Management commentary
NEW YORK, July 23, 2026 - Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the second quarter of 2026 .Adena Friedman, Chair and CEO said, “Nasdaq delivered an outstanding second quarter, defined by new records and milestones.
1We delivered double-digit growth across all three divisions, surpassed $1 trillion in Index ETP AUM, and listed SpaceX, the largest IPO in exchange history.
As the forces reshaping global finance accelerate, from AI and market modernization to the increasingly complex regulatory and risk environment, Nasdaq's role as our clients' trusted transformation partner positions us for sustained leadership.
We are confident in our ability to capture the opportunity ahead and deliver durable, long-term value for our clients and shareholders.”
Results
6Second quarter 2026 net revenue 1 was $ 1.5 billion , an increase of 15% on both a reported and adjusted 2 basis over the second quarter of 2025 .
Solutions revenue 3 grew 17% on both a reported and adjusted basis.
Annualized Recurring Revenue (ARR) 3,4 of $ 3.3 billion increased 11% on a reported basis over the second quarter of 2025 , or 12% on an organic basis 2 .
Annualized SaaS revenue increased 12% , or 15% on an organic basis, and represented 38% of ARR.
Financial Technology revenue was $ 539 million, an increase of 16% over the second quarter of 2025 , or 15% on an organic basis.
Index revenue of $271 million grew 38% or 35% on an adjusted basis over the second quarter of 2025 , with $109 billion of net inflows over the trailing twelve months, including $51 billion in the second quarter of 2026 .
GAAP diluted earnings per share in the second quarter of 2026 was $0.89 , an increase of 14% over the second quarter of 2025 .
8Non-GAAP 5 diluted earnings per share in the second quarter of 2026 was $1.07 , an increase of 25% on both a reported and adjusted basis over the second quarter of 2025 .
Capital return
In the second quarter of 2026 , the company returned $ 174 million to shareholders through dividends and $ 356 million through repurchases of common stock.
The company also net repaid $ 162 million of debt in the quarter.
Results
Second quarter 2026 net revenue was $ 1.5 billion, reflecting 15% growth on both a reported
and adjusted basis versus the prior year period.
Solutions revenue was $ 1.2 billion in the second quarter of 2026 , up 17% on both a reported
and adjusted basis versus the prior year period, reflecting strong growth across Capital
Access Platforms and Financial Technology.
Capital Access Platforms revenue growth was
19% year-over-year on a reported basis, or 18% on an adjusted basis.
revenue growth was 16% year-over-year, or 15% on an organic basis.
ARR was $ 3.3 billion as of the second quarter of 2026 , growing 11% year-over-year on a
reported basis, or 12% year-over-year on an organic basis.
Financial Technology ARR growth
was 16% on both a reported and organic basis, and Capital Access Platforms ARR growth
was 8% on both a reported and organic basis.
Market Services net revenue was $340 million in the second quarter of 2026 , up 11% on both
a reported and organic basis versus the prior year period.
Second quarter 2026 GAAP operating expenses were $ 788 million, an increase of 7% versus
5the prior year quarter and non-GAAP operating expenses were $641 million, up 10% on both
a reported and organic basis versus the prior year quarter.
The increases were primarily
Management commentary
driven by higher compensation and benefits costs from our strong revenue execution,
increased marketing and advertising costs due to a strengthening IPO environment, and
increased investments in technology to drive long-term growth.
On a GAAP basis, the
Results
increase was partially offset by lower merger and strategic initiatives expense.
Capital return
Cash flow from operations was $ 711 million in the second quarter, enabling the return of
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capital through Nasdaq’s efficient capital allocation framework.
In the second quarter of 2026 ,
Capital return
the company returned $ 174 million to shareholders through dividends and $ 356 million
through repurchases of common stock.
As of June 30, 2026 , there was $ 2.5 billion remaining
under the board authorized share repurchase program.
Outlook
2026 EXPENSE AND TAX GUIDANCE UPDATE 6
The company is updating its 2026 non-GAAP operating expense guidance to a range of
$2.530 billion to $2.570 billion.
The company is maintaining its 2026 non-GAAP tax rateGuidance reaffirmed
guidance in the range of 22.5% to 24.5%.
STRATEGIC AND BUSINESS UPDATES
Results
Financia l Technology delivered double-digit revenue growth in each subdivision for the
Management commentary
second consecutive quarter as the One Nasdaq strategy continues to unlock broad-
Results
based growth.
In the second quarter, FinTech revenue increased 16% compared to the prior
year period, or 15% on an organic basis, with 16% organic ARR growth.
FinTech signed 58
new clients, 7 cross-sells, and 107 upsells in the quarter, with cross-sells remaining over 15%
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of the sales pipeline.
Financial Crime Management Technology maintained strong momentum across
both SMBs and enterprise clients while advancing AI-driven innovation in
financial crime detection.
During the quarter, Nasdaq Verafin signed 47 new small-
and-medium bank (SMB) clients and 6 enterprise deals, including 2 cross-sells.
