Nasdaq 2Q26
Quarterly Update
July 23, 2026
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 prior year, which was sold in October 2025. Solovis revenues, and ARR, were previously included in our Capital Access Platforms segment, and have been reclassified into "Other" for all prior periods presented.
Adjusted and Organic change is calculated by removing the impacts of changes in foreign exchange rates, an acquisition and divestitures. Adjusted change also excludes a one-time revenue benefit in our Index business in 2Q26.
Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this presentation isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Organic operating results exclude the impact of foreign currency fluctuations by translating the current period's results by the prior period's exchange rates.
Free Cash Flow Conversion Ratio: Free cash flow, or FCF, conversion ratio is calculated by dividing FCF by non-GAAP net income.
ARR for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ACV Boofiings for our Financial Technology segment excluding Financial Crime Management Technology refers to the maximum annualized committed contract value at the time of signature, excluding one-time fees and not accounting for initial discounts. For Financial Crime Management Technology, ACV bookings is calculated by averaging the total contract value over the contract term, including fixed increases. ARR and ACV are supplemental metrics to help evaluate the performance of the business. These measures are not a replacement for, and should be viewed independently of, U.S. GAAP revenue and deferred revenue as they are performance metrics, and are not intended to be combined with any of these items. ARR and ACV are not a forecast, and the active contracts at the end of a reporting period used in calculating these measures may or may not be extended or renewed by our customers. There is no U.S. GAAP measure comparable to ARR or ACV. As these metrics do not have any standardized definition they may not be comparable to similarly titled measures presented by other companies and should be viewed independently of revenue and deferred revenue and are not intended to be combined with or to replace either of those items.
References to Boofiings for eVestment within Capital Access Platforms is calculated as the current year contract value.
Reconciliations of organic and adjusted changes can be found in the appendix to this presentation. Certain percentages and per share amounts herein may not sum or recalculate due to rounding.
3
Pillars of Strategy Recent Accomplishments Liquidity
Enhance liquidity by modernizing markets with innovative technology
Nasdaq Market Services generated record net revenues.
Nasdaq's index options revenue more than doubled in the quarter for the fourth consecutive quarter.
Provide access and transparency to capital markets to enable economic growth and empower informed investment and capital markets decision-making
In the second quarter, Nasdaq welcomed 7 of the 10 largest operating company IPOs, including SpaceX, the largest IPO in history.
Index average ETP AUM reached a record level of $1.014 trillion in the quarter, bolstered by record net inflows of $109 billion over the last twelve months, including $51 billion in the second quarter.
Ensure and enhance the integrity of the world's financial system through regulatory compliance and financial crime management technology solutions
Nasdaq Verafin signed 47 small-and-medium banfi (SMB) clients and 6 Enterprise deals, including 2 cross-sells, in the second quarter.
Regulatory Technology delivered 9 new clients, including 2 cross-sells, and 63 upsells in the second quarter.
4
Strategic Update
"Nasdaq delivered an outstanding second quarter, defined by new records and milestones. We delivered double-digit growth across all three divisions, surpassed $1 trillion in Index ETP AUM, and listed SpaceX, the largest IPO in exchange history.
As the forces reshaping global finance accelerate, from AI and market modernization to the increasingly complex regulatory and risk environment, Nasdaq's role as our clients' trusted transformation partner positions us for sustained leadership. We are confident in our ability to capture the opportunity ahead and deliver durable, longterm value for our clients and shareholders."
5
Nasdaq is delivering on its growth strategies
2Q26
Net Revenue Solutions Revenue
Non-GAAP Operating Expenses Non-GAAP Operating Income Non-GAAP Operating Margin
Non-GAAP Diluted Earnings Per Share
Total ($)
$1,500M
$1,160M
$641M
$859M 57%
$1.07
Year over year change (%)
+15%
+17%
+10%
+19%
+2 ppt
+25%
Year over year
Year over year
adjusted change (%)
organic change (%)
+15%
+16%
+17%
+17%
+10%
+10%
+19%
+20%
+2 ppt
+2 ppt
+25%
+26%
Annualized Recurring Revenues (ARR)
$3,258M
+11%
+12%
+12%
Annualized SaaS Revenues
$1,228M
+12%
+15%
+15%
Nasdaq delivered exceptional performance in 2Q26, with $1.5 billion in quarterly net revenue and $1.2 billion in Solutions revenue, reflecting strength across all three divisions.
