Nasdaq, Inc. (NDAQ) SEC Filings & Earnings Calls
EquiReason read 12 Nasdaq, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-10-22 — Nasdaq reported strong Q3 2026 results: net revenue $1.5B (+13% YoY), Solutions revenue +17%, ARR $3.4B (+12%), record Index net inflows $49B in Q3, GAAP EPS $0.96 (+31%), non-GAAP.
Source: SEC EDGAR filings · figures as of 2026-09-30 · read by EquiReason
- Market cap
- 56.9B
- P/E TTM
- 28.0
- Dividend yield
- 1.1%
- 52-week
- —
- Next earnings
- 27 Jan, in 95 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
22 Oct 20268-K · 2.02, 7.01, 8.01Nasdaq reported strong Q3 2026 results: net revenue $1.5B (+13% YoY), Solutions revenue +17%, ARR $3.4B (+12%), record Index net inflows $49B in Q3, GAAP EPS $0.96 (+31%), non-GAAP EPS $1.04 (+18%). Raised non-GAAP opex guidance to $2.550-2earningsopen
Figures in the filing · each found in the filing text
| Market Services net revenue · Q3-2026 | $309M | +2% y/y |
| Financial Technology revenue · Financial Technology · Q3-2026 | $529M | +16% y/y |
| Index revenue · Capital Access Platforms · Q3-2026 | $286M | +39% y/y |
| GAAP diluted earnings per share · Q3-2026 | $0.96 | +31% y/y |
| Non-GAAP diluted earnings per share · Q3-2026 | $1.04 | +18% y/y |
| GAAP operating income · Q3-2026 | $732M | +25% y/y |
| Non-GAAP operating income · Q3-2026 | $843M | +15% y/y |
| GAAP operating expenses · Q3-2026 | $749M | +3% y/y |
| Non-GAAP operating expenses · Q3-2026 | $638M | +9% y/y |
| Cash flow from operations · Q3-2026 | $521M |
Guidance
FY26 non-GAAP operating expense guidance updated to $2.550-2.580B (from prior range not stated); FY26 non-GAAP tax rate guidance maintained at 22.5%-24.5%
Nasdaq raised its 2026 non-GAAP operating expense guidance to $2.550-2.580B, reflecting confidence in revenue growth and investment. Management tone is positive, highlighting record milestones and strong execution.
Risks flagged
Increased compensation and technology investment costs could pressure margins if revenue growth slows.
“Non-GAAP operating expenses up 9% driven by higher compensation and benefits costs from strong revenue execution and increased investments in technology.”
Dependence on capital markets activity for Market Services revenue; any downturn could impact that segment.
“Market Services net revenue only grew 2% YoY, indicating slower growth in transaction-dependent revenue.”
22 Oct 202610-QNasdaq reported strong Q3 2026 results with revenue up 21% YoY and net income up 28% YoY.earningsopen
Figures in the filing · each found in the filing text
| Total revenues · Q3-2026 | $2.39B | +21% y/y |
| Net income attributable to Nasdaq · Q3-2026 | $540M | +28% y/y |
| Capital Access Platforms revenue · Capital Access Platforms · Q3-2026 | $641M | +20% y/y |
| Financial Technology revenue · Financial Technology · Q3-2026 | $529M | +16% y/y |
| Market Services revenue · Market Services · Q3-2026 | $1.22B | +26% y/y |
| Index revenue · Capital Access Platforms · Q3-2026 | $286M | +39% y/y |
| Financial Crime Management Technology revenue · Financial Technology · Q3-2026 | $103M | +23% y/y |
| Operating income · Q3-2026 | $732M | +25% y/y |
| Diluted earnings per share · Q3-2026 | $0.96 | +32% y/y |
Risks flagged
Foreign exchange translation risk
“Foreign currency translation adjustments ( 194 )” · word for word
Goodwill impairment risk
“There was no impairment of goodwill for the three and nine months ended September 30, 2026 and 2025”
