NASDAQ, INC. — Form 8-K
Filed October 22, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 48/100
What the filing says
Nasdaq reported Q3 2026 net revenue of $1.5B (13% YoY growth, 14% organic), with Solutions revenue up 17% ($1.172B) and Index revenue surging 39% ($286M). ARR reached $3.4B (12% reported, 14% organic growth); Financial Technology ARR grew 18% organically. The company raised full-year 2026 non-GAAP operating expense guidance to $2.55–$2.58B (from prior range). Record $141B in Index net inflows over TTM (including $49B in Q3); record ETP AUM of $1.160T. Diluted EPS: GAAP $0.96 (+31%), non-GAAP $1.04 (+18%). Capital returned: $173M dividends + $323M buybacks in Q3; YTD $1.7B returned. Announced acquisition of LeveL Markets (third-largest U.S. ATS by volume, 2,500+ clients) and formation of Digital Liquidity Networks division within Market Services.
Why this rating
Strong organic revenue and EPS growth, record Index metrics, and strategic M&A boost confidence. However, $1.5B quarterly revenue is ~1.5% of $40.6B market cap; LeveL deal size not disclosed but appears modest relative to scale. Expansion is meaningful but not transformational.
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