Nasdaq, Inc. 8-K

Summary

Q2 2026 results, FY2026 outlook update and quarterly dividend declaration. Net revenue grew 15% Y/Y, with Solutions revenue up 17% Y/Y as Capital Access Platforms and Financial Technology expanded.

Nasdaq updated FY2026 non-GAAP operating expense guidance to $2.530B-$2.570B and reaffirmed its non-GAAP tax-rate guidance of 22.5%-24.5%.

Developments

• Nasdaq Verafin, its financial-crime technology business, expanded its Agentic Workforce platform to 750 clients and introduced an Agentic AML Analyst and Agentic Fraud Analyst. Its consortium data covers more than $13T in combined assets across 2,800+ financial institutions.
• Nasdaq listed SpaceX in the largest IPO in exchange history, with $86B raised. It welcomed 7 of the quarter’s 10 largest operating-company IPOs and reported a 74% win rate for eligible new operating-company listings.
• Calypso, Nasdaq’s trade-lifecycle platform, supported tokenized-collateral trades on the Canton Network by two asset managers early in Q3, transmitting tokenized money-market funds.
• Nasdaq agreed to sell Nasdaq Fund Secondaries to Nasdaq Private Market and acquire Dasseti, an AI-powered due-diligence platform for institutional asset managers and allocators. Nasdaq will retain an ownership stake in and strategic partnership with Nasdaq Private Market after the sale; Dasseti will be integrated into eVestment. Both transactions are subject to customary closing conditions.

Results with guidance

Metric	FY2026 guide
Non-GAAP tax rate (non-GAAP)	22.5%-24.5%reaffirmed

Results without guidance

Metric	Q2 2026	Change	H1 2026
Revenue	$2.53B	—	$4.67B+11% Y/Y
Operating income	$712M	+25% Y/Y	$1.37B+23% Y/Y
Non-GAAP operating income (non-GAAP)	$859M	+19% Y/Y	—
Diluted EPS	$0.89	+14% Y/Y	—
Non-GAAP diluted EPS (non-GAAP)	$1.07	+25% Y/Y	—
Operating cash flow	$711M	—	—
Cash and cash equivalents	$520M	—	—
Diluted shares	568M	-1.9% Y/Y	570M-1.7% Y/Y

What moved the numbers

• Net income attributable to Nasdaq was $507M, up 12% Y/Y. The largest non-GAAP exclusion was $121M of acquired-intangible amortization.
• Annualized recurring revenue (ARR), the current annualized value of subscription contracts with defined contract value, was $3.26B, up 11% Y/Y reported and 12% organically. Annualized software-as-a-service revenue grew 12% Y/Y and represented 38% of ARR.
• Capital Access Platforms revenue was $621M, up 19% Y/Y; Financial Technology revenue was $539M, up 16%; and Market Services net revenue was $340M, up 11%.
• Index revenue was $271M, up 38% Y/Y; Nasdaq reported $51B of quarterly net inflows and $1.114T of period-end exchange-traded product assets under management tracking its indexes.
• Nasdaq returned $174M through dividends and repurchased $356M of common stock in the quarter, and net repaid $162M of debt. The board declared a $0.31-per-share quarterly dividend, payable 9/25/2026 to shareholders of record 9/11/2026; $2.5B remained under the authorized repurchase program.

Other guidance (1)

Metric	Period	Guidance
Non-GAAP operating expenses (non-GAAP)	FY2026	$2.53B-$2.57B

Figures extracted from the filings and checked against their text; changes and verdicts computed from them.