Note: Adjusted and organic variances exclude the impact of changes in foreign currency, divestitures, and an acquisition. Adjusted variances also exclude a one-time revenue benefit in our Index business in 2Q26 6
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
YoY 2Q26 increase in average ETP AUM to a record $1.014T
of total operating company proceeds raised from 2Q26 IPOs
Nasdaq delivered a 34% year-over-year increase in the number of Data enterprise licenses, driven by growing adoption of AI and rising demand from digital-asset-native platforms.
Nasdaq achieved a record quarter of average ETP AUM linked to Nasdaq indices at $1.014 trillion, reflecting a record $109 billion of
Note:
Index ETP1 AUM Net Inflows (US$ billions)
$109
$51
$35
$17
$6
3Q25 4Q25 1Q26 2Q26 LTM
net inflows in the last twelve months period, including $51 billion in 2Q26.
Index launched 34 new products in the second quarter, including 17 international products and 11 products in the institutional annuity space.
Nasdaq announced agreements to sell Nasdaq Fund Secondaries to Nasdaq Private Market and to acquire Dasseti, an AI-powered due diligence platform for institutional asset managers and allocators across public and private markets.
Nasdaq launched the Data Link Model Context Protocol (MCP), which delivers our data with a frictionless client experience to power
- The sum of the quarters may not foot due to rounding
- ETP = Exchange-traded products
- Listings win rate includes eligible U.S. operating companies, direct listings, and SPAC business combinations.
agentic workflows.
7
Financial Technology - Operational Highlights
2Q26FinTech cross sells +7
Financial Technology delivered double-digit revenue growth in each subdivision for the second straight quarter, driven by sustained global demand for its mission-critical technologies. The division is executing on the One Nasdaq strategy, signing 58 new clients, 7 cross-sells, and
New FinTech clients
New Financial Crime Mgmt Tech clients New Surveillance clients
New Calypso clients
+58
+49
+9
+3
107 upsells in the quarter.
Nasdaq Verafin signed 47 new small-and-medium bank clients (SMBs) and 6 enterprise deals, including 2 cross-sells, in the quarter. Verafin announced the expansion of its Agentic AI Workforce, now used by 750 clients, starting with the launch of two new agentic workers in beta, the
New Market Technology clients +4
FinTech upsells +107
Agentic AML Analyst and Agentic Fraud Analyst.
Regulatory Technology benefited from the shift to always-on markets and infrastructure modernization, with the subdivision signing 9 new
Financial Crime Mgmt Tech enterprise upsells
AxiomSL upsells
Surveillance upsells Calypso upsells
Market Tech upsells
+2
+24
+39
+31
+11
clients, including 2 cross-sells, and 63 upsells in the quarter. Surveillance is driving adoption of AI-powered workflows with Calibration Copilot signing its first win with a Tier 1 client early in the third quarter.
Capital Markets Technology signed 7 new clients, including 3 cross-sells, and 42 upsells in the quarter. Calypso expanded its global presence to more than 70 countries, signing a deal with the Georgian Financial Markets Treasury Association (GFTMA) to modernize the country's treasury and financial markets infrastructure.
Note: FinTech division level new client total excludes cross-sells which count as new clients within subdivision totals 8
Market Services - Operational Highlights
29%
1 market share in multi-listed U.S.options
1single venue of liquidity for traded-listed U.S. cash equities
75%
1 market share in European cash equities markets1Market Services delivered record quarterly net revenue, reflecting leadership across U.S. cash equities and U.S. equity derivatives.
U.S. cash equities delivered strong capture as Nasdaq's Closing Cross achieved new records in notional value traded across the Russell reconstitution and the June Triple Witch.
