Here are the 10-Q quarterly reports from Nasdaq, Inc. (NDAQ) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow NDAQ and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NDAQ filings page.
Nasdaq, Inc. reported third-quarter 2026 revenue of $2.393 billion, compared with $1.979 billion a year earlier. Net income attributable to Nasdaq was $540 million versus $423 million, and diluted earnings per share were $0.96 versus $0.73. Revenues less transaction-based expenses were $1.481 billion versus $1.315 billion; operating income was $732 million versus $586 million. Segment revenue was $1.221 billion in Market Services, $641 million in Capital Access Platforms and $529 million in Financial Technology.
Operating cash flow for the first nine months of 2026 was $1.921 billion, compared with $1.630 billion in 2025. Nasdaq repurchased 13,960,673 shares for $1.226 billion and paid $500 million in dividends during the period. The board approved a $0.31-per-share October dividend. Nasdaq completed its Dasseti acquisition in September and acquired the remaining interests in LeveL Holdings, LLC, parent of LeveL Markets, in October; LeveL Markets became a wholly owned subsidiary. Nasdaq also paid $385 million, the maximum notional amount, for an initial share delivery under an October accelerated share repurchase; final settlement is expected in the fourth quarter of 2026.
Nasdaq, Inc. reported higher revenue and earnings in 2026. For the quarter ended June 30, 2026, total revenues were $2,532 million and revenues less transaction-based expenses were $1,500 million, generating operating income of $712 million and net income attributable to Nasdaq of $507 million, or $0.89 per diluted share, up from $0.78 a year earlier.
For the first six months of 2026, revenues were $4,670 million and revenues less transaction-based expenses were $2,908 million. Operating income reached $1,369 million and net income attributable to Nasdaq was $1,026 million, or $1.80 per diluted share. Increases occurred across Capital Access Platforms, Financial Technology and Market Services, with notable gains in Index, Capital Markets Technology and Market Services, net.
At June 30, 2026, total assets were $27,341 million and total debt obligations were $8,761 million, including $269 million of commercial paper, supported by a new $1.50 billion revolving credit facility. Operating cash flow for the first half was $1,400 million. Nasdaq returned capital through $903 million of share repurchases, including an accelerated share repurchase, and $327 million of cash dividends, while managing default funds and margin deposits totaling $7,885 million within its clearing operations.
Nasdaq, Inc. reported solid Q1 2026 results with total revenues of $2,137 million, up from $2,096 million a year earlier. Revenues less transaction-based expenses rose to $1,407 million, while operating income increased to $657 million from $547 million.
Net income grew to $519 million versus $395 million, and diluted EPS rose to $0.91 from $0.68, helped by an $89 million net gain on divestitures. Capital Access Platforms and Financial Technology both posted higher segment revenues, though Market Services declined.
Operating cash flow was strong at $689 million. Nasdaq repurchased 6.3 million shares for $548 million and ended the quarter with 565.5 million common shares outstanding. The board later approved a 15% dividend increase to $0.31 per share.
Nasdaq, Inc. reported stronger Q3 2025 results. Revenues were $1.958 billion versus $1.902 billion a year ago. Revenues less transaction-based expenses rose to $1.315 billion from $1.146 billion, lifting operating income to $586 million from $448 million. Net income was $423 million, with diluted EPS of $0.73, up from $0.53.
Segment trends were mixed: Capital Access Platforms revenue increased to $546 million from $501 million and Financial Technology to $457 million from $371 million, while Market Services revenue was $946 million versus $1.022 billion. Operating expenses were $729 million compared with $698 million.
For the first nine months, operating cash flow reached $1.630 billion (up from $1.234 billion). Nasdaq repaid the $400 million 2025 notes, repurchased $69 million of 2026 notes, and bought back $279 million across 2028, 2034 and 2052 notes, with long‑term debt at $8.667 billion. The company completed a Nordic power futures transfer and sold its Risk Modelling business; it also agreed to sell Solovis, which closed in October with a gain to be recorded in Q4. Shares outstanding were 570,995,433 as of October 16, 2025.
Nasdaq, Inc. (NDAQ) Q2-25 10-Q highlights (three months ended 6/30/25):
- Total revenue rose 16.6% YoY to $2.09 billion; revenue less transaction-based expenses up 12.7% to $1.31 billion.
- Operating income climbed 34% to $568 million; operating margin expanded to 43.5% (vs. 36.5%).
- Net income attributable to Nasdaq more than doubled to $452 million; diluted EPS $0.78 vs $0.38 (+105%).
- Segment growth: Market Services +23% ($1.09 B), Capital Access Platforms +10% ($0.53 B), Financial Technology +11% ($0.46 B).
- Cash flow from operations surged 42% to $1.41 B YTD; free cash used for $215 M in share buybacks and $293 M dividends ($0.27/share, +12.5% YoY).
- Balance sheet: Cash $732 M; total debt cut $302 M to $9.18 B after retiring $400 M 2025 notes and repurchasing $279 M of longer-dated issues. Equity rose to $11.8 B.
- Strategic actions: Completed transfer of Nordic power futures positions and sold Risk Modelling for Catastrophes unit, generating a $39 M pre-tax gain.
Outlook implications: Strong top-line momentum, margin expansion and de-leveraging support the investment case, while elevated rebates and sizeable goodwill remain watch-points.