Nasdaq Inc - Ordinary Shares - 144A
NDAQ - Insider Information
Get informed when a big investor buys or sells
+ FollowMarket Cap$59.38B
Close$
Earnings Call Q3 2026
October 22, 2026 - AI Summary
Strong Q3 financial performance (good): Nasdaq delivered $1.5B net revenue (+14% YoY) and $1.2B solutions revenue (+18% YoY). EPS (diluted) $1.04 (+19% YoY) driven by +16% operating income and benefits from the share repurchase program. ARR grew +14% YoY to $3.4B. Expenses were $638M (+12% YoY); non-GAAP operating margin 57% and EBITDA margin 60% (both +1pp YoY).
Division momentum with AI/data/software tailwinds (good):
- Capital Access Platforms: Revenue +20%, ARR +8%. Listings strength: 15 new operating companies, $32B IPO proceeds, 79% win rate in the quarter (YTD 74% win rate). Data grew with 34% YoY growth in enterprise licenses. Index franchise hit record $141B net inflows (last 12 months) and $49B net inflows in the quarter, with $1.1T+ average ETP AUM.
- Financial Technology: Revenue +16%, ARR +18%; 85% of bookings ACV in cloud. Verafin and surveillance/workflow products showed strong AI/agentic traction.
- Market Services: Revenue +2% to $309M (record for the quarter)—mainly driven by U.S. equities share/capture; performance still sensitive to mix, volatility, and capture economics.
AI/“agentic” strategy translating into demand, but pricing monetization is still evolving (surprising + opportunity): Management emphasized agentic AI as competitive differentiation across data/workflow and fintech (e.g., ~850 Verafin clients using an agentic AI workforce; ~70 paying clients; pipeline expanding). They described a “try-before-you-buy” / freemium-to-paid approach and said monetization is improving, with upcharges in data delivery methods (e.g., MCP connectors). *Opportunity:* broader rollout into Calypso and Surveillance is expected to build a sales pipeline. *Surprise/nuance:* they did not claim immediate full monetization scaling—pricing roadmap is being built around trust + ROI proof.
Exclusive for Stockcircle Pro members
Sign up
$51.51
51.8% downside
Current Fair Value
51.8% downsideOvervalued by 51.8% based on the discounted cash flow analysis.
Insider Trades
Loading insider trades…
Congress Trades
Loading congress trades…
Share Statistics
| Market cap | $59.38 Billion |
|---|---|
| Enterprise Value | $68.20 Billion |
| Annual dividend | $1.16 |
| Dividend yield | 1.09% |
| Earnings per Share | $3.13 |
| Beta | 1 |
| Outstanding Shares | 558,900,000 |
Return
| Return on Equity | 17.38% |
|---|---|
| Return on Assets | 7.61% |
| Return on Invested Capital | 10.02% |
Valuation & Multiples
| P/E Ratio | 28.71 |
|---|---|
| PEG | 103.8 |
| Price to Sales | 6.68 |
| Price to Book Ratio | 5.09 |
| Enterprise Value to Revenue | 7.46 |
| Enterprise Value to EBIT | 25.11 |
| Enterprise Value to Net Income | 32 |
| Total Debt to Enterprise | 0.14 |
| Debt to Equity | 0.77 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 22, 2026
EPS Estimate
$1.02
Consensus analyst estimateRevenue Estimate
$1.47 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$1.08
Consensus analyst estimateRevenue Estimate
$1.54 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 205.27% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.31%▼ 80.60% |
|---|---|
| Total Invested | $1.68B▼ 95.50% |
| Investors Holding | 392▼ 725.00% |
About Nasdaq Inc
4,099 employees
CEO: Robert Greifeld
Nasdaq is a leading provider of trading, clearing, exchange technology, listing, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and ex...