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How Nasdaq-100 (NDAQ) makes money: Q2 2026 revenue breakdown
The quarter in brief
Revenue grew 20.5% y/y to $2.53B, operating margin 28.1% vs 27.0%, net income $507M (+12.2% y/y).
Key growth driver: Market Services — the fastest-growing revenue line: $1,372, +25% y/y. · by the Q2 2026 report
Net income attributable to Nasdaq
$507M
up 12.2% y/y
Total revenues
$2,532M
up 20.5% y/y
Operating income
$712M
up 25.4% y/y
Next report
not announced yet
How does Nasdaq-100 make money?
Nasdaq-100 brought in $2.53 billion of revenue in Q2 2026, up 20.5% year over year. The largest source was Market Services: $1.37 billion, or 54% of the total, followed by Capital Access Platforms ($621M, 25%) and Financial Technology ($539M, 21%). Net income for the quarter was $507 million, up 12.2% year over year.
Revenue by source, Q2 2026
- Market Services$1.37B · 54% · +24.6%
- Capital Access Platforms$621M · 25% · +19.4%
- Financial Technology$539M · 21% · +16.2%
Shares of $2.53B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Market Services | $1,372 · +24.6% |
| Capital Access Platforms | $621 · +19.4% |
| Financial Technology | $539 · +16.2% |
| Total revenues | $2,532 · +20.5% |
| Transaction rebates | $712 · +11.3% |
| Brokerage, clearance and exchange fees | $320 · +106% |
| Revenues less transaction-based expenses | $1,500 · +14.9% · 59.2% margin |
| Compensation and benefits | $383 · +8.8% |
| Depreciation and amortization | $165 · +4.4% |
| Technology and communication infrastructure | $88 · +11.4% |
| Professional and contract services | $42 · +7.7% |
| Occupancy | $35 · +16.7% |
| Other operating expenses (calculated) | $75 · −6.3% |
| Operating income | $712 · +25.4% · 28.1% margin |
| Interest income, other income, gains and income from unconsolidated investees (calculated) | $27 · −64.0% |
| Interest expense | $86 · −9.5% |
| Income before income taxes | $653 · +19.2% |
| Income tax provision | $146 · +52.1% · 22.4% effective rate |
| Net income attributable to Nasdaq | $507 · +12.2% · $0.89/sh · 20.0% margin |
Verdict: revenue grew 20.5% y/y to $2.53B, operating margin 28.1% vs 27.0%, net income $507M (+12.2% y/y).
Diluted EPS $0.89, up 14%; non-GAAP EPS $1.07, up 25%; annualized recurring revenue $3.3 billion, up 11%; $174 million returned in dividends and $356 million in buybacks.
Source and notation
Source: Nasdaq earnings release, 8-K EX-99 of 07/23/2026 (SEC EDGAR). The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
- Net revenue (revenues less transaction-based expenses) rose 15% to $1.5 billion; Solutions revenue grew 17%.
- Index revenue grew 38% to $271 million on $51 billion of net inflows in the quarter; Index ETP assets surpassed $1 trillion.
- Financial Technology revenue increased 16% to $539 million.
- Gross margin was 59.2% vs 62.2% a year earlier.
- Operating income was $712M, a 28.1% margin vs 27.0% a year earlier.
- The effective tax rate was 22.4% vs 17.5% a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
Who runs the company now
- Adena T. FriedmanChief Executive Officer [1]
- Sarah YoungwoodExecutive Vice President and Chief Financial Officer [2]
As of 10/20/2026, per the company’s SEC filings: signatures on the latest report and leadership-change filings.
Positions: the company’s SEC filings. Spotted an error, or is this you and you’d like it corrected or removed? Contact us
How this is compiled
Who runs the company now comes from primary sources only: for US companies, the CEO and CFO signatures on the latest SEC report, and a separate board chair from the proxy statement (DEF 14A); for Russian and Kazakh issuers, the company website and its disclosures. We recheck weekly; if a name can’t be confirmed, or a leadership-change filing came out after the report, we don’t show it until it’s reviewed. History comes from proxy statements, disclosures, Wikipedia and Wikidata; years show when a term started and ended, “since” means the person is in office now. An outcome for a previous employer is shown only when the linked document states it.
Sources · 2
- SEC EDGAR: 10-Q 2026-07-23 · SEC EDGAR · 10/20/2026
- SEC EDGAR: 10-Q 2026-07-23 · SEC EDGAR · 10/20/2026
Nasdaq-100 — The Nasdaq-100 is a stock market index made up of equity securities issued by 100 of the largest non-financial companies listed on the Nasdaq stock exchange. · Text: Wikipedia, CC BY-SA 4.0, abridged
The Nasdaq-100 is often abbreviated as NDX, NDQ, NAS100, or US100. The Nasdaq-100 index is a public float weighted, modified capitalization-weighted index, with a maximum weight of 24% for the largest component.
