Slide 1: Nasdaq 2Q26 Quarterly Update
Nasdaq 2Q26 Quarterly Update July 23, 2026
Slide 2: Disclaimers
Disclaimers Cautionary Note Regarding Forward-Looking Statements Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and
Slide 3: Explanatory Notes
Explanatory Notes • All net revenue figures represent revenue less transaction-based expenses for periods shown. • Solutions revenue and ARR constitutes revenue and ARR from our Capital Access Platforms and Financial Technology segments as well as revenue and ARR from our Solovis business for the pr
Slide 4: Pillars of Strategy Recent Accomplishments
Pillars of Strategy Recent Accomplishments Liquidity ◦ Nasdaq Market Services generated record net revenues. Enhance liquidity by modernizing markets ◦ Nasdaq's index options revenue more than doubled in the quarter with innovative technology for the fourth consecutive quarter. ◦ In the second quart
Slide 5: Strategic Update
Strategic Update “Nasdaq delivered an outstanding second quarter, defined by new records and milestones. We delivered double-digit growth across all three divisions, surpassed $1 trillion in Index ETP AUM, and listed SpaceX, the largest IPO in exchange history. As the forces reshaping global finance
Slide 6: Nasdaq is delivering on its growth strategies
Nasdaq is delivering on its growth strategies Year over year Year over year Year over year Total ($) change (%) adjusted change (%) organic change (%) 2Q26 Net Revenue $1,500M +15% +15% +16% Solutions Revenue $1,160M +17% +17% +17% Non-GAAP Operating Expenses $641M +10% +10% +10% Non-GAAP Operating
Slide 7: Capital Access Platforms - Operational Highlights
Capital Access Platforms - Operational Highlights • Nasdaq welcomed 7 of the top 10 largest operating company IPOs this quarter, including the largest IPO in history, SpaceX, which +$351B 92% raised $86 billion in proceeds. In the quarter, Nasdaq achieved a 74% win rate.2 • Nasdaq delivered a 34% ye
Slide 8: Financial Technology - Operational Highlights
Financial Technology - Operational Highlights 2Q26 • Financial Technology delivered double-digit revenue growth in each FinTech cross sells +7 subdivision for the second straight quarter, driven by sustained global demand for its mission-critical technologies. The division is executing on the One Na
Slide 9: Market Services - Operational Highlights
Market Services - Operational Highlights • Market Services delivered record quarterly net revenue, reflecting leadership across U.S. cash equities and U.S. 29% #1 75% equity derivatives. #1 market share in single venue of liquidity #1 market share in • U.S. cash equities delivered strong capture as
Slide 10: Financial Performance
Financial Performance “Nasdaq's second quarter results mark another quarter of excellent Solutions revenue growth, expanding operating margins, strong EPS growth, and robust cash flow generation. Nasdaq’s durable business model and consistent execution support our disciplined capital allocation stra
Slide 11: 2Q26 Consolidated Financial Performance
2Q26 Consolidated Financial Performance Non-GAAP Financial Results Capital Access Platforms adjusted revenue growth +18% (US$ millions, except per share) 2Q26 2Q25 %Δ %Δ %Δ adjusted organic Data & Listings revenue growth +9% Net Revenue $1,500 $1,306 15% 15% 16% Solutions Revenues1 $1,160 $991 17% 1
Slide 12: Net Revenue Bridge 2Q25 to 2Q26
Net Revenue Bridge 2Q25 to 2Q26 +15% YoY organic growth $1.5B $1.3B +4.0% +7.5% -2.0% +5.5% —% —% +11.0% Alpha growth 1 2Q25 Non-GAAP Macro/Beta Existing clients Churn New clients, cross- Market Share, FX & other 2Q26 Non-GAAP Revenue increases sell & other capture & volatility Revenue innovation pe
Slide 13: Recurring Revenue KPIs Reflect Solid Growth
Recurring Revenue KPIs Reflect Solid Growth Annualized Recurring Revenue (US$ millions) Annualized SaaS Revenue (US$ millions) rowth r g an ic g ro wth g +12% YoY o r g an i c +15% YoY o $1,202 $1,228 $1,132 $1,149 $1,098 $3,188 $3,258 $3,007 $3,051 $2,931 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q2
Slide 14: Capital Access Platforms - Financial Performance
Capital Access Platforms - Financial Performance (US$ in millions) 2Q26 2Q25 % Δ adjusted % Δ organic $109B in net inflows to Index ETP AUM in Data and Listing Services Index Workflow and Insights $217 $271 $133 $198 $196 $126 9% 35% 5% 9% 38% 5% the last twelve months Total Revenue $621 $520 18% 19
Slide 15: Financial Technology - Financial Performance
