NDAQ · Nasdaq, Inc.

Nasdaq delivered exceptional Q1 2026 results with net revenue of $1.4 billion, up 14% reported and 13% organic, driven by double-digit growth across all divisions. Solutions revenue reached $1.1 billion (+14% organic), fueled by Financial Technology's 20% reported (18% organic) growth to $517 million and Capital Access Platforms' 11% growth. ARR expanded to $3.2 billion (+13% reported, 12% organic), with SaaS revenue comprising 38% and growing 16% organically. Market Services net revenue hit $317 million (+13% reported, 10% organic), supported by record U.S. cash equities and options volumes. GAAP operating income rose 20% to $657 million, while non-GAAP operating income increased 17% to $799 million. GAAP diluted EPS surged 33% to $0.91, and non-GAAP EPS grew 22% (21% organic) to $0.96. Operating expenses rose moderately, with GAAP at $750 million (+9%) and non-GAAP at $608 million (+10% reported, 8% organic), reflecting investments in compensation, technology, and people offset by lower regulatory costs. Cash flow from operations was robust at $689 million, enabling $153 million in dividends and $548 million in share repurchases, totaling over $700 million returned to shareholders, with $2.9 billion remaining in the repurchase authorization. The company updated 2026 non-GAAP operating expense guidance to $2.485-$2.545 billion and maintained its tax rate outlook at 22.5%-24.5%. Management highlighted strong execution, client wins in Financial Technology (64 new clients, 86 upsells/cross-sells), record ACV bookings, and strategic initiatives like Nasdaq Private Capital Indexes and Always-On markets, positioning Nasdaq for sustained growth amid capital markets evolution.