Company guidance
Same quarter a year ago (ended September 30, 2025): revenue $1.958B, EPS (GAAP) $0.73
How we calculate
Year-ago figures are GAAP, from the company's SEC filings (XBRL); EPS is diluted.
NDAQ earnings history: past report dates
| Jul 23, 2026 Thu | 7:24 ambefore market open | Jun 30, 2026 | $2.5B+21% y/y | $0.89+14% y/y |
| Apr 23, 2026 Thu | 7:22 ambefore market open | Mar 31, 2026 | $2.1B+2% y/y | $0.91+34% y/y |
| Jan 29, 2026 Thu | 7:29 ambefore market open | Dec 31, 2025 | ≈$2.1B+4% y/y | ≈$0.90+45% y/y |
| Oct 21, 2025 Tue | 7:18 ambefore market open | Sep 30, 2025 | $2.0B+3% y/y | $0.73+38% y/y |
| Jul 24, 2025 Thu | 7:19 ambefore market open | Jun 30, 2025 | $2.1B+17% y/y | $0.78+105% y/y |
| Apr 24, 2025 Thu | 7:13 ambefore market open | Mar 31, 2025 | $2.1B+25% y/y | $0.68+70% y/y |
| Jan 29, 2025 Wed | 7:12 ambefore market open | Dec 31, 2024 | ≈$2.0B+23% y/y | ≈$0.62+88% y/y |
| Oct 24, 2024 Thu | 7:13 ambefore market open | Sep 30, 2024 | $1.9B+31% y/y | $0.53−12% y/y |
| Jul 25, 2024 Thu | 7:18 ambefore market open | Jun 30, 2024 | $1.8B+25% y/y | $0.38−30% y/y |
| Apr 25, 2024 Thu | 7:18 ambefore market open | Mar 31, 2024 | $1.7B+9% y/y | $0.40−34% y/y |
| Jan 31, 2024 Wed | 7:14 ambefore market open | Dec 31, 2023 | ≈$1.6B+4% y/y | ≈$0.33−33% y/y |
| Oct 18, 2023 Wed | 7:18 ambefore market open | Sep 30, 2023 | $1.5B−7% y/y | $0.60+2% y/y |
| Jul 19, 2023 Wed | 7:18 ambefore market open | Jun 30, 2023 | $1.4B−8% y/y | $0.54−13% y/y |
| Apr 19, 2023 Wed | 7:31 ambefore market open | Mar 31, 2023 | $1.5B−0% y/y | $0.61+7% y/y |
| Jan 25, 2023 Wed | 7:16 ambefore market open | Dec 31, 2022 | ≈$1.6B+8% y/y | ≈$0.49−4% y/y |
| Oct 19, 2022 Wed | 7:16 ambefore market open | Sep 30, 2022 | $1.6B+15% y/y | $0.59+5% y/y |
| Jul 20, 2022 Wed | 7:31 ambefore market open | Jun 30, 2022 | $1.6B+10% y/y | $0.62−9% y/y |
| Apr 20, 2022 Wed | 7:44 ambefore market open | Mar 31, 2022 | $1.5B−7% y/y | $0.57−3% y/y |
| Jan 26, 2022 Wed | 7:22 ambefore market open | Dec 31, 2021 | ≈$1.5B+0% y/y | ≈$0.51+16% y/y |
| Oct 20, 2021 Wed | 7:22 ambefore market open | Sep 30, 2021 | $1.4B−4% y/y | $0.56+6% y/y |
| Jul 21, 2021 Wed | 7:32 ambefore market open | Jun 30, 2021 | $1.4B+1% y/y | $0.68+42% y/y |
| Apr 21, 2021 Wed | 7:15 ambefore market open | Mar 31, 2021 | $1.7B+22% y/y | $0.59+44% y/y |
| Jan 12, 2021 Tue | 5:13 pmafter market close | Dec 31, 2020 | ≈$1.5B+38% y/y | ≈$0.44+10% y/y |
| Oct 21, 2020 Wed | 7:21 ambefore market open | Sep 30, 2020 | $1.4B+29% y/y | $0.53+77% y/y |
| Jul 22, 2020 Wed | 7:25 ambefore market open | Jun 30, 2020 | $1.4B+32% y/y | $0.48+37% y/y |
| Apr 22, 2020 Wed | 7:18 ambefore market open | Mar 31, 2020 | $1.4B+30% y/y | $0.41−16% y/y |
| Jan 29, 2020 Wed | 7:14 ambefore market open | Dec 31, 2019 | ≈$1.1B−7% y/y | ≈$0.40 |
| Oct 23, 2019 Wed | 7:52 ambefore market open | Sep 30, 2019 | $1.1B+14% y/y | $0.30−6% y/y |
| Jul 24, 2019 Wed | 7:18 ambefore market open | Jun 30, 2019 | $1.1B+3% y/y | $0.35+9% y/y |
| Apr 24, 2019 Wed | 7:07 ambefore market open | Mar 31, 2019 | $1.0B−10% y/y | $0.49+40% y/y |
