AI-extracted from the 10-Q filed 2026-10-22 — Q3 2026 (quarter ended September 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Nasdaq Q3 revenue surged 20.9% YoY to $2.39B, driven by strong Capital Access Platforms growth of 20.2% and Market Services momentum of 26.2%, with operating income up 24.9% to $732M.
Biggest Revenue Drivers
Market Services$1,221M+26.2% YoY
Higher U.S. equity options volumes, European equities volume growth, strong U.S. cash equities performance with increased market share and capture rate.
Capital Access Platforms$641M+20.2% YoY
Index revenues increased 38.9% from higher average AUM in exchange-traded products linked to Nasdaq indices and higher volume-based revenues; Data & Listing Services grew 9.8% on new data sales and pricing increases.
Biggest Revenue Drivers
Total revenue: $2,393M+20.9% YoY
Market Services$1,221M+26.2% YoY
Higher U.S. equity options volumes, European equities volume growth, strong U.S. cash equities performance with increased market share and capture rate.
Capital Access Platforms$641M+20.2% YoY
Index revenues increased 38.9% from higher average AUM in exchange-traded products linked to Nasdaq indices and higher volume-based revenues; Data & Listing Services grew 9.8% on new data sales and pricing increases.
Financial Technology$529M+15.8% YoY
16% revenue growth with 18% ARR growth across all three subdivisions; Financial Crime Management Technology +22.9%, Regulatory Technology +12.9%, Capital Markets Technology +14.7%.
Largest Expense Items
Depreciation and amortization$165M+4.8% YoY
Increased due to depreciation of capitalized software projects.
Compensation and benefits$379M+7.4% YoY
Higher incentive compensation driven by strong revenue execution.
Technology and communication infrastructure$93M+16.0% YoY
Increased investment in technology, particularly cloud initiatives and software licensing.
Watch Items from the Filing
European Commission opened formal antitrust investigation in November 2025 assessing potential coordination violations by Nasdaq and Deutsche Börse in trading and clearing of financial derivatives; outcome and fines unknown.
Clearing member default fund contributions and margin deposits decreased from $8.3B to $5.8B YTD, down 30%, primarily due to sale of Nordic power futures business and currency translation adjustments of $247M.
Goodwill and intangible assets remain concentrated: goodwill of $14.2B (52% of total assets) and intangible assets of $6.1B (22%), with $5.6B from acquisitions; impairment risk if performance deteriorates.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Splinter Michael RReporting ownerGrant or award · Jun 10, 2026
Arnoldi MelissaReporting ownerGrant or award · Jun 10, 2026
Townes-Whitley ToniReporting ownerGrant or award · Jun 10, 2026
Congress trading in NDAQ
20 transactions in NDAQ reported by 8 members of Congress under the STOCK Act, most recent trade Aug 25, 2026. Reported transactions, not recommendations.
About NASDAQ, INC. (NDAQ): stock profile, AI score and financials
NASDAQ, INC. (NDAQ) stock profile, AI quality score, and SEC EDGAR financial data, a Financials sector company. 13F Pro's AI-powered ranking engine scores NDAQ at 75.5/100 on a composite quality score built from its SEC filings, placing it at rank #93 of 2,925 stocks — the top 5% of the AI-ranked universe. NDAQ scores in the top quartile across revenue scale (85.3), profitability (83.6), free cash flow (79.0). Shareholder dilution risk is elevated at 39.4/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q3 2026), NASDAQ, INC. reports quarterly revenue of $2.4B, net income of $540.0M, an operating margin of 30.6%. Top institutional holders of NDAQ by reported 13-F value include INVESTOR AB, BlackRock, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. NDAQ trades on the Nasdaq exchange and files with the SEC under CIK 1120193. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate NDAQ daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for NASDAQ, INC. directly from SEC EDGAR.