Nasdaq posts Q1 2026 double-digit revenue, EPS growth

Nasdaq, Inc. reported a strong first quarter of 2026 with broad-based growth and a higher dividend.

Rhea-AI Filing Summary

Nasdaq, Inc. reported a strong first quarter of 2026 with broad-based growth and a higher dividend. Revenues less transaction-based expenses, or net revenue, reached $1.407 billion, up 14% year over year. Solutions revenue was $1.082 billion, also up 14%, while annualized recurring revenue rose to $3.188 billion, a 13% increase.

GAAP operating income grew to $657 million, up 20%, and non-GAAP operating income climbed 17% to $799 million. GAAP diluted EPS increased to $0.91, up 33%, and non-GAAP diluted EPS rose to $0.96, up 22%. Nasdaq returned over $700 million to shareholders in the quarter, including nearly $550 million of share repurchases, and declared a higher regular quarterly dividend of $0.31 per share, up from $0.27 a year earlier.

Positive

• Strong double-digit growth: Net revenue rose 14% to $1.407 billion, non-GAAP operating income increased 17% to $799 million, and non-GAAP diluted EPS grew 22% to $0.96, indicating meaningful operating leverage.
• Dividend increase and capital returns: The quarterly dividend was raised to $0.31 per share, and the company returned over $700 million to shareholders, including nearly $550 million of share repurchases, while also reducing leverage.

Negative

• None.

Insights

Equity analyst

Nasdaq posts broad-based double-digit growth and raises its dividend.

Nasdaq delivered solid Q1 2026 results, with revenues less transaction-based expenses rising 14% to $1.407 billion and solutions revenue up 14% to $1.082 billion. Recurring revenue remained robust, with ARR increasing 13% to $3.188 billion, underscoring the strength of its subscription-like businesses.

Profitability improved meaningfully. GAAP operating income rose 20% to $657 million, while non-GAAP operating income grew 17% to $799 million. GAAP diluted EPS advanced to $0.91, up 33%, and non-GAAP diluted EPS reached $0.96, up 22%, reflecting operating leverage despite higher operating expenses.

Capital returns were sizeable: management states Nasdaq returned over $700 million to shareholders in the quarter, including nearly $550 million of share repurchases, while reducing leverage. The board also increased the regular quarterly dividend to $0.31 per share, payable on June 26, 2026, signaling confidence in cash flow durability.

8-K Event Classification

4 items: 2.02, 7.01, 8.01, 9.01

4 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net revenue: $1.407 billion GAAP net income: $519 million GAAP diluted EPS: $0.91 +5 more

8 metrics

Net revenue $1.407 billion Revenues less transaction-based expenses for Q1 2026, up 14% year over year

GAAP net income $519 million Q1 2026 net income versus $395 million in Q1 2025

GAAP diluted EPS $0.91 Q1 2026 diluted earnings per share, up 33% year over year

Non-GAAP diluted EPS $0.96 Q1 2026 non-GAAP diluted EPS, up 22% year over year

Solutions revenue $1.082 billion Q1 2026 solutions revenue, 14% year-over-year increase

Annualized recurring revenue $3.188 billion ARR in Q1 2026, up 13% from Q1 2025

Quarterly dividend $0.31 per share Regular quarterly dividend declared, payable June 26, 2026

Share repurchases Nearly $550 million Capital returned via buybacks in Q1 2026, part of over $700 million total

Key Terms

non-GAAP, restructuring charges, annualized recurring revenues, transaction-based expenses, +1 more

5 terms

non-GAAP financial

"Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP net income, non-GAAP diluted earnings per share"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

restructuring charges financial

"We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related costs and expect to incur additional costs in these areas"

Restructuring charges are costs that a company pays when it changes how it operates, like closing factories or laying off employees. These expenses are often one-time and happen to help the company become more efficient in the long run. They matter because they can affect the company's profits and how investors see its future prospects.

annualized recurring revenues financial

"Capital Access Platforms Annualized recurring revenues (in millions) (1) $ 1,366 $ 1,252"

Annualized recurring revenues (ARR) is a financial metric that converts a company’s predictable, repeatable income—usually from subscriptions, service contracts, or memberships—into a standardized yearly amount. Investors use ARR as a quick measure of the steady cash a business can expect each year, similar to annualizing a monthly paycheck to see how much you’d earn over twelve months; it helps assess growth, predictability and the value of the business.

transaction-based expenses financial

"Transaction-based expenses: Transaction rebates Brokerage, clearance and exchange fees"

assets under management (AUM) financial

"Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions) $ 836 $ 622"

Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a bank counting all the money it manages for people and organizations—more AUM generally means the company is trusted with larger amounts and can charge higher fees.

