Nasdaq (NDAQ) investor relations material

Executive summary

• Q3 net revenue was $1.481B, up 13% reported and 14% organically; Solutions revenue grew 17% reported and 18% organically. ARR reached $3.365B, up 12% reported and 14% organically.

• Total revenue was $2.393B, up 20.9% YoY; results included record Index inflows and record third-quarter Market Services net revenue.

Financial highlights

• Non-GAAP operating income was $843M, up 15%, with a 57% margin; non-GAAP EBITDA was $887M, up 15%, with a 60% margin.

• GAAP net income attributable to shareholders was $540M and diluted EPS was $0.96; non-GAAP net income was $588M and diluted EPS was $1.04, up 19% organically.

• Non-GAAP operating expenses were $638M, up 9% reported and 12% organically; Q3 operating cash flow was $521M and free cash flow was $616M.

Outlook and guidance

• FY26 non-GAAP operating expense guidance increased to $2.550B–$2.580B from $2.530B–$2.570B; non-GAAP tax-rate guidance remained 22.5%–24.5%.

• Medium-term outlook, assuming a stable market backdrop, is 9%–12% Solutions revenue growth and 5%–8% Market Services growth; segment ranges include Capital Access Platforms at 6%–10% and Financial Technology at 10%–14%.

• 23/5 trading is on track to launch Dec. 6, 2026; the equity token is targeted for H1 2027.

• LeveL is expected to contribute $7M–$8M of Q4 revenue; related expenses are included in updated guidance.