Nasdaq Inc - Ordinary Shares - 144A
NDAQ
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+ FollowMarket Cap$55.51B
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Earnings Call Q2 2026
July 23, 2026 - AI Summary
Strong top-line + EPS performance (good surprise): Nasdaq reported Q2’26 net revenue of $1.5B (+15% YoY) and Solutions revenue of $1.2B (+17%). Diluted EPS was $1.07 (+25% YoY), exceeding $1 per quarter for the first time, driven by 19% operating income growth and expanding margins (operating margin 57%).
Broad-based growth across divisions (good):
- Capital Access Platforms: revenue $621M (+18%), ARR +8%; Index revenue +35% with ETP AUM > $1T for the first time and record net inflows $51B in the quarter / $109B over 12 months; derivatives contract volumes +33%.
- Financial Technology: revenue $539M (+15%), ARR +16% with Financial Crime Management (Verafin) revenue +22%; the Verafin platform now serves 2,800+ clients / $13T assets; agentic AI workforce used by 750 clients.
- Market Services: revenue $340M (+11%) with Index options revenue doubling YoY for the 4th straight quarter; European cash equities lit market share +3 pts to 74%.
Capital markets & product milestones (opportunity): Major ecosystem tailwinds: largest IPO (SpaceX) $86B, plus several record IPOs; market-structure modernization momentum including transition to always-on trading. Nasdaq expects 23/5 trading launch on Dec 6, 2026 and received SEC approval for event options (on track for Q4 launch).
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$56.58
43% downside
Current Fair Value
43% downsideOvervalued by 43% based on the discounted cash flow analysis.
Share Statistics
| Market cap | $55.51 Billion |
|---|---|
| Enterprise Value | $65.62 Billion |
| Dividend Yield | $1.12 (1.13%) |
| Earnings per Share | $3.13 |
| Beta | 0.97 |
| Outstanding Shares | 564,200,000 |
Return
| Return on Equity | 16.42% |
|---|---|
| Return on Assets | 7.20% |
| Return on Invested Capital | 11.07% |
Valuation & Multiples
| P/E Ratio | 28.62 |
|---|---|
| PEG | 235.2 |
| Price to Sales | 6.62 |
| Price to Book Ratio | 4.73 |
| Enterprise Value to Revenue | 7.54 |
| Enterprise Value to EBIT | 25.95 |
| Enterprise Value to Net Income | 33 |
| Total Debt to Enterprise | 0.16 |
| Debt to Equity | 0.89 |
Revenue Sources
No data
Insider Trades
Last Earnings Call
Report Date
July 23, 2026
EPS Estimate
$0.98
Average shareholder expectationRevenue Estimate
$1.46 B
Average shareholder expectationNext Earnings Call
Expected Date
October 20, 2026
EPS Estimate
$1.02
Average shareholder expectationRevenue Estimate
$1.47 B
Average shareholder expectationInstitutional Put/Call Ratio
Market sentiment based on institutional option activity.
| Put/Call Ratio | 2.0527▲ 145.74% |
|---|---|
| Total Calls | 632,262▼ 44.72% |
| Total Puts | 1,297,828▲ 90.62% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 92.88%▲ 10.86% |
|---|---|
| Total Invested | $38.03B▼ 4.23% |
| Investors Holding | 1,104▼ 23.00% |
ESG Score
No data
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...