Nasdaq reports $2.39B revenue for Q3 2026

Form: 10-Q
Filed: Oct 22, 2026, 2:03 pm ET
Importance: Notable
Accession: 0001120193-26-000020

Revenue: $2.39 billion for the three months ended Sep 30, 2026
Net income: $540 million for the three months ended Sep 30, 2026
Diluted EPS: $0.96 for the three months ended Sep 30, 2026
Cash and equivalents: $365 million at Sep 30, 2026

Written from the 10-Q on EDGAR. AI can make mistakes. Check the filing.

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What changed since last quarter

No new risk factors or legal mentions.

Compared with the 10-Q for the period ended Jun 30, 2026.

Key numbers from the XBRL in this filing and the previous one.
	This filing	Previous	Change vs prior 10-Q
Revenue	$2.39B	$2.53B	−5.5%
Operating income and margin	$732M · 30.6%	$712M · 28.1%	+2.8%, margin +2.5 pts
Net income	$540M	$507M	+6.5%
Operating cash flow	$521M	$711M	−27%
Cash	$365M	$520M	−30%
Backlog (remaining performance obligations)	$3.63B	$3.61B	+0.5%

The reading, claim by claim

• "Nasdaq," "we," "us" and "our" refer to Nasdaq, Inc.
For the quarter ended September 30, 2026, NASDAQ, INC. reported: Revenue $2.4 billion.
Net income $540.0 million.

3 of 3 claims matched the filing text.

From the filing's financial data, not stated in its text

From this 10-Q's financial data (XBRL) for the quarter ended September 30, 2026

Gross margin 61.9%.
Operating margin 30.6%.
Net margin 22.6%.
Revenue change from a year earlier +20.9%.

From the filing

Item 6.

Exhibits

Signatures

51 ii

About this Form 10-Q

Throughout this Form 10-Q, unless otherwise specified:

• "Nasdaq," "we," "us" and "our" refer to Nasdaq, Inc.¹

• "Nasdaq Baltic" refers collectively to, Nasdaq Tallinn

AS, Nasdaq Riga, AS, and AB Nasdaq Vilnius.

• "Nasdaq Texas" refers to the cash equity exchange operated by Nasdaq Texas, LLC, formerly Nasdaq BX.

• "NTX Options" refers to the options exchange operated by Nasdaq Texas, LLC, formerly Nasdaq BX Options.

• "Nasdaq Clearing" refers to the clearing operations conducted by Nasdaq Clearing AB.

• "Nasdaq CXC" and "Nasdaq CX2" refer to the Canadian cash equity trading books operated by Nasdaq CXC

Limited.

• "Nasdaq First North" refers to our alternative marketplaces for smaller companies and growth companies in the Nordic and Baltic regions.

• "Nasdaq GEMX" refers to the options exchange operated by Nasdaq GEMX, LLC.

• "Nasdaq ISE" refers to the options exchange operated by Nasdaq ISE, LLC.

• "Nasdaq MRX" refers to the options exchange operated by Nasdaq MRX, LLC.

• "Nasdaq Nordic" refers collectively to, Nasdaq Clearing

AB, Nasdaq Stockholm AB, Nasdaq Copenhagen A/S,

Nasdaq Helsinki Ltd, and Nasdaq Iceland hf.

• "Nasdaq PHLX" refers to the options exchange operated by Nasdaq PHLX LLC.

• "Nasdaq PSX" refers to the cash equity exchange operated by Nasdaq PHLX LLC.

• "The Nasdaq Options Market" refers to the options exchange operated by The Nasdaq Stock Market LLC.

• "The Nasdaq Stock Market" refers to the cash equity exchange and listing venue operated by The Nasdaq

Stock Market LLC.

Nasdaq also provides the following list of abbreviations and acronyms used throughout this Quarterly Report on Form 10-

Q as a tool for the reader.

2025 Notes: $500 million aggregate principal amount of 5.650% senior unsecured notes paid at maturity on June 28,

2026 Revolving Credit Facility: $1.50 billion senior unsecured revolving credit facility, which matures on June
	2025
30,	2031
2026 Notes: $500 million aggregate principal amount issued of 3.850% senior unsecured notes paid at maturity on June
30,	2026

