Nasdaq, Inc. · NASDAQ:NDAQ
Nasdaq — Q3 2026 Earnings Presentation
31 slides from Nasdaq's earnings presentation, Oct 22, 2026
Slide 1: Nasdaq 3Q26 Quarterly Update
Nasdaq 3Q26 Quarterly Update October 22, 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 constitutes revenue from our Capital Access Platforms and Financial Technology segments as well as certain Other revenues. These Other revenues of $2 million and $4 mi
Slide 4: Pillars of Strategy Recent Accomplishments
Pillars of Strategy Recent Accomplishments Liquidity ◦ Nasdaq formed Digital Liquidity Networks (DLN) to advance leadership in digital assets and market modernization. Enhance liquidity by modernizing markets ◦ Nasdaq signed an Eqlipse Trading technology deal to power the with innovative technology
Slide 5: Strategic Update
Strategic Update “Nasdaq’s third quarter performance demonstrates the strength and momentum of our business, with new milestones achieved across all three divisions, including record Index net inflows, record FinTech ARR growth, and the establishment of Nasdaq Digital Liquidity Networks within Marke
Slide 6: Nasdaq is delivering on its growth strategies
Nasdaq is delivering on its growth strategies Year over year Year over year organic Total ($) change (%) change (%) 3Q26 Net Revenue $1,481M +13% +14% Solutions Revenue $1,172M +17% +18% Non-GAAP Operating Expenses $638M +9% +12% Non-GAAP Operating Income $843M +15% +16% Non-GAAP Operating Margin 57
Slide 7: Capital Access Platforms - Operational Highlights
Capital Access Platforms - Operational Highlights • Nasdaq welcomed 8 of the 10 largest operating company 74% 89% IPOs in the third quarter, reflecting a 79% quarterly win rate.1 • Data delivered a 34% year-over-year increase in the number Year-to-date Year-to-date share of of enterprise licenses, r
Slide 8: Financial Technology - Operational Highlights
Financial Technology - Operational Highlights 3Q26 • Financial Technology delivered record ARR growth and double-digit FinTech cross sells +5 revenue growth in each subdivision for the third consecutive quarter. The division signed 54 new clients, 5 cross-sells, and 135 upsells in the quarter, with
Slide 9: Market Services - Operational Highlights
Market Services - Operational Highlights • Market Services delivered a new third quarter net revenue record reflecting leadership across U.S. cash 28% #1 75% equities and U.S. equity derivatives, as well as very strong European equities lit market share. #1 market share in single venue of liquidity
Slide 10: Financial Performance
Financial Performance “Nasdaq delivered excellent third quarter results, headlined by outstanding Solutions revenue growth, continued operating leverage, and strong EPS growth. Our durable business model and disciplined execution underpin our capital allocation strategy that prioritizes funding inve
Slide 11: 3Q26 Consolidated Financial Performance
3Q26 Consolidated Financial Performance Non-GAAP Financial Results Capital Access Platforms revenue growth +20% (US$ millions, except per share) 3Q26 3Q25 %Δ %Δ organic Data & Listings revenue growth +10% Net Revenue $1,481 $1,315 13% 14% Solutions Revenues1 $1,172 $1,003 17% 18% Index revenue growt
Slide 12: Net Revenue Bridge 3Q25 to 3Q26
Net Revenue Bridge 3Q25 to 3Q26 +14% YoY organic growth $1.5B $1.3B —% -2.0% -1.0% +7.0% +5.5% +3.5% +10.5% Alpha growth 1 3Q25 Non-GAAP Macro/Beta Existing clients Churn New clients, cross- Market Share, FX & other 3Q26 Non-GAAP Revenue increases sell & other capture & volatility Revenue innovation
Slide 13: Recurring Revenue KPIs Reflect Solid Growth
Recurring Revenue KPIs Reflect Solid Growth Annualized Recurring Revenue (US$ millions) Annualized SaaS Revenue (US$ millions) ic grow th g rowth r g a n +14% YoY o r g a n ic +16% Y o Y o $1,202 $1,228 $1,267 $1,132 $1,149 $3,365 $3,188 $3,258 $3,007 $3,051 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2
Slide 14: Capital Access Platforms - Financial Performance
Capital Access Platforms - Financial Performance (US$ in millions) 3Q26 3Q25 % Δ organic $331B YoY 3Q26 increase in average ETP Data and Listing Services Index Workflow and Insights $224 $286 $131 $204 $206 $124 10% 39% 5% AUM to a record $1.108T Total Revenue $641 $534 20% Operating Income2 $412 $3
Slide 15: Financial Technology - Financial Performance
Financial Technology - Financial Performance (US$ in millions) 3Q26 3Q25 % Δ organic +16% +18% +22% Financial Crime Mgmt Technology $103 $84 23% Regulatory Technology $123 $109 13% Organic YoY YoY ARR Annualized SaaS Capital Markets Technology $303 $264 14% revenue growth growth revenue growth Total
Slide 16: Market Services - Financial Performance
