NDAQ

Nasdaq, Inc.

Next est. report 2026-10-20 · BMO

Alt & Market Data '24: Market DataBrokerages & Exchanges '26: Global Exchange Operators Data Owners '25: Financial Markets & Risk Info

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Overview

Nasdaq, Inc. is a global technology company supporting capital markets. It operates exchanges for trading various assets and provides market data, indexes, and

Nasdaq, Inc. is a global technology company supporting capital markets. It operates exchanges for trading various assets and provides market data, indexes, and anti-financial crime software like Verafin to financial institutions. Nasdaq also offers listing services for companies and analytics for investors. Its solutions-based businesses, including financial technology and data, represent the majority of its revenue.

Search Keywords Brand Product

Verafin
eVestment
Calypso
AxiomSL
Nasdaq-100
Eqlipse
SMARTS
Data Link
Boardvantage
IR Insight
LeveL ATS
Dasseti
financial crime management
anti-money laundering
regulatory technology
capital markets technology
market data
index licensing
IPOs
listings
trade management services
always-on markets
tokenization
AI in finance
digital assets
surveillance technology
collateral management
private markets

Search Keywords Event Phrases

Nasdaq Q2 2026 earnings
SpaceX IPO
Russell reconstitution
June Triple Witch
Nasdaq 23/5 trading launch
Dasseti acquisition
LeveL Markets acquisition

Search Keywords Policy Regulatory

Reg NMS
order protection rule
perpetual futures regulation
SEC approval
CFTC ruling
AML compliance
KYC compliance

What They Do (Plain English & Analogies): Nasdaq, Inc. is like the central nervous system and a technology engine for the global financial world. They operate stock exchanges where companies can list their shares and investors can trade them, similar to a bustling marketplace. But they're much more than just an exchange; they also provide the critical technology, data, and software that other financial institutions, like banks, brokers, and investment managers, need to operate smoothly and securely. This includes tools to fight financial crime, manage risk, handle complex trading operations, and access valuable market insights. Think of them as building the digital roads and traffic lights for money to move around the world, making sure it's fast, fair, and safe, while also offering the maps and navigation systems (data and analytics) for investors.
Very Brief History: Founded in 1971, Nasdaq, Inc. began as an electronic stock market. It was initially known as The NASDAQ OMX Group, Inc. before officially adopting its current name, Nasdaq, Inc., in September 2015. Over the decades, it has evolved from primarily an exchange operator to a diversified technology powerhouse, significantly expanding its offerings in financial technology, data, and analytics.
"Street Stereotype": On the street, Nasdaq is generally perceived as more of a software and technology company than a traditional stock exchange. Investors and analysts often highlight that the majority of its revenue is now derived from SaaS-based financial technology and anti-fraud tools, positioning it as a 'diversified tech' play with a massive exchange moat.
Subsidiaries On Linked In*: Verafin Solutions ULC — Provider of anti-financial crime management technology, part of Nasdaq Verafin.; LinkedIn: verafin
Nasdaq eVestment — Offers investment insights and workflow solutions for institutional investors and asset managers.; LinkedIn: nasdaq-evestment
Calypso Technology — Provides cross-asset, front-to-back technology solutions for financial markets, acquired as part of Adenza.; LinkedIn: calypso-technology
AxiomSL — Offers regulatory reporting and risk management solutions, acquired as part of Adenza.; LinkedIn: axiomsltm
Nasdaq Private Market (NPM) — Spun off from Nasdaq Inc. in 2021, but Nasdaq remains an investor and strategic partner, recently acquired Nasdaq Fund Secondaries.; LinkedIn: nasdaq-private-market
Dasseti — An AI-powered due diligence platform, recently acquired and to be integrated into Nasdaq eVestment.; LinkedIn: dasseti
Customer Sectors & Example Clients: Nasdaq's customers span a wide array of financial sectors including corporate clients, investment managers, banks, brokers, exchange operators, asset allocators, hedge funds, and private companies. Example clients mentioned or credibly inferred include: financial institutions (over 2,800 for Verafin), asset managers (e.g., BlackRock, State Street, Invesco for Index products), global broker-dealers, U.S. banks, a top 4 Australian bank, Georgian financial institutions, and asset managers piloting tokenized collateral trades (through Calypso on the Canton Network). Specific companies listing on Nasdaq include SpaceX, Cerebras, Quantinuum, Parabilis Medicines, and SK hynix. Exchange clients for market technology include BYMA (Argentina stock exchange) and nuam (integrating Peru, Chile, and Colombia stock exchanges).
New Customers / Segments They'Re Targeting: Nasdaq is actively targeting new customer segments and expanding its reach by focusing on clients engaged in market modernization, the transition to always-on trading, and those navigating the evolving regulatory landscape. They are specifically gunning for increased adoption of AI-enabled solutions across their product suite, including anti-financial crime and surveillance. They are also expanding their enterprise clientele for Verafin and broadening the reach of Calypso to new countries, institutions, and asset classes, such as U.S. treasury clearing. Furthermore, they are supporting the transition to 23/5 trading, which will expand usage of Nasdaq's proprietary data among investors worldwide, and are developing solutions for tokenized assets and digital asset platforms.
Supply Chain And Sourcing Geographies: Nasdaq's core business revolves around technology, data, and services rather than physical products with a traditional supply chain. Therefore, the concept of sourcing physical components or raw materials from specific geographies is not directly applicable. Their 'sourcing' primarily involves data, intellectual property, and human capital (talent). The transcript does not provide specific details on the geographic sourcing of these elements, but their global operations imply a distributed talent pool and data acquisition from various financial markets worldwide.
Sales Geographies And Expansion Plans: Nasdaq currently sells its products and services globally. Key sales geographies include the United States (for listings, options, cash equities, and various technology solutions), Europe (European cash equities, engagement with marquee clients for Verafin, AxiomSL deployments), Asia (Index product innovation, QQQ ETFs cross-listed in Japan, international demand for data), the Middle East, and other parts of the world. Calypso, a Nasdaq product, operates in over 70 countries. Nasdaq is actively expanding its global reach, particularly for its Index business (50% of new products launched outside the U.S.) and data solutions, driven by the transition to always-on trading and increased international demand for U.S. equities data. They are also focused on landing and expanding Verafin in new jurisdictions, particularly in Europe.
How Key Themes May Help/Hurt: The 'Brokerages & Exchanges '26: Global Exchange Operators' theme presents both opportunities and challenges for Nasdaq. It will benefit from the highly diversified and resilient business models inherent in the theme, spanning data, analytics, derivatives, post-trade, and software services, which drive consistent financial performance. Accelerating subscription revenue growth and strong operating leverage, along with strategic investments in AI, cloud-based platforms, and digital asset infrastructure, are key advantages. Nasdaq's leadership in market modernization, including always-on markets and tokenization, aligns directly with the theme's bullish drivers. However, it may be hurt by the highly competitive nature of the global exchange and financial data market, which exerts continuous pressure on pricing and market share. Regulatory scrutiny and the unpredictable nature of product approvals, particularly for novel financial instruments like perpetual futures, also pose risks. Additionally, significant strategic investment cycles in technology and digital transformation can lead to elevated operational expenses, potentially pressuring near-term earnings growth.

