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NDAQ · Q2 2026
Archived report (Q2 2026). Latest deep dive →
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).
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
Revenues less transaction-based expenses
$1,500M
up 14.9% y/y
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.
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Chart: “NDAQ Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/ndaq/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/ndaq/q2-2026"><img src="https://whoreportstoday.com/t/ndaq/q2-2026/sankey.png" alt="NDAQ Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/ndaq/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/ndaq/q2-2026">NDAQ Q2 2026 earnings chart (Who Reports Today)</a>
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- 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.
NDAQ — Nasdaq operates stock and options exchanges, provides listings, market data and indexes, and sells financial technology for crime prevention, regulation and capital markets.
Headquarters: New York, New York.
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