Nasdaq, Inc. · NASDAQ:NDAQ
Nasdaq — Q1 2026 Earnings Presentation
29 slides from Nasdaq's earnings presentation, Apr 23, 2026
Slide 1: Nasdaq 1Q26 Quarterly Update
Nasdaq 1Q26 Quarterly Update April 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 which was
Slide 4: Pillars of Strategy Recent Accomplishments
Pillars of Strategy Recent Accomplishments Liquidity ◦ Nasdaq Market Services generated record net revenues in the first quarter with record market volumes in U.S. equities and U.S. Enhance liquidity by modernizing markets options. with innovative technology ◦ Nasdaq's index options revenue more tha
Slide 5: Strategic Update
Strategic Update “Nasdaq delivered one of the strongest starts to the year in our company’s history with broad-based growth across all three divisions. Our clients are increasingly turning to Nasdaq as a trusted transformation partner to modernize their core infrastructure, manage risk and increasin
Slide 6: Nasdaq is delivering on its growth strategies
Nasdaq is delivering on its growth strategies Total ($) Year over year Year over year organic change (%) change (%) 1Q26 Net Revenue $1,407M +14% +13% Solutions Revenue $1,082M +14% +14% Non-GAAP Operating Income $799M +17% +17% Non-GAAP Operating Margin 57% +2 ppt +2 ppt Non-GAAP Diluted Earnings P
Slide 7: Capital Access Platforms - Operational Highlights
Capital Access Platforms - Operational Highlights • Nasdaq welcomed 15 new eligible operating companies raising over $5 billion in proceeds during the quarter, +$215B 54% including 7 of the top 10 IPOs. Nasdaq achieved a 71% listings win rate in the quarter. YoY 1Q26 increase in of total operating •
Slide 8: Financial Technology - Operational Highlights
Financial Technology - Operational Highlights 1Q26 • Nasdaq delivered record Financial Technology organic revenue growth FinTech cross sells +1 of 18% in the quarter, driven by sustained global demand for its mission- critical technologies. The division is executing on the One Nasdaq strategy, signi
Slide 9: Market Services - Operational Highlights
Market Services - Operational Highlights • Market Services delivered record quarterly net revenue, reflecting leadership across U.S. cash equities and U.S. 30% #1 74% equity derivatives. #1 market share in single venue of liquidity #1 market share in • U.S. cash equities and equity derivatives achie
Slide 10: Financial Performance
Financial Performance “Nasdaq delivered exceptional first quarter performance with double-digit growth across our three divisions and particular strength in Financial Technology. The mission critical nature of our solutions combined with our execution excellence is helping Nasdaq deliver operating l
Slide 11: 1Q26 Consolidated Financial Performance
1Q26 Consolidated Financial Performance Organic growth: Non-GAAP Financial Results Capital Access Platforms revenue growth +10% (US$ millions, except per share) 1Q26 1Q25 %Δ % Δ organic Net Revenue $1,407 $1,237 14% 13% Data & Listings revenue growth +9% Solutions Revenues1 $1,082 $947 14% 14% Index
Slide 12: Net Revenue Bridge 1Q25 to 1Q26
Net Revenue Bridge 1Q25 to 1Q26 +13% 1 YoY organic growth $1.4B $1.2B 3.0% +6.0% -2.0% +6.5% -1.0% +1.0% +10% Alpha growth 1 2 1Q25 Non-GAAP Macro/Beta Existing clients Churn New clients, cross- Market Share, FX & other 1Q26 Non-GAAP Revenue increases sell & other capture & volatility Revenue innova
Slide 13: Recurring Revenue KPIs Reflect Solid Growth
Recurring Revenue KPIs Reflect Solid Growth Annualized Recurring Revenue (US$ millions) Annualized SaaS Revenue (US$ millions) ic grow th g rowth r g a n +12% YoY o r g an i c +16% Y o Y o $3,188 $1,202 $1,132 $1,149 $3,007 $3,051 $1,061 $1,098 $2,931 $2,831 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4
Slide 14: Capital Access Platforms - Financial Performance
Capital Access Platforms - Financial Performance (US$ in millions) 1Q26 1Q25 % Δ organic $79B in net inflows to Index ETP AUM in Data and Listing Services Index Workflow and Insights $214 $220 $131 $192 $193 $123 9% 14% 6% the last twelve months Total Revenue $565 $508 10% Operating Income2 $349 $30
Slide 15: Financial Technology - Financial Performance