3 Main Long-Term Bull Details

Diversified and Resilient Business Model: Nasdaq benefits from a highly diversified business model spanning data, analytics, derivatives, post-trade, and software services, which, coupled with accelerating subscription revenue growth and strong operating leverage, drives consistent financial performance and provides an 'all-weather' defense.
Strategic Investments in Advanced Technology: Significant strategic investments in AI, cloud-based platforms, and digital asset infrastructure are enhancing operational efficiency, expanding product capabilities, and creating new monetization opportunities, attracting new client segments and maintaining a competitive edge.
Leadership in Financial System Transformation: Nasdaq is a leader in transforming the financial system through initiatives like always-on markets, tokenization of assets, and new instruments, which expand market access and increase demand for trusted and resilient market infrastructure globally.

3 Main Long-Term Bear Details

Intense Competition and Pricing Pressure: The global exchange and financial data market remains highly competitive, with established players and emerging fintechs exerting continuous pressure on pricing, market share, and the need for constant innovation.
Regulatory Scrutiny and Unpredictable Approvals: Regulatory scrutiny and the unpredictable nature of product approvals, particularly for novel financial instruments or new market structures (e.g., the classification of perpetual futures), pose significant risks, potentially leading to delays, increased legal costs, and uncertainty in market expansion.
Elevated Operational Expenses from Strategic Investments: Significant strategic investment cycles, particularly in technology and digital transformation, lead to elevated operational expenses and can pressure near-term earnings growth.