Earnings Snapshot

Revenues less transaction-based expenses (net revenue): $1.407 billion

Q1 2026

Revenues less transaction-based expenses (net revenue) $1.407 billion 14% YoY

GAAP diluted EPS $0.91 33% YoY

Non-GAAP diluted EPS $0.96 22% YoY

Non-GAAP operating income $799 million 17% YoY

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Nasdaq (NDAQ) perform financially in the first quarter of 2026?

Nasdaq reported strong Q1 2026 results, with net revenue of $1.407 billion, up 14% year over year. GAAP diluted EPS rose to $0.91 and non-GAAP diluted EPS to $0.96, reflecting improved profitability across its key business divisions.

What were Nasdaq (NDAQ)’s key revenue drivers in Q1 2026?

Nasdaq’s solutions revenue reached $1.082 billion, up 14%, and annualized recurring revenue increased to $3.188 billion, up 13%. Capital Access Platforms and Financial Technology segments both delivered double-digit growth, while Market Services net revenue rose 13% to $317 million.

How did Nasdaq’s earnings change year over year in Q1 2026?

GAAP net income increased to $519 million from $395 million, and GAAP diluted EPS rose to $0.91 from $0.68. Non-GAAP net income climbed to $549 million, with non-GAAP diluted EPS improving to $0.96 from $0.79, showing solid earnings growth.

Did Nasdaq (NDAQ) change its quarterly dividend in this filing?

Yes. Nasdaq’s board declared a regular quarterly dividend of $0.31 per share on outstanding common stock. The dividend is payable on June 26, 2026 to shareholders of record on June 12, 2026, representing an increase from the prior-year quarterly dividend of $0.27.

How much capital did Nasdaq return to shareholders in Q1 2026?

Nasdaq states it returned over $700 million to shareholders during Q1 2026. This included nearly $550 million of share repurchases, alongside cash dividends, while the company continued to reduce leverage and invest in its long-term growth initiatives.

What were Nasdaq’s operating margins in the first quarter of 2026?

Nasdaq reported a GAAP operating margin of 47%, up from 44% a year earlier. On a non-GAAP basis, operating margin reached 57%, compared with 55% in the prior-year quarter, highlighting improved efficiency alongside strong revenue growth.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 04/23/2026 - 07:22 AM Learn about SEC filing dates

0001120193 false NASDAQ 0001120193 2026-04-23 2026-04-23 0001120193 ndaq:CommonStock.01parvaluepershareMember 2026-04-23 2026-04-23 0001120193 ndaq:ZeroPointNineZeroZeroSeniorUnsecuredNotesDue2033Member 2026-04-23 2026-04-23 0001120193 ndaq:ZeroPointEightSevenFivePercentSeniorNotesDue2030Member 2026-04-23 2026-04-23 0001120193 ndaq:OnePointSevenFivePercentSeniorNotesDue2029Member 2026-04-23 2026-04-23 0001120193 ndaq:M4.500PercentSeniorNotesDue2032Member 2026-04-23 2026-04-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 23, 2026

Nasdaq, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-38855		52-1165937
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

151 W. 42nd Street,
New York, New York		10036
(Address of principal executive offices)		(Zip code)

Registrant’s telephone number, including area code: +1 212 401 8700

No change since last report

(Former Name or Address, If Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 par value per share		NDAQ		The Nasdaq Stock Market
Common Stock, $0.01 par value per share		NDAQ		Nasdaq Texas, LLC
4.500% Senior Notes due 2032		NDAQ32		The Nasdaq Stock Market
0.900% Senior Notes due 2033		NDAQ33		The Nasdaq Stock Market
0.875% Senior Notes due 2030		NDAQ30		The Nasdaq Stock Market
1.75% Senior Notes due 2029		NDAQ29		The Nasdaq Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 23, 2026, Nasdaq, Inc. (“Nasdaq”) issued a press release providing financial results for the first quarter of 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

On April 23, 2026, Nasdaq posted slides to be used in its earnings presentation for the first quarter of 2026 on its website at http://ir.nasdaq.com.

Item 8.01. Other Events.

On April 23, 2026, Nasdaq issued a press release announcing the declaration of a quarterly cash dividend. A copy of the press release is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Exhibit Description
99.1		Press release dated April 23, 2026 relating to financial results for the first quarter of 2026.
99.2		Press release dated April 23, 2026 relating to the declaration of a quarterly cash dividend.
104		Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

The information set forth under “Item 2.02 Results of Operations and Financial Condition” and “Item 7.01 Regulation FD Disclosure” is intended to be furnished pursuant to Item 2.02 and Item 7.01, respectively. Such information, including Exhibit 99.1, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference into any of Nasdaq’s filings under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 23, 2026				NASDAQ, INC.
				By:		/s/ John A. Zecca
				Name:		John A. Zecca
				Title:		Executive Vice President and Chief Legal Officer

Exhibit 99.1

Nasdaq Reports First Quarter 2026 Results; Strong Execution Drives Double-Digit Net Revenue Growth Across All Divisions

NEW YORK, April 23, 2026 – Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the first quarter of 2026.

