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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Alex Kramm | UBS | 8 (25%) |
| Brian Bedell | Deutsche Bank | 7 (0%) |
| Ben Budish | Barclays | 7 (14%) |
| Dan Fannon | Jefferies | 7 (0%) |
| Ashish Sabadra | RBC Capital Markets | 7 (14%) |
| Alex Blostein | Goldman Sachs | 7 (0%) |
| Owen Lau | Clear Street | 7 (71%) |
| Mike Cyprys | Morgan Stanley | 6 (0%) |
| Patrick Moley | Piper Sandler | 6 (33%) |
| Michael Cho | JPMorgan | 6 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| UBS | 1 | 8 (25%) |
| Barclays | 1 | 7 (14%) |
| Clear Street | 1 | 7 (71%) |
| Deutsche Bank | 1 |
| 7 (0%) |
| Goldman Sachs | 1 | 7 (0%) |
| Jefferies | 1 | 7 (0%) |
| Bank of America | 2 | 7 (43%) |
| RBC Capital Markets | 1 | 7 (14%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $2.03B | +23.3% | $0.61 | +69.4% | 25.5% | 17.5% |
| FY2025 Q1 | $2.09B | +24.9% | $0.68 | +70.0% | 26.2% | 18.9% |
| FY2025 Q2 | $2.09B | +16.6% | $0.78 | +105.3% | 27.2% | 21.6% |
| FY2025 Q3 | $1.96B | +2.9% | $0.73 | +37.7% | 29.9% | 21.6% |
| FY2025 Q4 | $2.08B | +2.5% | $0.90 | +47.5% | 30.3% | 25.0% |
| FY2026 Q1 | $2.14B | +2.2% | $0.91 | +33.8% | 30.7% | 24.3% |
| FY2026 Q2 | $2.53B | +21.1% | $0.89 | +14.1% | 28.1% | 20.0% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
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 |
What NDAQ and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“You hear NASDAQ and [ ICS ] both talking about this as they seek to serve their issuer clients.”
Broadridge frames NASDAQ as a proponent of the issuer-sponsored tokenization model, a competitive dynamic Broadridge expects to benefit from via its issuer voting position.
“long-standing and continuously growing partnership with NASDAQ”
BlackRock is expanding its index-licensing partnership with Nasdaq, filing for a U.S. NASDAQ 100 iShares ETF and already being the largest manager of NASDAQ 100 ETFs outside the U.S.
“if you look at some of the announcements by folks like CBOE and others, they're coming up, I believe Nasdaq might be also doing something. They're coming up with binary options on different financial events”
Schwab notes Nasdaq may also be launching binary options on financial events, adjacent to prediction markets.
“NASDAQ has publicly reaffirmed its commitment to our QQQ innovation suite as a cornerstone of their NASDAQ 100 ecosystem.”
Nasdaq licenses the NASDAQ 100 index to Invesco for its QQQ franchise; Nasdaq expanded licensing to two additional ETF issuers but reaffirmed QQQ as a cornerstone.
“as well as we work with Microsoft and like Azure.”
Nasdaq also uses Microsoft Azure as part of its AI/cloud infrastructure stack alongside AWS.
“We do leverage Bedrock, which is AWS' AI platform infrastructure to support a lot of our AI infrastructure here at Nasdaq”
Nasdaq runs much of its AI infrastructure on AWS Bedrock, a read-through for AWS's AI platform adoption among large financial-infrastructure clients.
“We're working with OCC, which is the clearing house to make sure that we think about the risk models around it and the margin models”
Nasdaq is working with the OCC clearing house on risk and margin models for its new event/outcome options product.
“I know there's a dynamic with the CME fee sort of resetting at the beginning of the year”
Nasdaq licenses its Nasdaq-100 index to CME for futures under a fee-sharing agreement; the annual reset of that CME fee tier affects Nasdaq's index derivative revenue.
“We will continue to collaborate with DTCC and the industry to build the infrastructure needed to launch tokenized equities.”
Nasdaq is collaborating with DTCC on the market infrastructure required to launch tokenized equities trading.
“we integrated our data with Databricks to broaden entitled access to eVestment's comprehensive institutional investor data.”
Nasdaq integrated eVestment institutional data with Databricks to broaden entitled client access, a read-through for Databricks as a data-platform partner.
“our recently announced partnership with FIS. This agreement expands our ability to deliver leading AML and fraud solutions to FIS' banking and payments clients.”
Nasdaq Verafin partnered with FIS to distribute AML and fraud solutions to FIS's banking and payments clients, extending Verafin's reach through FIS's channel.
“Recently, we expanded the Invesco QQQ innovation suite with the launch of the Invesco QQQ Equal Weight ETFs.”
Invesco remains Nasdaq's long-standing flagship QQQ partner, continuing to launch new Nasdaq-100-linked products such as the QQQ Equal Weight ETFs.
“with the expanded partnerships with BlackRock and State Street, we look forward to working with them to make the Nasdaq 100 more accessible to their investor universe and to help drive additional institutional adoption.”
State Street becomes a new Nasdaq-100 index licensee/ETF partner, giving Nasdaq additional distribution for its flagship index into State Street's investor universe.
“we will expand access to the Nasdaq-100 later in the spring with 2 new carefully selected partners, BlackRock and State Street, while continuing to work closely with our long-standing partner, Invesco.”
Nasdaq is licensing its flagship Nasdaq-100 index to BlackRock as a new ETF distribution partner, expanding reach into BlackRock's institutional and retail investor base.
| 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% |