Competitors And Differentiation: Nasdaq competes with established players like Bloomberg and S&P Global in financial data and analytics, and other global exchange operators such as Intercontinental Exchange (ICE), CME Group, London Stock Exchange Group (LSEG), Deutsche Börse, and Cboe Global Markets in exchange operations and market technology. Nasdaq differentiates itself through its leadership in driving the transformation of the financial system, fueled by mission-critical technology and an 'AI-first' development approach. Its competitive positioning is built on decades of investment in a deep client community, gold standard data, resilient infrastructure, and a broad ecosystem that creates powerful network effects. They focus on innovation in areas like always-on markets, tokenization, and advanced anti-financial crime solutions, aiming to enhance operational efficiency and expand product capabilities.
Recent Performance & What The Market'S Focused On: Nasdaq delivered strong Q2 2026 results, with net revenue up 15% to $1.5 billion and solutions revenue up 17% to $1.2 billion. Annualized Recurring Revenue (ARR) grew 12% year-over-year to $3.3 billion. Diluted EPS grew 25% to $1.07, marking the first time the company exceeded $1 in quarterly EPS. The company achieved historic milestones, including Index assets under management surpassing $1 trillion and Nasdaq Verafin crossing $13 trillion in combined assets across financial institutions. The market is focused on Nasdaq's AI monetization strategy, particularly the transition from freemium to paid subscriptions for AI capabilities in anti-financial crime and surveillance. Other key areas of market focus include the progress and impact of 23/5 trading and tokenization initiatives, the evolving regulatory landscape around Reg NMS and novel financial instruments like perpetual futures, and the international expansion of Verafin.

Revenue Segments And Estimated Mix: Capital Access Platforms — Mix: ~41.4%; Source: Q2 2026 transcript; Trend: Revenue up 18% YoY, ARR up 8% YoY.
Financial Technology — Mix: ~35.9%; Source: Q2 2026 transcript; Trend: Revenue up 15% YoY, ARR up 16% YoY. Double-digit growth across all 3 subdivisions.
Market Services — Mix: ~22.7%; Source: Q2 2026 transcript; Trend: Net revenue up 11% YoY.
Product Brands: Nasdaq Trade Surveillance
Nasdaq Automated Investigator
Verafin
Boardvantage
IR Insight
eVestment
Data Link
Data Link Model Context Protocol (MCP)
AxiomSL
SMARTS (Surveillance)
Calibration Copilot
GenAI news copilot
Eqlipse
Calypso
Nasdaq-100
QQQ ETFs
IQQ ETFs
QNDX ETFs
Nasdaq Fund Secondaries
Dasseti
LeveL Markets
LeveL ATS

Bull / Bear Details

Nasdaq, a critical financial infrastructure provider, benefits from diversified revenue streams, accelerating AI monetization, and leadership in market moderniz

Thesis

Nasdaq, a critical financial infrastructure provider, benefits from diversified revenue streams, accelerating AI monetization, and leadership in market modernization. Its strong Q2 2026 performance, record milestones in Index and Verafin, and a broadening IPO pipeline underscore a compelling bull case. Strategic investments in technology and digital assets position Nasdaq for long-term growth, despite competitive pressures and regulatory uncertainties. (as of 2026-08-21)

Bull case

Nasdaq delivered outstanding Q2 2026 results with 15% net revenue and 25% diluted EPS growth, driven by broad-based strength across its diversified solutions businesses. Record milestones, including Index AUM surpassing $1 trillion and Verafin's platform exceeding $13 trillion in assets, demonstrate the resilience and expanding reach of its mission-critical financial infrastructure.
Strategic investments in AI are yielding tangible results, with successful client adoption and monetization of AI-enabled solutions like Verafin's agentic workers and Surveillance Copilots. Nasdaq's "AI-first" development approach enhances product capabilities, drives efficiency, and creates new revenue streams through freemium-to-paid conversions and data integration via protocols like MCP.
Nasdaq is capitalizing on a robust and broadening IPO pipeline, becoming the largest exchange by market capitalization of listed companies, welcoming historic listings like SpaceX. Furthermore, its leadership in market modernization, including the upcoming 23/5 trading launch, SEC-approved event options, and advancements in tokenized collateral and equities, expands market access and demand for its technology.

