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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Ben Budish | Barclays | 6 | 17% |
| Dan Fannon | Jefferies | 6 | 0% |
| Alex Kramm | UBS | 6 | 33% |
| Brian Bedell | Deutsche Bank | 6 | 0% |
| Alex Blostein | Goldman Sachs | 6 | 0% |
| Ashish Sabadra | RBC Capital Markets | 6 | 17% |
| Patrick Moley | Piper Sandler | 5 | 40% |
| Mike Cyprys | Morgan Stanley | 5 | 0% |
| Jeff Schmitt | William Blair | 5 | 0% |
| Mike Cho | JPMorgan | 5 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Barclays | 1 | 6 | 17% |
| RBC Capital Markets | 1 | 6 | 17% |
| UBS | 1 | 6 | 33% |
| Deutsche Bank | 1 |
| 6 |
| 0% |
| Goldman Sachs | 1 | 6 | 0% |
| Jefferies | 1 | 6 | 0% |
| William Blair | 1 | 5 | 0% |
| JPMorgan | 1 | 5 | 0% |
Nasdaq delivered net revenue of $1.4 billion with 13% growth as FinTech achieved record revenue with ACV bookings surging over 50% and 80% cloud-based, while Capital Markets Technology grew 20% with broad-based demand. Management updated FY2026 expense guidance to $2.485-2.545 billion reflecting strong revenue-driven investment, while Nasdaq-100 licensing expanded to BlackRock and State Street and the 23/5 trading framework was approved for December 2026 launch.
Revenue Growth | Demand | Innovation & R&D | Regulation Policy | Subscriber Growth | Competitive Dynamics | M&A | Cloud & AI | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 6 | 1 | 3 | 2 | 2 | 1 | 1 |
| 2025Q1 | 4 | 2 | 1 | 1 | 2 | 2 | 1 | 1 |
| 2025Q2 | 8 | 5 | 4 | 2 | 3 | 2 | 1 | 1 |
| 2025Q3 | 2 | 4 | 5 | 2 | 2 | 1 | 2 | 2 |
| 2025Q4 | 3 | 4 | 6 | 4 | 2 | 3 | 2 | |
| 2026Q1 | 6 | 4 | 6 | 2 | 2 | 2 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 7 | 4 | 8 | 2 | 3 | 6 |
| Demand | 6 | 2 | 5 | 4 | 4 | 4 |
| Innovation & R&D | 1 | 1 | 4 | 5 | 6 | 6 |
| Regulation Policy | 3 | 1 | 2 | 2 | 4 | 2 |
| Subscriber Growth | 2 | 2 | 3 | 2 | 2 | 2 |
| Competitive Dynamics | 2 | 2 | 2 | 1 | 3 | 2 |
| M&A | 1 | 1 | 1 | 2 | 2 | 1 |
| Cloud & AI | 1 | 1 | 1 | 2 | 2 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
NDAQ Nasdaq, Inc. | 8 | +2.3% | |
| CBOE Cboe Global Markets | 10 | +6.5% | |
| CME CME Group | 7 | +14.5% | |
| COIN Coinbase Global | 1 | -30.5% | |
| FDS FactSet | 6 | +7.1% | |
| ICE Intercontinental Exchange | 9 | +13.5% | |
| MCO Moody's Corporation | 7 | +8.1% | |
| MSCI MSCI | 8 | +14.1% | |
| SPGI S&P Global | 8 | +10.4% |