23 Jul 20268-K · 2.02, 7.01, 8.01Nasdaq reported Q2 2026 net revenue of $1.5B (+15% YoY), ARR $3.3B (+11% YoY), non-GAAP EPS $1.07 (+25% YoY), and raised FY2026 expense guidance. Strong growth across all divisions with record Index ETP AUM and SpaceX IPO.earningsopen
Figures in the filing · each found in the filing text
| Net revenue · Q2-2026 | $1.50B | +15% y/y |
| Solutions revenue · Q2-2026 | $1.16B | +17% y/y |
| Market Services net revenue · Q2-2026 | $340M | +11% y/y |
| Annualized Recurring Revenue (ARR) · Q2-2026 | $3.26B | +11% y/y |
| Financial Technology revenue · Financial Technology · Q2-2026 | $539M | +16% y/y |
| Index revenue · Q2-2026 | $271M | +38% y/y |
| GAAP diluted EPS · Q2-2026 | $0.89 | +14% y/y |
| Non-GAAP diluted EPS · Q2-2026 | $1.07 | +25% y/y |
| GAAP operating income · Q2-2026 | $712M | +25% y/y |
| Non-GAAP operating income · Q2-2026 | $859M | +19% y/y |
Guidance
FY26 non-GAAP operating expense guidance updated to $2.530B-$2.570B (from $2.530B-$2.570B, effectively maintained); non-GAAP tax rate guidance maintained at 22.5%-24.5%
Guidance updated with expense range maintained, reflecting confidence in revenue growth and margin expansion.
Risks flagged
Increased compensation and marketing costs due to strong revenue execution and IPO environment may pressure margins if revenue growth slows.
“Higher compensation and benefits costs from our strong revenue execution, increased marketing and advertising costs due to a strengthening IPO environment.” · word for word
Dependence on IPO market strength for listing revenue; any slowdown could impact Market Services revenue.
“Listed SpaceX, the largest IPO in exchange history. Increased marketing and advertising costs due to a strengthening IPO environment.”
23 Jul 202610-QNasdaq reported Q2 2026 results with total revenue of $2,532M, up 20.5% YoY, and net income of $507M, up 12.2% YoYearningsopen
Figures in the filing · each found in the filing text
| Total revenues · Q2-2026 | $2.53B | +21% y/y |
| Net income attributable to Nasdaq · Q2-2026 | $507M | +12% y/y |
| Operating cash flow · H1-2026 | $1.40B | -1% y/y |
| Capital Access Platforms revenue · Capital Access Platforms · Q2-2026 | $621M | +19% y/y |
| Financial Technology revenue · Financial Technology · Q2-2026 | $539M | +16% y/y |
| Market Services revenue · Market Services · Q2-2026 | $1.37B | +25% y/y |
| Diluted EPS · Q2-2026 | $0.89 | +14% y/y |
1 Jul 20268-K · 1.01, 1.02, 2.03Nasdaq entered into an amended and restated credit agreement dated June 30, 2026, with Bank of America as administrative agent;open
Risks flagged
Leverage covenant of 3.75x could restrict financial flexibility if earnings decline.
“Leverage Ratio... not be greater than 3.75 to 1.00”
24 Apr 2026DEF 14ANasdaq filed its 2026 Proxy Statement (DEF 14A) detailing executive compensation, governance practices, and shareholder proposals.open
Figures in the filing · each found in the filing text
| Net revenue · FY2025 | $5.20B | +13% y/y |
| Annual Recurring Revenue (ARR) · Q4-2025 | $3.10B | +10% y/y |
| Operating cash flow · FY2025 | $2.30B | +16% y/y |
| Non-GAAP operating income (run rate) · FY2025 | $2.75B | |
| Net income · FY2025 | $1.79B | |
| ETP AUM · Index · Q4-2025 | $882.00B | |
| Total shareholder return (3-year cumulative) · 2023-2025 | 52.8% | |
| Dividend per share (quarterly) · FY2025 | $0.27 | +13% y/y |
Risks flagged
Cybersecurity and AI governance risks
“The Audit & Risk Committee receives quarterly reports on cybersecurity and information security matters from our Chief Information Security Officer and his team.”