Including signings early in the third quarter, Verafin has completed 11 enterprise
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7signings year-to-date, surpassing the total signed in all of 2025.
Nasdaq Verafin’s
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Agentic Workforce continued to gain traction, with 750 clients now leveraging the
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platform.
The business introduced the next two agentic workers, the Agentic AML
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Analyst and the Agentic Fraud Analyst, while continuing to expand its innovation
pipeline.
Nasdaq Verafin enhanced the value of its gold-standard consortium data,
surpassing $13 trillion in combined assets across more than 2,800 financial
Regulatory Technology delivered strong performance across Surveillance and
AxiomSL, driven by accelerating demand for Always-On infrastructure and
regulatory modernization.
The subdivision signed 9 new clients, including 2 cross-
Results
sells, and 63 upsells in the second quarter.
Surveillance added 9 new clients, including
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2 cross-sells, and 39 upsells with wins across geographies and client segments,
including a new regulator win in Africa, and an upsell with a global broker-dealer.
Early
in the third quarter, Surveillance signed a notable first win for its AI-powered Calibration
Copilot with a Tier 1 client.
AxiomSL signed 24 upsells in the quarter with several client
expansions that demonstrate the breadth of demand for AxiomSL's regulatory
solutions, including with a domestic systemically important Australian bank and with a
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U.S. bank navigating heightened regulatory requirements following an acquisition .
Results
4Capital Markets Technology delivered quarterly organic revenue growth of 14%
3and strong 17% organic ARR growth, reflecting the growing scale and reach of
its global platfor m .
The subdivision signed 7 new clients, including 3 cross-sells, and
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42 upsells in the second quarter.
Trade Management Services benefitted from strong
demand for data center services and pricing.
Calypso signed 3 new clients, including 1
cross-sell, and 31 upsells a nd is now available in more than 70 countries .
Calypso
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expanded its global presence by signing a deal with the Georgian Financial Markets
Treasury Association (GFTMA) to modernize the country’s treasury and financial
markets infrastructure.
The GFTMA deal includes a group of 5 of the country’s largest
banks, which will adopt Calypso under a shared common infrastructure model.
Market
Management commentary
Technology continued to drive market modernization with the next-generation Eqlipse
platform, signing 2 new digital marketplaces and 2 new clients on the Intelligence
P latfor m.
Results
Index ETP assets under management (AUM) exceeded $1 trillion for the first time and
achieved new net inflows records.
2Net inflows reached new all-time highs with $ 51 billion in
the second quarter and $ 109 billion over the last twe lve months.
ETP AUM surpassed $1
trillion for the first time, with e nd-of-period ETP AUM of $ 1.114 trillion and average ETP AUM
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of $ 1.014 trillion .
Nasdaq l aunched 34 new Index produc ts in the second quarter, including 17
international products and 11 products in the institutional annuity space.
Nasdaq expanded
investor access to the Nasdaq-100 with the recent launch of BlackRock’s IQQ and State
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Street’s QNDX ETFs in the U.S.
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Listings set a quarterly record for total proceeds raised, headlined by the listing of
SpaceX, the largest IPO in exchange history with an $86 billion raise.
Nasdaq welcomed
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7 of the top 10 largest operating company IPOs listed in the quarter, including Cerebras, the
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largest semiconductor IPO of all time, Quantinuum, the largest pure-play quantum IPO of all
time, and Parabilis Medicines, the largest biotechnology IPO of all time.
Nasdaq achieved a
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74% win rate 7 of new operating company listings.
The momentum carried into the third quarter
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with the listing of SK hynix, the largest American Depositary Receipt (ADR) listing in U.S.
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capital markets history, underscoring the continued strength of the franchise.
Results
Market Services delivered record s across quarterly net revenues and U.S. equity
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options volumes, supported by record industry volumes .
In the second quarter, the
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business successfully facilitated the execution and trading of the SpaceX IPO.
Nasdaq’s
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Closing Cross achieved new records across two landmark market events: during the Russell
Results
reconstitution, it executed 4.6 billion shares in 1.6 seconds representing a record $334 billion
in notional value, and during the June Triple Witch , it executed a record $296 billion in notional
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value.
Product innovation continued to drive incremental growth, with Index options revenue
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more than doubling year-over-year for the fourth consecutive quarter.
Nasdaq received SEC
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approval to list event options tied to the Nasdaq-100 with an expected launch in the fourth
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quarter.
Nasdaq advanced Always-On markets as Calypso supported proof of concept
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tokenized collateral trades on the Canton Network.
Calypso, a leading platform managing
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the entire trade lifecycle, is powering the transition to hybrid tokenized and fiat infrastructure.
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Early in the third quarter, two of the world’s leading asset managers successfully completed
tokenized collateral trades on the Canton Network, transmitting tokenized money market funds
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through Calypso.
This milestone marks a significant step in the shift towards integrating
tokenized and fiat infrastructure and reflects Nasdaq’s unique position as the trusted
technology for next-generation markets.
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Nasdaq continued to optimize its portfolio early in the third quarter, entering into
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