Market Share by Asset Class2 (%) Revenue Capture by Asset Class4
U.S. equity options3Euro cash equities 1
U.S. equities - matched
U.S. equities on-exchange - matched
U.S. options U.S. equities Euro cash equities
71.9% 72.8% 73.9% 74.3% 74.5%
28.5% | 29.5% | 30.1% | 29.1% |
28.9% | 29.4% | 29.0% | 28.8% |
29.4%
27.8%
13.9% 14.1% 14.4% 15.1% 14.7%
2Q25 3Q25 4Q25 1Q26 2Q26
- European cash equities markets include cash equities exchanges of Sweden, Denmark, Finland, and Iceland
- Not to scale
- Reflects U.S. multi-listed options market share
$0.66 $0.62 $0.61 $0.56 $0.69
$0.12 $0.13 $0.13 $0.11 $0.12
$0.12 $0.12 $0.10 $0.10 $0.10 2Q25 3Q25 4Q25 1Q26 2Q26
- Not to scale. U.S. options reflects rate per contract, U.S. cash equities reflects revenue per 1,000 shares matched, and European cash equities reflects revenue per $1,000 traded in all European Equity Exchanges
9
Financial Performance
"Nasdaq's second quarter results mark another quarter of excellent Solutions revenue growth, expanding operating margins, strong EPS growth, and robust cash flow generation.
Nasdaq's durable business model and consistent execution support our disciplined capital allocation strategy that returns meaningful capital to shareholders through both dividends and share repurchases while investing in innovations that will sustain our long-term growth trajectory."
10
2Q26 Consolidated Financial Performance
Capital Access Platforms adjusted revenue growth
Data G Listings revenue growth Index adjusted revenue growth Workflow G Insights revenue growth
Financial Technology organic revenue growth
Financial Crime Mgmt Tech revenue growth Regulatory Technology revenue growth Capital Markets Technology revenue growth
Market Services organic revenue growth
+18%
+9%
+35%
+5%
+15%
+22%
+13%
+14%
+11%
Non-GAAP Financial Results(US$ millions, except per share) | 2Q26 | 2Q25 | % Δ | % Δ adjusted | % Δ organic |
Net Revenue | $1,500 | $1,306 | 15% | 15% | 16% |
Solutions Revenues1 | $1,160 | $991 | 17% | 17% | 17% |
Solutions as a % of net revenue | 77% | 76% | 1 ppt | 1 ppt | 1 ppt |
Operating Expenses | $641 | $585 | 10% | 10% | 10% |
Operating Income | $859 | $721 | 19% | 19% | 20% |
Operating Margin | 57% | 55% | 2 ppt | 2 ppt | 2 ppt |
EBITDA | $903 | $757 | 19% | 19% | 20% |
EBITDA Margin | 60% | 58% | 2 ppt | 2 ppt | 2 ppt |
Net Income | $605 | $492 | 23% | ||
Diluted EPS2 | $1.07 | $0.85 | 25% | 25% | 26% |
Effective Tax Rate | 22.8% | 22.9% | 0 ppt |
1 - Represents the Capital Access Platforms and Financial Technology segments as well as $7M of Other revenue in 2Q25, related to the sale of the Solovis business, which was sold in 4Q25
2 - Diluted EPS reflects weighted average diluted shares outstanding of 567.8 million in 2Q26 and 579.0 million in 2Q25
11
+15%
YoY organic growth
Net Revenue Bridge 2Q25 to 2Q26
$1.3B
+4.0% +7.5% -2.0% +5.5% -%
$1.5B
-%
+11.0% Alpha growth
2Q25 Non-GAAP | Macro/Beta | Existing clients | Churn | New clients, cross- | Market Share, | FX & other 1 | 2Q26 Non-GAAP |
Revenue | increases | sell & other | capture & volatility | Revenue | |||
innovation | performance |
Note: Percentages may not sum to the total growth change due to rounding
1- FX & Other includes FX impact, an acquisition, divestitures and a one-time revenue benefit in our Index business in 2Q26 ($6 million)
12
Recurring Revenue KPIs Reflect Solid Growth
+12%
YoY organic growth
+15%
YoY organic growth
Annualized Recurring Revenue (US$ millions) Annualized SaaS Revenue (US$ millions)
$2,931
$3,007
$3,051
$3,188
$3,258
$1,202
$1,228
$1,098
$1,132
$1,149
2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26
2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 | |
SaaS as a % of ARR | 37% | 38% | 38% | 38% | 38% +0.2ppt |
13
Capital Access Platforms - Financial Performance
(US$ in millions) | 2Q26 | 2Q25 | % Δ adjusted | % Δ organic |
Data and Listing Services | $217 | $198 | 9% | 9% |
Index | $271 | $196 | 35% | 38% |
Workflow and Insights | $133 | $126 | 5% | 5% |
Total Revenue | $621 | $520 | 18% | 19% |
Operating Income2 | $394 | $307 | 26% | 28% |
Operating Margin2 | 63% | 59% | 4 ppt | 4 ppt |
ARR | $1,388 | $1,286 | NA | 8% |
Annualized SaaS Revenue | $439 | $410 | NA | 7% |
$109B
in net inflows to Index ETP AUM in the last twelve months
Period ending and average ETP AUM (US$ billions)1
$1,114
$1,014
$877
$745
$829
$777
$882
$860
$836
$663
2Q25 3Q25 4Q25 1Q26 2Q26
Period ending ETP AUM ($B) Average ETP AUM ($B)1 - Not to scale
2Q26 Financial Highlights
Data & Listing Services revenue growth was driven by new listings, data net sales and usage increases, and pricing, partially offset by delistings and the roll-off of prior period amortized initial listing fees.