• First quarter 2026 net revenue¹ was $1.4 billion, an increase of 14% over the first quarter of 2025, or 13% on an organic² basis. Solutions revenue³ grew 14% on both a reported and organic basis.

• Annualized Recurring Revenue (ARR)^3,4 of $3.2 billion increased 13% on a reported basis over the first quarter of 2025, or 12% on an organic basis. Annualized SaaS revenue increased 13%, or 16% on an organic basis, and represented 38% of ARR.

• Financial Technology revenue was $517 million, an increase of 20% over the first quarter of 2025, or 18% on an organic basis.

• Index revenue of $220 million grew 14% on both a reported and organic basis over the first quarter of 2025, with $79 billion of net inflows over the trailing twelve months, including $6 billion in the first quarter of 2026.

• GAAP diluted earnings per share in the first quarter of 2026 was $0.91, an increase of 33% over the first quarter of 2025. Non-GAAP⁵ diluted earnings per share in the first quarter of 2026 was $0.96, an increase of 22% over the first quarter of 2025, or 21% on an organic basis.

• In the first quarter of 2026, the company returned $153 million to shareholders through dividends and $548 million through repurchases of common stock.

First Quarter 2026 Highlights

(US$ millions, except per share)		1Q26				YoY change %				Organic YoY change %
Solutions Revenue		$	1,082				14	%			14	%
Market Services net revenue		$	317				13	%			10	%
Net revenue		$	1,407				14	%			13	%
GAAP operating income		$	657				20	%
Non-GAAP operating income		$	799				17	%			17	%
ARR		$	3,188				13	%			12	%
GAAP diluted EPS		$	0.91				33	%
Non-GAAP diluted EPS		$	0.96				22	%			21	%

Adena Friedman, Chair and CEO said, “Nasdaq delivered one of the strongest starts to the year in our company’s history with broad-based growth across all three divisions. Our clients are increasingly turning to Nasdaq as a trusted transformation partner to modernize their core infrastructure, manage risk and increasing complexity, adapt to the evolution of capital markets, and integrate AI to drive greater efficiency in their operations.

As we execute against our strategic priorities of Expand, Evolve, and Transform, we are well positioned to deliver increasing value to our clients and shareholders.”

Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq delivered exceptional first quarter performance with double-digit growth across our three divisions and particular strength in Financial Technology. The mission critical nature of our solutions combined with our execution excellence is helping Nasdaq deliver operating leverage with strong earnings growth.

Nasdaq’s robust cash flow generation enabled the company to return over $700 million to shareholders in the quarter, including nearly $550 million of share repurchases, while reducing leverage and investing for long-term growth.”

FINANCIAL REVIEW

• First quarter 2026 net revenue was $1.4 billion, reflecting 14% growth versus the prior year period. Organic net revenue growth was 13%.

• Solutions revenue was $1.1 billion in the first quarter of 2026, up 14% on both a reported and organic basis versus the prior year period, reflecting strong growth across Financial Technology and Capital Access Platforms. Financial Technology revenue growth was 20% year-over-year, or 18% on an organic basis, and Capital Access Platforms revenue growth was 11% year-over-year on a reported basis, or 10% on an organic basis.

• ARR was $3.2 billion as of the first quarter of 2026, growing 13% year-over-year on a reported basis, or 12% year-over-year on an organic basis. Financial Technology ARR growth was 18%, or 16% on an organic basis, and Capital Access Platforms ARR growth was 9%, or 7% on an organic basis.

• Market Services net revenue was $317 million in the first quarter of 2026, up 13% versus the prior year period, or 10% on an organic basis.

• First quarter 2026 GAAP operating expenses were $750 million, an increase of 9% versus the prior year quarter. The increase in the first quarter was primarily due to higher compensation and benefits costs and increased general and administrative expenses, partially offset by lower merger and strategic initiatives expense and regulatory expense.

• First quarter 2026 non-GAAP operating expenses were $608 million, an increase of 10% versus the prior year quarter, or 8% on an organic basis. The organic increase in the quarter reflects higher compensation and benefits costs and increased investments in people and technology to drive long-term growth, partially offset by lower regulatory expense.

• Cash flow from operations was $689 million in the first quarter, enabling the return of capital through Nasdaq’s efficient capital allocation framework. In the first quarter of 2026, the company returned $153 million to shareholders through dividends and $548 million through repurchases of common stock. As of March 31, 2026, there was $2.9 billion remaining under the board authorized share repurchase program.