| Jan 30, 2019 Wed | 7:05 ambefore market open | Dec 31, 2018 | ≈$1.1B+11% y/y | ≈−$0.09 |
| Oct 24, 2018 Wed | 7:08 ambefore market open | Sep 30, 2018 | $964M−0% y/y | $0.32−3% y/y |
| Jul 25, 2018 Wed | 7:04 ambefore market open | Jun 30, 2018 | $1.0B+3% y/y | $0.32+10% y/y |
| Apr 25, 2018 Wed | 6:56 ambefore market open | Mar 31, 2018 | $1.2B+19% y/y | $0.35+6% y/y |
| Jan 31, 2018 Wed | 7:18 ambefore market open | Dec 31, 2017 | ≈$1.0B+5% y/y | ≈$0.48 |
| Oct 25, 2017 Wed | 7:03 ambefore market open | Sep 30, 2017 | $965M+4% y/y | $0.33+27% y/y |
| Jul 26, 2017 Wed | 7:26 ambefore market open | Jun 30, 2017 | $994M+11% y/y | $0.29+107% y/y |
| Apr 26, 2017 Wed | 6:43 ambefore market open | Mar 31, 2017 | $969M+7% y/y | $0.33+27% y/y |
| Jan 31, 2017 Tue | 7:10 ambefore market open | Dec 31, 2016 | ≈$972M+12% y/y | ≈−$0.45 |
| Oct 26, 2016 Wed | 7:07 ambefore market open | Sep 30, 2016 | $929M+7% y/y | $0.26−4% y/y |
| Jul 27, 2016 Wed | 7:10 ambefore market open | Jun 30, 2016 | $897M+11% y/y | $0.14−46% y/y |
| Apr 27, 2016 Wed | 7:10 ambefore market open | Mar 31, 2016 | $905M+5% y/y | $0.26 |
| Jan 28, 2016 Thu | 7:16 ambefore market open | Dec 31, 2015 | ≈$865M−6% y/y | ≈$0.29+71% y/y |
| Oct 22, 2015 Thu | 7:11 ambefore market open | Sep 30, 2015 | $871M+6% y/y | $0.27+13% y/y |
| Jul 23, 2015 Thu | 7:06 ambefore market open | Jun 30, 2015 | $807M−7% y/y | $0.26+30% y/y |
| Apr 23, 2015 Thu | 7:08 ambefore market open | Mar 31, 2015 | $858M−4% y/y | $0.02−90% y/y |
| Jan 29, 2015 Thu | 7:18 ambefore market open | Dec 31, 2014 | ≈$920M+8% y/y | ≈$0.17−37% y/y |
| Oct 24, 2014 Fri | 7:35 ambefore market open | Sep 30, 2014 | $818M+2% y/y | $0.24+9% y/y |
| Jul 24, 2014 Thu | 7:20 ambefore market open | Jun 30, 2014 | $865M+6% y/y | $0.20+18% y/y |
| Apr 24, 2014 Thu | 7:12 ambefore market open | Mar 31, 2014 | $898M+21% y/y | $0.20+150% y/y |
| Feb 5, 2014 Wed | 7:19 ambefore market open | Dec 31, 2013 | ≈$849M+12% y/y | ≈$0.27+59% y/y |
| Oct 23, 2013 Wed | 7:22 ambefore market open | Sep 30, 2013 | $805M+8% y/y | $0.22+29% y/y |
| Jul 24, 2013 Wed | 7:50 ambefore market open | Jun 30, 2013 | $814M−0% y/y | $0.17−6% y/y |
| Apr 24, 2013 Wed | 7:30 ambefore market open | Mar 31, 2013 | $744M−7% y/y | $0.08−50% y/y |
| Jan 31, 2013 Thu | 7:11 ambefore market open | Dec 31, 2012 | ≈$755M−10% y/y | ≈$0.17+13% y/y |
| Oct 24, 2012 Wed | 7:11 ambefore market open | Sep 30, 2012 | $746M−21% y/y | $0.17−15% y/y |
| Jul 25, 2012 Wed | 7:12 ambefore market open | Jun 30, 2012 | $815M−3% y/y | $0.18+6% y/y |
| Apr 25, 2012 Wed | 7:10 ambefore market open | Mar 31, 2012 | $804M−1% y/y | $0.16−16% y/y |
| Feb 1, 2012 Wed | 7:24 ambefore market open | Dec 31, 2011 | ≈$843M | ≈$0.15 |
| Oct 26, 2011 Wed | 7:10 ambefore market open | Sep 30, 2011 | $944M | $0.20 |
| Jul 27, 2011 Wed | 7:18 ambefore market open | Jun 30, 2011 | $837M | $0.17 |
| Apr 20, 2011 Wed | 7:15 ambefore market open | Mar 31, 2011 | $815M | $0.19 |
Show all 62 reports since 2011Show fewer