Market Services - Financial Performance (US$ millions) 3Q26 3Q25 % Δ organic Record third U.S. equity derivatives $110 $124 (12)% quarter net revenue $309M U.S. cash equities European cash equities $114 $30 $99 $28 15% 10% U.S. tape plans $33 $33 2% Other revenue1 $22 $19 13% Total net revenue $309
Slide 17: Supporting Growth with Appropriate Resources
Supporting Growth with Appropriate Resources 3Q26 non-GAAP operating expense $583 +12% $638 +18% organic Organic Solutions 2026 Non-GAAP Operating Expense Guidance1 revenue growth vs. $2.550B-$2.580B +14% Updating the range from $2.530B-$2.570B Organic net 3Q25 3Q26 revenue growth 3Q26 non-GAAP orga
Slide 18: Continued deleveraging with 2.5x gross leverage at the end of 3Q26
Continued deleveraging with 2.5x gross leverage at the end of 3Q26 Gross Leverage Ratio Bridge 2.6x 2.5x -0.01x -0.09x 2Q26 leverage ratio Change in Euro rate and EBITDA Δ 3Q26 leverage ratio amortization of debt issuance 1 costs (US$ millions) Beg-of-period End-of-period Gross debt $8,761 $(21) $8,
Slide 19: Appendix
Appendix
Slide 20: Medium-Term Outlook
Medium-Term Outlook1 Medium-Term Growth Outlook2 Data and Listing Services Low-to-mid single digits Workflow and Insights Mid-to-high single digits Index High single/mid teens Capital Access Platforms 6-10% Fin Crime Mgmt Technology Mid 20s Regulatory Technology High single/low double digits Capital
Slide 21: Total Variance Impacts: 3Q26
Total Variance Impacts: 3Q26 Non-GAAP Total Variance FX/Divestitures/Acquisitions impact1 Organic Variance2 (US$ millions, except per share data) 3Q26 3Q25 $M % $M % $M % Data and Listing Services $ 224 $ 204 $ 20 10% $ (1) —% $ 21 10% Index 286 206 80 39% — —% 80 39% Workflow and Insights 131 124 7
Slide 22: Recast Operating Segment Results For Sale of NFS Business & Nasdaq Metrio Platform
Recast Operating Segment Results For Sale of NFS Business & the Nasdaq Metrio Platform and related customer contracts 2Q26 1Q26 As As Reported Adj Recast Reported Adj Recast Capital Access Platforms Data & Listing Services $217 $— $217 $214 $— $214 Index 271 — 271 220 — 220 Workflow and Insights 133
Slide 23: Recast Operating Segment Results For Sale of NFS Business & Nasdaq Metrio Platform
Recast Operating Segment Results For Sale of NFS Business & the Nasdaq Metrio Platform and related customer contracts 4Q25 3Q25 2Q25 1Q25 2025 As Rep. Adj Recast As Rep. Adj Recast As Rep. Adj Recast As Rep. Adj Recast As Rep. Adj Recast Capital Access Platforms Data & Listing Services $211 $— $211
Slide 24: ARR Summary
ARR Summary ARR Trends (US$ in millions) 3Q26 2Q26 1Q26 4Q25 3Q25 Data and Listing Services $813 $791 $777 $764 $743 Workflow and Insights1 509 500 493 484 479 Index 89 87 85 81 81 Capital Access Platforms1 1,411 1,378 1,355 1,329 1,303 Financial Crime Technology Management 375 359 344 329 316 Regul
Slide 25: Non-GAAP Operating Income and Margin
Non-GAAP Operating Income and Margin mn (US$ in millions) 3Q26 2Q26 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 1 2025 2024 2023 2022 2021 Capital Access Platforms1 Net revenue $641 $617 $561 $567 $534 $515 $503 $500 $2,120 $1,927 $1,727 $1,646 $1,544 Expenses 229 222 210 228 208 207 196 207 839 784 771 740 699 O
Slide 26: Debt Overview
Debt Overview Well-Laddered Debt Maturities $8.4B Net Debt 1,300 (US$ millions) 9/30/2026 6/30/2026 Maturity Date 1,200 Commercial paper $269 $269 NA 1,100 3.85% Notes $— $— Jun 2026 1,000 5.35% Notes $794 $794 Jun 2028 900 1.75% Euro Notes $678 $683 Mar 2029 800 0.875% Euro Notes $677 $683 Feb 2030
Slide 27: Historical Cash Flow / Uses of Cash Flow
Historical Cash Flow / Uses of Cash Flow Free Cash Flow Calculations LTM2 2026 YTD 3Q26 2025 2024 2023 2023-2026 YTD (US$ in millions) Cash flow from operations $2,546 $1,921 $521 $2,255 $1,939 $1,696 $7,811 Capital expenditure (288) (199) (62) (266) (207) (158) (830) Cash flow from operations less
Slide 28: Non-GAAP Solutions Organic Revenue Growth
Non-GAAP Solutions Organic Revenue Growth Current Prior year Solutions Total variance Organic impact1 Other impact2 period period (US$ in Millions) $ $ $ % $ % $ % 3Q26 1,172 1,003 169 17% 178 18% (9) (1%) 1 2Q26 1,160 991 169 17% 170 17% (1) (1%) 1Q26 1,082 947 135 14% 129 14% 6 1% 4Q25 1,071 949 1
Slide 29: Market Services Additional Detail
Market Services Additional Detail (US$ in millions) 3Q26 2Q26 1Q26 4Q25 3Q25 U.S. Equity Derivatives Trading $110 $123 $120 $117 $124 U.S. Cash Equity Trading 114 128 103 105 99 European Cash Equity Trading 30 32 35 29 28 U.S. Tape Plans 33 33 33 36 33 Other1 22 24 26 24 19 Market Services net reven
Slide 30: Market Services Organic Revenue Growth
Market Services Organic Revenue Growth Market Services Segment Total variance Organic impact Other impact1 Current Prior year (US$ in millions) $ % $ % $ % period period 3Q26 309 303 6 2% 6 2% — —% 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% 2025 1
Slide 31: 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 [email protected] 31