Index revenue increased due to higher average ETP AUM linked to Nasdaq indices, including the positive impact from $109 billion in net inflows in the last twelve months as well as record derivatives volumes.
Workflow & Insights revenue growth was driven by strength in Analytics, in particular eVestment and Data Link.
2 - The Capital Access Platforms operating margin reflects the allocation of certain costs that support the operation of various aspects of Nasdaq's business, including Market Services, to units other than Capital Access Platforms 14
Financial Technology - Financial Performance
+15%
Organic YoY
revenue growth
+16%
(US$ in millions)
2Q26
2Q25
% Δ organic
+20%
Annualized SaaS revenue growth
Financial Crime Mgmt Technology Regulatory Technology
Capital Markets Technology
Total Revenue
$98
$120
$321
$539
$81
$104
$279
$464
22%
13%
14%
15%
Operating Income
$250
$217
14%
Operating Margin
46%
47%
0 ppt
ARR
$1,870
$1,616
16%
Annualized SaaS Revenue
$789
$659
20%
$1,870
2Q26 Financial Highlights
YoY ARR
growth
ARR
$1,616
$1,662
$1,711
$1,822
(US$ millions)
2Q25 3Q25 4Q25 1Q26 2Q26
Financial Crime Management Technology revenue growth reflected higher SaaS subscription revenues and increased growth in professional services revenue.
Regulatory Technology revenue growth reflected higher subscription revenue driven by price increases and new sales growth.
Capital Markets Technology revenue growth was primarily driven by higher client demand across all solutions and price increases, partially offset by lower professional services.
15
Market Services - Financial Performance
Record 2Q26 revenue
Record U.S. equity options matched average daily contract volume
$340M 19.3M
Record U.S. equities average industry daily volume
U.S index options volume growth to a record average daily contracts of 111k
20.2B
76%
(US$ millions) | 2Q26 | 2Q25 | % Δ organic |
U.S. equity derivatives | $123 | $114 | 8% |
U.S. cash equities | $128 | $105 | 21% |
European cash equities | $32 | $30 | 6% |
U.S. tape plans | $33 | $37 | (11)% |
Other revenue1 | $24 | $20 | 16% |
Total net revenue | $340 | $306 | 11% |
Operating income | $218 | $194 | 12% |
Operating margin | 64% | 63% | 1 ppt |
2Q26 Financial Highlights
U.S. equity derivatives net revenue increased due to record industry volumes, volatility performance and growth in index options, partially offset by lower capture.
U.S. cash equities revenue increased primarily from record industry volumes, volatility performance, market share and capture.
European cash equities revenue increased due to higher industry volumes and market share.
U.S. tape plan revenue decreased due to lower audit revenue from an industry-wide adjustment in the prior year period.
1 - Other includes European Equity Derivatives, Canadian Cash Equity and Fixed Income Trading & Clearing
16
Supporting Growth with Appropriate Resources
2Q26 non-GAAP operating expense
+10%
$641
vs.