2026 EXPENSE AND TAX GUIDANCE UPDATE⁶

• The company is updating its 2026 non-GAAP operating expense guidance to a range of $2.485 billion to $2.545 billion. The company is maintaining its 2026 non-GAAP tax rate guidance in the range of 22.5% to 24.5%.

STRATEGIC AND BUSINESS UPDATES

• Financial Technology delivered strong revenue and ARR growth with record first quarter annualized contract value (ACV) bookings. In the first quarter, FinTech revenue increased 20% compared to the prior year period, or 18% on an organic basis, with 16% organic ARR growth. ACV bookings⁴ increased more than 50% compared to the prior year period with cloud-based solutions accounting for 80% of ACV bookings. FinTech signed 64 new clients, 1 cross-sell, and 85 upsells in the first quarter. First quarter highlights included:

• Financial Crime Management Technology continued to drive growth with strong sales execution, strategic partnerships and AI-driven innovation. Nasdaq Verafin added 58 new small-and-medium bank clients during the quarter, representing a 24% increase in new ACV bookings for SMBs over the prior year period. The subdivision had continued momentum with enterprise clients, signing two renewals and one expansion during the quarter, as well as a new Tier 1 cross-sell and an expansion signed early in the second quarter. Nasdaq Verafin’s Agentic AI Workforce is gaining traction, with more than 500 clients leveraging the first agents in production.

• Regulatory Technology had strong sales momentum and launched new AI capabilities in Surveillance. The subdivision added 2 new clients and 58 upsells in the first quarter, benefiting from the industry shift towards Always-On markets, and improving regulatory clarity in the U.S. and Europe, and investment in infrastructure modernization. AxiomSL had 1 new client and 26 upsells in the quarter, including a Tier 2 bank and a leading digital bank. AxiomSL signings in the quarter represent more than double the total ACV bookings compared to the prior year period with approximately 90% of ACV bookings being cloud deployments. Surveillance added 1 new client and 32 upsells in the quarter, reflecting growing demand related to Always-On markets and crypto surveillance services. Surveillance is expanding its AI capabilities with the recently announced Calibration Copilot and the planned second quarter release of the GenAI platform extension.

• Capital Markets Technology delivered an exceptional quarter with 20% organic revenue growth and 18% organic ARR growth. In the first quarter, the subdivision signed 5 new clients, including 1 cross-sell, and 26 upsells. Calypso signed 4 new clients, including 1 cross-sell with a large U.S. insurance company for an enterprise-wide derivatives platform, and 16 upsells. Calypso signings in the quarter represent more than double the total ACV bookings compared to the prior year period. Market Technology signed a new deal for a cloud hosted trading solution to provide managed services for the trading of tokenized receivables.

• Index had 14% revenue growth, demonstrating its ability to deliver inflows in a volatile market environment. Index had net inflows of $6 billion in the first quarter and $79 billion over the last twelve months. End-of-period ETP AUM was $836 billion and average ETP AUM in the first quarter reached a new record of $877 billion. During the quarter, Nasdaq launched 31 new products, including 11 in the institutional insurance annuity space and 12 international products. Product innovation remains a key growth driver, with products launched over the past five years accounting for 46% of net inflows over the last twelve months.

• Nasdaq is expanding access to the Nasdaq-100 with new partnerships with BlackRock and State Street, while maintaining a valuable, longstanding partnership with Invesco. As demand for Nasdaq-100 exposure continues to grow globally, Nasdaq is focused on extending reach and deepening institutional access by working with a select set of partners in key markets. Expanding access to the Nasdaq-100 supports investors by improving the efficiency, liquidity, and availability of index-linked exposure across markets and product types. Nasdaq’s pricing terms related to the index license for these new U.S.-listed Nasdaq-100 exchange-traded funds will be consistent with that of Invesco QQQ.

• Nasdaq is advancing the transparency of private markets with the launch of Nasdaq Private Capital Indexes. This new suite of indexes are designed to enable institutional investors and consultants to benchmark performance, analyze exposure, and navigate private markets. Nasdaq Private Capital Indexes are constructed from more than 14,000 institutional private market funds representing over $11.4 trillion of global AUM sourced from eVestment’s LP reported data set.

• Nasdaq extended its listing leadership welcoming 7 of the top 10 largest operating company IPOs in the first quarter. In total, 15 operating companies raised over $5 billion in proceeds in the U.S. listings franchise. Nasdaq achieved a 71% win rate across eligible U.S. operating companies, direct listings, and SPAC business combinations. Early in the second quarter, the U.S. listings franchise welcomed Arxis and Kailera Therapeutics, two of the largest IPOs of the second quarter to date.

