NEW YORK, July 23, 2026, 13:21 EDT — U.S. trading commences.
- Adjusted earnings came in at $1.07 per share, surpassing the consensus estimate of 98 cents. Net revenue was $1.50 billion, above the expected $1.44 billion.
- Index and Financial Technology both increased by $75 million compared with the previous year, jointly accounting for 77% of the net-revenue increase.
- Shares were up 1.1% to $91.87 as of 13:05 EDT, after opening with a 2.8% gain.
In the second quarter, index products accounted for 39% of Nasdaq Inc.’s net revenue growth while representing only 18% of total net revenue. Financial Technology also added $75 million to the quarterly net revenue increase, matching the contribution from index products.
The key point for investors is the makeup of revenue. Solutions generated $1.16 billion, accounting for 77% of total net revenue. This outcome was driven primarily by index licensing and software, rather than by direct IPO fees.
Company data detail the components of the $194 million rise.
| Revenue driver | Q2 2026 | YoY dollar change | Share of growth |
|---|---|---|---|
| Index | $271 million | +$75 million | 38.7% |
| Financial Technology | $539 million | +$75 million | 38.7% |
| Market Services, net | $340 million | +$34 million | 17.5% |
| Data, listings, workflow and other | $350 million | +$10 million | 5.2% |
| Total net revenue | $1.50 billion | +$194 million | 100.0% |
Index revenue rose by 38% to $271 million. Excluding a one-off contract gain, adjusted growth was 35%. Assets in index-linked ETPs were $1.114 trillion at period end. Inflows for the second quarter were $51 billion.
Financial Technology revenue increased by 16% to $539 million. Organic annualized recurring revenue climbed 16% as well. The division gained 58 new clients, completed 107 upsells, and executed seven cross-sells.
Net revenue from Market Services rose by 11% to $340 million. SpaceX NASDAQ:SPCX saw over 500 million shares change hands during its initial trading session. The IPO delivered minimal direct fee revenue. Economic impact was greater from trading and associated services.
The group reported a 15% increase in net revenue, with non-GAAP expenses up 10%. The adjusted operating margin expanded to 57% from 55%. Adjusted earnings per share rose 25%.
The $1.07 earnings surpassed the consensus estimate by nine cents. Net revenue topped the Zacks poll by roughly $60 million, or 4%.
Chief Executive Adena Friedman stated, “We delivered double-digit growth across all three divisions.” She also highlighted reaching the initial $1 trillion milestone for index-linked assets. Nasdaq, Inc.
The stock started trading at $93.43, rising 2.8% from the previous day’s close. Shares were later at $91.87, up 1.1%. Around 13:00 EDT, the Nasdaq Composite index had lost roughly 2.1%.
Nasdaq lifted its 2026 non-GAAP expense forecast to $2.53 billion-$2.57 billion, with the midpoint up $35 million from the guidance provided after the first quarter.
Operating cash flow reached $711 million. Dividends and share repurchases used up $530 million, accounting for 75% of that amount. The number of diluted shares declined by 1.9%, allowing EPS growth to surpass the increase in adjusted net income.
Risks persist. Increased costs reduce flexibility should index inflows or trading activity decline. The emergence of new perpetual-futures platforms could add pressure to exchange volumes, though CFO Sarah Youngwood noted that wider approvals for equity-linked products would jeopardize under 1% of revenue.
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