NASDAQ, INC. Earnings Summary — Q3 FY2026

• Delivered 15% net revenue growth driven by double-digit performance across all three primary divisions.
• Listed SpaceX, the largest IPO in exchange history with $86 billion in proceeds, achieving a 74% win rate for new operating company listings.
• Index ETP AUM surpassed the $1 trillion milestone for the first time, supported by record quarterly net inflows of $51 billion.
• Financial Technology division revenue increased 16% YoY, with organic Annualized Recurring Revenue (ARR) growth of 16%.
• Solutions revenue grew 17% YoY, reflecting strong demand for cloud-based mission-critical financial infrastructure.
• Returned $530 million to shareholders through combined dividends ($174M) and share repurchases ($356M) during the quarter.
• The total Annualized Recurring Revenue (ARR) reached $3.3 billion, representing an 11% increase over the same period last year.

Nasdaq updated its 2026 non-GAAP operating expense guidance to a range of $2.530 billion to $2.570 billion. The company maintained its 2026 non-GAAP tax rate guidance at 22.5% to 24.5%.

Improving

The transition to 'Always-On' markets and AI-driven growth in Financial Technology, coupled with a rebounding IPO environment, has accelerated margin expansion and recurring revenue velocity.

The company expects sustained leadership by serving as a transformation partner for clients amidst AI adoption and regulatory complexity. Management remains confident in capturing long-term value through its 'One Nasdaq' strategy and modernized infrastructure like the Eqlipse platform.