Bear case

The global exchange and financial data market remains highly competitive, with established players and emerging fintechs exerting continuous pressure on pricing and market share. Nasdaq faces challenges from new consolidators in U.S. options, leading to lower capture rates, and slower sales cycles in new international markets for solutions like Verafin.
Regulatory scrutiny and the unpredictable nature of product approvals, particularly for novel instruments like perpetual futures or changes to market structures like Reg NMS, pose significant risks. While Nasdaq sees minimal direct overlap with perpetuals, regulatory shifts could impact market dynamics and require substantial effort for compliance and innovation.
Significant strategic investment cycles in technology and digital transformation lead to elevated operational expenses. Nasdaq anticipates tougher year-over-year comparisons for Capital Markets Technology in H2 2026 due to prior-year upfront revenue. Additionally, the architectural complexities and "major lift" required for clients to adopt 24/7 trading solutions could slow adoption.

Bull / Bear Case

Bear Case: The bear case for Nasdaq, Inc. centers on intense competition within the global exchange and financial data market, leading to continuous pressure on pricing and market share, as evidenced by lower capture rates in U.S. options. Regulatory scrutiny and the unpredictable nature of product approvals, particularly for novel instruments or market structure changes, pose significant risks, potentially impacting market expansion and requiring substantial compliance efforts. Operationally, Nasdaq faces elevated expenses from strategic investments in technology and digital transformation, with anticipated tougher year-over-year comparisons for Capital Markets Technology in H2 2026 due to prior-year upfront revenue. Additionally, slower sales cycles in new international markets for solutions like Verafin and the architectural complexities for clients adopting 24/7 trading solutions could temper growth expectations.
Bull Case: Nasdaq, Inc. presents a compelling bull case driven by its outstanding Q2 2026 results, showcasing 15% net revenue and 25% diluted EPS growth, underpinned by broad-based strength across its diversified solutions businesses. The company achieved record milestones, including Index AUM surpassing $1 trillion and Verafin's platform exceeding $13 trillion in assets, demonstrating the resilience and expanding reach of its mission-critical financial infrastructure. Strategic investments in AI are yielding tangible results, with successful client adoption and monetization of AI-enabled solutions, enhancing product capabilities and creating new revenue streams. Furthermore, Nasdaq is capitalizing on a robust and broadening IPO pipeline, becoming the largest exchange by market capitalization of listed companies, and is a leader in market modernization initiatives like 23/5 trading and tokenized assets, expanding market access and demand for its technology.
More Compelling & Why: Bull. Given Nasdaq's strong Q2 2026 performance, particularly the 25% diluted EPS growth and record milestones in its high-margin solutions businesses, the bull case is more compelling. The stock's outperformance against the SPY post-earnings suggests positive market sentiment. While NDAQ trades at a premium P/E ratio compared to historical averages, its accelerating ARR growth, successful AI monetization, and leadership in market modernization justify this valuation. A significant deceleration in Financial Technology ARR growth or a material, sustained slowdown in the IPO market would flip my view to bearish.

