Global exchange operator Nasdaq (NASDAQ: NDAQ) beat Wall Street’s revenue expectations in Q2 CY2026, with sales up 14.9% year on year to $1.5 billion. Its non-GAAP profit of $1.07 per share was 8.8% above analysts’ consensus estimates.
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Nasdaq (NDAQ) Q2 CY2026 Highlights:
- Revenue: $1.5 billion vs analyst estimates of $1.46 billion (14.9% year-on-year growth, 3% beat)
- Pre-tax Profit: $653 million (43.5% margin)
- Adjusted EPS: $1.07 vs analyst estimates of $0.98 (8.8% beat)
- Market Capitalization: $51.41 billion
Company Overview
Originally founded in 1971 as the world's first electronic stock market, Nasdaq (NASDAQ: NDAQ) operates global exchanges and provides technology, data, and corporate services that help companies, investors, and financial institutions navigate capital markets.
Revenue Growth
A company’s long-term sales performance can indicate its overall quality. Any business can put up a good quarter or two, but many enduring ones grow for years. Over the last five years, Nasdaq grew its revenue at a solid 11.9% compounded annual growth rate. Its growth beat the average financials company and shows its offerings resonate with customers, a helpful starting point for our analysis.
Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. Nasdaq’s annualized revenue growth of 13.8% over the last two years is above its five-year trend, suggesting its demand was strong and recently accelerated. 
Note: Quarters not shown were determined to be outliers because they were impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, Nasdaq reported year-on-year revenue growth of 14.9%, and its $1.5 billion of revenue exceeded Wall Street’s estimates by 3%.
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Key Takeaways from Nasdaq’s Q2 Results
It was good to see Nasdaq beat analysts’ EPS expectations this quarter. We were also happy its revenue outperformed Wall Street’s estimates. Overall, we think this was a decent quarter with some key metrics above expectations. The stock traded up 1.9% to $92.67 immediately after reporting.
Nasdaq had an encouraging quarter, but one earnings result doesn’t necessarily make the stock a buy. Let’s see if this is a good investment. We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