• Market Services delivered record quarterly net revenues supported by record market volumes and new product innovation. Nasdaq achieved record U.S. cash equities and U.S equity options volumes, benefitting from record industry volumes. Index options revenue more than doubled year-over-year and European cash equities growth benefited from elevated volumes. Nasdaq’s Closing Cross set new first quarter records across revenue, volume, and notional value traded during the February Index rebalancing and March Triple Witching events. Nasdaq continued its product innovation with the launch of short-dated single-stock options with Monday and Wednesday expirations for a limited cohort of equities and by filing a proposal with the SEC to list and trade Outcome-Related Options tied to the Nasdaq-100.

• Nasdaq continues to advance the modernization of markets through its Always-On market initiative. The SEC approved Nasdaq’s proposal to enable tokenized equity settlement, designed to enhance market liquidity and collateral mobility while maintaining the trust and investor protections of highly regulated public markets.

Nasdaq also progressed its tokenization efforts with an equity token design proposal aimed at strengthening the connection between issuers and investors by modernizing governance, transparency, and shareholder engagement. Early in the second quarter, the SEC approved Nasdaq’s proposal for 23/5 trading. Nasdaq plans to go live with 23/5 trading on December 6, 2026, broadening global investor access to U.S. equities.

¹ Represents revenue less transaction-based expenses.

²  Organic change is calculated by removing the impacts of changes in foreign exchange rates, acquisitions and divestitures.

³ Solutions revenue and Annualized Recurring Revenue (ARR) constitutes revenue and ARR from our Capital Access Platforms and Financial Technology segments as well as revenue and ARR from our Solovis business which was sold in October 2025. Solovis revenues and ARR were previously included in our Capital Access Platforms segment, and have been reclassified into “Other” for all prior periods presented.

⁴ ARR for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ACV Bookings for our Financial Technology segment excluding Financial Crime Management Technology refers to the maximum annualized committed contract value at the time of signature, excluding one-time fees and not accounting for initial discounts. For Financial Crime Management Technology, ACV bookings is calculated by averaging the total contract value over the contract term, including fixed increases. ARR and ACV are supplemental metrics to help evaluate the performance of the business. These measures are not a replacement for, and should be viewed independently of, U.S. GAAP revenue and deferred revenue as they are performance metrics, and are not intended to be combined with any of these items. ARR and ACV are not a forecast, and the active contracts at the end of a reporting period used in calculating these measures may or may not be extended or renewed by our customers. There is no U.S. GAAP measure comparable to ARR or ACV. As these metrics do not have any standardized definition they may not be comparable to similarly titled measures presented by other companies and should be viewed independently of revenue and deferred revenue and are not intended to be combined with or to replace either of those items.

⁵ Refer to our reconciliations of U.S. GAAP to non-GAAP net income, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.

⁶ U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.

ABOUT NASDAQ

Nasdaq (Nasdaq: NDAQ) is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying advanced technology, data, and intelligence solutions that enable our clients to capture opportunities, navigate risk, and strengthen resilience. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

NON-GAAP INFORMATION

In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation tables of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period over period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture and (iii) the impact of AxiomSL on-premises contracts for ratable recognition in comparable periods to align with current period presentation. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.

Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

Restructuring program: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. We initiated the program upon the acquisition of Adenza and further expanded the program in the fourth quarter of 2024 to accelerate our momentum and further optimize our efficiencies (efficiency program). We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program were completed as of December 31, 2025, while certain costs are being recognized in the first half of 2026. We expect to achieve benefits primarily in the form of expense synergies. Costs related to the Adenza restructuring program are recorded as “restructuring charges” in our condensed consolidated statements of income. We exclude charges associated with this program for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.

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 that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, and U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at https://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

WEBSITE DISCLOSURE

Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.

Media Relations Contact:

David Lurie

+1.914.538.0533

David.Lurie@Nasdaq.com

Investor Relations Contact:

Ato Garrett

+1.212.401.8737

Ato.Garrett@Nasdaq.com

-NDAQF-

Nasdaq, Inc.

Condensed Consolidated Statements of Income

(in millions, except per share amounts)

(unaudited)

		Three Months Ended
		March 31,				March 31,
		2026				2025
Revenues:
Capital Access Platforms		$	565			$	508
Financial Technology			517				432
Market Services			1,047				1,140
Other Revenues			8				16
Total revenues			2,137				2,096
Transaction-based expenses:
Transaction rebates			(724	)			(585	)
Brokerage, clearance and exchange fees			(6	)			(274	)
Revenues less transaction-based expenses			1,407				1,237
Operating Expenses:
Compensation and benefits			356				329
Professional and contract services			39				36
Technology and communication infrastructure			84				77
Occupancy			33				28
General, administrative and other			29				6
Marketing and advertising			20				14
Depreciation and amortization			165				156
Regulatory			9				15
Merger and strategic initiatives			4				24
Restructuring charges			11				5
Total operating expenses			750				690
Operating income			657				547
Interest income			6				11
Interest expense			(87	)			(96	)
Net gain on divestitures			89				—
Other losses			(14	)			(1	)
Net income from unconsolidated investees			26				27
Income before income taxes			677				488
Income tax provision			158				93
Net income		$	519			$	395
Per share information:
Basic earnings per share		$	0.92			$	0.69
Diluted earnings per share		$	0.91			$	0.68
Cash dividends declared per common share		$	0.27			$	0.24
Weighted-average common shares outstanding for earnings per share:
Basic			566.8				575.0
Diluted			571.7				580.0

Nasdaq, Inc.