Key Factors5 rows

Key Factor	Why It Matters	What To Watch	What It Signals	Where/How To Track	Free Alt Data	Paid Alt Data
Successful launch of 23/5 trading on December 6, 2026, and SEC-approved event options in Q4 2026	These initiatives expand market access, introduce new trading products, and drive demand for Nasdaq's data solutions and market infrastructure, positioning the company for growth in evolving market structures.	Official announcements of the 23/5 trading launch on December 6, 2026; confirmation of event options launch in Q4 2026; early adoption rates and trading volumes for these new products.	Bullish if both launches occur on schedule and show strong initial market adoption; Bearish if launches are delayed or market uptake is weaker than expected.	Nasdaq press releases, investor relations website, Q4 2026 earnings call.	Industry news on market structure changes; financial media coverage of 23/5 trading and new options products.	Bloomberg Terminal: Trading volumes for new Nasdaq products post-launch.
Commercialization and client adoption of the new Calypso module for tokenized collateral movement	This represents a new monetization opportunity within the growing digital asset ecosystem and strengthens Calypso's position as a critical infrastructure provider for market modernization.	Announcements of new client signings for the tokenized collateral module; management commentary on the pace of adoption and revenue contribution from this new module in future earnings calls.	Bullish if Nasdaq announces initial client wins and provides positive updates on the commercial rollout; Bearish if commercialization is delayed or client interest is low.	Nasdaq earnings calls (Q3 2026, Q4 2026, Q1 2027), company press releases, industry conferences on digital assets.	Industry news on tokenization in capital markets; Canton Network announcements.	Celent/Aite-Novarica Group: Reports on collateral management software market trends and vendor market share.
Continued broadening and strength of the IPO pipeline and listings performance	IPO activity is a significant driver for Nasdaq's Listings revenue and brand prestige, indicating strong capital formation and investor confidence. A broad pipeline suggests sustained growth beyond one-off large deals.	Number of new operating company listings and total proceeds raised on Nasdaq in Q3 and Q4 2026; management commentary on the health and breadth of the IPO pipeline, particularly in AI infrastructure, healthcare/biotech, defense, and consumer sectors.	Bullish if new listings and proceeds raised continue to show strong year-over-year growth and the pipeline remains broad; Bearish if IPO activity significantly slows or narrows to fewer sectors.	Nasdaq earnings calls and investor presentations (Q3 2026 and Q4 2026 earnings); Refinitiv (LSEG) Global Capital Markets Review, PwC Global IPO Watch (quarterly).	Google News: 'IPO pipeline,' 'new listings'; SEC EDGAR filings for S-1 registrations.	Dealogic/Refinitiv: Global IPO volume and capital raised by exchange.
Client conversion to paid subscriptions for AI-enabled modules (Verafin Digital Workers, Surveillance Copilots)	This indicates direct new revenue streams from Nasdaq's AI capabilities, validating its AI-first development approach and enhancing product value, which can lead to increased average revenue per user (ARPU) and client stickiness.	Number of clients converting from freemium to paid subscriptions for AI modules; specific revenue contribution from these new AI modules in Nasdaq's Q3 2026 and Q4 2026 earnings reports.	Bullish if client conversion rates are high and revenue contribution from AI modules is explicitly growing; Bearish if adoption remains primarily free or paid conversion is slow.	Nasdaq earnings calls and investor presentations (Q3 2026 and Q4 2026 earnings), company press releases.	Industry news on AI adoption in financial crime and surveillance; Nasdaq's investor relations website for product updates.	Thinknum: Job postings for AI/ML roles at Nasdaq (indicating investment).
Realization of Annualized Recurring Revenue (ARR) uplift from Verafin enterprise deals signed in H2 2025 and early 2026	This confirms the successful onboarding and revenue recognition from significant client wins in a high-growth segment, directly impacting Financial Crime Management Technology's ARR and overall solutions revenue.	Financial Crime Management Technology ARR growth rate in Nasdaq's Q3 2026 and Q4 2026 earnings; specific management commentary on enterprise client onboarding and revenue contribution.	Bullish if Financial Crime Management Technology ARR growth accelerates or remains strong (mid-to-high teens or above); Bearish if ARR growth decelerates unexpectedly.	Nasdaq Q3 2026 and Q4 2026 earnings calls and investor presentations.	Industry reports on financial crime software market growth; news on large financial institutions adopting new anti-financial crime solutions.	Gartner/Forrester reports: Market share and growth of financial crime management software.

Key Reported Metrics, Reratings Triggers & Results3 rows

A robust IPO environment directly impacts Nasdaq's listings revenue and market services. Continued strong volume and capital raised signal healthy market confid

Upcoming print · 2026-10-20

Key reported metrics
Metric	Last period	Why it matters
IPO Capital Raised	more than 600%	A robust IPO environment directly impacts Nasdaq's listings revenue and market services. Continued strong volume and capital raised signal healthy market confidence and Nasdaq's competitive position in attracting new companies.
Annualized Recurring Revenue (ARR) Growth	12%	ARR is a critical indicator of Nasdaq's shift towards a diversified, resilient, and software-centric business model. Sustained growth demonstrates the stickiness of its solutions and long-term revenue visibility.
Financial Crime Management Technology Revenue Growth	22%	This segment is a key growth driver, fueled by AI innovation and significant client expansions. Its performance indicates the success of Nasdaq's software-as-a-service strategy and AI monetization efforts, directly impacting future ARR.

Key Questions

Will Nasdaq's Financial Technology division, particularly Verafin, achieve the anticipated ARR uplift from enterprise deals signed in late 2025 and early 2026,

Will Nasdaq's Financial Technology division, particularly Verafin, achieve the anticipated ARR uplift from enterprise deals signed in late 2025 and early 2026, and how will this impact overall revenue growth and operating margins given the tougher comps in Capital Markets Technology?

