Nasdaq (NDAQ) Q2 2026 Earnings Call Transcript
Nasdaq (NDAQ) reported Q2 2026 net revenue of $1.5 billion, up 15%, and non-GAAP EPS of $1.07, up 25%. Solutions revenue rose 17% to $1.2 billion, with Index AUM reaching $1.114 trillion and $51 billion in quarterly net inflows. The company updated non-GAAP operating expense guidance to $2.530 billion to $2.570 billion and repurchased $356 million of shares.
How this was made
The 30-second read
Why it matters
Traders can use the updated non-GAAP operating expense guidance range, the variable accelerated repurchase plan, and the ARR/index inflow metrics to frame near-term estimates and risk around margin trajectory.
Market read
The combination of beat-like growth metrics, $1T index AUM milestone, and explicit expense guidance update is likely to drive estimate revisions and positioning.
What to watch
The transcript flags specific comp pressures (regulatory fine contra expense in Q3 2025, lower tape plan revenue) that could matter more than headline ARR growth if margins compress.
Background
Nasdaq’s Q2 2026 earnings call highlights recurring revenue growth, index AUM crossing $1T, and ongoing market modernization plus AI integration across products.
Ticker impact
Nasdaq reported Q2 2026 results with $1.5B revenue (+15%), non-GAAP EPS $1.07 (+25%), and updated non-GAAP operating expense guidance to $2.530B-$2.570B.
Likely positive bias for the stock on earnings-day positioning, with follow-through tied to whether the expense guidance and ARR/index inflows offset the cited tougher comps.
The article provides multiple primary datapoints (revenue, EPS, ARR, inflows, margin, buyback plan, and updated expense guidance) that can drive revisions, though it does not include consensus or the actual stock reaction.
Market effects
Strength in index AUM, options volumes, and recurring revenue supports the exchange/market-infrastructure theme and may lift sentiment for trading-venue peers.
International product launches (50% of new index products outside the US) suggest broader demand beyond US listings.
Large index inflows and record IPO facilitation reinforce global capital-markets activity and could influence cross-border listing and market-data expectations.
Counterpoint
Growth may decelerate in near quarters due to non-recurring revenue timing (Calypso upfront) and headwinds from lower tape plan/audit-related revenue and tougher expense comps.
Key entities
- companyNasdaq, Inc.
Reported Q2 2026 revenue, EPS, ARR, index AUM, and updated non-GAAP operating expense guidance, plus a new buyback plan.
- executiveAdena Friedman
CEO who characterized the SpaceX listing as a historic milestone and discussed product launches and AI adoption.
- executiveSarah Youngwood
CFO who provided guidance updates and highlighted comp headwinds and expense comparisons.
