Nasdaq (NDAQ) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 2026 results with net revenue of $1.407 billion, up 14% year-over-year, and organic growth of 13%, driven by robust performance across all divisions, especially Financial Technology and Market Services.

• Financial Technology delivered up to 20% revenue growth and 18% ARR growth, with record ACV bookings and 80% cloud-based solutions.

• Record ETP AUM of $877 billion and $79 billion net inflows over the last twelve months; 71% listings win rate in U.S. IPOs.

• Over $700 million returned to shareholders in Q1 2026 via dividends and share repurchases.

• Expanded partnerships, new product launches, and regulatory approvals, including SEC approval for tokenized securities and 23/5 trading.

Financial highlights

• Net revenue: $1.407 billion, up 14% year-over-year; organic growth 13%.

• Operating income: $799 million non-GAAP (up 17%); $657 million GAAP (up 20%).

• Net income: $549 million non-GAAP; $519 million GAAP, up 31.4%; diluted EPS: $0.96 non-GAAP, $0.91 GAAP, up 33%.

• Operating margin: 57% non-GAAP (up 2pp); 47% GAAP (up from 44%).

• Free cash flow: $629 million in Q1; cash flow from operations: $689 million.

Outlook and guidance

• 2026 non-GAAP operating expense guidance: $2.485–$2.545 billion.

• 2026 non-GAAP tax rate guidance: 22.5%–24.5%.

• Continued focus on recurring revenue growth, expense synergies, and operational efficiencies.

• Expect higher expense growth in Q2 due to annual compensation cycle.

• Medium-term outlook: Solutions revenue to grow 10–14% annually; Market Services 5–8%.