Nasdaq, Inc. (NDAQ) Earnings Call Transcripts
Nasdaq, Inc.'s Latest Earnings Call - Q2 FY2026
In the second quarter of fiscal year 2026, Nasdaq, Inc. (NDAQ:US) reported net revenue of $1.5 billion, reflecting a 15% year-over-year increase, and diluted EPS of $1.07, up 25%. The results were driven by strong performance across all divisions, particularly in Solutions revenue, which grew 17%. Management raised their non-GAAP expense guidance for the year, indicating a focus on investing in growth and innovation, while maintaining a positive outlook on the IPO environment and market modernization initiatives.
Reported metrics
| Metric | Value |
|---|---|
| Net Revenue | $1.5B (beat) |
| Diluted EPS | $1.07 (beat) |
| Solutions Revenue | $1.2B (beat) |
| Operating Expenses | $641M (miss) |
| Annualized Recurring Revenue (ARR) | $3.3B (beat) |
| Free Cash Flow | $477M (null) |
Guidance from management
Management maintained a positive outlook for the second half of 2026, emphasizing the robust IPO pipeline and ongoing investment in AI and market modernization. They raised their non-GAAP expense guidance for the year to $2.530 billion to $2.570 billion.
What management said
Our second quarter results reflect the disciplined execution of our strategy and reinforce our role as a trusted transformation partner to the global financial system. I want to thank you all for joining today, and have a great day. .
What analysts pressed on
Analysts expressed concerns regarding the increased operating expenses and the potential impact on margins moving forward. There were also questions about the sustainability of revenue growth in the face of tough year-over-year comparisons in the upcoming quarters.
Main topics on the call
- Record IPO Activity — Nasdaq experienced a historic IPO environment, welcoming 26 new operating companies that raised $106 billion in proceeds, including the largest IPO in history from SpaceX. Management noted, "The IPO environment is robust...
- Strong Revenue Growth — The company reported net revenue growth of 15%, driven by a 17% increase in Solutions revenue. Management highlighted, "These results reflect our expand, evolve and transform framework in action."
- AI Integration and Adoption — Management emphasized the growing adoption of AI across their platforms, stating that "more than 1/4 of new bookings to date are associated with AI use cases." This indicates a strategic focus on enhancing product offeri...
- Increased Expenses and Guidance Update — Operating expenses rose to $641 million, up 10%, prompting management to adjust their non-GAAP expense guidance to a range of $2.530 billion to $2.570 billion. They cited "higher employee compensation given the strong re...
Read the full Nasdaq, Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Nasdaq, Inc.
Nasdaq, Inc. (NDAQ) is a publicly listed company in the Capital Markets industry, within the Financials sector. It trades on NasdaqGS and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 91 calls on record spanning January 29, 2020 to July 23, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 91 Nasdaq, Inc. earnings call transcripts on record, spanning January 29, 2020 to July 23, 2026. Based on this history, Nasdaq, Inc. reports quarterly. The most recent call on file is dated July 23, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- NDAQ
- Exchange
- NasdaqGS
- Country
- US
- Sector
- Financials
- Industry
- Capital Markets
- Calls on record
- 91
- First call
- January 29, 2020
- Most recent
- July 23, 2026
- Reporting cadence
- quarterly