2028 Notes: $1 billion aggregate principal amount issued of

5.350% senior unsecured notes due June 28, 2028 2029 Notes: €600 million aggregate principal amount issued of 1.75% senior unsecured notes due March 28, 2029 2030 Notes: €600 million aggregate principal amount issued of 0.875% senior unsecured notes due February 13, 2030 2031 Notes: $650 million aggregate principal amount issued of 1.650% senior unsecured notes due January 15, 2031 2032 Notes: €750 million aggregate principal amount issued of 4.500% senior unsecured notes due February 15, 2032 2033 Notes: €615 million aggregate principal amount issued of 0.900% senior unsecured notes due July 30, 2033 2034 Notes: $1.25 billion aggregate principal amount issued of 5.550% senior unsecured notes due February 15, 2034 2040 Notes: $650 million aggregate principal amount issued of 2.500% senior unsecured notes due December 21, 2040 2050 Notes: $500 million aggregate principal amount issued of 3.250% senior unsecured notes due April 28, 2050 2052 Notes: $550 million aggregate principal amount issued of 3.950% senior unsecured notes due March 7, 2052 2053 Notes: $750 million aggregate principal amount issued of 5.950% senior unsecured notes due August 15, 2053 2063 Notes: $750 million aggregate principal amount issued of 6.100% senior unsecured notes due June 28, 2063

Adenza: Adenza Holdings, Inc.

AI: Artificial Intelligence

ARR: Annualized Recurring Revenue

ASR: Accelerated Share Repurchase

AUM: Assets Under Management

CCP: Central Counterparty

CAT: A market-wide consolidated audit trail established under an SEC approved plan by Nasdaq and other exchanges

EMIR: European Market Infrastructure Regulation

Equity Plan: Nasdaq Equity Incentive Plan

ESPP: Nasdaq Employee Stock Purchase Plan

ETP: Exchange Traded Product

Euro Notes: The 2029, 2030, 2032 and 2033 Notes

Exchange Act: Securities Exchange Act of 1934, as amended

FINRA: Financial Industry Regulatory Authority

GICS: Global Industry Classification Standard

IPO: Initial Public Offering

NPM: Nasdaq Private Market, LLC

NSCC: National Securities Clearing Corporation

OCC: The Options Clearing Corporation

OTC: Over-the-Counter iii

PSU: Performance Share Unit

SaaS: Software as a Service

SEC: U.S. Securities and Exchange Commission

SERP: Supplemental Executive Retirement Plan

SFSA: Swedish Financial Supervisory Authority

SOFR: Secured Overnight Financing Rate

SPAC: Special Purpose Acquisition Company

S&P: Standard & Poor's

S&P 500: S&P 500 Stock Index

TSR: Total Shareholder Return

U.S. GAAP: U.S. Generally Accepted Accounting Principles

U.S. Tape plans: U.S. cash equity and U.S. options industry data

NASDAQ, the NASDAQ logos, and other brand, service or product names or marks referred to in this report are trademarks or service marks, registered or otherwise, of Nasdaq, Inc. and/or its subsidiaries. FINRA and Trade

Reporting Facility are registered trademarks of FINRA.

This Quarterly Report on Form 10-Q includes market share and industry data that we obtained from industry publications and surveys, reports of governmental agencies and internal company surveys. Industry publications and surveys generally state that the information they contain has been obtained from sources believed to be reliable, but we cannot assure you that this information is accurate or complete. We have not independently verified any of the data from third- party sources nor have we ascertained the underlying economic assumptions relied upon therein. Statements as to our market position are based on the most currently available market data. For market comparison purposes, The Nasdaq

Stock Market data in this Quarterly Report on Form 10-Q for IPOs and new listings of equity securities (including issuers that switched from other listings venues, closed-end funds and ETPs) is based on data generated internally by us;

therefore, the data may not be comparable to other publicly

Item 1. Financial Statements

Nasdaq, Inc.

Condensed Consolidated Balance Sheets (in millions, except share and par value amounts) (unaudited)
Assets
	September 30, 2026	December 31, 2025
Current assets:
Cash and cash equivalents	$365	$604
Restricted cash and cash equivalents	28	210
Default funds and margin deposits (including restricted cash and cash equivalents of
$755 and $3,120 , respectively)	2,530	5,842
Short-term investments	151	28
Receivables, net	1,171	943
Other current assets	287	376
Total current assets	4,532	8,003
Property and equipment, net	767	728
Goodwill	14,247	14,371
Intangible assets, net	6,106	6,511
Operating lease assets	481	447
Other non-current assets	1,250	993
Total assets	$27,383	$31,053
Liabilities
Current liabilities:
Accounts payable and accrued expenses	$252	$280
Section 31 fees payable to SEC	90	—
Accrued personnel costs	320	364
Deferred revenue	819	785
Other current liabilities	237	259
Default funds and margin deposits	2,530	5,842
Short-term debt	269	431
Total current liabilities	4,517	7,961
Long-term debt	8,471	8,573
Deferred tax liabilities, net	1,654	1,584
Operating lease liabilities	476	462
Other non-current liabilities	262	241
Total liabilities	15,380	18,821
Commitments and contingencies
Equity
Nasdaq stockholders' equity:
Common stock, $0.01 par value, 900,000,000 shares authorized, shares issued:
583,979,697 at September 30, 2026 and 594,620,320 at December 31, 2025 ; shares
outstanding: 558,441,448 at September 30, 2026 and 569,894,024 at December 31, 2025	6	6
Additional paid-in capital	4,067	5,122
Common stock in treasury, at cost: 25,538,249 shares at September 30, 2026 and
24,726,296 shares at December 31, 2025	(784)	(716)
Accumulated other comprehensive loss	(1,944)	(1,773)
Retained earnings	10,654	9,588
Total Nasdaq stockholders' equity	11,999	12,227
Noncontrolling interests	4	5
Total equity	12,003	12,232
Total liabilities and equity	$27,383	$31,053

See accompanying notes to condensed consolidated financial statements.