Question 2: How successfully will Nasdaq convert clients from freemium to paid subscriptions for its new AI-enabled modules (e.g., Verafin Digital Workers, Surveillance Copilots), and will the projected December 6, 2026 launch of 23/5 trading and Q4 2026 launch of event options demonstrate strong initial market adoption?
Question 3: Can Nasdaq sustain the current robust and broadening IPO environment to drive continued listings revenue growth, and how will ongoing regulatory developments (e.g., Reg NMS changes, perpetual futures classification) and early progress in tokenized equities impact Nasdaq's strategic positioning and future growth opportunities?

Earnings Transcript SummaryTable

2026-07-23 · 2026Q2 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Driving the transformation of the financial system: Management emphasized Nasdaq's leadership in modernizing markets through innovations like AI adoption, always-on markets, and tokenization of assets, aiming to expand investor access and protect the financial system. 2. Expanding client relationships and product innovation: Nasdaq is focused on deepening client relationships via its 'One Nasdaq' strategy, launching new products (e.g., 34 new Index products, expanded Agentic AI Workforce in Verafin), and enhancing existing solutions to drive growth across divisions. 3. Capitalizing on the robust IPO environment: Management highlighted the strongest first half in U.S. exchange history for listings, including the historic SpaceX IPO, and noted a broadening pipeline of companies across various sectors looking to go public, positioning Nasdaq to benefit from this trend.	Call Takeaway & ToneThe overall takeaway of the call is that Nasdaq delivered an exceptional second quarter in 2026, marked by strong, broad-based revenue growth across all divisions, record milestones in key businesses (e.g., Index AUM, Verafin assets, IPOs), and expanding margins. The tone was highly positive and confident, with management emphasizing their leadership in transforming the financial system through strategic investments in AI, market modernization, and digital assets. They expressed strong confidence in their strategic objectives and ability to deliver long-term shareholder value, despite acknowledging some slower sales cycles in international markets and tougher comps in Capital Markets Technology for upcoming quarters.	Prior Quarter'S Y/Y Growth By SegmentNet revenue: 14%; Solutions revenue: 14%; Capital Access Platforms: 11% (reported), 10% (organic); Index revenue: 14%; Financial Technology: 20% (reported), 18% (organic); Market Services: 13% (reported), 10% (organic). Specific prior quarter growth for Data and Listings, Workflow and Insights, Financial Crime Management Technology, Regulatory Technology, and Capital Markets Technology subdivisions were not explicitly detailed in the Q1 2026 search results, beyond their parent divisions.	3 Things Analysts Most Pressed On (And Mgmt Responses)1. AI monetization: Analysts questioned how Nasdaq plans to monetize its AI initiatives. Management responded that their approach is product-by-product and capability-by-capability; some AI features are integrated into core products with pricing evaluated over time, while others are offered as new modules with a 'freemium' model, where clients pay a subscription fee for unlimited usage after a free trial. They are encouraged by clients moving from free to paid subscriptions. 2. Perpetual futures: Analysts inquired about Nasdaq's view on perpetual futures, given their proactive mentions. Management clarified that perpetual derivatives are currently outside Nasdaq's U.S. markets, and if they were to enter the equities world (requiring joint SEC/CFTC approval), they anticipate minimal overlap (less than 1% of total revenue). They see it as an opportunity to expand their FinTech division by providing surveillance, trading, risk management, and regulatory reporting technology. Licensing Nasdaq-100 or QQQ would be considered with partners. 3. IPO environment and market structure evolution: Analysts asked about the IPO pipeline and broader market structure changes like Reg NMS and tokenized securities. Management indicated a broadening IPO pipeline beyond megadeals, with strong interest in AI infrastructure, healthcare/biotech, defense, and consumer companies. Regarding market structure, they acknowledged Reg NMS's benefits (resiliency) but also its limitations on innovation and fragmentation. They see loosening the order protection rule as an opportunity for more market model innovation. For tokenized equities, they are collaborating with DTCC for post-trade settlement and expect to launch a new model with Kraken for instantaneous settlement in early next year.	Revenue SegmentsNet revenue: 15%; Solutions revenue: 17%; Capital Access Platforms: 18% (revenue), 8% (ARR); Data and Listings: 9% (revenue and ARR); Index revenue: 35% (revenue), 8% (ARR); Workflow and Insights: 5% (revenue), 6% (ARR); Financial Technology: 15% (revenue), 16% (ARR); Financial Crime Management Technology: 22% (revenue), 17% (ARR); Regulatory Technology: 13% (revenue), 14% (ARR); Capital Markets Technology: 14% (revenue), 17% (ARR); Market Services: 11% (organic net revenue).

