Nasdaq's Q3 adjusted EPS up 18%, beats estimates
NDAQ•Nasdaq's third-quarter net revenue rose 13% year over year to $1.48 billion, while adjusted EPS increased 18% to $1.04, above the $1.02 consensus estimate. The company updated its 2026 non-GAAP operating expense guidance to $2.55 billion-$2.58 billion.
1. Quarterly results
Nasdaq reported third-quarter net revenue of $1.48 billion, up 13% year over year. Adjusted EPS rose 18% to $1.04, beating the $1.02 analyst consensus; GAAP EPS was $0.96, and annual recurring revenue was $3.37 billion.
2. Revenue drivers and returns
The company said growth in Capital Access Platforms and Financial Technology drove solutions revenue higher. Record net inflows and new product launches contributed to 39% growth in index revenue, while higher industry volumes and increased U.S. cash equities market share supported Market Services revenue. Nasdaq returned $323 million through share repurchases and $173 million through dividends in the quarter.
3. 2026 outlook
Nasdaq updated its 2026 non-GAAP operating expense guidance to $2.55 billion-$2.58 billion and maintained its non-GAAP tax rate guidance at 22.5%-24.5%. It said the launch of 23/5 trading remains on track for December 6, 2026.