Nasdaq, Inc.

Condensed Consolidated Statements of Income (unaudited) (in millions, except per share amounts)
Revenues:
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Capital Access Platforms	$641	$534	$1,820	$1,552
Financial Technology	529	457	1,585	1,352
Market Services	1,221	967	3,640	3,208
Other revenues	2	21	18	63
Total revenues²	2,393²	1,979	7,063	6,175
Transaction-based expenses:
Transaction rebates	(623)	(658)	(2,059)	(1,882)
Brokerage, clearance and exchange fees	(289)	(6)	(616)	(436)
Revenues less transaction-based expenses	1,481	1,315	4,388	3,857
Operating expenses:
Compensation and benefits	379	353	1,118	1,033
Professional and contract services	42	38	124	112
Technology and communication infrastructure	93	80	264	236
Occupancy	34	32	103	90
General, administrative and other	2	22	54	51
Marketing and advertising	17	13	61	41
Depreciation and amortization	165	158	496	471
Regulatory	11	12	29	41
Merger and strategic initiatives	6	9	14	53
Restructuring charges	—	12	24	27
Total operating expenses	749	729	2,287	2,155
Operating income	732	586	2,101	1,702
Interest income	10	8	23	32
Interest expense	(86)	(87)	(259)	(279)
Net gain (loss) on divestitures	(4)	(2)	84	37
Other income (loss)	11	—	(4)	—
Net income from unconsolidated investees	38	24	86	73
Income before income taxes	701	529	2,031	1,565
Income tax provision	162	106	466	296
Net income	$539	$423	$1,565	$1,269
Net loss attributable to noncontrolling interests	1	—	1	1
Net income attributable to Nasdaq³	$540³	$423	$1,566	$1,270
Per share information:
Basic earnings per share	$0.97	$0.74	$2.78	$2.21
Diluted earnings per share	$0.96	$0.73	$2.76	$2.19
Cash dividends declared per common share	$0.31	$0.27	$0.89	$0.78

See accompanying notes to condensed consolidated financial statements.

Nasdaq, Inc.

Condensed Consolidated Statements of Comprehensive Income (unaudited) (in millions)
Other comprehensive income (loss):
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Net income	$539	$423	$1,565	$1,269
Foreign currency translation gains (losses)	(62)	27	(138)	157
Income tax benefit (expense) (1)	(7)	(5)	(32)	93
Foreign currency translation, net	(69)	22	(170)	250
Unrealized gain (loss) on derivative instruments, net	(1)	—	(1)	2
Total other comprehensive income (loss), net of tax	(70)	22	(171)	252
Comprehensive income	$469	$445	$1,394	$1,521
Comprehensive loss attributable to noncontrolling interests	1	—	1	1
Comprehensive income attributable to Nasdaq	$470	$445	$1,395	$1,522

____________

(1) Primarily relates to the tax effect of unrealized gains and losses on our Euro Notes.

See accompanying notes to condensed consolidated financial statements.

Nasdaq, Inc.

Condensed Consolidated Statements of Changes in Stockholders ' Equity (unaudited) (in millions)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Common stock

Additional paid-in capital

Beginning balance

4,353

5,425

5,122

5,530

Share repurchase program

( 4 )

( 333 )

( 1 )

( 115 )

( 14 )

( 1,236 )

( 4 )

( 330 )

Share-based compensation

—

Issuance of stock under employee stock plans

—

Other issuances of common stock, net

—

Ending balance

4,067

5,351

4,067

5,351

Common stock in treasury, at cost

Beginning balance

( 784 )

( 706 )

( 716 )

( 647 )

Employee shares withheld

—

( 4 )

( 1 )

( 68 )

—

( 63 )

Accumulated other comprehensive loss
Ending balance	(784)	(710)	(784)	(710)
Beginning balance	(1,874)	(1,869)	(1,773)	(2,099)
Other comprehensive income (loss)	(70)	22	(171)	252
Ending balance	(1,944)	(1,847)	(1,944)	(1,847)
Retained earnings
Beginning balance	10,287	8,955	9,588	8,401
Net income attributable to Nasdaq	540	423	1,566	1,270
Cash dividends declared and paid	(173)	(155)	(500)

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What changed since last quarter

The reading, claim by claim

From the filing's financial data, not stated in its text

From the filing

Item 6.

Item 1. Financial Statements

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