Regulatory and compliance risks
“Operating in a complex regulatory and risk environment necessitates skillful oversight of the identification, evaluation, and prioritization of risks.” · word for word
24 Apr 202610-QTotal revenues $2.14B (+2% y/y); Operating income $657M (+20% y/y); Net income $519M (+31% y/y)open
Figures in the filing · each found in the filing text
| Total revenues · Q1-2026 | $2.14B | +2% y/y |
| Operating income · Q1-2026 | $657M | +20% y/y |
| Net income · Q1-2026 | $519M | +31% y/y |
| Diluted earnings per share · Q1-2026 | $0.91 | +34% y/y |
| Capital Access Platforms revenue · Capital Access Platforms · Q1-2026 | $565M | +11% y/y |
| Financial Technology revenue · Financial Technology · Q1-2026 | $517M | +20% y/y |
| Market Services revenue · Market Services · Q1-2026 | $1.05B | -8% y/y |
| Operating cash flow · Q1-2026 | $689M | +4% y/y |
| Deferred revenue · Q1-2026 | $1.18B | |
| Total listings on Nasdaq Stock Market · Q1-2026 | 4,570 |
12 Feb 202610-KRevenues less transaction-based expenses $5.25B (+13% y/y); Operating income $2.33B (+30% y/y); Net income attributable to Nasdaq $1.79B (+60% y/y)open
Figures in the filing · each found in the filing text
| Revenues less transaction-based expenses · FY2025 | $5.25B | +13% y/y |
| Operating income · FY2025 | $2.33B | +30% y/y |
| Net income attributable to Nasdaq · FY2025 | $1.79B | +60% y/y |
| Diluted earnings per share · FY2025 | $3.09 | +60% y/y |
| Cash dividends declared per common share · FY2025 | $1.05 | +12% y/y |
| ETP AUM · Index · FY2025 | $882.00B | |
| Index net inflows · Index · FY2025 | $99.00B | |
| Financial Technology ARR growth · Financial Technology · FY2025 | 14.0% |
Risks flagged
Market volatility dependence
“Our business performance can be positively or negatively impacted by a number of factors, including general economic conditions, the geopolitical environment, current or expected inflation, interest rate fluctuations, the threat or imposition of broad-based tariffs, market volatility.” · word for word
Regulatory and sustainability disclosure risk
“Our reputation or business could be negatively impacted by evolving and conflicting stakeholder expectations regarding sustainability matters and our reporting of such matters.” · word for word
29 Jan 20268-K · 2.02, 7.01, 8.01Solutions revenue $4.01B (+12% y/y); Non-GAAP diluted EPS $3.48 (+24% y/y); GAAP diluted EPS $3.09 (+60% y/y)earningsopen
Figures in the filing · each found in the filing text
| Solutions revenue · Solutions · FY2025 | $4.01B | +12% y/y |
| Non-GAAP diluted EPS · FY2025 | $3.48 | +24% y/y |
| GAAP diluted EPS · FY2025 | $3.09 | +60% y/y |
| Index net inflows (TTM) · Index · FY2025 | $99.00B | |
| Financial Technology revenue · Financial Technology · Q4-2025 | $498M | +14% y/y |
| Market Services net revenue · Market Services · FY2025 | $1.20B | +18% y/y |
Risks flagged
Increased investment in technology and people driving expense growth.
“Non-GAAP operating expenses increased 8%... primarily reflect organic growth due to increased investments in technology and people.”
15 Dec 20258-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement); filed financial statements and exhibits with this reportopen
Risks flagged
No new operational or financial risk introduced; transaction is liability management.
“No risk factors discussed; filing is purely about tender offer mechanics.”
1 Dec 20258-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement); filed financial statements and exhibits with this reportopen
Risks flagged
No new operational or financial risk introduced; transaction is liability management.
“No risk factors discussed; filing is purely about tender offer mechanics.”
Nasdaq, Inc. — questions
- What did Nasdaq, Inc. file recently?
- 12 SEC filings in the last 12 months. Latest: 8-K on 2026-10-22 — Nasdaq reported strong Q3 2026 results: net revenue $1.5B (+13% YoY), Solutions revenue +17%, ARR $3.4B (+12%), record Index net inflows $49B in Q3, GAAP EPS $0.96 (+31%), non-GAAP EPS $1.04 (+18%). Raised non-GAAP opex guidance to $2.550-2
Every figure on this page comes from Nasdaq, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.