2026 Non-GAAP Operating Expense Guidance1
$2.530B-$2.570B
Updating the range from $2.485B-$2.545B
$585
organic
+15%
adjusted net revenue growth
2Q25 2Q26
2Q26 non-GAAP organic operating margin
2026 Non-GAAP Tax Rate Guidance1
22.5%-24.5%
Reiterating the range
55%
+2 ppt
57%
2Q25 2Q26
1 - U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in
foreign currency rates, as well as future charges or reversals outside of the normal course of business 17
Continued deleveraging with 2.6x gross leverage at the end of 2Q26
-0.05x
-0.01x
-0.12x
2.8x
Gross Leverage Ratio Bridge
2.6x
1Q26 leverage ratio Net repayment of debt Change in Euro rate and
amortization of debt issuance costs
EBITDA Δ 2Q26 leverage ratio
1
(US$ millions) Beg-of-period End-of-period
Gross debt $8,957 $(162) $(34) $8,761
LTM EBITDA $3,189 $147 $3,336
$477M / $2.2B
97%
$0.31 / $174M 4.1M / $356M
Free cash flow in 2Q26 / LTM
Free cash flow conversion ratio (LTM)
2Q26 dividend of per share / total dividend
Annualized payout ratio of 31%
Shares repurchased / total cost of shares repurchased in 2Q26
YTD repurchases 10.4M/$903M
18
Appendix
Medium-Term Outlook1
Medium-Term Growth Outlook2
Data and Listing Services Low-to-mid single digits
Workflow and Insights Mid-to-high single digits
Index High single/mid teens
6-10%
Capital Access Platforms
Fin Crime Mgmt Technology Mid 20s
Regulatory Technology High single/low double digits
Capital Markets Technology High single/low double digits
10-14%
Financial Technology
Total Solutions revenue 9-12%
No outloofi given
Marfiet Services
Other revenue No outlook given
Total net revenue No outloofi given
Non-GAAP operating expenses3 5-8%
Tax rate3 No outlook given
- Over 3-5 years. Growth outlook assumes stable market backdrop
- Low single digits >0% to 3%, mid single digits >3% to 7%, high single digits >7% to <10%; Low teens or low double digits 10% to 13%, mid teens >13% to 17%,
high teens >17% to <20%; Low twenties 20% to 23%, mid twenties >23% to 27%, high twenties >27% to <30%
- See slide 17 for 2026 outlook 20
*Please see Appendix for non-GAAP reconciliations.
Non-GAAP Total Variance FX/Divestitures/ Organic Variance1 Adjustment Adjusted Variance1 Acquisition impact (US$ 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 | 38% - | -% | 75 | 38% 6 | 69 | 35% |
Workflow and Insights | 133 | 126 | 7 | 5% 1 | -% | 6 | 5% - | 6 | 5% |
Capital Access Platforms revenue | 621 | 520 | 101 | 19% 2 | -% | 99 | 19% 6 | 93 | 18% |
Financial Crime Management Technology | 98 | 81 | 17 | 22% - | -% | 17 | 22% - | 17 | 22% |
Regulatory Technology | 120 | 104 | 16 | 15% 2 | -% | 14 | 13% - | 14 | 13% |
Capital Markets Technology | 321 | 279 | 42 | 15% 2 | -% | 40 | 14% - | 40 | 14% |
Financial Technology revenue | 539 | 464 | 75 | 16% 4 | -% | 71 | 15% - | 71 | 15% |
Marfiet Services net revenue | 340 | 306 | 34 | 11% 1 | -% | 33 | 11% - | 33 | 11% |
Other revenue | - | 16 | (16) | (100%) (16) | (100%) | - | -% - | - | -% |
Total revenue less transaction-based expenses | $ 1,500 | $ 1,306 | $ 194 | 15% $ (9) | (1%) $ | 203 | 16% $ 6 | $ 197 | 15% |
Total Solutions revenue2 | $ 1,160 | $ 991 | $ 169 | 17% $ (1) | (1%) $ | 170 | 17% $ 6 | $ 164 | 17% |