Financial Technology - Financial Performance (US$ in millions) 1Q26 1Q25 % Δ organic +18% +16% +21% Financial Crime Mgmt Technology $93 $77 21% Regulatory Technology $118 $101 12% Organic YoY YoY ARR Annualized SaaS Capital Markets Technology $306 $254 20% revenue growth growth revenue growth Total
Slide 16: Market Services - Financial Performance
Market Services - Financial Performance (US$ millions) 1Q26 1Q25 % Δ organic U.S. equity derivatives $120 $108 11% Record 1Q26 revenue $317M U.S. cash equities European cash equities $103 $35 $93 $28 11% 12% U.S. tape plans $33 $33 1% Other revenue1 $26 $19 15% Total net revenue $317 $281 10% Record
Slide 17: Supporting Growth with Appropriate Resources
Supporting Growth with Appropriate Resources 1Q26 non-GAAP operating expense $555 +8% $608 vs. organic 2026 Non-GAAP Operating Expense Guidance 1,2 +13% $2.485B-$2.545B organic net revenue growth Updating the range from $2.455B-$2.535B 1Q25 1Q26 1Q26 non-GAAP organic operating margin 55% +2 ppt 57%
Slide 18: Continued deleveraging with 2.8x gross leverage at the end of 1Q26
Continued deleveraging with 2.8x gross leverage at the end of 1Q26 Gross Leverage Ratio Bridge 2.9x 2.8x (0.02)x (0.12)x 4Q25 leverage ratio Change in Euro rate and EBITDA Δ 1Q26 leverage ratio 1 amortization of debt issuance costs (US$ millions) Beg-of-period End-of-period Gross debt $9,004 $(47) $
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: 1Q26
Total Variance Impacts: 1Q26 Divestitures/Acquisition Non-GAAP Total Variance FX Impact Organic Impact impact (US$ millions, except per share data) 1Q26 1Q25 $M % $M % $M % $M % Data and Listing Services $ 214 $ 192 $ 22 11% $ — —% $ 6 3% $ 16 9% Index 220 193 27 14% — —% — —% 27 14% Workflow and In
Slide 22: ARR Summary
ARR Summary ARR Trends (US$ in millions) 1Q26 4Q25 3Q25 2Q25 1Q25 Data and Listing Services $777 $764 $743 $726 $701 Workflow and Insights1 504 495 491 480 472 Index 85 81 81 80 79 Capital Access Platforms1 1,366 1,340 1,315 1,286 1,252 Financial Crime Technology Management 344 329 316 308 295 Regul
Slide 23: Non-GAAP Operating Income and Margin
Non-GAAP Operating Income and Margin mn (US$ in millions) 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1 2025 2024 2023 2022 2021 Capital Access Platforms Net revenue $565 $572 $538 $520 $508 $504 $494 $474 $2,137 $1,945 $1,744 $1,658 $1,547 Expenses 216 234 214 213 202 212 203 202 863 808 771 740 699 Op
Slide 24: Debt Overview
Debt Overview Well-Laddered Debt Maturities $8.4B Net Debt 1,300 (US$ millions) 3/31/2026 12/31/2025 Maturity Date 1,200 3.85% Notes $431 $431 Jun 2026 1,100 5.35% Notes $794 $793 Jun 2028 1,000 1.75% Euro Notes $691 $702 Mar 2029 900 0.875% Euro Notes $690 $702 Feb 2030 1.65% Notes $646 $646 Jan 20
Slide 25: Historical Cash Flow / Uses of Cash Flow
Historical Cash Flow / Uses of Cash Flow Free Cash Flow Calculations 2023-2026 LTM2 1Q26 2025 2024 2023 YTD (US$ in millions) Cash flow from operations $2,281 $689 $2,255 $1,939 $1,696 $6,579 Capital expenditure (277) (60) (266) (207) (158) (691) Cash flow from operations less capital expenditures $
Slide 26: Non-GAAP Solutions Organic Revenue Growth
Non-GAAP Solutions Organic Revenue Growth Current Prior year Solutions Total variance Organic impact Other impact1 period period (US$ in Millions) $ $ $ % $ % $ % 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% 95 10% 2 —% 2Q25 991 901 90 10% 86 10% 4 —%
Slide 27: Market Services Additional Detail
Market Services Additional Detail (US$ in millions) 1Q26 4Q25 3Q25 2Q25 1Q25 U.S. Equity Derivatives Trading $120 $117 $124 $114 $108 U.S. Cash Equity Trading 103 105 99 105 93 European Cash Equity Trading 35 29 28 30 28 U.S. Tape Plans 33 36 33 37 33 Other1 26 24 19 20 19 Market Services net revenu
Slide 28: Market Services Organic Revenue Growth
Market Services Organic Revenue Growth Market Services Segment Total variance Organic impact Other impact1 Current Prior year (US$ in millions) $ % $ % $ % period period 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% 2Q25 306 250 56 22% 52 21% 4 2% 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