Nasdaq Q3 FY2026: net revenue up 13% to $1.48 billion, EPS $1.04
Nasdaq's September quarter was a clean beat on the top line and a rounding-error beat on the bottom line: net revenue rose 13.0% to $1.48 billion while non-GAAP EPS of $1.04 edged the $1.0366 consensus. Read the $2.39 billion total revenue line with care — $912 million of it is pass-through trading cost. Subscriptions, not trading, did the work. View: Bullish.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $0.96, up 31.0%, and non-GAAP was $1.04, up 18.0%; against a $1.0366 consensus that is a beat of less than half a cent. A smaller share count helped — diluted shares fell from 579.0 million to 563.3 million. A favorable legal settlement also pushed general and administrative expense down to $2 million from $22 million, so the profit was good rather than flawless.
Total revenue was $2.39 billion, but $912 million of that is transaction-based pass-through; net revenue — the figure management and analysts use — was $1.48 billion, up 13.0% reported and 14.0% organic. Solutions revenue rose 17.0% to $1.17 billion, with Capital Access Platforms up 20.0% to $641 million and Financial Technology up 16.0% to $529 million. Market Services net revenue grew just 2.0% to $309 million, and the 61.9% gross margin versus 66.4% a year ago is mostly optics — brokerage, clearance and exchange fees jumped to $289 million from $6 million.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-10-23
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