Operating expenses | 641 | 585 | 56 | 10% (4) | (1)% | 60 | 10% - | 60 | 10% |
Operating income | 859 | 721 | 138 | 19% (5) | (1%) | 143 | 20% 6 | 137 | 19% |
Operating margin | 57% | 55% | |||||||
Diluted EPS | $ 1.07 | $ 0.85 | $ 0.22 | 25% $ - | -% $ | 0.22 | 26% $ 0.01 | $ 0.21 | 25% |
Total Variance Impacts: 2Q26
ARR | ||||||||
Data and Listing Services | $ 791 | $ 726 | $ 65 | 9% $ 4 | 1% $ 61 | 9% $ - | $ 61 | 9% |
Index | 87 | 80 | 7 | 8% - | -% 7 | 8% - | 7 | 8% |
Workflow and Insights | 510 | 480 | 30 | 6% 1 | -% 29 | 6% - | 29 | 6% |
Capital Access Platforms | 1,388 | 1,286 | 102 | 8% 5 | -% 97 | 8% - | 97 | 8% |
Financial Crime Management Tech | 359 | 308 | 51 | 17% - | -% 51 | 17% - | 51 | 17% |
Regulatory Technology | 428 | 376 | 52 | 14% - | -% 52 | 14% - | 52 | 14% |
Capital Markets Technology | 1,083 | 932 | 151 | 16% (6) | (1%) 157 | 17% - | 157 | 17% |
Financial Technology | 1,870 | 1,616 | 254 | 16% (6) | -% 260 | 16% - | 260 | 16% |
Other3 | - | 29 | (29) | (100%) (29) | (100%) - | -% - | - | -% |
Total ARR | 3,258 | 2,931 | 327 | 11% (30) | (1%) 357 | 12% - | 357 | 12% |
SaaS | - | |||||||
Capital Access Platforms | 439 | 410 | 29 | 7% 1 | -% 28 | 7% - | 28 | 7% |
Financial Technology | 789 | 659 | 130 | 20% (1) | -% 131 | 20% - | 131 | 20% |
Other3 | - | 29 | (29) | (100%) (29) | (100%) - | NM - | - | NM |
Total SaaS | $ 1,228 | $ 1,098 | $ 130 | 12% $ (29) | (3%) $ 159 | 15% $ - | $ 159 | 15% |
- See explanatory notes for the definition of organic and adjusted variance
- Total Solutions revenues includes Capital Access Platforms and Financial Technology revenues as well as $7M of Other revenue in 2Q25, related to the sale of the Solovis business, which was sold in 4Q25
- Other includes ARR and SaaS related to our Solovis business that was sold in 4Q25
21
Back to index
ARR Summary
ARR Trends (US$ 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 |
Regulatory Technology | 428 | 419 | 407 | 389 | 376 |
Capital Markets Technology | 1,083 | 1,059 | 975 | 957 | 932 |
Financial Technology | 1,870 | 1,822 | 1,711 | 1,662 | 1,616 |
Other2 | - | - | - | 30 | 29 |
Total | $3,258 | $3,188 | $3,051 | $3,007 | $2,931 |
1 - ARR related to our divested Solovis business was reclassified from Capital Access Platforms to Other for periods prior to 4Q25
2 - Other includes ARR related to our Solovis business that was divested in 4Q25
22
Non-GAAP Operating Income and Margin
(US$ in millions) | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 | 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 |
Operating income | 394 | 349 | 338 | 324 | 307 | 306 | 292 | 291 | 1,274 | 1,137 | 973 | 918 | 848 |
Operating margin | 63% | 62% | 59% | 60% | 59% | 60% | 58% | 59% | 60% | 58% | 56% | 55% | 55% |
Financial Technology¹ | |||||||||||||
Net revenue | 539 | 517 | 498 | 457 | 464 | 432 | 438 | 405 | 1,850 | 1,655 | 1,099 | 864 | 772 |
Expenses | 289 | 272 | 257 | 251 | 247 | 234 | 223 | 223 | 990 | 885 | 605 | 565 | 513 |
Operating income | 250 | 245 | 241 | 206 | 217 | 198 | 215 | 182 | 860 | 770 | 494 | 299 | 259 |
Operating margin | 46% | 47% | 48% | 45% | 47% | 46% | 49% | 45% | 46% | 47% | 45% | 35% | 34% |
