Nasdaq Q3 earnings preview attention turns to recurring revenue, financial-technology growth and Market Services performance. Nasdaq will post third-quarter results on Thursday, October 22, at about 7:00 a.m. ET before an 8:00 a.m. ET investor call.
Nasdaq Q3 earnings preview: timing and baseline
Nasdaq announced the reporting schedule on October 1. The company said senior management will take investor questions after prepared remarks, making commentary on bookings, margins and capital allocation important.
The second-quarter release established a demanding comparison. Net revenue rose 15% year over year to $1.5 billion, while Solutions revenue increased 17% to $1.16 billion. ARR reached $3.26 billion, up 11% on a reported basis.
Financial technology and trading revenue in focus
Financial Technology revenue reached $539 million in the second quarter, up 16% year over year. Market Services net revenue was $340 million, an 11% increase. Capital Access Platforms contributed $621 million.
That mix gives Nasdaq exposure to both recurring software demand and transaction activity. Investors can compare the software component with the cloud and AI questions in the Alphabet Q3 earnings preview. Trading infrastructure also sits within the wider regulatory framework highlighted by the FCA benchmark-trading decision.
Expenses, margins and capital allocation
Nasdaq updated its 2026 non-GAAP operating-expense guidance to $2.53 billion to $2.57 billion after the second quarter. Investors will look for evidence that subscription growth can outpace spending on technology, marketing and staff.
Cash generation and buybacks will provide another signal. Nasdaq returned $174 million through dividends and $356 million through share repurchases in the second quarter. Its infrastructure investments also matter as markets prepare for changes such as the EU T+1 settlement transition.
Sharron Kendi
Sharron Kendi is a seasoned crypto market analyst and writer with over three years of experience decoding blockchain trends, price movements, and market dynamics. She holds a Bachelor’s Degree in Commerce (Finance) from Kenyatta University, blending a solid academic foundation with a sharp eye for technical analysis and a deep understanding of on-chain data. Her work delivers clear, data-driven insights that empower investors to navigate the fast-evolving digital asset space with confidence.
