Nasdaq (NDAQ) Q2 2026 earnings summary

Executive summary

• Achieved record net revenue of $1.5 billion in Q2 2026, up 15% year-over-year, with double-digit growth across all divisions and solutions revenue up 17%.

• Listed SpaceX, the largest IPO in exchange history, and welcomed 7 of the 10 largest operating company IPOs in the quarter; total IPO proceeds exceeded $105 billion.

• Index ETP AUM surpassed $1 trillion for the first time, with $109 billion in net inflows over the last twelve months.

• Financial Technology segment delivered 16% revenue and ARR growth, with double-digit growth in all subdivisions and 58 new clients signed in Q2 2026.

• All divisions posted double-digit revenue growth, driven by robust IPO activity, AI adoption, and strong demand for market infrastructure.

Financial highlights

• Net revenue: $1.5 billion (+15% YoY); solutions revenue: $1.16 billion (+17% YoY), representing 77% of total net revenue.

• Net income: $605 million (+23% YoY); diluted EPS: $1.07 (+25% YoY non-GAAP), $0.89 GAAP (+14.5% YoY).

• Operating margin: 57% non-GAAP (+2pp YoY); 47% GAAP (+3pp YoY); EBITDA margin: 60%.

• Free cash flow: $477 million in Q2; $2.2 billion over last 12 months (97% conversion).

• Returned $530 million to shareholders via dividends and buybacks in Q2; $174 million in dividends and $356 million in share repurchases.

Outlook and guidance

• Updated 2026 non-GAAP operating expense guidance to $2.53–$2.57 billion, reflecting higher compensation and marketing.

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

• Medium-term outlook projects total Solutions revenue growth of 10–14% and Market Services growth of 9–12%.

• Management expects continued growth in recurring revenues, driven by strong performance in Capital Access Platforms and Financial Technology.