Market Services | |||||||||||||
Net revenue | 340 | 317 | 311 | 303 | 306 | 281 | 268 | 266 | 1,201 | 1,020 | 987 | 988 | 1,005 |
Expenses | 122 | 116 | 112 | 106 | 112 | 108 | 110 | 105 | 437 | 423 | 405 | 361 | 341 |
Operating income | 218 | 201 | 199 | 197 | 194 | 173 | 158 | 161 | 764 | 597 | 582 | 627 | 664 |
Operating margin | 64% | 63% | 64% | 65% | 63% | 62% | 59% | 61% | 64% | 59% | 59% | 63% | 66% |
Other | |||||||||||||
Net revenue | - | 8 | 11 | 17 | 16 | 16 | 17 | 15 | 61 | 63 | 65 | 72 | 96 |
Expenses | 3 | 4 | 6 | 12 | 13 | 11 | 11 | 12 | 41 | 46 | 49 | 55 | 63 |
Operating income | (3) | 4 | 5 | 5 | 3 | 5 | 6 | 3 | 20 | 17 | 16 | 17 | 33 |
Total | |||||||||||||
Net revenue | $1,500 | $1,407 | $1,392 | $1,315 | $1,306 | $1,237 | $1,227 | $1,180 | $5,249 | $4,683 | $3,895 | $3,582 | $3,420 |
Expenses | 641 | 608 | 609 | 583 | 585 | 555 | 556 | 543 | 2,331 | 2,162 | 1,830 | 1,721 | 1,616 |
Operating income | $859 | $799 | $783 | $732 | $721 | $682 | $671 | $637 | $2,918 | $2,521 | $2,065 | $1,861 | $1,804 |
Operating margin | 57% | 57% | 56% | 56% | 55% | 55% | 55% | 54% | 56% | 54% | 53% | 52% | 53% |
1 - Net revenue includes includes a purchase price adjustment on deferred revenue associated with the Verafin transaction of $28M in 2021 and $1M in 2022
23
Debt Overview
1,300
1,200
1,100
1,000
900
800
700
600
500
400
300
200
100
0
'26 '27 '28 '29 '30 '31 '32 '33 '34 … '40 … '50 '51 '52 '53 … '63
(US$ millions)
(US$ millions) | 6/30/2026 | 3/31/2026 | Maturity Date |
Commercial paper | $269 | $- | NA |
3.85% Notes | $- | $431 | Jun 2026 |
5.35% Notes | $794 | $794 | Jun 2028 |
1.75% Euro Notes | $683 | $691 | Mar 2029 |
0.875% Euro Notes | $683 | $690 | Feb 2030 |
1.65% Notes | $647 | $646 | Jan 2031 |
4.5% Euro Notes | $850 | $860 | Feb 2032 |
0.90% Euro Notes | $699 | $707 | Jul 2033 |
5.55% Notes | $1,123 | $1,123 | Feb 2034 |
2.50% Notes | $645 | $645 | Dec 2040 |
3.25% Notes | $488 | $488 | Apr 2050 |
3.95% Notes | $407 | $407 | Mar 2052 |
5.95% Notes | $739 | $739 | Aug 2053 |
6.10% Notes | $738 | $738 | Jun 2063 |
Revolver (SOFR + 110 bps)1 | $(4) | $(2) | Dec 2027 |
Total debt obligations | $8,761 | $8,957 | |
Less cash and cash equivalents2 | $(520) | $(515) | |
Net debt | $8,241 | $8,442 |
Well-Laddered Debt Maturities $8.2B Net Debt
3.7%
pre-tax weighted average cost of debt at 2Q26-end*
*Prior to the cumulative impact of accretion of debt issuance costs and debt discount & other fees. This was $3M in 2Q26
- The revolver spread is as of 6/30/2026. This includes debt issuance costs of $4M at 6/30/2026 and $2M at 3/31/2026
- Excludes $26M of restricted cash at 6/30/2026 and $49M at 3/31/2026 24
Historical Cash Flow / Uses of Cash Flow
Free Cash Flow Calculations (US$ in millions) | LTM2 | 2026 YTD | 2Q26 | 2025 | 2024 | 2023 |
Cash flow from operations | $2,246 | $1,400 | $711 | $2,255 | $1,939 | $1,696 |
Capital expenditure | (295) | (137) | (77) | (266) | (207) | (158) |
Cash flow from operations less capital expenditures | $1,951 | $1,263 | $634 | $1,989 | $1,732 | $1,538 |
Section 31 fees, net1 | 208 | (157) | (157) | 205 | (156) | 92 |
Free cash flow | $2,159 | $1,106 | $477 | $2,194 | $1,576 | $1,630 |