Transcript TidbitsTable

2026-07-23

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
About Expanding Eligible MarketNasdaq Verafin crossed $13 trillion in combined assets across more than 2,800 financial institutions. Nasdaq became the largest exchange in the world by market capitalization of its listed companies, welcoming SpaceX, the largest IPO in history, and dual-listing it on Nasdaq Texas. SK hynix, the largest ADR listing in U.S. capital markets history, also listed. The company expanded global investor access to QQQ ETFs by cross-listing them in Japan and introduced expanded access to the Nasdaq-100 with new BlackRock and State Street ETFs in the U.S. Nasdaq Verafin saw significant expansions across key client segments, now serving over 2,800 clients. Regulatory Technology experienced sustained growth from expansions to always-on markets and infrastructure modernization, including a top 4 Australian bank expanding its relationship for cloud-enabled regulatory reporting. Surveillance saw demand from clients expanding into new markets like energy and digital assets. Calypso expanded its reach to new countries, institutions, and asset classes, including its first U.S. treasury clearing deals and now operates in over 70 countries. Nasdaq piloted tokenized collateral trades on the Canton Network with two major asset managers. The IPO pipeline is broadening across themes like AI infrastructure, healthcare, biotech, defense, and consumer companies. Nasdaq is also engaging with marquee clients in Europe for Verafin, though sales cycles are slow for new jurisdictions. The company is also doing cross-asset class work in SMARTS to fight complex market abuse tactics. There is a growing pipeline of demand for moving to 24/5 and 24/7 trading solutions.	About CompetitionNasdaq became the largest exchange in the world by market capitalization of its listed companies. Its U.S. listings franchise delivered the strongest first half in U.S. exchange history, welcoming 7 of the top 10 IPOs in the quarter. In European cash equities, Nasdaq increased its lit market share by 3 percentage points to 74%. The company's competitive position is built on decades of investment in a deep client community, gold standard data, mission-critical technology platforms, and exceptional technical talent, creating powerful network effects. The global exchange and financial data market remains highly competitive, with established players like Bloomberg and S&P Global, alongside emerging fintechs and open-source data alternatives, exerting continuous pressure on pricing, market share, and the need for constant innovation. Nasdaq is not engaged in native DeFi venues from a market tech perspective, focusing more on central limit order book-style digital asset ecosystem players.	About The Broader IndustryThe U.S. economic environment is constructive, supported by resilient corporate earnings, ongoing investment in AI and digital infrastructure, and healthy consumer spending. The capital markets industry is working with regulators to encourage innovation, including always-on markets and tokenization of assets. The IPO environment is robust. The financial system is undergoing one of its most significant periods of modernization in decades, with shifts towards 23/5 trading, tokenized assets, AI across financial infrastructure, and new instruments like perpetual-style derivatives. Nasdaq aims to enable responsible innovation while protecting investors. The order protection rule (OPR) has brought resiliency to markets through interconnectedness but has also led to fragmentation of order flow and limited innovation by mandating price-time ordering. Loosening OPR could allow for more innovation and different market models. The market is currently a two-tiered system between on-exchange and off-exchange, limiting competition in the off-exchange space. Nasdaq is collaborating with DTCC on post-trade settlement of tokenized shares and with Kraken on a new model for tokenized equities with instantaneous settlement, which is seen as a net positive for the industry. There are increasing headlines about AI driving financial crime, including deepfakes, making existing scams more insidious. Criminal behavior in capital markets is also becoming more sophisticated, leveraging algorithmic AI across asset classes.	Where Things Are HeadedNasdaq plans to continue engaging regulators and legislators to define the future of markets and will invest in strategic opportunities for its next phase of growth. The company is excited to support the transition to always-on trading with unique integrated data sets. It expects to capitalize on a robust IPO environment in the second half of the year. Nasdaq plans to introduce new auto dispositioning capabilities in Q3 and flexible deployment options for its AI solutions across third-party systems by year-end. The company's AI-first development approach aims to increase innovation velocity and expand its product roadmap. Nasdaq remains on track for a projected launch of 23/5 trading on December 6, 2026, and received SEC approval to list event options, with a launch planned for Q4. Nasdaq aims to be a leader in transforming the financial system by building trusted, resilient infrastructure for institutions and market operators. AI is expected to strengthen Nasdaq's advantages by enhancing product capabilities. The company is confident in its opportunities and focused on executing strategic objectives for long-term shareholder value. Verafin's ARR uplift from large deals signed in the second half of last year is expected to flow in the second half of this year, and Nasdaq continues to underwrite the medium-term outlook for the business. Tokenized equities with Kraken are expected to launch in early next year. There is a growing pipeline of demand for moving to 24/5 and 24/7 trading solutions.	Updates On ThemeGlobal	Broader Themes EmergingAI-driven Data Monetization & Workflow Integration is accelerating, with exchanges actively integrating AI into platforms to create new workflow solutions and increase the value of proprietary data.	Bullish-Leaning Quotes (Short)Nasdaq delivered outstanding growth across each of our divisions. assets under management surpassed $1 trillion for the first time in our history. We welcome SpaceX, the largest IPO in history. We are proud to have become the largest exchange in the world by market capitalization of our listed companies. The IPO environment is robust. We delivered $1.5 billion in net revenue, up 15% and solutions revenue of $1.2 billion, up 17%. We delivered 25% diluted EPS growth. Financial Technology, we achieved an outstanding quarter, delivering revenue growth of 15%. Nasdaq Verafin delivered 22% revenue growth driven by significant expansions across key client segments. We had record quarterly net revenue of $340 million, up 11%. Index options revenue more than doubling year-over-year for the fourth consecutive quarter. Our results demonstrate the strength of a business increasingly driven by recurring revenue from deeply integrated platforms and long-term growth trends. We are extremely confident in our opportunity. clients are downright eager to be able to take advantage of the automations we're able to deliver. it saves up to 80% of their time. we are very excited about the efficacy of our ability to root out new forms of financial crime.	Bearish-Leaning Quotes (Short)In Corporate Solutions, we continue to operate in a challenging environment. Performance in the quarter was partially offset by lower professional services revenue. Capital Markets Technology revenue growth in the third and fourth quarter of 2025 benefited from the contribution from Calypso upfront revenue, which will create a tougher comp for Capital Markets Technology in the upcoming 2 quarters. partially offset by lower capture in U.S. options driven by a continued mix shift in the composition of order flow. U.S. regulatory approval has been limited to instruments outside the scope of Nasdaq's U.S. markets. The global exchange and financial data market remains highly competitive. sales cycles are slow. it's a major lift for our clients and for us just because the architecture is different.	HiringOperating expense increased 10%, driven by employee compensation reflecting the timing of the annual compensation cycle and incentive compensation due to strong revenue execution, as well as severance costs. Nasdaq updated its non-GAAP expense guidance for the year, with a primary driver of the increase being higher employee compensation given strong year-to-date revenue performance. High-performing global exchange operators are strategically insourcing specialized talent in technology, data science, AI, cloud operations, and cybersecurity, with a focus on cost discipline and operational efficiency, managing labor costs tightly or even reducing them as a percentage of revenue.

