology segment revenue grew by 17.9% to $1.057 billion for the six months ended June 30, 2026.
- Market Services segment revenue increased by 8.0% to $2.419 billion for the six months ended June 30, 2026.
- Nasdaq raised $105 billion in U.S. IPO proceeds in Q2 2026, a quarterly record, including the largest IPO in history (SpaceX).
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q2 FY2026, Nasdaq, Inc. kept $0.20.
- Revenue$2.53B100.0%
- Cost of revenue−$1.03B40.8%
- Gross profit$1.50B59.2%
- Operating costs−$788.0M31.1%
- Operating income$712.0M28.1%
- Interest, other & tax−$205.0M8.1%
- Net income$507.0M20.0%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed July 23, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $2.53B$2.10B | +20.5% |
| Cost of Revenue | $1.03B$795.00M | +29.8% |
| Gross Profit | $1.50B$1.31B | +14.9% |
| Operating Expenses | $788.00M$738.00M | +6.8% |
| Operating Income | $712.00M$568.00M | +25.4% |
| Net Income | $507.00M$452.00M | +12.2% |
| EPS (Basic) | $0.90$0.79 | +13.9% |
| EPS (Diluted) | $0.89$0.78 | +14.1% |
| Shares Outstanding (Basic) | 564.16M574.07M | −1.7% |
| Shares Outstanding (Diluted) | 567.75M578.98M | −1.9% |
05—Questions
Frequently Asked Questions
What were the main drivers of Nasdaq's revenue growth in the first half of 2026?
Nasdaq's revenue growth was driven by strong performance across all three segments. The Capital Access Platforms saw increased revenue from Data & Listing Services due to new data sales and listing fees, and from the Index business due to higher AUM and volume-based revenues. Financial Technology experienced double-digit growth in all subdivisions, attributed to increased subscription and professional services fees. Market Services benefited from higher U.S. equity options volumes, record U.S. cash equity trading volumes, and increased Nordic fixed income revenues.
How is Nasdaq managing its capital and liquidity?
Nasdaq's liquidity remains healthy, funded by operating cash flow and augmented by debt issuance. The company has a robust share repurchase program, authorized up to $3.0 billion with $2.5 billion remaining as of June 30, 2026, and continues to pay dividends. They also amended and restated their revolving credit facility, increasing borrowing capacity to $1.50 billion, and maintained compliance with all debt covenants.
Are there any significant divestitures or acquisitions impacting Nasdaq's financials?
During the reporting period, Nasdaq completed the transfer of its Nordic power futures business and sold its Solovis business. They also announced an agreement to acquire Dasseti, Inc., an AI-powered due diligence platform, which will be integrated into their eVestment solution. These transactions are expected to have a limited material impact on overall results.
What is Nasdaq's outlook regarding future performance?
Nasdaq expects its current cash and cash equivalents, combined with operating cash flows and borrowing capacity, to support ongoing obligations and strategic capital deployment for long-term growth. They are focused on investing in activities and product development to drive future growth, though macroeconomic factors like economic slowdowns, inflation, and interest rate fluctuations could impact performance.
06—Continue