Nasdaq reported its third quarter 2026 financial results highlighting growth in index and financial technology segments, infrastructure investments for always-on markets, and CEO commentary on tokenized money's potential impact on capital markets.

• Nasdaq reported third quarter 2026 financial results with growth in index and fintech segments [N1].
• Q3 earnings highlighted strength in index products and financial technology subscription revenues [N2].
• Nasdaq emphasized building infrastructure to support always-on markets during Q3 earnings [N3].
• The company beat Q3 earnings and revenue estimates, reflecting operational execution [N4].
• Nasdaq held its Q3 2026 earnings conference call on October 22, 2026 [N5].
• Nasdaq's CEO discussed tokenized money as a key to unlocking tens of billions in trapped capital, indicating strategic focus on crypto-related innovation [N7].
• CME Group's Q3 earnings surpassed estimates, providing industry context [N6].

Nasdaq's diversified business segments demonstrate growth in recurring revenues, particularly in Financial Technology and Index products, supported by strong IPO activity and listing transfers. The company's investments in infrastructure for always-on markets and expansion into tokenized assets indicate strategic positioning in emerging financial technologies. Continued growth in subscription revenues and market services volumes underpin operational resilience and potential for sustained revenue expansion [S1][N1][N2][N3].

Nasdaq's business is sensitive to macroeconomic and geopolitical risks, including market volatility, regulatory changes, and economic downturns that could reduce trading volumes and listing activity. Competitive pressures in exchange services and financial technology markets may impact pricing and client retention. The company's reliance on recurring subscription revenues requires ongoing innovation and client engagement to mitigate churn. Additionally, fluctuations in foreign currency exchange rates and legal or regulatory challenges could adversely affect financial performance [S1][S2].

Nasdaq's moat is built on its position as a leading global market infrastructure provider with a diversified business model spanning listings, index licensing, financial technology solutions, and market services. Its extensive network effects from listed companies, exchange-traded products, and trading volumes create high barriers to entry. The company's recurring revenue streams from subscription-based financial technology products and data services enhance revenue visibility and customer stickiness. Nasdaq's technology platform and regulatory expertise further strengthen its competitive advantage in powering modern financial markets [S1].

• Macroeconomic and Market Volatility Risks: Nasdaq's revenues are influenced by economic conditions, market volatility, and geopolitical factors that can affect trading volumes, IPO activity, and asset valuations.
• Regulatory and Legal Risks: Changes in financial regulations or legal proceedings could impact Nasdaq's operations, compliance costs, and market access.
• Competitive Risks: Competition from other exchanges and financial technology providers may pressure pricing and market share.
• Technology and Operational Risks: Nasdaq's reliance on technology infrastructure exposes it to cybersecurity threats, system outages, and the need for continuous innovation.

• Nasdaq, Inc. operates as a leading technology platform powering global financial markets and economies [S1].
• The company manages three main business segments: Capital Access Platforms, Financial Technology, and Market Services [S1].
• Capital Access Platforms include Data & Listing Services, Index, and Workflow & Insights businesses [S1].
• Financial Technology segment includes Financial Crime Management Technology, Regulatory Technology, and Capital Markets Technology [S1].
• Market Services segment covers U.S. equity derivative trading, cash equity trading, and other related services [S1].
• Nasdaq extended its listing leadership in 2025, achieving seven consecutive years as the top U.S. exchange by proceeds raised [S1].
• In 2025, U.S. operating company IPOs on Nasdaq raised over $24 billion in proceeds [S1].
• Nasdaq set a record for listing transfers in 2025 with $1.2 trillion in annual switches, including the largest exchange transfer on record [S1].
• Index segment achieved record net inflows of $99 billion in 2025 and ended the year with $882 billion in ETP assets under management (AUM) [S1].
• Financial Technology segment delivered 14% growth in annual recurring revenue (ARR) and revenue in 2025, driven by new clients, cross-sells, and upsells [S1].
• Market Services delivered record revenue in 2025, supported by strength in U.S. cash equities and U.S. equities options volumes [S1].
• Nasdaq's business performance is influenced by macroeconomic factors including economic conditions, geopolitical environment, inflation, interest rates, market volatility, and regulatory changes [S1].
• For the quarter ended September 30, 2026, Nasdaq reported cash and equivalents of $365 million and current assets of $4.532 billion, with current liabilities of $4.517 billion, resulting in a current ratio of 1.0 and a cash ratio of 0.14 [S2].
• Net income for Q3 2026 was $540 million with basic earnings per share of $0.97 and diluted EPS of $0.96 [S2].
• Recent news highlights include Nasdaq's Q3 2026 financial results reporting growth in index and fintech segments, infrastructure investments for always-on markets, and CEO commentary on tokenized money unlocking trapped capital [N1][N2][N3][N4][N7].
• Nasdaq's Q3 2026 earnings conference call was held on October 22, 2026 [N5].