NotesTable

Date	Comment	Comment Type	Comment Sentiment	Link	Price Reaction
2026-07-23	Nasdaq's Q2 2026 results were strong, with 15% net revenue and 25% diluted EPS growth, driven by record Index AUM and Verafin expansion. AI monetization is progressing, and the IPO pipeline is robust. Despite increased expense guidance, the market reacted positively, with NDAQ outperforming SPY by 2.42% (1.31% vs -1.11%) post-earnings, aligning with the company's optimistic outlook on market modernization and AI initiatives.	Earnings Transcript	Neutral		+1.31% (vs SPY: +2.42%)

Upcoming Events3 rows

Catalyst ID	Estimated Timing	Estimated Date Start	Estimated Date End	Catalyst	Why It Matters	Ticker Or Theme Specific	Transcript Date	Source Type
NDAQ_3d70883f	on December 6, 2026	2026-12-06	2026-12-06	Projected launch of 23/5 trading.	This is a significant market modernization initiative that expands the accessibility of equities to more investors and has the potential to drive increased data demand and trading volumes.	Ticker	2026-07-23	earnings_transcript
NDAQ_d10b6295	early next year	2027-01-01	2027-03-31	Launch of a new model for tokenized equities with instantaneous settlement, in partnership with Kraken.	This represents a significant innovation in market structure and digital assets, potentially creating new revenue streams through technology and data services in the evolving digital asset ecosystem.	Ticker	2026-07-23	earnings_transcript
NDAQ_b87f6dd1	in the fourth quarter	2026-10-01	2026-12-31	Launch of SEC-approved event options.	This introduces a new product offering in the Market Services division, which has the potential to increase trading volumes and revenue.	Ticker	2026-07-23	earnings_transcript