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Companies that file the 8-K late in the evening publish the release the next morning: the date is that morning, before market open, and the evening filing time is not shown. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Nasdaq-100: 15-year financials
| 2025 | 8,262 | 2,331 | 1,788 | 1,989 | 601 |
| 2024 | 7,400 | 1,798 | 1,117 | 1,732 | 541 |
| 2023 | 6,064 | 1,578 | 1,059 | 1,538 | 441 |
| 2022 | 6,226 | 1,564 | 1,125 | 1,554 | 383 |
| 2021 | 5,886 | 1,441 | 1,187 | 920 | 350 |
| 2020 | 5,625 | 1,234 | 933 | 1,064 | 320 |
| 2019 | 4,258 | 1,017 | 774 | 836 | 305 |
| 2018 | 4,277 | 1,028 | 458 | 917 | 280 |
| 2017 | 3,948 | 991 | 729 | 765 | 243 |
| 2016 | 3,704 | 836 | 106 | 642 | 200 |
| 2015 | 3,403 | 720 | 428 | 594 | 149 |
| 2014 | 3,500 | 754 | 414 | 492 | 98 |
| 2013 | 3,211 | 688 | 385 | 459 | 87 |
| 2012 | 3,120 | 690 | 352 | 507 | 65 |
| 2011 | 3,438 | 696 | 387 | 581 | — |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP)*.
How we calculate
Figures are annual report lines; if a year was later restated (discontinued operations, mergers), we use the latest filing that shows it. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing. The table starts in 2011; where the listed issuer changed (holding reorganization, redomicile), earlier years come from the predecessor’s filings.
Shareholders’ equity at Jun 30, 2026: $12.0B (44% of total assets). Compare with other S&P 500 companies →
Included in screener lists: S&P 500 companies that paid dividends 10 years without a gap · Piotroski F-score: S&P 500 companies scoring 8 or 9
Nasdaq-100 (NDAQ) earnings: FAQ
How does Nasdaq-100 make money?
Nasdaq-100 brought in $2.53 billion of revenue in Q2 2026, up 20.5% year over year. The largest source was Market Services: $1.37 billion, or 54% of the total, followed by Capital Access Platforms ($621M, 25%) and Financial Technology ($539M, 21%). Net income for the quarter was $507 million, up 12.2% year over year.
When is NDAQ's next earnings date?
We have not yet seen an announcement of the date from Nasdaq-100 (NDAQ). Based on last year's report on Oct 21, 2025, the next report is expected around Oct 20, 2026.
What time does NDAQ report earnings?
Nasdaq-100 usually reports before market open: its latest results release was filed with the SEC at 7:24 am ET on Jul 23, 2026.
When did NDAQ last report earnings?
Nasdaq-100 reported Q2 2026 results on Jul 23, 2026.
Where can I find Nasdaq-100's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to NDAQ's filings; this page breaks the latest report down in a Sankey chart.
What was NDAQ's net income in Q2 2026?
Nasdaq-100 reported net income of $507M for Q2 2026 (+12.2% year over year), under US GAAP.
Does Nasdaq-100 pay dividends?
Yes. In 2025, Nasdaq-100 paid $601M in dividends on its common stock, per its 10-K. Earlier years are in the 15-year table above.
How has Nasdaq-100's revenue changed since 2011?
Per its 10-K filings, revenue grew 2.4x: $3,438M in 2011 and $8,262M in 2025. The latest year is the highest in the table. Year-by-year figures are in the table above.
New to earnings reports? Start with how to read an earnings report.
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