Non-GAAP Net Income2 | $2,219 | $1,154 | $605 | $2,014 | $1,631 | $1,433 |
2023-2026 YTD |
$7,290 |
(768) |
$6,522 |
(16) |
$6,506 |
$6,232 |
Uses of cash flow
Share repurchases | $739 | $618 | $356 | $336 | $145 | $269 |
Cash paid for ASR agreement | 565 | 285 | - | 280 | - | - |
Net repayment/(borrowing) of debt | 331 | 162 | 162 | 826 | 812 | (4,952) |
Acquisitions, net of dispositions and other | (169) | (89) | (89) | (132) | - | 5,766 |
Dividends paid | 635 | 327 | 174 | 601 | 541 | 441 |
Total uses of cash flow | $2,101 | $1,303 | $603 | $1,911 | $1,498 | $1,524 |
$1,368 |
565 |
(3,152) |
5,545 |
1,910 |
$6,236 |
- Net of change in Section 31 fees receivables of $111 in LTM; $156M in 2026 YTD; $156M in 2Q26; $(114)M in 2025; $80M in 2024; $(68)M in 2023 and $54M in 2023-2026 YTD
- Refer to ir.nasdaq.com/Income-Statement-Trend-Summary-and-GAAP-to-Non-GAAP-Reconciliation for a reconciliation of these numbers to GAAP
25
Non-GAAP Solutions Organic Revenue Growth
Solutions (US$ in Millions) | Current Prior year period period $ $ | Total variance $ % | Organic impact1 $ % | Other impact2 $ % | ||||
2Q261 | 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% | 95 | 10% | 2 | -% |
20251 | 4,011 | 3,627 | 384 | 11% | 374 | 10% | 10 | -% |
2024 | 3,627 | 2,869 | 758 | 26% | 276 | 10% | 482 | 17% |
2023 | 2,869 | 2,546 | 323 | 13% | 174 | 7% | 149 | 6% |
20223 | 2,552 | 2,344 | 208 | 9% | 227 | 10% | (19) | (1%) |
20213,4 | 2,356 | 1,940 | 416 | 21% | 295 | 15% | 121 | 6% |
- Excluding a one-time revenue benefit in our Index business in 2Q26, Solutions revenue increased $164M/17% on an adjusted basis. Excluding a one-time revenue benefit received in 4Q24, Solutions revenues increased $390M/11% on an adjusted basis in 2025
- Other impact includes acquisitions, divestitures, and changes in FX rates. 3Q25 also includes an adjustment for the impact of AxiomSL on-premises contracts for ratable recognition for the first half of 2024 that was recorded in 3Q24
- Solutions revenue for organic growth calculations have not been recast for our Nordic power futures business
- Solutions revenue are not recast for the Broker Services wind down that occurred in 2022
26
Market Services Additional Detail
(US$ 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
Marfiet Services net revenue
$340
$317
$311
$303
$306
1 - Other includes Nordic fixed income trading & clearing, Nordic derivatives, and Canadian cash equities trading 27
Market Services Organic Revenue Growth
Marfiet Services Segment Total variance Organic impact Other impact1
(US$ in millions) Current Prior year $ % $ % $ % 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%
2025
1,201
1,020
181
18%
169
17%
12
1%
2024
1,020
987
33
3%
33
3%
-
-%
2023
987
988
(1)
- %
3
-%
(4)
- %
2022²
1,019
1,037
(18)
(2%)
12
1%
(30)
(3%)
20212
1,037
932
105
11%
91
10%
14
2%
- Other impact includes acquisitions, divestitures and changes in FX rates
- Market Services revenue for organic growth calculations have not been recast for the Nordic power futures business 28
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
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