Revenue Detail

(in millions)

(unaudited)

		Three Months Ended
		March 31,				March 31,
		2026				2025
CAPITAL ACCESS PLATFORMS
Data and Listing Services		$	214			$	192
Index			220				193
Workflow and Insights			131				123
Total Capital Access Platforms revenues			565				508
FINANCIAL TECHNOLOGY
Financial Crime Management Technology			93				77
Regulatory Technology			118				101
Capital Markets Technology			306				254
Total Financial Technology revenues			517				432
MARKET SERVICES
Market Services			1,047				1,140
Transaction-based expenses:
Transaction rebates			(724	)			(585	)
Brokerage, clearance and exchange fees			(6	)			(274	)
Total Market Services revenues, net			317				281
OTHER REVENUES			8				16
REVENUES LESS TRANSACTION-BASED EXPENSES		$	1,407			$	1,237

Nasdaq, Inc.

Condensed Consolidated Balance Sheets

(in millions)

		March 31,				December 31,
		2026				2025
		(unaudited)
Assets
Current assets:
Cash and cash equivalents		$	515			$	604
Restricted cash and cash equivalents			49				210
Default funds and margin deposits			2,253				5,842
Financial investments			184				28
Receivables, net			985				943
Other current assets			388				376
Total current assets			4,374				8,003
Property and equipment, net			739				728
Goodwill			14,307				14,371
Intangible assets, net			6,376				6,511
Operating lease assets			485				447
Other non-current assets			1,020				993
Total assets		$	27,301			$	31,053
Liabilities
Current liabilities:
Accounts payable and accrued expenses		$	245			$	280
Accrued personnel costs			209				364
Deferred revenue			1,093				785
Other current liabilities			160				259
Default funds and margin deposits			2,253				5,842
Short-term debt			431				431
Total current liabilities			4,391				7,961
Long-term debt			8,526				8,573
Deferred tax liabilities, net			1,611				1,584
Operating lease liabilities			488				462
Other non-current liabilities			247				241
Total liabilities			15,263				18,821
Commitments and contingencies
Equity
Nasdaq stockholders’ equity:
Common stock			6				6
Additional paid-in capital			4,627				5,122
Common stock in treasury, at cost			(747	)			(716	)
Accumulated other comprehensive loss			(1,807	)			(1,773	)
Retained earnings			9,954				9,588
Total Nasdaq stockholders’ equity			12,033				12,227
Noncontrolling interests			5				5
Total equity			12,038				12,232
Total liabilities and equity		$	27,301			$	31,053

Nasdaq, Inc.

Reconciliation of U.S. GAAP to Non-GAAP Net Income and Diluted Earnings Per Share

(in millions, except per share amounts)

(unaudited)

		Three Months Ended
		March 31,				March 31,
		2026				2025
U.S. GAAP net income		$	519			$	395
Non-GAAP adjustments:
Amortization expense of acquired intangible assets (1)			121				122
Merger and strategic initiatives expense (2)			4				24
Restructuring charges (3)			11				5
Net gain on divestitures (4)			(89	)			—
Net income from unconsolidated investees (5)			(26	)			(27	)
Gain from extinguishment of debt (6)			—				(19	)
Legal and regulatory matters (7)			6				2
Other losses (8)			15				1
Total non-GAAP adjustments			42				108
Non-GAAP adjustment to the income tax provision (9)			(12	)			(28	)
Other tax adjustments (10)			—				(19	)
Total non-GAAP adjustments, net of tax			30				61
Non-GAAP net income		$	549			$	456
U.S. GAAP diluted earnings per share		$	0.91			$	0.68
Total adjustments from non-GAAP net income above			0.05				0.11
Non-GAAP diluted earnings per share		$	0.96			$	0.79
Weighted-average diluted common shares outstanding for earnings per share:			571.7				580.0

(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2026, these costs included amounts associated with various strategic initiative costs. For the three months ended March 31, 2025, these costs included amounts associated with the transfer of open positions in our Nordic power futures business, Adenza integration costs and other strategic initiative costs.

(3) For a description of our restructuring program, see “Restructuring Program” in the “Non-GAAP Information” section of this earnings release.

(4) For the three months ended March 31, 2026, this primarily includes the recognition of an incremental gain on the sale of our Nordic power futures business, net of costs to sell.