Financial Technology - Financial Performance (US$ in millions) 2Q26 2Q25 % Δ organic +15% +16% +20% Financial Crime Mgmt Technology $98 $81 22% Regulatory Technology $120 $104 13% Organic YoY YoY ARR Annualized SaaS Capital Markets Technology $321 $279 14% revenue growth growth revenue growth Total
Slide 16: Market Services - Financial Performance
Market Services - Financial Performance Record 2Q26 revenue $340M (US$ millions) U.S. equity derivatives 2Q26 $123 2Q25 $114 % Δ organic 8% U.S. cash equities $128 $105 21% European cash equities $32 $30 6% Record U.S. equity U.S. tape plans $33 $37 (11)% options matched average daily 19.3M Other re
Slide 17: Supporting Growth with Appropriate Resources
Supporting Growth with Appropriate Resources 2Q26 non-GAAP operating expense $585 +10% $641 vs. organic 2026 Non-GAAP Operating Expense Guidance 1 +15% $2.530B-$2.570B adjusted net revenue growth Updating the range from $2.485B-$2.545B 2Q25 2Q26 2Q26 non-GAAP organic operating margin 55% +2 ppt 57%
Slide 18: Continued deleveraging with 2.6x gross leverage at the end of 2Q26
Continued deleveraging with 2.6x gross leverage at the end of 2Q26 Gross Leverage Ratio Bridge 2.8x 2.6x -0.05x -0.01x -0.12x 1Q26 leverage ratio Net repayment of debt Change in Euro rate and EBITDA Δ 2Q26 leverage ratio amortization of debt 1 issuance costs (US$ millions) Beg-of-period End-of-perio
Slide 19: Appendix
Appendix
Slide 20: Medium-Term Outlook
Medium-Term Outlook1 Medium-Term Growth Outlook2 Data and Listing Services Low-to-mid single digits Workflow and Insights Mid-to-high single digits Index High single/mid teens Capital Access Platforms 6-10% Fin Crime Mgmt Technology Mid 20s Regulatory Technology High single/low double digits Capital
Slide 21: Total Variance Impacts: 2Q26
Total Variance Impacts: 2Q26 FX/Divestitures/ Non-GAAP Total Variance Organic Variance1 Adjustment Adjusted Variance1 Acquisition impact (US$ millions, except per share data) 2Q26 2Q25 $M % $M % $M % $M $M % Data and Listing Services $ 217 $ 198 $ 19 10% $ 1 —% $ 18 9% $ — $ 18 9% Index 271 196 75 3
Slide 22: ARR Summary
ARR Summary ARR Trends (US$ in millions) 2Q26 1Q26 4Q25 3Q25 2Q25 Data and Listing Services $791 $777 $764 $743 $726 Workflow and Insights1 510 504 495 491 480 Index 87 85 81 81 80 Capital Access Platforms1 1,388 1,366 1,340 1,315 1,286 Financial Crime Technology Management 359 344 329 316 308 Regul
Slide 23: Non-GAAP Operating Income and Margin
Non-GAAP Operating Income and Margin mn (US$ in millions) 2Q26 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 1 2025 2024 2023 2022 2021 Capital Access Platforms Net revenue $621 $565 $572 $538 $520 $508 $504 $494 $2,137 $1,945 $1,744 $1,658 $1,547 Expenses 227 216 234 214 213 202 212 203 863 808 771 740 699 Op
Slide 24: Debt Overview
Debt Overview Well-Laddered Debt Maturities $8.2B Net Debt 1,300 (US$ millions) 6/30/2026 3/31/2026 Maturity Date 1,200 Commercial paper $269 $— NA 1,100 3.85% Notes $— $431 Jun 2026 1,000 5.35% Notes $794 $794 Jun 2028 900 1.75% Euro Notes $683 $691 Mar 2029 800 0.875% Euro Notes $683 $690 Feb 2030
Slide 25: Historical Cash Flow / Uses of Cash Flow
Historical Cash Flow / Uses of Cash Flow Free Cash Flow Calculations LTM2 2026 YTD 2Q26 2025 2024 2023 2023-2026 YTD (US$ in millions) Cash flow from operations $2,246 $1,400 $711 $2,255 $1,939 $1,696 $7,290 Capital expenditure (295) (137) (77) (266) (207) (158) (768) Cash flow from operations less
Slide 26: Non-GAAP Solutions Organic Revenue Growth
Non-GAAP Solutions Organic Revenue Growth Current Prior year Solutions Total variance Organic impact1 Other impact2 period period (US$ in Millions) $ $ $ % $ % $ % 2Q26 1 1,160 991 169 17% 170 17% (1) (1%) 1Q26 1,082 947 135 14% 129 14% 6 1% 4Q25 1,071 949 122 13% 117 12% 5 —% 3Q25 1,003 906 97 11%
Slide 27: Market Services Additional Detail
Market Services Additional Detail (US$ in millions) 2Q26 1Q26 4Q25 3Q25 2Q25 U.S. Equity Derivatives Trading $123 $120 $117 $124 $114 U.S. Cash Equity Trading 128 103 105 99 105 European Cash Equity Trading 32 35 29 28 30 U.S. Tape Plans 33 33 36 33 37 Other1 24 26 24 19 20 Market Services net reven
Slide 28: Market Services Organic Revenue Growth
Market Services Organic Revenue Growth Market Services Segment Total variance Organic impact Other impact1 Current Prior year (US$ in millions) $ % $ % $ % period period 2Q26 340 306 34 11% 33 11% 1 —% 1Q26 317 281 36 13% 29 10% 7 3% 4Q25 311 268 43 16% 37 14% 6 2% 3Q25 303 266 37 14% 33 13% 4 1% 20
Slide 29: For Additional Investor Relations Information
For Additional Investor Relations Information Investor Relations Website: http://ir.nasdaq.com Investor Relations Contact: Ato Garrett Senior Vice President, Investor Relations ato.garrett@nasdaq.com 29