(5) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.

(6) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.

(7) For the three months ended March 31, 2026 and 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income.

(8) For the three months ended March 31, 2026, other items primarily include losses from strategic investments entered into through our corporate venture program, which are included in other losses in our Condensed Consolidated Statements of Income.

(9) For the three months March 31, 2026 and 2025, the non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment.

(10) For the three months ended March 31, 2025, this included the release of the prior years’ reserves following a favorable audit settlement.

Nasdaq, Inc.

Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin

(in millions)

(unaudited)

		Three Months Ended
		March 31, 2026				March 31, 2025
U.S. GAAP operating income		$	657			$	547
Non-GAAP adjustments:
Amortization expense of acquired intangible assets (1)			121				122
Merger and strategic initiatives expense (2)			4				24
Restructuring charges (3)			11				5
Gain from extinguishment of debt (4)			—				(19	)
Legal and regulatory matters (5)			6				2
Other losses			—				1
Total non-GAAP adjustments			142				135
Non-GAAP operating income		$	799			$	682
Revenues less transaction-based expenses		$	1,407			$	1,237
U.S. GAAP operating margin (6)			47	%			44	%
Non-GAAP operating margin (7)			57	%			55	%

Note: The percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.

(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2026, these costs included amounts associated with various strategic initiative costs. For the three months ended March 31, 2025, these costs included amounts associated with the transfer of open positions in our Nordic power futures business, Adenza integration costs and other strategic initiative costs.

(3) For a description of our restructuring program, see “Restructuring Program” in the “Non-GAAP Information” section of this earnings release.

(4) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.

(5) For the three months ended March 31, 2026 and 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income.

(6) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.

(7) Non-GAAP operating margin equals non-GAAP operating income divided by revenues less transaction-based expenses.

Nasdaq, Inc.

Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses

(in millions)

(unaudited)

		Three Months Ended
		March 31, 2026				March 31, 2025
U.S. GAAP operating expenses		$	750			$	690
Non-GAAP adjustments:
Amortization expense of acquired intangible assets (1)			(121	)			(122	)
Merger and strategic initiatives expense (2)			(4	)			(24	)
Restructuring charges (3)			(11	)			(5	)
Gain on extinguishment of debt (4)			—				19
Legal and regulatory matters (5)			(6	)			(2	)
Other losses			—				(1	)
Total non-GAAP adjustments			(142	)			(135	)
Non-GAAP operating expenses		$	608			$	555

(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2026, these costs included amounts associated with various strategic initiative costs. For the three months ended March 31, 2025, these costs included amounts associated with the transfer of open positions in our Nordic power futures business, Adenza integration costs and other strategic initiative costs.

(3) For a description of our restructuring program, see “Restructuring Program” in the “Non-GAAP Information” section of this earnings release.

(4) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.

(5) For the three months ended March 31, 2026 and 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income.

Nasdaq, Inc.

Reconciliation of Organic Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,

Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share

(in millions, except per share amounts)

(unaudited)

		Three Months Ended								Total Variance								Other Impacts (1)								Organic Impact
		March 31, 2026				March 31, 2025				$				%				$				%				$				%
CAPITAL ACCESS PLATFORMS
Data and Listing Services		$	214			$	192			$	22				11	%		$	6				3	%		$	16				9	%
Index			220				193				27				14	%			—				—	%			27				14	%
Workflow and Insights			131				123				8				7	%			1				1	%			7				6	%
Total Capital Access Platforms revenues			565				508				57				11	%			7				1	%			50				10	%
FINANCIAL TECHNOLOGY
Financial Crime Management Technology			93				77				16				21	%			—				—	%			16				21	%
Regulatory Technology			118				101				17				16	%			5				5	%			12				12	%
Capital Markets Technology			306				254				52				21	%			1				1	%			51				20	%
Total Financial Technology revenues			517				432				85				20	%			6				1	%			79				18	%
Market Services net revenues			317				281				36				13	%			7				3	%			29				10	%
Other revenues			8				16				(8	)			(51	)%			(7	)			(42	)%			(1	)			(15	)%
Revenues less transaction-based expenses		$	1,407			$	1,237			$	170				14	%		$	13				1	%		$	157				13	%
Solutions revenue (2)		$	1,082			$	947			$	135				14	%		$	6				1	%		$	129				14	%
Non-GAAP Operating Expenses		$	608			$	555			$	53				10	%		$	10				2	%		$	43				8	%
Non-GAAP Operating Income		$	799			$	682			$	117				17	%		$	3				1	%		$	114				17	%
Non-GAAP diluted earnings per share		$	0.96			$	0.79			$	0.17				22	%		$	0.01				1	%		$	0.17				21	%

Note: The percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.

(1) Primarily reflects the impacts from changes in foreign currency exchange rates, divestitures within Capital Markets Technology and Other, and an acquisition.

(2) Includes Capital Access Platforms and Financial Technology revenues as well as $7 million of Other revenue in the first quarter of 2025, related to the sale of the Solovis business, which was sold in the fourth quarter of 2025.

Nasdaq, Inc.

Key Drivers Detail

(unaudited)

		Three Months Ended
		March 31,				March 31,
		2026				2025
Capital Access Platforms
Annualized recurring revenues (in millions) (1)		$	1,366			$	1,252
Initial public offerings
The Nasdaq Stock Market			63				63
Nasdaq operating company IPOs			15				45
SPACs			48				18
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic			—				4
Total new listings
The Nasdaq Stock Market			176				170
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (2)			5				9
Number of listed companies
The Nasdaq Stock Market (3)			4,570				4,139
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (4)			1,107				1,160
Index
Number of licensed exchange traded products			470				418
Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions)		$	836			$	622
Total average ETP AUM tracking Nasdaq indexes (in billions)		$	877			$	662
TTM (5) net inflows ETP AUM tracking Nasdaq indexes (in billions)		$	79			$	86
TTM (5) net appreciation ETP AUM tracking Nasdaq indexes (in billions)		$	135			$	17
Financial Technology
Annualized recurring revenues (in millions) (1)
Financial Crime Management Technology		$	344			$	295
Regulatory Technology			419				362
Capital Markets Technology			1,059				893
Total Financial Technology		$	1,822			$	1,550
Market Services
Equity Derivative Trading and Clearing
U.S. equity options
Total industry average daily volume (in millions)			62.6				53.6
Nasdaq PHLX matched market share			12.5	%			9.1	%
The Nasdaq Options Market matched market share			2.6	%			5.1	%
Nasdaq Texas Options matched market share (formerly Nasdaq BX)			1.3	%			1.7	%
Nasdaq ISE Options matched market share			6.0	%			6.8	%
Nasdaq GEMX Options matched market share			3.4	%			3.6	%
Nasdaq MRX Options matched market share			4.3	%			2.8	%
Total matched market share executed on Nasdaq’s exchanges			30.1	%			29.1	%
Nasdaq Nordic and Nasdaq Baltic options and futures
Total average daily volume of options and futures contracts			249,645				256,009
Cash Equity Trading
Total U.S.-listed securities
Total industry average daily share volume (in billions)			20.0				15.7
Matched share volume (in billions)			183.7				137.6
The Nasdaq Stock Market matched market share			14.7	%			14.2	%
Nasdaq Texas matched market share (formerly Nasdaq BX)			0.3	%			0.3	%
Nasdaq PSX matched market share			0.1	%			0.1	%
Total matched market share executed on Nasdaq’s exchanges			15.1	%			14.6	%
Market share reported to the FINRA/Nasdaq Trade Reporting Facility			45.6	%			48.1	%
Total market share (6)			60.7	%			62.7	%
Nasdaq Nordic and Nasdaq Baltic securities
Average daily number of equity trades executed on Nasdaq’s exchanges			797,886				789,103
Total average daily value of shares traded (in billions)		$	6.8			$	5.4
Total market share executed on Nasdaq’s exchanges (7)			74.3	%			70.5	%

(1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.

(2) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.

(3) Number of total listings on The Nasdaq Stock Market as of March 31, 2026 and 2025 included 1,180 and 833 ETPs, respectively.

(4) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.

(5) Trailing twelve months.

(6) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq Texas’s (formerly Nasdaq BX) and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.

(7) European cash equities markets include cash equities exchanges of Sweden, Denmark, Finland, and Iceland. Minor adjustments to prior periods reflect data from a new consolidated data provider that accurately captures all primary trading venues and Multilateral Trading Facilities, or MTFs.

Exhibit 99.2

Nasdaq Announces Increase in Quarterly Dividend to $0.31 Per Share

NEW YORK, April 23, 2026 – The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.31 per share on the company’s outstanding common stock. The dividend is payable on June 26, 2026 to shareholders of record at the close of business on June 12, 2026. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying advanced technology, data, and intelligence solutions that enable our clients to capture opportunities, navigate risk, and strengthen resilience. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

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 that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, information regarding our dividend program and future payment obligations. Forward-looking statements involve a number of risks, uncertainties, or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Media Relations Contact:

David Lurie

+1.914.538.0533

David.Lurie@Nasdaq.com

Investor Relations Contact:

Ato Garrett

+1.212.401.8737

Ato.Garrett@Nasdaq.com

-NDAQF-

Filing Exhibits & Attachments

6 documents

Press Releases

• EX-99.1 EX-99.1 270.2 KB
• EX-99.2 EX-99.2 4.8 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 4.4 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 16.3 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 27.3 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 17.1 KB